Most Asian indices tracked the overnight Wall Street rally and ended in the green. Tokyo and Hong Kong had a decent gains, while Shanghai closed 0.3%. European stocks were trading lower in the morning session.
Indices tumble as Sensex closes below 62,200 and Nifty below 18,500
Indian indices came under tremendous pressure in the second half as they tumbled 0.6%, thanks to a massive sell-off in the IT sector.
Sensex went below 62,000 intraday but closed at 62,181, a drop of 390 points. Nifty closed just below 18,500 and shed 112 points in the process.
Rupak De, senior technical analyst at LKP Securities said, “On the daily chart, the index slipped below the recent consolidation, suggesting a rise in pessimism. Besides, the bulls failed to protect the 18,500. Going forward, the trend may remain negative with support placed at 18,350/18,200. On the higher end, 18,670 may act as crucial resistance.”
IT index tanked 3% with all the stocks ending in deep red. Realty and Metal also shed 1% with most sectoral indices ending in the red. Only FMCG and Pharma closed in the green.
Among stocks, HCL shed 6.5% on back of a downbeat revenue outlook. Tech Mahindra and Infosys also shed 3% each followed by Wipro and TCS. Nestle India jumped 2%. Sun Pharma and ITC also featured among the top gainers.
Most Asian stocks ended in the green on Friday tracking the Wall Street’s overnight rally. Tech stocks in particular were strong in today’s trading amidst optimism of China limping out of strict Covid measures.
Tokyo shares closed higher on Friday boosted by gains of tech stocks after Wall Street rallied. The benchmark Nikkei 225 index gained 1.18%.
Chinese stocks capped another day of big gains as reopening moves gathered pace and the outlook improved for the embattled property sector. Shanghai Composite index gained 0.3% in today’s session, while Hang Seng index jumped 2.3%.
Europe’s main stock markets wavered at open as traders balanced stubborn recession fears against optimism over China’s economic reopening.
Oil set for 10% weekly drop as demand worries dominate
Oil prices were stable on Friday but both benchmarks were headed for a weekly loss on worries over weak economic outlooks in China, Europe and the United States weighing on oil demand.
Brent crude futures were at $76.16 a barrel, up 1 cent, at 0919 GMT. Brent hit a 2022 low this week.
U.S. West Texas Intermediate crude inched up 7 cents to $71.53 a barrel. (Reuters)
India set to become third largest TV ad market by 2024: Report
Television advertising is set to grow over the next five years, with India expected to become the third largest market by 2024, according to a report by Finecast, a GroupM-owned addressable TV company that helps advertisers personalise and target ads on linear and on-demand TV. Currently, there are 20-22 million addressable TV homes in India. Connected TV is the preferred connection at 65%, comprising smart TVs, devices such as Firestick, Internet-enabled set-top boxes versus 35% linear (cable and DTH). (Read More)
Nestle helps in keeping the FMCG index stable; stock gains around 2%
Equity mutual funds’ inflow drops 76 pc to ₹2,258 cr in Nov
The net inflow in equity mutual funds plunged 76 per cent to ₹2,258 crore in November over the preceding month amid a sharp up move in the stock market that made investors wary of higher valuation.
This also marks the 21st straight month of inflows into equity schemes.
Overall, the mutual fund industry registered net inflows of ₹13,263 crore in November, slightly lower from ₹14,045 crore seen in the previous month, data released by the Association of Mutual Funds in India (Amfi) showed on Friday.
Apart from equity, debt-oriented mutual fund schemes witnessed a net infusion of ₹3,668 crore during the period under review after withdrawing ₹2,818 crore in the preceding month. (PTI)
Indian CV industry sees contraction in penetration of CNG-powered vehicles: Icra
The Indian commercial vehicle (CV) industry has witnessed a contraction in the penetration of compressed natural gas or CNG-driven vehicles in the current fiscal year, after witnessing a spike in the previous year, Icra Ratings said in a report on Friday.
