Markets continued to remain pessimistic as central banks keep tightening their monetary policy stoking fears of recession among investors. Nikkei took an exception and gained in today's sessions. Most of the remaining Asian markets lost ground while investors kept an eye on what way the global economy is heading.
Indices sank 1% on Monday with Sensex shedding 640 points and Nifty 215
Benchmark indices once again switched to pessimism and tumbled by more than a per cent on Monday.
Sensex shed around 640 points to close below 57,000, at 56,789. Nifty also gave up on the 17,000 mark to close at 16,878, a drop of 216 points.
Pharma and Healthcare were the only indices that ended in green in today's trading. All the remaining indices ended in red with Bank, Auto and Metal leading the race to the bottom.
Adani Enterprises shed around 9% followed by Eicher Motors and Adani Ports which dropped around 5% and 4% respectively. ONGC zoomed in today's trading and gained 4%. Dr Reddy's Laboratories and Cipla also ended in the green.
Asian stocks had a mixed day with Mainland China remaining closed for a week-long holiday.
Japan's Nikkei share average rose sharply on Monday as chip-related stocks rallied and energy shares tracked gains in crude oil prices. The Nikkei extended gains in the final hour of trading to finish 1.07% higher.
Hong Kong shares tracked broader Asia to end lower with investors waiting for hints of a clearer direction. The Hang Seng index was down 0.83%, at 17,079.51, the lowest close since April 2009. The Hang Seng China Enterprises index fell 0.97%.
European stocks sank in opening deals on Monday taking their cue from pre-weekend losses on Wall Street.
London's benchmark FTSE 100 index shed as investors digested the news that the UK government has scrapped a proposed tax cut for the wealthiest earners. In the eurozone, Frankfurt's DAX index lost 1.0% at open.
Tata-owned Air India introduces new menu in domestic flights
Tatas-owned Air India has introduced a new in-flight menu on domestic routes amid the onset of the festive season from 1 October.
In the new in-flight menu, Tatas have introduced gourmet meals, trendy appetisers and decadent desserts that showcases India's locally sourced culinary influence. (Read More)
Hong Kong stocks track broader Asia softer amid China holiday
Hong Kong shares tracked broader Asia lower on Monday, with investors staying away amid a week-long holiday in China while awaiting hints for clearer direction.
** The Hang Seng index was down 143.32 points, or 0.83%, at 17,079.51, the lowest close since April 2009. The Hang Seng China Enterprises index fell 0.97%.
** New World Development was the biggest loser on the Hang Seng Index, falling as much as 7.4% to its lowest since December 2008 after setting a lower sales target for China.
** The top gainer on the Hang Seng was Country Garden Holdings, which jumped 8.79%
** Hong Kong-listed shares of Chinese property developers jumped on expectation of further measures by local governments to shore up their markets in the fourth quarter. (Reuters)
Nearly half of Indian shoppers plan to increase festive spend this year: Ipsos survey
Two in every three Indian shoppers plan to spend on items such as apparel, vehicles, home décor, property, home appliances, mobile phones, and laptops in the run-up to the festive season, according to the findings of the Ipsos IndiaBus Festival Outlook 2022.
The last two years of the pandemic had greatly impacted the sentiment around the festival season, almost taking the sheen off, with the covid fear, restrictions and the overall gloomy mood. But now consumers are on the rebound, even with inflation and impact of war in Ukraine. (Read More)
Recession Trigger? Credit Suisse 'free fall' a reminder of Lehman moment
Credit Suisse Group AG's free fall continues with the shares hitting a fresh record low after its CEO's attempts to reassure markets on its financial stability only added to the sense of turmoil. This comes amid rumours that No. 2 Swiss bank and one of the largest global investment banks is on the verge of collapse.
