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Sensex ends 125 pts higher, Nifty up 35 pts; Cons Durable shine; Auto, Metal lag

Stock Market Today: With lack of global cues, investors to keep a wait-and-watch approach (Photo: Mint)Premium
Stock Market Today: With lack of global cues, investors to keep a wait-and-watch approach (Photo: Mint)

  • Share Market Close: Indian stock markets ended with marginal gains with Sensex closing just below 61,300 and Nifty above 18,200. HDFC Life, SBI Life, and Axis Bank close in the green, while Hindalco and JSW Steel shed. Consumer Durable, PSU Bank, Pharma and Finance climbed; Auto, Metal and FMCG dragged the market.

Global indices had a mixed day on Tuesday as the South Korean market continued to tumble. However, China and Hong Kong started the year on a positive note. European markets are trading higher in the morning session 

03 Jan 2023, 03:39:35 PM IST

Indices traded mostly flat and ended with marginal gains on Tuesday with Sensex and Nifty adding 125 and 35 pts, respectively

Indian indices remained flat for most of the session and closed with marginal gains. With US markets closed for holidays, global cues played a minor role in today's session with all eyes on quarterly earnings.

Sensex closed with a gain of 126 points at 61,294. Nifty also climbed 35 points to end at 18,232.

Consumer Durables, PSU Bank, Finance and Pharma indices had a decent day and closed in the green. FMCG, Metal and Auto dragged in today's session.

HDFC Life jumped more than 4% and SBI Life, Axis Bank and Titan by more than 2%, followed by TCS. Hindalco, JSW Steel and Britannia shed around a per cent to end in red today.

Asian shares had a mixed day on the second trading of the year. Japan's Nikkei was closed for the New Year holidays. South Korean shares fell on Tuesday as selling pressure from institutional investors continued to weigh on the market during the first two sessions of 2023. The KOSPI fell 1.50%.

Chinese equities overcame an early bout of volatility to advance on the first day of the new year as optimism grew that Covid infections may have peaked in some parts of the nation.

The Hang Seng China Enterprises Index, which tracks Chinese firms listed in Hong Kong, closed 1.9% higher in its best first-day trading performance in any year since 2018. On the mainland, the benchmark CSI 300 Index climbed 0.4%. Shanghai Composite Index from the mainland jumped 0.88%.

European shares extended gains on Tuesday as investors awaited consumer prices data from Germany, the region's largest economy, for clues about inflation in the eurozone. The pan-regional STOXX 600 was up in the morning session supported by financial and consumer discretionary stocks.

Sensex at Close
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Sensex at Close
03 Jan 2023, 03:21:14 PM IST

Gold jumps ₹506; silver zooms ₹1,374

Gold price in the national capital jumped 506 to 55,940 per 10 grams on Tuesday amid a rally in prices of the precious metal internationally, according to HDFC Securities.

The yellow metal had touched 55,434 per 10 grams in the previous trade.

Silver also zoomed to 1,374 to 71,224 per kilogram.

"Comex spot gold price have resumed trading on a positive note in early Asian hours on Tuesday. Safe haven demand pushed yellow metal's price higher," said an analyst at HDFC Securities.

In the overseas market, gold was trading in green at USD 1,843 per ounce while silver was up at USD 24.37 per ounce. (PTI)

03 Jan 2023, 03:07:59 PM IST

SBI board approves raising ₹10,000 crore via infrastructure bonds

The country's largest lender by assets, State Bank of India (SBI), on Tuesday said that its board has considered raising funds through the issue of infrastructure bonds worth up to 10,000 crore during the financial year 2023. The meeting of the Executive Committee of the Central Board of State Bank of India was scheduled to be held today. (Read More)

03 Jan 2023, 02:56:16 PM IST

Chinese Stocks in Hong Kong Post Best Start to a Year Since 2018

Chinese equities overcame an early bout of volatility to advance on the first day of the new year as optimism grew that Covid infections may have peaked in some parts of the nation.

