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Business News/ Markets / Live Blog/  Sensex ends 215 pts lower, Nifty down 80 pts; FMCG shines
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Sensex ends 215 pts lower, Nifty down 80 pts; FMCG shines

Share Market Close: Indices shed steeply towards the end on Wednesday to close in red. BPCL, Asian Paints and HUL were in green; Bajaj Finserv and IndusInd Bank shed. Consumer Durable, Media and Realty dragged. RBI hiked interest rates by 35 bps to 6.25% today.

Stock Market Today: Worries of future rate hikes to play in investors' mind (AP)Premium
Stock Market Today: Worries of future rate hikes to play in investors' mind (AP)

Investors remain concerned that Fed's monetary tightening could induce an economic downturn with most Asian markets closing in red including Tokyo, Hong Kong and Shanghai. European markets are also trading lower today.

07 Dec 2022, 03:41:28 PM IST

As RBI lowers growth estimation, indices shed on Wed with Sensex dropping 215 pts and Nifty 80

Amidst high volatility and RBI's increase in repo rate, indices closed in red for 4th day in a row on Wednesday. RBI increased the repo rate on expected lines by 35 bps to 6.25% with immediate effect.

Sensex shed 215 points to close at 62,410, while Nifty dropped 82 points to end at 18,560. The indices mostly remained in the flat to red territory in the session but dropped steeply towards the end.

FMCG remained strong throughout the session and gained 1%. PSU Bank remained volatile but ended in the green. Realty, Media and Consumer Durables struggled the most and shed more than a per cent.

Among stocks, BPCL, HUL and Asian Paints jumped around 2% and led the chart. SBI Life and NTPC dropped 2% and were among the top laggards today.

RBI maintained its 6.7% inflation forecast for the current fiscal year while saying that the battle against inflation is not over yet. The central bank lowered the growth expectation to 6.8% from 7%.

The broader Asian market tracked a tech-led sell-off on Wall Street overnight and ended in red on Wednesday with investors on edge as fears of a recession picked up steam.

Japan's Nikkei share average touched a four-week low on Wednesday although gains in auto stocks helped cap losses. The Nikkei ended the day 0.72%.

Shares fell in Mainland China and Hong Kong even as Beijing announced it was drastically scaling back its “zero-COVID" policies, shifting away from trying to isolate every single case.

The Hang Seng index in Hong Kong fell 2.5% and the Shanghai Composite index was down 0.4%.

European shares slipped, although the losses were limited by strength in the healthcare sector. The region-wide STOXX 600 index was down in the morning trade.

Sensex at Close
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Sensex at Close
07 Dec 2022, 03:29:21 PM IST

India likely to see over 3 crore job losses due to severe heatwave by 2030: World Bank report

A report by World Bank has a ominous warning for India and it only spells doom, as the report has stated that India will soon be one of the first countries that will experience severe heatwaves that will break the human survivability limit.

The report will be released during the two-day "India Climate and Development Partners' Meet" being organised by World Bank in partnership with the Kerala government here. (Read More)

07 Dec 2022, 03:08:54 PM IST

Arun Kumar Singh appointed Chairman of ONGC for tenure of 3 yrs

Former BPCL chairman Arun Kumar Singh has been appointed as Chairman of Oil and Natural Gas Corporation (ONGC).

Vetsa Rama Krishna Gupta has taken over the additional charge of Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL), post superannuation of Arun Kumar Singh. (Read More)

07 Dec 2022, 02:39:36 PM IST

Realty Index under pressure with few stocks dragging the index 1% lower 

Realty Index
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Realty Index
07 Dec 2022, 02:36:40 PM IST

India to step up gas imports to address summer power demand

ndia has asked state-run firms to increase imports of natural gas in anticipation of higher power demand next summer, three government sources said, aiming to avoid repeating a power crisis in April that was its worst in more than six years.

While the share of natural gas in India's power generation was just 1.5% this year, down from 3.3% in 2019 due to limited local availability and high global prices, the authorities see it as a crucial stop-gap power source for crunch times, especially when intense summer heat drives up air conditioning use.