Over the weekend, the bank's CEO, Ulrich Koerner had sought to calm employees and the markets after the stock touched a record low and credit-default swaps climbed. While touting the bank’s capital levels and liquidity, he acknowledged that the firm was facing a “critical moment" as it worked towards its latest overhaul plans. (Read More)
Eicher Motors sheds 5%; drags the auto index
NFT sales plunge in Q3, down by 60% from Q2
Sales of non-fungible tokens dropped sharply in the third quarter, according to blockchain tracker DappRadar, as crypto investors hunker down for a "crypto winter" and demand for the highly speculative digital assets shows little sign of returning.
Non-fungible tokens (NFTs) are a kind of blockchain-based asset representing a digital file such as an image, video or item in an online game. They exploded in popularity in 2021, as crypto-rich speculators rushed to cash in on rising prices, but sales volumes have slumped in recent months.
The third quarter of 2022 saw $3.4 billion in NFT sales, down from $8.4 billion the previous quarter and $12.5 billion at the market's peak in the first quarter of the year, DappRadar said. (Reuters)
Global gas markets to remain tight well into 2023: IEA
Global gas markets are expected to remain tight well into 2023, as Russian pipeline supplies dwindle and demand falls in Europe in response to energy-saving measures amid high prices, the International Energy Agency (IEA) said on Monday.
Natural gas markets worldwide have been tightening since 2021 and global gas consumption is expected to decline 0.8% this year as a result of a record 10% contraction in Europe and flat demand in the Asia Pacific region. (Read More)
Adani Enterprises sheds 5%, leads the list of laggards
UK scraps tax cut for wealthy that sparked market turmoil
The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows.
In a dramatic about-face, Treasury chief Kwasi Kwarteng said Monday that he would abandon plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year.
“We get it, and we have listened," he said in a statement. He said “it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country."
The U-turn came after a growing number of lawmakers from the governing Conservative Party turned on government tax plans announced 10 days ago. (AP)
Prosus terminates PayU's acquisition of BillDesk
Prosus NV has cancelled a $4.7 billion deal to buy Indian payments firm BillDesk after conditions on the deal were not met. The deal had received approval by the Competition Commission of India (CCI) last month, though ‘certain conditions precedent’ weren’t met by the deadline at the end of last month, Prosus said in a statement on Monday.
On 31 August 2021, Naspers announced that an agreement had been reached between PayU Payments Private Limited (PayU), a subsidiary of Prosus N.V. (Prosus), and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion. BillDesk, founded in 2000, is a leading payment businesses in the country. (Read More)
Metal index among laggards today, sheds more than 1%
This underdog sector could deliver multibagger stocks in the long-term
We’re talking about India’s print media sector.
Overview of India’s print media industry
The IBEF report on media and entertainment (M&E) industry describes the sector as a sunrise sector where India has an advantage.
The report states the industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenue. Ad revenues make for about three-fourth to the total revenue of print media companies.
The M&E industry is broadly categorised by various segment including television, print media, digital advertising, cinema, and the OTT and gaming industries. (Read More)
India's Reliance seeks repeat of phone success with $184 laptop-sources
Reliance Jio will soon launch a laptop priced at just 15,000 rupees ($184) - one of the cheapest on offer in India, aiming to replicate the success of its low-cost phone, said two sources with direct knowledge of the matter.
Indian billionaire Mukesh Ambani's Reliance is known for disrupting businesses with cut-throat price offerings. Jio, its telecoms unit, has been credited with upending the world's no. 2 mobile market with cheap 4G data plans and free voice services in 2016. Last year, it followed that up with its 4G JioPhone that costs $81.
The laptop, to be called JioBook and which will be embedded with a 4G sim card, will be available to customers such as schools and government institutes from this month while a consumer launch is anticipated within the next three months, the sources said. As with the JioPhone, a 5G-enabled version is set to follow. (Reuters)
Prateek Agrawal joins Motilal Oswal Asset Management as executive director
Motilal Oswal Asset Management on Monday announced that it has appointed Prateek Agrawal as its executive director.