The market for passenger carriers and buses continued to show a gradual acceptance of vehicles powered by CNG, which has been supported to some extent by the government’s push for greener vehicles. (Read More)
India’s SBI to consider additional tier-1 capital raise via debt issue
State Bank of India, the country’s largest lender, said on Friday it will consider raising additional tier 1 capital by issuing debt. (Reuters)
Hero MotoCorp announces resignation of Malo Le Masson
Two-wheeler maker Hero MotoCorp on Friday announced the resignation of its head of strategy, mergers and acquisitions, and global product planning Malo Le Masson, who has decided to pursue opportunities outside the company.
Subsequently, Chief Financial Officer Niranjan Gupta has been given additional charge of heading strategy, mergers and acquisitions for the company, while Executive Director Vikram Kasbekar has been given the responsibility to head the key function of global product planning as an interim charge, Hero MotoCorp said in a regulatory filing.
Le Masson was with Hero MotoCorp for more than six years and will continue working with the company until the end of December 2022. (PTI)
Most sectors drag and have shed in the second half except FMCG and Pharma
Active Covid cases in India decline to 4,228; recovery rate at 98.80%
India has logged 249 fresh coronavirus infections on Friday, according to Union health ministry data. This slight rise comes a day after the country reported 241 cases. The active cases in the country has further declined to 4,228 from 4244.
With this, the total number of COVID-19 cases in the country now stands at 4,46,74,439. The death toll has climbed to 5,30,653 with six fatalities reconciled by Kerala, the data updated at 8 am stated. (Read More)
Reliance Industries creates most wealth for investors in last 5 years
India’s top-valued company Reliance Industries (RIL) has smashed all records to emerge as the largest wealth creator for investors during the last five years, as per its report on the 27th annual wealth creation study by a domestic brokerage and research firm Motilal Oswal. For the fourth time in a row, Reliance Industries has emerged as the largest Wealth Creator over 2017-22.
During 2017-22, the top 100 wealth creators of India Inc created a wealth of ₹92.2 trillion, the highest ever by far. As in recent studies by the brokerage, Tata Consultancy Services (TCS), Infosys and HDFC Bank remain among the top 5 Wealth Creators. (Read More)
Bajaj Consumer share buyback announced at premium. Key things to know
Shares of Bajaj Consumer Care Ltd surged more than 3% to ₹184 apiece on the BSE in Friday’s afternoon deals after the company said that its board has approved the buyback of up to 33.7 lakh shares at ₹240 apiece worth ₹80.9 crore through open market.
“The board of directors of Bajaj Consumer Care Limited at its meeting held today, i.e., December 9, 2022, has considered and approved the proposal for buyback of fully paid up equity shares of the company having a face value of Re 1/- (Indian Rupee One Only) from all shareholders/ beneficial owners of the Equity Shares of the Company, through the “open market” route, at a price not exceeding ₹240/- per Equity Share, for an aggregate amount not exceeding ₹8,089 lakh,” the company said. (Read More)
LKP Securities views on Auto Sector outlook: On a yoy basis, on a low base we expect growth to continue
Ashwin Patil, Senior Research analyst at LKP Securities: Wedding season is always an upbeat one for the auto sector. Definitely, November and December are good seasons for weddings, thus in turn for auto sales. Therefore we saw great retail numbers then. December is generally weak as customers wait to buy a vehicle with a new year registration date from a reselling point of view. So we expect a slight cool-off in the coming month on a sequential basis. However on a YoY basis, on a low base, we expect growth to continue. Retail sales are generally followed by wholesale sales which can be seen in coming months.
Greenko places lowest bid for energy storage tender by NTPC
GIC Holdings Pte Ltd, Abu Dhabi Investment Authority and Japan’s ORIX Corp. backed Greenko Group said it has placed the lowest bid for the world’s first and largest technology-agnostic energy storage tender floated by power producer NTPC Ltd.
Greenko was the lowest bidder for 3,000 mega watt hours (MWh) tender called by state-run firm’s unit NTPC Renewable Energy Ltd, with Italy’s Enel Group Indian arm Enel Green Power (EGP), JSW Neo Energy Ltd, Hinduja Renewables Energy Private Ltd, HES Infra Pvt Ltd, and India Grid Trust (IndiGrid) also in the fray. Greenko’s lowest bid was for ₹5 per kWh on a single cycle per day basis, with effective storage charges to be far lower than ₹2.5 per kWh. (Read More)
Top performing smallcap mutual fund doubles holding of this PSU bank stock
Quant Small Cap Mutual Fund has significantly increased its holding of Punjab National Bank (PNB), according to November monthly portfolio statement. The smallcap fund, one of the top performing mutual funds in its category, held 23,179,000 shares of PNB as of November 30, roughly the double the number of shares it held in October. PNB shares accounted for 4.6% of the overall ₹2,580 crore AUM of the fund.