An unrelenting heatwave this year sparked unprecedented electricity use in April, when power demand outstripped estimates by more than 7% and led to widespread power outages. Temperaratures typically start rising in most parts of India around mid-March and remain elevated until early June. (Reuters)

07 Dec 2022, 02:28:31 PM IST

LKP Research recommendation on Central Bank of India: BUY 

After incurring losses for six consecutive years (FY16-FY21), Central Bank returned to profitability in FY22. Furthermore, the bank has been reporting consistent growth in net profit for the last six quarters. A bulky provision (Rs30.8bn) made in 4QFY21, continued to safeguard the balance sheet with PCR (calculated) of 72% and PCR (including TWO) of 89%. The bank's margin (3.4% in the 2QFY23) is on an upward trajectory with continuous improvement in the CD ratio. On the business front, the bank has been reporting stable credit growth (18.1% YoY and 6.3% sequential jump seen in the previous quarter) across segments. The bank's recoveries are in line with the guidance and we expect the credit cost to be below 1.5% for FY23E. Moreover, the bank raised capital in FY22 which resulted in a CET -1 of 11.6% (at par). We believe the asset quality hurdles are behind and the bank shall witness gradual improvement in profitability with FY23E ROA/ROE of 0.5%/6.6%. With an inexpensive valuation (0.8x PBVPS) we recommend BUY.

07 Dec 2022, 02:14:29 PM IST

Oil prices below $80/bbl amid economic concerns, rate hike fears

International crude oil prices continued to trade below the $80 per barrel level on Wednesday amid concerns of weak economic indicators from China and Europe along with anticipation of hike in interest rates by central banks globally.

Around 1.45 pm, the February contract of Brent on the Intercontinental Exchange was trading at $79.51 per barrel, higher by 0.20% from its previous close. The January contract of West Texas Intermediate (WTI) on the NYMEX was at $74.24 per barrel, lower by just 0.01% from its previous close. (Read More)

07 Dec 2022, 01:57:08 PM IST

Audi India to increase prices on complete range: All details inside

Audi India announced on Wednesday that the company will hike the prices for the new year and confirmed an increase of up to 1.7 per cent across all its model range. These new prices will be effective from January 1, 2023, and the manufacturer says these could not be avoided due to a rise in input and operational costs. (Read More)

07 Dec 2022, 01:37:47 PM IST

India's largest wine seller Sula Vineyards to launch IPO on 12 Dec

India's largest wine producer and seller, Sula Vineyards will launch its initial public offering (IPO) on December 12. The IPO entirely offers for sale (OFS) where selling shareholders will offload around 2.69 crore equity shares for the public. Subscription in the IPO will be available till December 14. Ahead of the IPO, anchor investors will be allowed to bid in Sula Vineyards on December 9. The price band of the IPO will be announced in due course. (Read More)

07 Dec 2022, 01:19:50 PM IST

Hindustan Unilever leads the FMCG rally as the stock gains 2%

FMCG
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FMCG
07 Dec 2022, 01:06:59 PM IST

Agriculture sector remains resilient; Rabi sowing got off to a strong start: RBI

Reserve Bank Governor Shaktikanta Das on Wednesday said the agriculture sector remains resilient, and the rabi sowing has got off to a strong start.

However, India is expecting some moderation in kharif production due to uneven rainfall.

India's total kharif crop production is estimated to moderate to 149.92 metric million tonnes (MMT) from 156.04 MMT in the previous kharif crop year, as per the first advance estimate.

On the supply side, Das said, "The agricultural sector remains resilient. Rabi sowing got off to a strong start. The area sown so far is 6.8 per cent higher than the normal sown area (as on December 2, 2022)".

Area sown to wheat has increased by 5.36 per cent year-on-year to 211.62 lakh hectares in the first two months of the ongoing rabi (winter) season, with higher coverage being reported in Rajasthan, Bihar and Uttar Pradesh, according to the agricultural ministry data released on Friday.