At Motilal Oswal AMC, Prateek will lead business and investment Strategy. Prateek is Bachelor of Engineering from NIT Rourkela and PGDM in Finance & Marketing from XIM-Bhubaneshwar. (Read More)
Noon Update: Sensex sheds 250 points and Nifty around 60 points. FMCG and Auto remain under pressure.
Nykaa bonus shares' issue announced in 1:5 ratio. Check record date
Nykaa on Monday announced that its board at its meet held today has approved the issuance of bonus equity shares of the company in the ratio of 1:5 i.e., the company will issue bonus of 5 shares for every 1 share held as on the record date. Nykaa shares were trading over 7% higher on the BSE at ₹1,366 apiece.
Further, the company has fixed Thursday, November 03, 2022, as the record date for the purpose of determining members eligible for Bonus equity shares. The estimated date by which such bonus shares would be credited/dispatched would be within two months from the date of board approval i.e., on or before December 02, 2022. (Read More)
Bajaj Auto reports 2 pc dip in total sales in September
Bajaj Auto on Monday reported 2% dip in total sales at 3,94,747 units for September 2022 as compared to the year-ago period.
In September last year, the company clocked sales of 4,02,021 vehicles.
Total two-wheeler sales last month declined 4% to 3,48,355 units from 3,61,036 units in the same month last year, the company said in a regulatory filing.
However, total commercial vehicle sales during the month under review went up 13% to 46,392 units as against 40,985 vehicles in September 2021. (PTI)
Govt to approach capital market this month to raise ₹2,500 cr for three road projects
The government will approach the capital market this month to raise around ₹2,500 crore to fund three road projects, a senior official said on Monday.
The money will be raised through Infrastructure Investment Trusts (InvITs), the government official added.
"We will be approaching the capital market this month to raise around ₹2,500 crore for the three road projects," he told PTI on the condition of anonymity.
Infrastructure Investment Trusts (InvITs) are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time. (PTI)
Suzlon Energy to continue with rights issue opening next week
Suzlon Energy on Monday said it will continue with its ₹1,200 crore rights issue opening October 11, after the demise of its founder and CMD Tulsi Tanti.
The company informed the bourses that its promoters have reconfirmed their participation in the rights issue.
"In continuation to the announcement dated 2nd October 2022 (about the demise of Tanti), promoters and promoter group have reconfirmed their participation in the proposed rights issue and have expressed their intention to subscribe to the full extent of their rights entitlement," the regulatory filing stated.
Accordingly, the company will continue to follow the schedule for the proposed rights issue set out in its letter of offer(LOF) dated September 28, 2022. (PTI)
Zydus Lifesciences gets USFDA nod for generic drug
Zydus Lifesciences on Monday said it has received the USFDA's final nod to market its generic version of Mirabegron extended-release tablets used to treat overactive bladder, with 180 days of shared generic drug exclusivity.
The final approval granted by the US Food and Drug Administration (USFDA) to the company's US arm Zydus Pharmaceuticals Inc is for the tablets of strengths 25 mg and 50 mg, it said in a regulatory filing.
Zydus was one of the first applicants to submit a substantially complete ANDA (abbreviated new drugs application) with a paragraph IV certification for Mirabegron extended-release tablets, 25 mg and 50 mg and is therefore eligible for 180 days of shared generic drug exclusivity for the drug, it added. (PTI)
India factory growth cools to 3-month low in September: PMI
India's factory growth dipped to a three-month low in September but output still remained solid despite global headwinds, a private survey showed. The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 55.1 in September from 56.2 in August, lower than 55.8 predicted by economists in a Reuters poll but the pace of growth was still solid. (Read More)
Bank index under pressure, sheds 1% with most stocks in red.
Covid-19 update: India logs 3,011 cases, 28 deaths in a day
India sees a slight drop in infections with 3,011 Covid cases reported in the last 24 hours, according to the Union Health Ministry data updated on Monday. This drop in cases comes after the country reported 3,375 yesterday.