Even though PSU banking stocks have run-up sharply this year, some analysts still find them attractive. (Read More)
FMCG index gains in today’s trading with most stocks in green; HUL and Nestle climb
India’s retail vehicle sales jumps 26% in November – FADA
The festive and wedding season in India helped boost the country’s total retail vehicles sales by 26% in November from a year ago, according to data from industry body Federation of Automobile Dealers Associations (FADA).
Three-wheelers sales notched the biggest jump in November, FADA data showed, with sales surging 80%, followed by tractor sales, which grew 56.8%.
Sales of commercial vehicles rose 32.8%, while the smallest gains were in two-wheelers and passenger vehicles, at 23.6% and 21.3%, respectively.
Auto sales are among the key indicators to assess India’s private consumption as it has a weightage of more than 50% in calculating economic growth. (Reuters)
Twitter, Musk Accused of Systemic Gender Bias Against Women
The mass layoffs and constructive discharges that have hit Twitter Inc. since Elon Musk bought the company have impacted female employees to a significantly greater degree than male workers, a new class lawsuit charges.
That women were more affected by Musk’s immediately laying off more than half of Twitter’s workforce and his “quickly implemented new policies” is no surprise given his history of misogynistic comments, the suit filed Wednesday by Carolina Bernal Strifling and Willow Wren Turkal said.
They pointed to his “posted tweets on Twitter” that joked about naming a school using the acronym “TITS” and about women’s breasts. Musk tweeted just this week that testosterone rocks, and he “has been vocal about promoting women having a lot of babies,” the suit said. (Bloomberg)
StocX.in launches India’s first private market index
StocX.in, an online unlisted securities portal, has launched India’s first private market index known as StocX Private Market Index (SPMI). The index will track prices of more than 30 companies actively traded in the unlisted market and provide analysis and trends through data analytics. (Read More)
Noon Update: Indices shed as IT stocks tumble; Sensex down around 200 pts and Nifty 50 pts
Landmark Cars IPO: GMP, key things to know ahead of subscription opening
Amid IPOs rush, automobile dealership chain Landmark Cars Ltd’s ₹552 crore initial public offering will open for public subscription next week on Tuesday, December 13, 2022. The company has fixed a price band of ₹481-506 per share for its initial share sale which will conclude on Thursday, December 15, 2022.
Landmark Cars IPO consists of a fresh issue of equity shares aggregating to ₹150 crore and an Offer-For-Sale (OFS) of up to ₹402 crore. Those selling shares through the OFS route are TPG Growth II SF PTE Ltd, Sanjay Karsandas Thakker HUF, Aastha Limited and Garima Misra. Proceeds from its fresh issuance worth ₹120 crore will be utilised for payment of debt and general corporate purposes. (Read More)
India to extend deadline to submit interest for IDBI Bank to early Jan – source
The Indian government will extend the deadline to submit expressions of interest for its stake sale in IDBI Bank to early January from Dec. 16 previously, a government source familiar with the talks told reporters on Friday.
India has invited bids for a 60.72% stake in the bank and the government said last week it would allow a consortium of foreign funds and investment firms to own more than 51% of the lender. (Reuters)
Sun Pharma gains in today’s session after issuing clarification with regard to US FDA import alert for its Halol facility
Yes Bank shares rally 14% today, trade around 2 year highs
Shares of Yes Bank surged more than 14% to ₹20 apiece on the BSE in Friday’s opening deals, trading near 2 year highs. Its benchmark index Nifty Bank surged to record high. The banking stock has outperformed by gaining more than 52% in the last six months.