The Hang Seng China Enterprises Index, which tracks Chinese firms listed in Hong Kong, closed 1.9% higher in its best first-day trading performance in any year since 2018. On the mainland, the benchmark CSI 300 Index climbed 0.4%.

After initial jitters that China may struggle to exit its Covid Zero policy, investors are growing increasingly confident that the final outcome will be positive for the economy and corporate earnings. A recovery in subway use in nearly a dozen major cities and the peaking of the virus outbreak in the southern manufacturing hub of Guangzhou are reinforcing these expectations. (Bloomberg)

03 Jan 2023, 02:38:25 PM IST

Hedging by Indian exporters picks up on bets rupee bottoming out

Dollar sales by Indian exporters to cover future foreign currency receivables have recovered from a dip in October, on expectations that the rupee has likely bottomed out. The average daily dollar sales by exporters beyond the spot date rose to about $1.2 billion in November and December after slipping below $900 million in October, according to data from the Clearing Corporation of India. (Read More)

03 Jan 2023, 02:29:28 PM IST

Consumer Durable gains a per cent as most stocks trade in green

Consumer Durable
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Consumer Durable
03 Jan 2023, 02:27:07 PM IST

BharatPe appoints Nalin Negi as interim CEO, Suhail Sameer steps down

Fintech unicorn BharatPe has appointed current chief financial officer Nalin Negi as the firm’s interim chief executive officer (CEO) until its board finds a replacement for Suhail Sameer, who stepped down from the position.

Mint first reported that Sameer, who was leading the New-Delhi-based firm after it ousted co-founder Ashneer Grover, resigned as the CEO. He will take on the role of strategic advisor, effective January 7, 2023, BharatPe said, confirming the development. (Read More)

03 Jan 2023, 02:22:43 PM IST

Axis Bank shines in today's session, jumps 2%

Axis Bank
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Axis Bank
03 Jan 2023, 01:56:16 PM IST

Marico expands Saffola brand into ready-to-eat snacks

Packaged consumer goods company Marico Limited has expanded its range of packaged foods with the launch of ready-to-eat snacks, the company said on Tuesday. The new range under the Saffola Munchiez brand will compete with various other snacking brands in the market, including those sold by ITC Ltd., and PepsiCo.

The launches include Saffola Munchiez Ragi Chips and Saffola Munchiez Roasted Makhana in various flavours. Both products are currently available in general trade stores and will soon be available across modern trade and e-commerce platforms, the company said in its statement. (Read More)

03 Jan 2023, 01:52:28 PM IST

M&E revenue to grow 12-14% in FY24, says report

The Indian media and entertainment (M&E) industry may log 12-14% year-on-year increase in revenues to 1.6 lakh crore in fiscal 2024, against 16% growth expected this fiscal, according to a latest report by rating agency CRISIL.

Advertisement revenue, which accounts for 55% of the sector’s revenue, will grow 14% given its strong correlation with economic activity. Also, the general elections expected mid-2024 will trigger an increase in ad spend in the last quarter of next fiscal. Subscription revenue, accounting for the balance 45%, will grow at a slower pace of 12%, led by strong recovery in films. Excluding film exhibition, revenue growth would be modest at 4-5%. (Read More)

03 Jan 2023, 12:59:26 PM IST

Adani Group to pay additional price for NDTV shares bought under open offer

Adani Group has decided to pay an additional price for New Delhi Television Ltd (NDTV) shares that it bought under the open offer as transfer price for shares bought from another promoter was higher than that of open offer price. Adani Enterprises on Tuesday said that it will pay an additional 48.65 per share to NDTV investors who sold their shares to the conglomerate in its open offer for the news network.