As per the ministry, active cases in the country has now declined to 36,126 from the earlier 37,444. A decline of 1,318 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. (Read More)
Hindalco share under pressure today, sheds 2%
Axis Securities Pick of the Week - NOCIL Ltd - BUY with TP at ₹275
NOCIL Ltd. Is engaged in manufacturing of rubber chemicals which are used by the tyre industry and other rubber processing industries. Company is the Largest Rubber Chemicals Manufacturer in India with the State of the Art Technology for the manufacture of rubber chemicals. NOCILs brands PILFLEX® Antidegradants, PILNOX® Antioxidants, PILCURE® Accelerators, Post Vulcanization Stabilizer and PILGARD® Pre Vulcanization Inhibitor are well recognized in both domestic as well as international markets.
· Growth in Auto Sector & Strong replacement demand in Tyre Industry: The OEM manufactures are clocking highest ever volume figures in domestic market which is instigating demand for new tyres in both PV and commercial vehicles. The domestic tyre industry is also witnessing strong replacement demand. This demand has led to highest ever consumption of rubber (natural & synthetic) globally to 29.7 MMT. This translates to increase in demand for rubber chemicals produced by the company which usually account for 3.5% of total rubber consumption.
· Improving product profile: NOCIL has a shift in product mix with increasing tilt towards specialty chemicals (25% of total Q1FY23 revenues) and increase in Exports share to 36% of total revenues. This will improve companies margin profile
· Steady growth in volumes and realisation levels: Coupled with increasing levels of specialty chemicals a favourable movement in prices for passing increasing raw material costs with a three month lag and increased volume levels on absolute basis , we expect the operational leverage to kick in and improve the return ratios in coming quarter.
Recommendation: We recommend a BUY rating on the stock with a near-term TP of ₹275, implying an upside of ~10% from CMP
Samvardhan Motherson shares trade ex-bonus; stock rises
Shares of Samvardhana Motherson started trading ex-bonus on Monday, ahead of the record date for its bonus issue that it had recommended in the ratio of 1:2. The auto sector stock rose about 0.6% to ₹73 apiece on the BSE in opening deals. Samvardhan Motherson fixed Wednesday, October 5, 2022 as ‘Record Date’, for its bonus shares issue. (Read More)
MOTHERSON SUMI SYSTEMS
Views on today's market by Angel One: Keep a close tab on global developments and any favorable cues on this front
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: With Friday’s smart rally, the Nifty almost engulfed the entire week’s traded-down move and hence, restricted the weekly losses tad above a percent. Markets were extremely oversold, but they were reluctant to rebound as global weakness persisted throughout the week. Post the RBI Monetary policy, we have managed to reverse precisely from a key support zone and if global markets support, we may see this relief getting extended this week as well. Technically speaking, the daily time frame exhibits a ‘Bullish Engulfing’ pattern and on the weekly chart, ‘Dragonfly Doji’ is clearly visible. Importantly, Nifty managed to defend the ‘20-EMA’ (on a closing basis) on the weekly chart, which is an indication of some strength. Going forward, a move beyond 17200 on a closing basis would strengthen the recovery rally. In this case, 17350 – 17500 levels cannot be ruled out. On the flip side, 16900 – 16750 has now become a sacrosanct support zone for the bulls.
We advise traders to keep a close tab on global developments and any favorable cues on this front would certainly provide the much-needed push for our domestic markets. Till the time important levels are not reclaimed, it’s better to stay positive but adopt one step at a time approach. Also, in case of an extended rebound, one can keep focusing on recent beaten-down heavyweight spaces like Financials and Auto, which are likely to give a sustainable relief.
Pharma index continues to shine in today's trading, gains 1%.
Rupee falls 38 paise to 81.78 against US dollar
The rupee depreciated 38 paise to 81.78 against the US dollar in early trade on Monday, tracking a muted trend in domestic equities and risk-off sentiment among investors.
Besides, surging crude prices in the international market impacted the domestic unit, traders said.
At the interbank foreign exchange, the local currency opened weak at 81.65 against the dollar, then lost further ground to quote at 81.78, registering a loss of 38 paise over its previous close.