Yes Bank has moved the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process (CIRP) against Digital Ventures Pvt. Ltd, a wholly-owned unit of Zee Learn Ltd. The private lender has filed the petition under Section 7 of the Insolvency and Bankruptcy Code, which allows a financial creditor to file an application for initiating the process. (Read More)
IT index tumbles 1.5% with all the stocks in red
India’s Snapdeal to shelve $152 million IPO amid tech stocks rout
SoftBank-backed Indian e-commerce firm Snapdeal has decided to pull the plug on its $152 million IPO, the company told Reuters, making it the latest casualty of a meltdown in tech stocks that has soured investor sentiment.
Snapdeal filed its initial public offering (IPO) regulatory papers for approval in December 2021, a year that saw many stock market debuts and record fund raising by Indian startups. But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations.
Snapdeal, which competes with larger rivals Amazon and Walmart’s Flipkart in India’s booming e-commerce space, filed a request this week with the country’s market regulator SEBI to withdraw its IPO prospectus, said one source with direct knowledge of the matter. (Reuters)
Google Ad Manager outage costs big websites ad sales
A Google service relied upon by many large websites to sell and display ads was down for about three hours Thursday, denying major news publishers revenue during the crucial holiday period, two sources familiar with the matter said.
“The issue with Google Ad Manager has been resolved and ad serving has now been restored for the affected users,” Google said in a tweet on Thursday evening. “We apologize for the inconvenience.”
News websites such as the New York Times, Washington Post, Wall Street Journal and Los Angeles Times were being affected by the issue, one of the sources said. (Reuters)
IndusInd Bank shines in early trade with a jump of around 2%
Rupee gains 19 paise to 82.19 against US dollar in early trade
The rupee appreciated 19 paise to 82.19 against the US dollar in early trade on Friday on broad dollar weakness and a firm trend in domestic equities.
Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.
At the interbank foreign exchange, the domestic unit opened at 82.30 against the dollar, then gained further ground to touch 82.19, registering a rise of 19 paise over its previous close.
On Thursday, the rupee settled 9 paise higher at 82.38 against the US dollar. (PTI)
Sushmita Shukla appointed First Vice President, Chief Operating Officer of Federal Reserve Bank of New York
Sushmita Shukla, an Indian-origin veteran of the insurance industry, has been appointed as First Vice President and Chief Operating Officer at the Federal Reserve Bank of New York, making her the second-ranking officer at the prominent institution.
The appointment was approved by the Board of Governors of the Federal Reserve System, the New York Fed said in a statement Thursday.
Shukla, 54, has been appointed by the Board of Directors of the Federal Reserve Bank of New York as First Vice President and Chief Operating Officer, effective March 2023. (PTI)
PSU Bank index continues to remain strong, jumps 1.5% in early trading
Geojit Financial Services on today’s market: Price action in PSU banking stocks indicate interested buying in this segment
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: Equity markets will be looking forward to next week’s crucial meeting of the Fed. Since the ECB and Bank of England meetings also are due next week it would be important to know the leading central banks’ view on the emerging economic scenario and their policy response. A decisive turn in the market is likely to happen only after that. In India, the market is now responding to clear trends in sectors. The better-than-expected credit growth in the economy, now running at 17.2% as per the latest RBI data, is driving the rally in the Bank Nifty. Price action in PSU banking stocks indicates interested buying in this segment whose valuations are, even after the recent run-up, attractive.
HCL Tech tumbles 5% in early trading and drags the IT index into red
Shares of HCL Tech today slumped 5% to ₹1044 on BSE after its management indicated FY23 growth to be at the lower end of the 13.5% to 14.5% band. It was the biggest loser among the 30 Sensex stocks. In comparison, Sensex was flat.
Chief executive officer C Vijayakumar at company’s investor day said: “In October, we had increased our guidance from 13.5 to 14.5. we had certain assumptions which helped us to devise 16-17% services growth. we had assumed certain furloughs. But we are seeing a bit higher. BFSI is the segment which is little bit impacted by furloughs followed by tech companies,” he said. (Read More)
Paytm Shares Jump in Mumbai as Board to Consider Buyback
Shares of One 97 Communications Ltd. surged in Mumbai, with the operator of India’s largest digital payments provider set to explore a buyback.
The company, which operates Paytm, on Thursday said its board is scheduled to meet on Dec. 13 to consider the proposal to repurchase fully paid-up equity shares. The stock climbed as much as 7%, the most in a week.