This takes the offer price to 342.65 per share, matching what Adani Group had paid NDTV founders when they sold their stake to the conglomerate last week. NDTV's open offer price was 294 per share and the promoter transfer price was 342.65 per share. (Read More)

03 Jan 2023, 12:22:00 PM IST

Maruti Suzuki stock features among laggards in today's trading as it sheds a per cent

Maruti Suzuki
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Maruti Suzuki
03 Jan 2023, 12:20:21 PM IST

Mint Snapview: Cinema's outsized influence puts PVR-Inox merger in spotlight

Can a merger between two multiplex operators, PVR and Inox Leisure, result in anti-competitive monopolistic practices? Can there be repercussions beyond business and entertainment, given popular cinema’s role and place in society and politics? The Competition Commission of India (CCI) doesn’t think so but the Consumer Unity & Trust Society (CUTS) has appealed to the National Company Law Appellate Tribunal (NCLAT) against a merger proposal on these grounds. (Read More)

03 Jan 2023, 12:09:19 PM IST

Zomato stock declines 5 pc in morning trade

Shares of online food delivery platform Zomato declined 5 per cent on Tuesday, a day after its co-founder and Chief Technology Officer Gunjan Patidar resigned from the post.

The stock went lower by 4.31 per cent to 57.65 on the BSE.

At the NSE, it fell 4.97 per cent to 57.30.

In volume terms, 14.86 lakh shares of the company were traded at the BSE in morning trade, while 2.20 crore shares on the NSE.

Patidar was one of the first few employees of Zomato and built the core tech systems for the company, it said in a regulatory filing on Monday.

03 Jan 2023, 12:01:22 PM IST

Noon Update: Indices trade flat mostly on Tuesday with PSU Bank and IT indices holding steady

Sensex at Noon
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Sensex at Noon
03 Jan 2023, 11:47:52 AM IST

Rupee largely unchanged as U.S. data, Fed minutes awaited

The Indian rupee was little changed to the U.S. currency on Tuesday, tracking a muted dollar, as markets awaited a host of data from the world's top economy to find direction this week.

The rupee was at 82.76 per dollar at 10:40 a.m. IST, against its previous close of 82.7375.

There were hardly any dollar offers in the market, but as European investors return from holiday later in the day, an uptick in the rupee is possible, a trader said.

Although, the currency unwilling to budge from its level despite a jump in Asian currencies "was surprising" and a range-bound movement till 82.85 cannot be ruled out, they added.

The currency has moved in the 82.40-83.00 range for the past three weeks. Market participants expect it to find a firmer direction in the latter half of January. (PTI)

03 Jan 2023, 11:42:31 AM IST

PSU companies to remain exempt from public shareholding norms

Indian state-run companies will continue to be exempt from the minimum public shareholding (MPS) norm that requires listed companies to maintain a 25% public shareholding, a government notification said late on Monday. The exemptions from the MPS norm will be valid for a "specified period" even if there is a change in ownership or control after the exemption is granted, the notification said.

India's capital market regulator has been giving state-run companies exemptions from the MPS norm for years now.

But extending that exemption for the state-run companies in case they are privatized may coax investors to buy a stake in government companies. (Read More)

03 Jan 2023, 11:36:59 AM IST

After remaining subdued over the past few sessions, IT index is relatively stable with all stocks in green

IT Inde
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IT Inde
03 Jan 2023, 11:18:15 AM IST

Federal Bank shares Q3 update, deposits cross ₹2 lakh crore milestone

Sharing its business update for the third quarter of the current fiscal (Q3 FY23), Federal Bank on Tuesday said that the lender's total deposits crossed 2,00,000 crore milestone, reaching 2,01,425 crore, with a growth of 14.8% over 1,75,432 crore as of December 31, 2021.

Shares of Federal Bank were trading more than a per cent higher at 140 apiece on the BSE in early session. The banking stock has gained nearly 60% in a year's period. (Read More)

03 Jan 2023, 11:03:03 AM IST

ONGC's Sagar Samrat starts oil and gas production in Arabian Sea

Oil and Natural Gas Corporation (ONGC) on Tuesday said its Sagar Samrat has started oil and gas production in the Arabian Sea.