The rupee settled 33 paise higher at 81.40 against the dollar on Friday. (PTI)
ONGC gains on Monday, surges almost 5% in early trading
Hotel shares continue to climb. Experts list out stocks to buy, sell or hold
Despite the global economy reeling under the heat of slowdown and inflation concerns, hotel stocks in India have delivered a stellar return to its investors in recent times. In year-to-date (YTD) time, Indian Hotels Company shares have risen 80 per cent, shares of Lemon Tree Hotels too ascended to the tune of 80 per cent, EIH share price shot up around 50 per cent, Chalet stocks appreciated 65 per cent whereas Oriental Hotels shares surged around 60 per cent. As the festive season has begun and is expected to last till the end of this year, market experts are expecting a further rally in these stocks. (Read More)
‘IT stocks may disappoint…,' says Nippon India MF's Rupesh Patel
In the very near term, there are uncertainties around US inflation, interest rates, recession in large economies and commodity prices. Developments around these factors will keep markets volatile. Investing in a staggered manner over next few months is what investors should consider as preferred option, said Rupesh Patel, Senior Fund Manager - Equity Investments, Nippon India Mutual Fund.
Investing in a staggered manner over next few months is what investors should consider as preferred option, said Rupesh Patel, Senior Fund Manager - Equity Investments, Nippon India Mutual Fund. (Read More)
Indices open in the flat-to-red territory on Monday. Sensex shed 200 pts and Nifty around 30.
Cryptocurrency prices today: Bitcoin, ether slip while Tron, Polygon gain
In cryptocurrencies, Bitcoin price today, which is the world's largest and most popular cryptocurrency, was trading about 0.6% lower at $19,188. The global crypto market cap today remained below the $1 trillion mark, as it was down nearly a per cent in the last 24 hours at $966 billion, as per CoinGecko. (Read More)
Nikkei rises on boost from chip and energy shares
Japan's Nikkei share average rose on Monday, recovering from early losses as chip-related stocks rallied and energy shares tracked gains in crude oil prices.
The market's mood was also buoyed by Japan Inc's plans to boost capex this fiscal year in a quarterly Bank of Japan (BOJ) survey of corporate sentiment.
The Nikkei ended the morning session 0.67% higher at 26,111.54, recovering from early declines of as much as 1.22%.
The broader Topix gained 0.26% to 1,840.71, rebounding from losses as steep as 1.12%. (Reuters)
Sensex is marginally down at preopen session on Monday. Airtel, Reliance, TCS in focus
Geojit Financial Services views on today's market: A significant trend in the market now is the dominance of DIIs and retail investors over FIIs
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "Even though there are global challenges for equity markets, India's outperformance is likely to continue. A significant trend in the market now is the dominance of DIIs and retail investors over FIIs. Last Friday when FIIs sold equity worth ₹1545 crores in the cash market DIIs bought equity for ₹3245 crores. If this kind of dominance of DIIs and retail investors can be sustained, FIIs will have to slow down their selling even in the context of rising dollar and bond yields in the US. Re-entry for FIIs will be expensive since DIIs and retail will not easily sell back the stocks which FIIs have sold.
Auto numbers for September confirm the strong auto rebound trend. There is more room for CV, PV and select 2-wheeler stocks to move up.
The fears regarding the Credit Suisse crisis are unlikely to impact the markets since it doesn’t have the potential to become a systemic crisis."
Stocks to Watch: Airtel, TCS, Reliance, Zee Entertainment, Maruti, Hero MotoCorp, Nestle India, Tata Motors, Bank of Baroda and Coal India
Housing Development and Infrastructure (HDI) stock will be in focus on Monday as it will be announcing the August to October quarter earnings. (Read More)
FPI favourite multibagger stock gives 2200% return in 5 years. Do you own?