The sowing of wheat, the main rabi crop, begins in October and harvesting in March-April. Besides wheat, rice and pulses, such as gram, and urad as well as oilseeds like groundnut and mustard are grown in this season. (PTI)

07 Dec 2022, 12:47:51 PM IST

India to invest in R&D to develop roadmap for vaccines for future pandemic: Jitendra Singh

India will make significant investment in research and development to develop a roadmap for design and delivery of vaccine development for future pandemic, said minister of state for science and technology, Jitendra Singh.

Addressing the ‘Preparedness for Future Epidemics: Is India ready to meet the CEPI 100 days vaccine challenge?’ international meet, the minister said that while efforts are still on to uncover findings about Covid-19 and the epidemiological models, India is ready to invest in future challenges. (Read More)

07 Dec 2022, 12:32:29 PM IST

Consumer Durable dips 1% as most of the stocks are trading in red

Consumer Durable index
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Consumer Durable index
07 Dec 2022, 12:10:13 PM IST

Prabhudas Lilladher views on Agro Chemicals: Post Conference Notes – Exporters to outperform in the near term.

Himanshu Binani – Research Analyst, Prabhudas Lilladher: We are of the view that export-oriented players (PI Industries, Sumitomo Chemicals and UPL) are better placed than pure play domestic players (Dhanuka Agritech, Bayer Crop science) in the near term. Near-term challenges pertaining to provisions for high-cost inventory amid a falling RM cost scenario coupled with higher sales return from kharif season and pricing pressure in the generic segment will likely weigh on margins for domestic players. However, exports oriented players will continue with their outperformance on the back of a) a robust demand scenario globally; b) remunerative crop prices and c) better realizations led by price hikes in the recent past. Going forward, 2H usually remains heavier for exporters as compared to 1H. Hence citing the robust demand scenario globally, we continue to maintain our positive stance on exporters and prefer Sumitomo Chemicals, PI Industries and UPL in the agrochemical space. While Coromandel Int’l remains our preferred pick in the fertilizer pack.

07 Dec 2022, 12:00:44 PM IST

Noon Update: Indices remain in red after RBI hikes repo rate 35 bps; Sensex 160 pts down and Nifty 60 pts

Sensex at Noon
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Sensex at Noon
07 Dec 2022, 11:55:24 AM IST

Jet Airways staff dues: Jalan Kalrock consortium to move SC against NCLAT order

The Jalan Kalrock consortium, new owner of the beleaguered Jet Airways, is likely to move the Supreme Court against a recent National Company Law Appellate Tribunal (NCLAT) order which has directed the airline to pay unpaid provident fund and gratuity dues of employees of the carrier, which is preparing to restart operations.

The NCLAT also dismissed the consortium’s plea to cap its payment liability at 475 crore under the approved resolution plan. (Read More)

07 Dec 2022, 11:46:17 AM IST

India's Macrotech Developers plans $450 mln share sale - sources

Indian real estate company Macrotech Developers Ltd, part of the Lodha group, plans to raise $450 million via a qualified institutional placement that will see its controlling family selling a stake of about 7%, two sources told Reuters.

Macrotech operates 85 million square feet of land and has 95 million more under development. It is known for its premium real estate, including a tie-up with former U.S. president Donald Trump for a building in the Indian financial capital of Mumbai.

The company has appointed investment banks Jefferies and Kotak to manage the deal, said the sources, declining to be identified as a deal is likely to be launched in stock markets this week.

Buyers for the stake have yet to be finalised but Singapore's sovereign wealth fund GIC and U.S. investment fund Capital Group had expressed interest, the sources said. (Reuters)

07 Dec 2022, 11:31:25 AM IST

INDIA BONDS-Benchmark yield tops 7.30% as RBI hikes rate, sounds hawkish on inflation

Indian government bond yields rose, with the benchmark 10-year yield hitting 7.30%, after the Reserve bank of India raised lending rates by 35 basis points and sounded a hawkish note over inflation outlook.

The benchmark 10-year yield was at 7.3087% as of 11:10 a.m. IST. It was at 7.2113% before the policy decision and had ended at 7.2486% on Tuesday.

Bond yields had dipped earlier in the session, tracking a slump in oil prices as the benchmark Brent crude futures declined below $80 a barrel.