The offshore drilling rig of ONGC 'Sagar Samrat' was commissioned as a mobile offshore production unit (Mopu) on December 23, 2022. The Sagar Samrat jackup is managed by ONGC, owned by ONGC and became operational in 1973. A mobile offshore production unit is any type of portable structure that can be reused while procuring oil and gas from the seabed.

According to a statement shared with exchanges on Tuesday, Sagar Samrat Mopu will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic metres per day. It is expected to add 6,000 bbl/day of oil to ONGC's production in the coming days. (ANI)

03 Jan 2023, 10:45:53 AM IST

IndusInd Bank shines in today's trading, jumps more than a per cent

IndusInd Bank
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IndusInd Bank
03 Jan 2023, 10:41:10 AM IST

Case against GVK firm, Mumbai International Airport transferred to lower court

A CBI case against the GVK group of companies has been transferred to the chief metropolitan magistrate court, the Mumbai International Airport Ltd (MIAL) and others for alleged financial irregularities to the tune of 705 crore in running of the airport here, according to the news agency PTI.

During its probe, no role of public servants surfaced in the alleged corruption case, the Central Bureau of Investigation (CBI) said.

The probe agency also moved an application before special judge A S Sayyad, saying it had registered the offence against GVK Airport Holdings Ltd, MIAL and unknown public and private persons under relevant provisions of the Indian Penal Code (IPC) and the Prevention of Corruption Act (PCA), as per PTI reports. (Read More)

03 Jan 2023, 10:24:21 AM IST

OYO saw ‘record’ bookings on New Year's eve

Travel tech firm OYO witnessed more than 4.5 lakh bookings on New Year's eve, its highest bookings per hotel for India in the last five years, said Founder and Group CEO Ritesh Agarwal. In a series of tweets, OYO CEO spoke about the "busiest day of the year" for the travel technology company and shared that the company saw higher bookings in Varanasi as compared to Goa.

“Over 450k+ bookings were made on this New Year's Eve globally. This is 35% more than last year. We are also seeing the highest bookings per hotel per day for India in the last 5 years today. #CheckIn2023," Agarwal tweeted. (Read More)

03 Jan 2023, 10:22:07 AM IST

This Indian pharma stock at 'steep discount to peers'; Jefferies initiates coverage with 'Buy'

Piramal Pharma’s (PPL) CDMO business is on the cusp of a turnaround as headwinds faced over the last 12-18 months are getting resolved, as per global brokerage Jefferies which has initiated the coverage on the Piramal Pharma shares with a ‘Buy’ tag.

“CDMO turnaround, steady growth for complex hospital generics and scaleup of consumer health should drive 12%/21% revenue/Ebitda Cagr over FY22-25E and allay leverage concerns. PPL trades at attractive valuations of 13.3x/10.6x FY24/FY25 EV-EBITDA," the note stated. The brokerage house has initiated coverage with a Buy rating on the Indian pharma stock and a SoTP based price target of 150 apiece. (Read More)

03 Jan 2023, 10:04:17 AM IST

PSU Bank continues its upward journey as it jumps a per cent with all stocks in green

PSU Bank
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PSU Bank
03 Jan 2023, 09:53:03 AM IST

Gold prices in India today jump to highest in over 2 years

Gold prices in India rose to over two-year highs, tracking firm global rates. On MCX, gold futures were up 0.6% to 55,546 per 10 gram while silver jumped 1.4% to 70,573 per kg. Gold hit record highs of 56,200 in August 2020. In global markets, gold jumped to a six-month high with the dollar index remaining steady. Weakness in the US dollar makes greenback-priced bullion more attractive for overseas buyers. Spot gold was up 0.8% at $1,838.69 per ounce while spot silver rose 1.1% to $24.25. (Read More)

03 Jan 2023, 09:45:11 AM IST

HDFC Life Insurance jumps at early trading by 1.5%; leads the stock charts

HDFC Life Insurance
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HDFC Life Insurance
03 Jan 2023, 09:35:57 AM IST