Shares of Lancer Container Lines Ltd are one of the multibagger stocks that Indian stock market has delivered in last one year. In post-Covid rally, this small-cap stock has given whopping return to its shareholders. Probably, this sharp rise in the scrip has attracted Foreign Portfolio Investors (FPIs) as well. In fact, during April to June 2022 quarter, they almost doubled their stake in the company from 6.63 per cent in Q4FY22 quarter to 13.60 per cent in Q1FY23 quarter. (Read More)
Suzlon Energy stock in focus as share trades ex-rights today. Details here
Suzlon Energy rights issue is going to open on 11th October 2022 and it will remain open till 20th October 2022. The board of directors of the energy company has fixed record date for Suzlon Energy rights issue on 4th October 2022. This means, Suzlon Energy stock will be in focus today as it is going to trade ex-rights share today. (Read More)
Reliance Securities Stock in Focus for today: Indus Towers
STOCK IN FOCUS
Indus Towers (CMP Rs.197)
We have BUY rating on Indus Towers with a DCF-based 12-M Target Price of Rs240, at an implied valuation of 4.6x FY24E EV/EBITDA.
LICHSGFIN (PREVIOUS CLOSE: 414) BUY
For today’s trade, long position can be initiated in the range of Rs409- 406 for the target of Rs424 with a strict stop loss of Rs398.
APOLLOTYRE (PREVIOUS CLOSE: 279) BUY
For today’s trade, long position can be initiated in the range of Rs274- 271 for the target of Rs289 with a strict stop loss of Rs266
JKCEMENT (PREVIOUS CLOSE: 2,626) BUY
For today’s trade, long position can be initiated in the range of Rs2,585- 2,570 for the target of Rs2,690-2,740 with a strict stop loss of Rs2,514.
Electronics Mart India IPO: Latest GMP ahead of issue opening for subscription tomorrow
Consumer durables retail chain Electronics Mart India Ltd's (EMIL) three day initial public offering (IPO) will open for public subscription this week on Tuesday, October 4, 2022 and will conclude on October 7, 2022. The price band for the issue has been fixed at ₹56-59 per share.
The initial share sale consists of a fresh issue of equity shares aggregating to ₹500 crore, with no offer for sale (OFS) component. The company said that it intends to utilise the net proceeds to fund its capital expenditure, support incremental working capital requirements and pay debt and will also be used for general corporate purposes.
As per market observers, Electronics Mart India shares are commanding a premium or grey market premium (GMP) of ₹33 per share in the grey market today. The company's shares are expected to list on stock exchanges on Monday, October 17, 2022. (Read More)
13 organisations sign agreements to access data on ULIP
Unified Logistics Interface Platform (ULIP), launched by Prime Minister Narendra Modi, as part of the 'National Logistics Policy (NLP)' on September 17 has received a strong response from the industry with 13 firms joining the platform in less than two weeks of the launch, the Ministry of Commerce & Industry said on Saturday.
Till date, 13 organisations - MapMyIndia, CargoExchange, Freight Fox, Conmove, Intugine, Eikonatech, Yes Bank, Superprocure, CargoShakti, CloudStrats, Shyplite, APSEZL, and AITWA have signed non-disclosure agreement to access data on ULIP.
Non-disclosure agreements (NDAs) with 11 more organisations like Instavans & Trucks, Bosch India, Portlinks, Shiprocket, etc. are in the process, the Ministry of Commerce & Industry said.
The startups are gearing up to showcase their innovative ideas for creating new solutions for the sector whereas large enterprises are mulling to integrate with ULIP for simplifying complex logistics processes, verifying the documents of vendors as well as to get visibility of cargo movement. (ANI)
Suzuki Motorcycle sales up 27.55 pc at 86,750 units in Sep
Suzuki Motorcycle India Pvt Ltd on Saturday reported a 27.55 per cent increase in total sales to 86,750 units in September.
The company sold 68,012 units in the same month last year.
Domestic sales were at 72,012 units while exports stood at 14,738 units in September 2022.
"This is the highest ever overall monthly as well as domestic monthly sales figure recorded by the company since its inception in 2006," Suzuki Motorcycle India Pvt Ltd (SMIPL) said in a statement.