While the quantum of the monetary policy committee's (MPC) rate increase was widely expected, the central bank vowed there would be no let-up in its fight to tame high inflation. (Reuters)

07 Dec 2022, 11:16:04 AM IST

Bajaj Finserv drags; among one of the biggest laggards

Bajaj Finserv
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Bajaj Finserv
07 Dec 2022, 11:11:05 AM IST

Axis Securities, Kotak Mahindra AMC, and Mehta Equities on RBI raising the repo rate by 35 bps

Naveen Kulkarni, chief investment officer, Axis Securities PMS: As expected, the Monetary Policy Committee increased the policy rate by 35bps with a majority decision of five out of six members voting for it, and more importantly, re-iterated its intention of withdrawing accommodative policies with a majority decision of four members out of six voting for it. The RBI has reduced India's growth forecast for FY23 from 7% to 6.8%, but India remains one of the fastest-growing major economies globally. The RBI governor exhibited confidence in India's growth trajectory but mentioned that it is crucial to be vigilant to the secondary effects of high global commodities, especially energy and food prices. We believe the MPC decisions today are on expected lines and would not have any major impact on Indian markets, purely based on decisions announced today.

Nilesh Shah, managing director, Kotak Mahindra Asset Management Company: The RBI has given a “Main Hoon Na" (we are there ) policy, reassuring the market. In a world where central banks are fighting to regain credibility, the RBI stands tall managing conflicting objectives of growth and inflation admirably. A data-driven RBI will keep on playing balls on merit and continue to keep the growth score board moving with inflation under check.

Rahul Kalantri, VP commodities & currency, Mehta Equities Ltd: Rupee quote on RBI Raises Rates by 35 bps to 6.25% - The Reserve Bank of India raised its key repo rate by 35 bps to 6.25% during its December meeting, the sixth rate hike in a row, amid slowing inflation due to moderation in food prices, as widely expected. The annual inflation eased to 6.77% in October, down from September's five-month high of 7.41%. Although inflation hit a three-month low in October, it remained above the RBI's tolerance range.

07 Dec 2022, 10:47:25 AM IST

FMCG index shines with almost all stocks in green, gains 1%

FMCG index
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FMCG index
07 Dec 2022, 10:37:09 AM IST

Inflation battle not over: RBI governor

Despite some signs of moderation, RBI Governor Shaktikanta Das said the main risk was that inflation would remain sticky and elevated. "The MPC was of the view that further calibrated monetary policy action was warranted to keep inflation expectations anchored, break core inflation persistence and contain second-round effects," Das said as he announced the monetary policy committee's decision.

07 Dec 2022, 10:36:33 AM IST

Dish TV-Yes Bank stalemate continues as company refuses to induct directors proposed by largest shareholder

The 16-month-long fight between Yes Bank Ltd and the Subhash Chandra family for control of Dish TV India Ltd refuses to end anytime soon after the satellite television provider agreed to induct three independent directors on its board while it refuses to get any of the seven directors proposed by its largest shareholder.

On Tuesday, Dish TV told exchanges that it had agreed to induct three independent directors-- Sunil Gupta, Madan Mohanlal Verma and Gaurav Gupta-- even as it decided to convene its Annual General Meeting on 29 December. (Read More)

07 Dec 2022, 10:30:24 AM IST

RBI keep inflation forecast unchanged, GDP growth estimated lowered

RBI has maintained the consumer price index (CPI) inflation forecast for FY23 at 6.7%. The real FY23 GDP forecast lowered to 6.8% from 7%. RBI said that the Indian economy to be the fastest growing in Asia this year.

07 Dec 2022, 10:29:17 AM IST

PSU Bank gains in early trading with most stocks in green

PSU Bank
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PSU Bank
07 Dec 2022, 10:10:12 AM IST

RBI hikes repo rate by 35 bps

RBI has hiked the repo rate for the fifth time in a row, by 35 bps to 6.25% with immediate effect

07 Dec 2022, 09:58:57 AM IST

Rupee falls 25 paise to 82.75 against US dollar in early trade

The rupee depreciated 25 paise to 82.75 against the US dollar in early trade on Wednesday, tracking muted domestic equities ahead of the Reserve Bank of India's monetary policy decision.