Geojit Financial Services on today's market: Corrections in the market caused by FII selling and bear hammering may be used to slowly accumulate high-quality stocks

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The major factor weighing on equity markets is the global economic slowdown expected this year. The Chinese PMI data for December at 47 indicates sharp deceleration of the Chinese economy and reinforces the global slowdown theme. Though this is a near-term negative for global equity markets, India is likely to shrug off this negative news since India’s economic outperformance is expected to continue. Corrections in the market caused by FII selling and bear hammering may be used to slowly accumulate high-quality stocks in banking, capital goods, telecom and construction-related segments. Fixed income assets like debt funds are safe and attractive now.

03 Jan 2023, 09:30:38 AM IST

Metal index lags in early trading as most stocks in the index are trading in red

Metal Index
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Metal Index
03 Jan 2023, 09:27:35 AM IST

NSE SME IPO: Anlon Technology's issue oversubscribed over 400 times. Details here

The three-day initial public offering (IPO) of Anlon Technology Solutions Limited was open for public subscription from Thursday, December 29, 2022 till Monday, January 2, 2023. The issue was priced at 95 to 100 per share. The offer witnessed a strong subscription of over 400 times with QIBs category overbooked 54x, NIIs 883x and the retail category 447x, as per the exchange data. As per market observers, Anlon Technology shares are commanding a premium (GMP) of 70 in the grey market today.

The company proposed the public issue of upto 15,00,000 equity shares of face value of 10/-, aggregating up to 15 crore. As per the red herring prospectus (RHP), the company's issue and the net issue will constitute 26.76% and 25.39%, respectively, of the post-issue paid-up equity share capital of the company. Unnikrishnan Nair P M and Beena Unnikrishnan are the promoters of the company. The company aims to use the net proceeds from the IPO for working capital, and general corporate purposes. (Read More)

03 Jan 2023, 09:25:45 AM IST

Indices opens flat with a little tilt towards red as Bank stocks gain and FMCG drags

Sensex at Open
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Sensex at Open
03 Jan 2023, 09:10:13 AM IST

Prabhudas Lilladher on today's market: Fresh upward move to retest the previous peak zone near 18900 levels.

Vaishali Parekh, vice president - technical research, Prabhudas Lilladher Pvt. Ltd forecast on Nifty: Nifty has maintained the 18000 zone as the strong support as of now and currently, some consolidation is witnessed hovering near the significant level of 50EMA moving average with the 18250-18300 band acting as the crucial resistance zone above which the bias and sentiment would further improve and can anticipate for fresh upward move to retest the previous peak zone near 18900 levels.

BANKNIFTY:

BankNifty also moving sideways for the past 2-3 sessions with tight resistance witnessed near 43400-43500 zone and would need a decisive breakout above these levels to establish a clear directional upward move in the coming days. Once again, the overall bias and sentiment is maintained with a cautiously positive approach till further clarity and conviction is established. 

03 Jan 2023, 09:02:51 AM IST

Sensex is flat at the start of the preopen session; Zomato, NTPC, ONGC, Reliance in focus

Sensex at Preopen
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Sensex at Preopen
03 Jan 2023, 08:56:26 AM IST

DPIIT considering quality control norms for air coolers, bicycles, bottled water dispensers

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking to bring air coolers, bicycles and bottled water dispensers under the quality norms, a move aimed at containing the import of sub-standard goods and boosting the domestic industry. The department has floated draft control orders (QCOs) for 16 products.

The other light-engineering industry products for which these norms are under consideration include pumps, door fittings, cookware and utensils, electrical accessories, communication cable and water meters. (Read More)

03 Jan 2023, 08:49:35 AM IST

Sanjiv Kapoor to remain CEO-designate of Jet Airways

Grounded carrier Jet Airways on Monday said Sanjiv Kapoor remains the CEO-designate of the company till the airline's ownership is transferred to the consortium by the lenders.

