Business Live: Shares flat; Reliance in focus ahead of results

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India.   | Photo Credit: AP

The benchmark stock indices opened the day on a  negative note, in line with global trends, extending the losses from yesterday.

Join us as we follow the top business news through the day.

12:00 PM

‘PE investment in real estate declines 40%’

Private equity investments in real estate fell 40% year-on-year to $4.06 billion in 2020 because of the COVID-19 pandemic, according to Knight Frank India.

Private equity (PE) investments in 2019 had almost reached $6.8 billion.

“India attracted private equity investments to the tune of $38,149 million in the calendar year 2020. Of the total PE investment, the real estate sector claimed 11% share with $4,068 million, closing 21 deals during the year,” Knight Frank said in a statement. Investments in office assets fell to $2,509 million last year from $3,258. Residential real estate saw an inflow of $368 million versus $717 million.

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11:30 AM

Fed balance sheet size hits new high

 

11:00 AM

NSE remains world's largest derivatives exchange for 2nd consecutive year

The Indian bourse continues to dominate.

PTI reports: "The National Stock Exchange of India Ltd (NSE) remained the world's largest derivatives exchange for the second consecutive year in 2020 in terms of number of contracts traded, according to the Futures Industry Association (FIA).

In addition, the bourse has been ranked fourth in the world in cash equities by number of trades by the World Federation of Exchanges (WFE) for calendar year 2020, NSE said in a statement on Thursday.

The exchange said it has been focused on building robust markets for all asset classes and had launched a host of new products and services last year.

In the capital market segment, NSE has listed T-bills (Treasury Bills) and SDLs (State Development Loans) facilitating investors to transact in these securities, in addition to the existing dated Government Securities (G-sec) available for trading.

When it comes to the debt segment, the bourse launched the Request for Quote Platform for execution and settlement of trades in debt securities.

On the derivatives side, NSE launched weekly futures and options contracts on the EUR-INR, GBP-INR and JPY-INR pair.

In the commodity derivatives segment, the bourse launched its first commodity options contract on gold, followed by silver. The exchange also made its foray into agricultural commodities with a futures contract on Crude Degummed Soybean Oil.

"It is indeed a matter of great pride for us and for our country that NSE has emerged as a global leader and achieved the distinction of being the largest derivatives exchange in the world for the 2nd consecutive year and the 4th largest exchange in cash equities by number of trades," Vikram Limaye, MD & CEO of NSE said.

The number of new investor registrations witnessed substantial growth in 2020, with 70 lakh new registrations, the highest in a calendar year and 2.3 times the number of registrations in 2019.

NSE's capital market segment average daily turnover witnessed a growth of 57 per cent last year. Also, the volumes transacted through mobile and internet-based platforms surged, accounting for 35 per cent of cash market turnover.

Despite operational challenges as a result of COVID, high volatility and volumes, NSE said it has provided a stable, robust and resilient market infrastructure from a trading, risk management, regulatory and technology standpoint."

10:40 AM

Rupee edges 4 paise lower to 73.03 against USD in early trade

The rupee plays to script as usual.

PTI reports: "The rupee slipped 4 paise to 73.03 against the US dollar in opening trade on Friday in line with cautious domestic equities.

However, weaker American currency and sustained foreign fund inflows lent some support to the rupee in restricting its fall to a certain extent.

At the interbank foreign exchange market, the domestic unit opened lower and went on to touch the lowest level of the Friday morning session at 73.03, registering a 4 paise loss over the previous close.

On Thursday, the rupee had settled at 72.99 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.03 per cent to 90.10.

On the domestic equity market front, the BSE Sensex was trading 150.42 points or 0.30 per cent lower at 49,474.34 while the NSE Nifty was down 54.35 points or 0.37 per cent at 14,590.35.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,614.66 crore on Thursday, according to exchange data.

Brent crude futures, the global oil benchmark, dropped 0.93 per cent to USD 55.65 per barrel."

10:20 AM

Ex-Pond’s India chief Narayanan passes away

V. Narayanan (83), who served as the chairman and managing director of Pond’s India Ltd., which became part of Hindustan Lever Ltd. (HLL), and who served on the board of HLL, passed away on Thursday.

He is survived by his wife and two daughters.

An alumnus of Lawrence School at Lovedale and Loyola College, Mr. Narayanan began his career in 1959 as a management trainee in HLL (now HUL). In his ten years there, he served in the sales and marketing functions, both in India and in the U.K.

He returned to India in 1968 and joined Chesebrough Pond’s Inc. as marketing director. He became chairman and CEO of Pond’s (India) and served the company till 1997. “He was a super visionary and a great humanitarian,” said V. Balaraman, who succeeded Mr. Narayanan as Managing Director of Pond’s India.

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10:00 AM

Sensex, Nifty open lower in line with other Asian bourses

A further correction in stock values after yesterday's fall from a record high.

PTI reports: "The BSE benchmark Sensex fell 152.69 points or 0.31 per cent to 49,472.07 in early trade on Friday, tracking subdued Asian markets.

Likewise, the broader NSE Nifty dropped 54.35 points or 0.37 per cent to 14,590.35 in opening trade.

On the Sensex chart, Axis Bank, Tech Mahindra, ONGC, Dr Reddy’s, Bajaj Finance and Sun Pharma were major laggards.

Bajaj Auto, Asian Paints, Mahindra and Mahindra, Maruti Suzuki and Reliance Industries were top gainers.

On Thursday, the Sensex had dropped 167.36 points or 0.34 per cent to end at 49,624.76, and the Nifty had shed 54.35 points or 0.37 per cent to close at 14,590.35.

Intra-day, the 30-share BSE Sensex had touched the 50,000-level for the first time ever on Thursday on growth optimism and global cues but succumbed to profit-booking in fag-end trade.

Asian shares were trading broadly lower in late afternoon deals on Friday, a day after hitting record highs.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,614.66 crore on Thursday, according to exchange data.

The global oil benchmark Brent crude slipped 1.37 per cent to USD 55.40 per barrel."

9:30 AM

Govt. defends decision that led to Adani bagging six airports

The Ministry of Civil Aviation on Thursday asserted that the Centre’s decision to dispense with a cap on the number of airports a single entity could bid for — a move that paved the way for Adani Enterprises Ltd. (AEL) to emerge as the highest bidder for six AAI airports — had been taken on considerations of operational scale.

AEL has signed concession agreements to take over the Lucknow, Ahmedabad, Jaipur, Guwahati, Thiruvananthpuram and Mangaluru airports, after the Centre decided to privatise them.

“The EGOS (Empowered Group of Secretaries) took a conscious decision not to put any restrictions on the number of airports to be bid for or to be awarded to a single entity considering the fact that these six airports are smaller in size, handling only 9.5% of the passenger traffic whereas Delhi and Mumbai airports accounted for more than 45% of the total passenger traffic in 2006 when they were brought under PPP and the decision to cap one airport to single bidder was necessary,” the Ministry said in a statement.

The ministry added that the quantum of passengers handled by private airport operators was ‘crucial and [more] important than the number of airports handled by a single entity’.

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Printable version | Mar 4, 2021 4:29:57 PM | https://www.thehindu.com/business/businesslive-22-january-2021/article33632054.ece

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