Forex traders said dollar demand in the overseas market and foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 82.74 against the dollar, then edged lower to 82.75, registering a loss of 25 paise over its previous close.

On Tuesday, the rupee declined by 65 paise to close at an over-one-month low of 82.50 against the US dollar. (PTI)

07 Dec 2022, 09:58:32 AM IST

BPCL jumps 2% and pushes the Oil & Gas index into green

BPCL
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BPCL
07 Dec 2022, 09:41:52 AM IST

GMR, NIIF join hands to invest ₹6.31 billion in three airports

GMR Airports Limited (GAL) and National Investment and Infrastructure Fund (NIIF) have announced a financial partnership for NIIF to invest in the equity capital of three airport projects. This would be NIIF's first direct investment in the state of Goa as well as its first investment in an airport asset in the nation.

These include the greenfield international airports at Mopa, Goa and Bhogapuram, Andhra Pradesh. The transaction envisages NIIF making a primary investment of INR 6.31 billion in the form of Compulsory Convertible Debenture (CCD) in GMR Goa International Airport Limited (GGIAL), a special purpose vehicle to run and operate the New Goa Airport. The transaction is subject to customary completion conditions & necessary approvals. (Read More)

07 Dec 2022, 09:34:49 AM IST

IT index continues its downward spiral for the second day; all stocks in red

IT Index
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IT Index
07 Dec 2022, 09:30:31 AM IST

China November trade sinks under virus pressure, rate hikes

China’s imports and exports shrank in November as global demand weakened and anti-virus controls weighed on the second-largest economy.

Exports sank 9% from a year earlier to $296.1 billion, worsening from October’s 0.9% decline, customs data showed Wednesday. Imports fell 10.9% to $226.2 billion, down from the previous month’s 0.7% retreat.

The country’s global trade surplus narrowed by 2.5% from a year earlier to $69.9 billion.

Chinese trade was forecast to weaken as global demand cooled following interest rate hikes by the Federal Reserve and central banks in Europe and Asia to rein in surging inflation. (AP)

07 Dec 2022, 09:24:34 AM IST

ONGC under pressure in early trading, drops 1%

ONGC
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ONGC
07 Dec 2022, 09:22:41 AM IST

Nomura’s crypto arm seeks profit in two years in shakeout after FTX crisis

Nomura Holdings Inc. plans to break a profit at its crypto unit within two years as the spectacular failure of Sam Bankman-Fried’s FTX exchange spurs demand for safer counterparties in the digital-asset sector.

The unit, Laser Digital, will leverage the backing of the Tokyo-based investment bank to win over institutional investors and plans to add 50 employees by March, its Chief Executive Officer Jez Mohideen said. It’s now easier to hire talent and acquire assets at a lower valuation, he said, adding that the firm has tightened risk management. (Read More)

07 Dec 2022, 09:15:28 AM IST

Geojit Financial Services views on today's market: Investors can buy high-quality stocks in capital goods and cement at current levels

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The near-term cues have turned negative once again with weakness in the mother market, the US. Talks of a longer-than-expected recession have again surfaced and negative comments from influential voices like that of Jamie Dimon are impacting sentiments. In such a scenario there are no positive triggers that can take the market much higher from here. Since India’s growth resilience looks impressive the market is unlikely to dip sharply. Buying will emerge on declines. Leading PSB banks have the potential to move up further and valuations are still attractive. Investors can buy high-quality stocks in capital goods and cement at current levels.

07 Dec 2022, 09:06:29 AM IST

Governor Shaktikanta Das to announce MPC decision, rate hike expected; link for live updates

The decision of the Reserve Bank of India (RBI) Governor Shaktikanta Das headed the six-member Monetary Policy Committee (MPC) will be announced on Wednesday. The central bank is widely seen raising its key policy rate as inflation continues to stay above its tolerance band.

RBI slashed the repo rate in March 2020 with an aim to cushion the impact of the Covid-induced lockdown and maintained status-quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022.