Earlier CNBCTV18 reported that the head of the Jet Airways management committee and erstwhile Resolution Professional Ashish Chhawchharia in a notice to Kapoor has asked him to refrain from using the title of CEO of the airline.

In October 2020, the airline's committee of creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

After the Insolvency resolution process in June 2021, Jalan-Kalrock Consortium (JKC) was declared the winning bidder for Jet Airways.

The consortium had in March last year announced the appointment of Kapoor as the CEO of the airline with effect from April 4, 2022. (PTI)

03 Jan 2023, 08:42:33 AM IST

Railways earned ₹120,478 cr from freight loading in 2022-23

Freight loading and subsequent earnings for the first three quarters of the financial year 2022-23 by Indian Railways crossed figures of that of the same period last year.

Data put out by the Ministry of Railways on Monday showed that the Railways have earned 120,478 crore against 104,040 crore over the same period last year, an improvement of 16 per cent as compared to the same period last year.

On a cumulative basis during April-December 2022, overall freight loading was 1,109.38 MT, an improvement of 8 percent year-on-year.

Indian Railways has made sustained efforts to improve the ease of doing business as well as improve service delivery at competitive prices which have resulted in new traffic coming to railways from both conventional and non-conventional commodity streams. The customer-centric approach backed up by strong policy-making helped Railways towards this landmark achievement. (PTI)

03 Jan 2023, 08:37:21 AM IST

Radiant Cash Management IPO's shares listing likely tomorrow. What GMP signals

The finalisation of the share allotment of Radiant Cash Management Services IPO is done and now all eyes are on the stock market debut of the company's shares. The initial public offer (IPO) of Radiant Cash Management Services was subscribed 53% on the last day of subscription on Tuesday, December 27, 2022.

As per market observers, Radiant Cash Management shares are commanding a premium (GMP) of 7 in the grey market today. Meanwhile, the company's shares are expected to list on BSE, NSE this week on Wednesday, January 4, 2023. (Read More)

03 Jan 2023, 08:20:28 AM IST

Stocks to Watch: ONGC, Reliance Industries, Zomato, NTPC, Dabur, Zee Entertainment, Coal India, Bharat Forge, NMDC, Hindustan Zinc, and Ashok Leyland

ONGC/Reliance: India has raised the windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said. The federal government also raised the export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed. (Read More)

03 Jan 2023, 08:11:10 AM IST

Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends these 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are GMR Infra and Coromandel International.

GMR Infra: Buy GMR Infra at 40.75, stop loss 40, target 42

Coromandel International: Buy COROMANDEL INTL at 897, stop loss 888, target 927 (Read More)

03 Jan 2023, 08:10:26 AM IST

Ashok Leyland reports 45 pc rise in total sales in December

Commercial vehicles maker Ashok Leyland on Monday reported a 45 per cent increase in total sales at 18,138 units in December 2022.

The company had registered total sales of 12,518 units in the same month a year ago, it said in a statement.

Domestic sales were higher by 49 per cent last month at 17,112 units as compared to 11,493 units in December 2021.

Exports were flat at 1,026 units last month as against 1,025 units in the previous year. (PTI)

03 Jan 2023, 08:07:43 AM IST

Bharat Forge subsidiary enters into agreement to acquire Indo Shell Mould's SEZ Unit in Erode

Bharat Forge on Monday announced that its step-down subsidiary J S Auto Cast Foundry India has entered into a business transfer agreement (BTA) with Indo Shell Mould Limited ("ISML") for acquiring their SEZ Unit in SIPCOT in Tamil Nadu's Erode.

The closing of the transaction is subject to customary conditions and regulatory approvals, Bharat Forge said in a regulatory filing on Monday.