“The management believes that given the Company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders,” it wrote in an exchange filing. (Bloomberg)
Indices open in green with Sensex gaining 100 and Nifty adding 30 points
China Factory-Gate Prices Remain in Deflation on Weak Demand
China’s factory-gate prices contracted again in November while consumer inflation eased as disruptions from Covid outbreaks and restrictions hurt manufacturing activity and reduced demand.
The producer price index fell 1.3% in November from a year earlier after declining by the same magnitude in October, the National Bureau of Statistics said Friday. Economists surveyed by Bloomberg had expected a 1.5% drop in prices.
Consumer inflation eased to 1.6% from 2.1% in October, in line with economists’ projections. Core inflation, which excludes volatile food and energy prices, was unchanged at 0.6%. (Bloomberg)
Sensex flat at the preopen session; Paytm, PTC India, HGS, HUL in focus
Uniparts India IPO’s shares listing next week. Latest GMP
The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday, December 2, 2022. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 12, 2022. As per market observers, Uniparts India shares are available at a premium (GMP) of ₹45 in the grey market today.
Uniparts India IPO of up to 1,44,81,942 equity shares had a price range of ₹548-577 a share. Since the IPO was entirely an Offer for Sale (OFS), the company will not receive any proceeds from the public issue. (Read More)
Reliance Securities Stock in Focus for Today: IndiGo
STOCK IN FOCUS
IndiGo (INDIGO) (CMP 2,019): We have a positive stance on Indigo considering the strong market share position, undisputed leadership, best cost structure, potential in the fastest-growing aviation sector and lower crude prices bringing early turnaround, we reiterate our BUY rating on INDIGO with a revised Target Price of Rs2,350, valuing the stock at an unrevised EV/EBITDAR multiple of 7.5x FY24E.
AMBUJACEM (PREVIOUS CLOSE: 588) BUY
For today’s trade, long position can be initiated in the range of Rs586-
582 for the target of Rs603 with a strict stop loss of Rs574.
DIVISLAB (PREVIOUS CLOSE: 3,287) SELL
For today’s trade, short position can be initiated in the range of Rs3,310-
3,325 for the target of Rs3,210 with a strict stop loss of Rs3,350.
PIDILITIND (PREVIOUS CLOSE: 2,762) SELL
For today’s trade, short position can be initiated in the range of Rs2,773-
2,788 for the target of Rs2,710 with a strict stop loss of Rs2,807.
Chemicals sector outlook brightens as risks recede
India’s speciality chemicals sector appears upbeat about its prospects, as companies aim to expand capacity to capitalize on growth opportunities after a period of sluggish earnings growth because of rising input costs.
Global uncertainties may still be cause for concern for the sector, but analysts have not yet seen any evidence of weakened demand and management commentaries are consistent with this view.
The capital spending plans of these companies suggest they are positioning themselves to tap robust growth opportunities.
The chemical industry continues to be attractive despite global uncertainties, analysts at HDFC Securities said. They believe that Indian companies could see new opportunities, including collaborations with technologically advanced global firms. (Read More)
Cryptocurrency prices today surge: Bitcoin, ether gain over 2%. Check latest rates
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin trading more than 2% higher at $17,230. The biggest token is down by three-quarters from its record high of $69,000. The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up over 2% in the last 24 hours to $896 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained by over 3% to $1,281. Meanwhile, dogecoin price today was trading more than a per cent higher at $0.09 whereas Shiba Inu was up at $0.000009. (Read More)
India inflation likely softened to nine-month low in November: Reuters poll
India consumer price inflation likely cooled to a nine-month low of 6.40% in November mainly due to a moderation in food prices, according to a Reuters poll of economists.
Inflation has stayed above the upper end of the Reserve Bank of India’s 2%-6% tolerance band all year and this has triggered 225 basis points of interest rate rises to the repo rate so far, taking it to 6.25%.
If the inflation forecast is correct, the decline would take it to where it was just before Russia invaded Ukraine in February, which sent global food and commodity prices soaring. (Reuters)
INDIA BONDS-Bond yields may rise ahead of weekly debt supply
Indian government bond yields are expected to open higher on Friday, ahead of a fresh supply of debt through the weekly auction.