Follow this link for live updates

07 Dec 2022, 09:04:27 AM IST

Sensex preopens flat with Vodafone Idea, HDFC AMC, Vedanta in focus

Sensex at Preopen
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Sensex at Preopen
07 Dec 2022, 08:52:14 AM IST

Reliance Securities Stock in Focus for Today: Blue Star

STOCK IN FOCUS

Blue Star (CMP 1,237)

With the higher earnings growth, better margin profile and improved business visibility over the medium term, we have our BUY rating on BLSTR, with a 1-year revised Target Price of Rs1,520.

 

Intraday Picks

TVSMOTOR (PREVIOUS CLOSE: 1,041) BUY

For today’s trade, long position can be initiated in the range of Rs1,026-

1,020 for the target of Rs1,064 with a strict stop loss of Rs1,004.

ALKEM (PREVIOUS CLOSE: 3,102) SELL

For today’s trade, short position can be initiated in the range of Rs3,104-

3,122 for the target of Rs3,030 with a strict stop loss of Rs3,147.

OBEROIRLTY (PREVIOUS CLOSE: 944) SELL

For today’s trade, short position can be initiated in the range of Rs947-

953 for the target of Rs922 with a strict stop loss of Rs963.

 

07 Dec 2022, 08:50:12 AM IST

India rupee to remain weak on current account and rate differential: Report

The battered Indian rupee will not recoup most of its recent losses over the coming year thanks to a persistent current account deficit and a central bank nearing the end of its rate-hiking cycle, a Reuters poll found.

A widening trade deficit driven by rising oil prices along with expectations for a prolonged U.S. Federal Reserve policy tightening cycle is partly responsible for a 11% year-to-date fall in the rupee to a record low of 83.29 per dollar in October. (Read More)

07 Dec 2022, 08:47:01 AM IST

Stocks to Focus: HDFC AMC, Vedanta, PTC India, IDBI Bank, Siemens, Bikaji Foods, HPCL, Vodafone Idea, Dish TV, Hinduja

NSE has listed Gujarat Narmada Valley Fertilizers & Chemicals, Punjab National Bank and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Wednesday trading as they have crossed 95% of the market-wide position limit. (Read More)

07 Dec 2022, 08:45:49 AM IST

Fitch retains India growth forecast at 7 pc for this fiscal, cuts projections for next 2 yrs

Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year.

It, however, cut the projections for the next two financial years, stating that even though the country is shielded to some extent from global economic shocks but is not impervious to global developments.

In its December edition of the Global Economic Outlook, Fitch projected India's GDP to grow at 7 per cent in the current fiscal and slow to 6.2 per cent in 2023-24 and 6.9 per cent in 2024-25.

In September, Fitch had projected 7 per cent growth for the current fiscal, followed by 6.7 per cent in 2023-24 and 7.1 per cent growth in 2024-25.

07 Dec 2022, 08:29:48 AM IST

Sebi relaxes rules for govt for PSU disinvestment

Capital markets regulator Sebi can relax regulatory norms for the central government in relation to strategic disinvestment of public sector undertakings (PSUs), according to a notification.

"​​The Board (Sebi) may after due consideration of the interest of the investors and the securities market and for the development of the securities market, relax the strict enforcement of any of the requirements of these regulations if an application is made by the Central Government in relation to its strategic disinvestment in a listed entity," Sebi said in a notification made public on Tuesday.

To give this effect, the regulator has amended LODR (Listing Obligations and disclosure Requirements) norms. (PTI)

07 Dec 2022, 08:28:30 AM IST

Uniparts India IPO share allocation today. How to check your application status

Indian-based global manufacturer of engineered systems and solutions, Uniparts India is likely to finalise the allotment of the shares on Wednesday for its initial public offering (IPO) which was launched from November 30 to December 2nd. The nearly 836 crore IPO was fully subscribed by 25.32 times with strong demand from qualified institutional buyers. Investors who have bid for Uniparts IPO can check their application status online.