The Special Economic Zone unit with a capacity of 42,000 million tonnes per annum (MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the 3rd manufacturing unit of Bharat Forge's JS Auto. (PTI)

03 Jan 2023, 07:54:28 AM IST

Sah Polymers IPO subscribed over 2 times; 2 more days left to bid. Check latest GMP

The Initial Public Offer (IPO) of Sah Polymers was subscribed 2.37 times on the second day of subscription on Monday. The IPO received bids for 1,33,06,420 shares against 56,10,000 shares on offer, as per the exchange data. The offer opened for public subscription on Friday, December 30, 2022 and will conclude on Wednesday, January 3, 2023.

According to market observers, Sah Polymers shares are commanding a premium of 6 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Thursday, January 12, 2023. (Read More)

03 Jan 2023, 07:53:28 AM IST

CIL's coal supply to power sector up 11 pc at 433 MT

CIL's coal supply to the power sector rose 11 per cent to 432.7 million tonne in the April-December period of current financial year.

In the year-ago period, the supply was 390.2 MT.

The supply to the non-power sector last month was 10.5 MT due to increased output.

Coal India Ltd's output in April-December 2022-23 increased to 479 MT from 413.6 MT in the year-ago period.

"To outdo the annual output target of 700 MT, CIL has to produce 221 MT in Q4 FY23 against 209 MT for comparable quarter last fiscal. Our production pace is already up and expected to rise higher. Another point in our favour is large quantities of overburden removal. We feel positive about scaling over the output target," the company said in a statement. (PTI)

03 Jan 2023, 07:52:38 AM IST

Govt proposes amendment to IT Rules to regulate online gaming

The government has proposed to bring online real money gaming platforms under the IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, which also regulates social media platforms. The new rules could hurt foreign betting firms while boosting the business of Indian fantasy sports and other gaming companies, experts said.

The ministry of electronics and IT (MeitY), which became the nodal ministry to govern online gaming on 23 December, released a draft for public consultation on Monday. The final amendment to the IT rules after industry consultation will be notified by April, the ministry said. (Read More)

03 Jan 2023, 07:40:05 AM IST

Suhail Sameer to step down as CEO at BharatPe

BharatPe’s chief executive Suhail Sameer, who has been overseeing the beleaguered fintech company after it ousted co-founder Ashneer Grover alleging financial misappropriation, is stepping down from the company, a person familiar with the development said. A leadership transition is being planned at the firm, and an announcement in this regard will likely be made later this month.

Sameer’s departure will be the latest in a slew of recent top-level exits at the Tiger Global investee firm. Last month, three senior executives—chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products—resigned from the company. (Read More)

03 Jan 2023, 07:35:30 AM IST

Tesla posts disappointing deliveries for 2022

Tesla said Monday it had delivered 1.31 million electric vehicles in 2022 -- a record for the US automaker and a 40 percent jump from a year before, but still short of its own and Wall Street's expectations.

The Elon Musk-led company has set a long-term goal of increasing its deliveries by 50 percent a year on average.

Tesla regularly says the objective may fluctuate based on operations and in a statement Monday, it noted "significant Covid and supply chain-related challenges" had affected its 2022 output.

Production was suspended at its Shanghai plant for several weeks during the course of last year due to Covid restrictions.

In October, the company's chief financial officer Zach Kirkhorn said that Tesla might fall short of its goal. (AFP)

03 Jan 2023, 07:33:03 AM IST

Zomato co-founder and chief technology officer Gunjan Patidar resigned; fourth high profile exit in Zomato in 2 months

Zomato co-founder and chief technology officer Gunjan Patidar resigned from his position on Monday, in the fourth senior-level exit at the food delivery platform since November. Patidar, one of the first employees at Zomato, leaves after over a decade at the Gurugram-based company. He built the “core tech systems" for the company, and also set up a tech leadership team at Zomato during his tenure, the company said in an exchange filing. (Read More)

03 Jan 2023, 07:31:53 AM IST

Windfall profit tax on crude oil, diesel, and aviation fuel hiked

India has raised the windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said.

The federal government also raised the export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed.

India, the world's largest consumer and importer of oil, has been buying Russian crude barrels at well below a $60 price cap agreed by the West. (Read More)

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