The benchmark 10-year yield was likely to move in a 7.26%-7.31% band until the auction later in the day, a trader with a private bank said.
The yield ended higher for a fifth straight session to close at 7.2890% on Thursday.
This is the first auction since the central bank’s monetary policy decision earlier this week and will provide clarity on investors’ appetite at prevailing levels, the trader said.
New Delhi aims to raise 280 billion rupees ($3.40 billion) through the sale of bonds, including 110 billion rupees worth of benchmark paper. (Reuters)
Stocks to Watch: Paytm, HUL, Yes Bank, Sun Pharma, PTC India, Zee Learn, Hinduja Global Solutions, Ashok Leyland, Kalpataru Power, Lupin, IndusInd Bank
NSE continues to list Gujarat Narmada Valley Fertilizers & Chemicals and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Friday trading as they have crossed 95% of the market-wide position limit. (Read More)
Winemaker Sula Vineyards’ IPO launches on Monday. What GMP signals ahead of subscription opening
India’s largest winemaker Sula Vineyards is heading to the stock market and coming up with its initial public offer (IPO) next week on Monday, December 12, 2022. The issue, with a price band of ₹340-357 per share, will conclude on Wednesday, Decembe 14. At the upper end of the price band, the public issue is expected to fetch ₹960 crore.
Sula Vineyards IPO will be entirely an offer for sale (OFS) aggregating to 26,900,532 equity shares by the promoter, investors and other shareholders, which will include the sale of shares by Rajeev Suresh Samant, founder and CEO of Sula Vineyards as well as Belgian investment firms Verlinvest and Cofintra SA. (Read More)
HUL buys into 2 digital-first wellness startups for ₹334 cr
Packaged consumer goods maker Hindustan Unilever Ltd on Thursday picked up stakes in two digital-first health and wellness companies, entering the domestic market for health and wellness products that is expected to touch ₹30,000 crore over the next five years.
The company acquired stakes in Zywie Ventures Pvt. Ltd, the maker of OZiva brand of lifestyle protein products, hair and beauty supplements; and Nutritionalab Pvt. Ltd that sells products under the Wellbeing Nutrition brand. Mint first reported on 17 October that HUL is in advanced talks to invest in Nutritionalab.
HUL spent a total of ₹334 crore for the two deals. Existing leaderships of both companies will continue to manage their operations, while HUL will get representation on their boards. (Read More)
IndiGo to operate 168 weekly flights from Goa’s new international airport
No-frills carrier IndiGo said on Thursday it will operate 168 weekly flights to eight domestic destinations from the New Goa International Airport.
The second international airport in the state will be inaugurated by Prime Minister Narendra Modi on December 11.
The airport will commence commercial operations from January 5 next year.
The present airport at Dabolim in South Goa will remain active, and IndiGo will continue its existing operations there, the airline said in a release.
Twelve daily and a total of 168 weekly, new flights to and from the New Goa International Airport at Mopa in North Goa from January 5 will be IndiGo’s largest ever-new station launch and will immediately connect the new facility to eight cities across India, it said. (PTI)
Winter Session of Parliament: Govt says nine of 21 approved greenfield airports operationalised
The Ministry of Civil Aviation accorded ‘in-principal’ approval for the setting up of 21 greenfield airports of which 9 have been operationalised, Minister of State for Civil Aviation General VK Singh (Retd) on 8 December.
In a written reply to the Lok Sabha, Singh said these airports include Mopa in Goa; Navi Mumbai, Shirdi and Sindhudurg in Maharashtra; Kalaburagi, Vijayapura, Hassan and Shivamogga in Karnataka; Dabra (Gwalior) in Madhya Pradesh; Kushinagar and Noida (Jewar) in Uttar Pradesh; Dholera and Hirasar in Gujarat; Karaikal in Puducherry; Dagadarthi, Bhogapuram and Oravakal (Kurnool) in Andhra Pradesh; Durgapur in West Bengal; Pakyong in Sikkim; Kannur in Kerala and Donyi Polo; Itanagar in Arunachal Pradesh. (Read More)
BSNL 4G to be upgraded to 5G in 5-7 months; to be rolled out across 1.35 lakh towers: Vaishnaw
State-owned BSNL’s 4G technology will be upgraded to 5G in 5-7 months and rolled out across 1.35 lakh telecom towers the company has in the country, Union telecom and railway minister Ashwini Vaishnaw said on Thursday.