This was achieved despite some supply constraints, SMIPL Managing Director Satoshi Uchida said. (PTI)
India has a $1.2 trillion one-stop solution plan to snatch factories from China
In India, half of all infrastructure projects are delayed, and one in four run over their estimated budget. Prime Minister Narendra Modi believes technology is the solution to these perennial and notorious bottlenecks.
Under a 100-trillion-rupee ($1.2 trillion) mega project called PM Gati Shakti -- Hindi for strength of speed -- Modi’s administration is creating a digital platform that combines 16 ministries. The portal will offer investors and companies a one-stop solution for design of projects, seamless approvals and easier estimation of costs.
Under PM Gati Shakti project, Modi’s administration is creating a digital platform that combines 16 ministries. (Read More)
Auto sales on ascending track riding on festive cheer, smooth chip supplies
Robust festive demand coupled with better production due to easing of semiconductor supplies helped the domestic passenger vehicle industry post its best-ever monthly sales performance in September.
The industry volumes in September stood at 3,55, 946 units, registering an year-on-year increase of 91 per cent, enabling the second quarter sales to cross the 10-lakh sales mark.
Leading automakers Maruti Suzuki, Hyundai and Tata Motors were able to improve their dispatches to dealers last month on the back of improved production with the easing of chip shortage situation.
The country's largest carmaker Maruti Suzuki India (MSI) said its total domestic passenger vehicle wholesales stood at 1,48,380 units last month as compared to 63,111 units in September last year. (PTI)
India makes strong pitch to major US firms for investing in oil and gas production
Favourable geology, open data access, supporting policy regime and ease of doing business were the major drivers to attract potential US players to invest in India’s energy and petroleum growth wave during a two-day investors meet held here.
The investors meet from September 28-29, showcasing the lucrative fiscal policies and conducive environment of energy and petroleum (E&P) sector, that has seen a paradigm shift in policies aimed at attracting investors for investment was organised by Directorate General of Hydrocarbons (DGH) under the aegis of Ministry of Petroleum and Natural Gas (MoPNG) and facilitated by Houston Consulate General of India.
MoPNG Secretary Pankaj Jain, in his keynote address to potential investors from over 50 companies; oil and gas majors, financial institutions, private equity firms, service providers and academicians, made a strong pitch to investors interested in doing business with India.
He discussed India's strength and role in the global energy ecosystem and highlighted India as the destination of energy opportunities. (PTI)
Rupee rises 33 paise to close at 81.40 against US dollar as RBI raises rates by 50 bps
The rupee extended its initial gains and settled 33 paise higher at 81.40 against US dollar on Friday, after the Reserve Bank of India raised the benchmark lending rate by 50 basis points.
At the interbank forex market, the local unit opened at 81.60 against the greenback. It witnessed an intra-day high of 81.17 and a low of 81.69 during the session.
It finally ended at 81.40, up 33 paise from its previous close.
On Thursday, the rupee recovered from record lows to settle 20 paise higher at 81.73 against the dollar.
The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points, the fourth straight increase since May, as it extended its battle to tame stubbornly high inflation. (PTI)
Just top 20% of consumer driving demand as majority yet to recover from pandemic hit: Report
That the rich got richer during the pandemic has become more evident with research data showing just 20 per cent of the population are leading the discretionary consumption wagon as the rest are still recovering.
The pandemic has not impacted affluent consumers' income levels in the country is clear from the fact that the top 20 per cent of the population account for the bulk of discretionary consumption -- 59 per cent in rural areas and 66 per cent in urban areas, Tanvee Gupta-Jain, chief economist at UBS Securities India, said in a report.
Citing an in-house UBS survey (conducted in August among 1,500 higher-income consumers) results, she says more than half of the respondents have bought gold/ jewellery as planned or more in the past three months and more than half of them planning to invest in properties and buying cars/two-wheelers over the next two years. (PTI)
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