While speaking at a CII event, the minister said the government has plans to increase the telecom technology development fund from ₹500 crore per annum to ₹4,000 crore to encourage indigenous innovation.
In response to a question on BSNL’s role in the telecom sector by Kotak Bank CEO Uday Kotak, Vaishnaw said BSNL will become a very strong stabilising factor in the telecom space. (PTI)
Paytm board to consider share buyback on December 13
Digital financial services firm Paytm on Thursday said its board will meet on December 13 to consider a proposal for share buyback keeping in mind the company’s liquidity position which may be beneficial for its shareholders.
Paytm has a liquidity of ₹9,182 crore, as per its last earnings report.
The liquidity of a company is measured by its ability to convert assets into cash.
“The meeting of the board of directors of the company is scheduled to be held on Tuesday, December 13, 2022, to consider a proposal for buyback of the fully paid-up equity shares of the company,” Paytm said in a BSE filing. (PTI)
Rebuilding the Air India brand is hard, says IATA
New Air India has strong promoters and stakeholders, but it’s a long way from competing with airlines like Etihad and Emirates, International Air Transport Association director general Willie Walsh said.
“I think it is a very strong development for Air India. The combined entity of Air India and Vistara and particularly with Singapore Airlines taking 25.1% stake in the combined entity has to be seen as a positive development,” Walsh said in an interview. But he cautioned that the recently privatized national carrier has a long way to go to rebuild its brand, which he said has been diminished over the last 25 years, losing significant domestic market to other carriers. (Read More)
Rupee rises 9 paise to 82.38 against US dollar on Thursday
The rupee consolidated in a narrow range and settled 9 paise higher at 82.38 against the US dollar on Thursday, supported by positive domestic equities.
At the interbank foreign exchange market, the local unit opened at 82.34 and touched an intra-day high of 82.26 and a low of 82.47 against the greenback.
It finally settled at 82.38, registering a rise of 9 paise over its previous close of 82.47.
“Rupee consolidated in a narrow range even after the RBI raised rates by another 35 bps. It lowered its FY23 GDP forecast to 6.8 per cent from 7 per cent,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. (PTI)
BharatPe sues former MD Ashneer Grover for fraud
Fintech unicorn BharatPe has accused its ousted managing director Ashneer Grover, and his family of embezzling company funds to pay for personal expenses, including rent, plane tickets, and skincare products, as well as funnelling money to fake vendors and recruitment services.
Fintech unicorn accuses Grover and his family of embezzling company funds to pay for personal expenses, including rent, plane tickets, and skincare products (Read More)
India’s inflation likely eased further to 6.36% in November
India’s retail inflation rate likely eased further to a nine-month low of 6.36% in November, down from 6.77% in October, according to the median prediction of a Mint poll ahead of the scheduled data release on Monday.
The drop was likely driven by a moderation in prices of food, particularly vegetables, and a decline in imported inflation. It is likely that the string of high inflation rates peaked at 7.41% in September. (Read More)
Stocks rise on Wall Street on Thursday, but remain lower for the week
Technology companies helped lift stocks Thursday, ending a five-day losing streak for the S&P 500, though the major indexes remain on pace for a weekly loss.
The S&P 500 rose 0.8%, while the tech-heavy Nasdaq composite closed 1.1% higher. The Dow Jones Industrial Average added 0.5%.
Major indexes are all in the red for the week and have been swinging between big monthly gains and losses throughout the year. Investors’ worries about inflation, rising interest rates and recession risks have made for a volatile market. That has also left Wall Street focused on data points on the economy, especially those regarding inflation.
The S&P 500 rose 29.59 points to 3,963.51. The Nasdaq gained 123.45 points to 11,082, and the Dow rose 183.56 points to 33,781.48.
Tech stocks powered much of the rally, along with healthcare companies and retailers. Chipmaker Nvidia climbed 6.5%, Pfizer rose 3.1% and Nike gained 2.8%. (AP)
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