That being said, the company is likely to carry the allotment of equity shares on December 7, while initiation of refunds and credit of equity shares to the applicant's Demat account will likely follow between December 8 to December 9. The company is expected to list next week on December 12. (Read More)

07 Dec 2022, 08:20:02 AM IST

IDBI Bank to continue primary dealer business even if foreign bank acquires majority stake

IDBI Bank would continue its primary dealer business even if a foreign bank acquires majority stake and management control in the private sector bank, the finance ministry said on Tuesday.

As part of the primary dealer activity, IDBI Bank is involved in market-making activities in respect of G-Secs, including T-bills. IDBI's treasury actively participates in primary auction of government bonds.

In response to a query on the primary dealership activities undergoing change/getting impacted, where a foreign bank acquires more than 50 per cent shareholding and management control in the strategic sale, the Department of Investment and Public Asset Management (DIPAM) said, "There may not be any impact on the primary dealer business of the IDBI Bank." (PTI)

07 Dec 2022, 08:10:01 AM IST

Oil Steadies After Three-Day Drop as Demand Concerns Multiply

Oil steadied after a three-day slump as warnings from major US banks of a tough outlook for 2023 stoked concern over prospects for demand and dented appetite for risk assets.

West Texas Intermediate held above $74 a barrel after futures sank almost 9% over the previous three sessions despite optimism surrounding China’s move to loosen strict virus curbs. Among the predictions, Goldman Sachs Group Inc. Chief Executive Officer David Solomon said that he saw “bumpy times ahead."

Recession fears have “gripped the market as traders ponder monetary-policy tightening," said James Whistler, managing director of brokerage Vanir Global Markets Pte in Singapore. “We are also seeing an early pull back in liquidity, with traders exiting positions after a highly volatile year." (Bloomberg)

07 Dec 2022, 08:05:00 AM IST

Overdue brand reboot aims to rescue Air India’s battered image

Almost a year has passed since India’s biggest conglomerate bought Air India Ltd., promising to turn it into a world-class airline. Reviving the carrier and winning over passengers won’t be easy.

A run of 15 years without profit has taken its toll. While Air India remains a high-profile operator in one of the world’s biggest aviation markets, customer complaints about a decline in standards have hurt its reputation. Reports of incidents such as ants and rats on planes, cockroaches in food and even a bat (animal, not cricket) flying around a cabin mid-journey haven’t helped. (Read More)

07 Dec 2022, 07:49:45 AM IST

India's coal production surges 11.66 pc to 76 mt in Nov

India's total coal production increased 11.66 per cent to 75.87 million tonne (mt) during November 2022 from 67.94 mt in November 2021, according to a statement from the ministry of coal.

According to the latest figures of the ministry, during November 2022, Coal India (CIL) registered a growth of 12.82 per cent, whereas Singareni Collieries Company (SCCL) and captive mines /others registered a growth of 7.84 per cent and 6.87 per cent, respectively.

Of the top 37 mines in coal production as many as 24 mines produced more than 100 per cent and production of five mines stood between 80 and 100 per cent, the ministry's statement added. (ANI)

07 Dec 2022, 07:48:57 AM IST

Vedanta to raise up to ₹500 cr via debentures

Vedanta Ltd on Tuesday said it is considering raising up to 500 crore through debentures.

Oil-to-metals conglomerate will raise the amount in one or more tranches.

"The company proposes to offer rated, unsecured, redeemable, non-cumulative, non-convertible debentures aggregating up to 500 crore in one or more tranches and in this regard, is holding a meeting of its duly constituted Committee of the Directors on Friday," Vedanta said in a filing to BSE. (PTI)

07 Dec 2022, 07:48:13 AM IST

Bollywood to end 2022 with less than 50% of pre-covid mark

The Hindi film box office has finally picked up some steam in the past few weeks with three films—Uunchai, Bhediya and Drishyam 2—managing decent openings by crossing the 100 crore mark. The breather comes after months of lacklustre performance in theatres by big and small Bollywood films alike.

But trade experts said this handful of hits along with the bet on Rohit Shetty’s Cirkus, releasing later this month, will still result in a below-par 2022 for Bollywood, likely to be less than half pre-covid collections. (Read More)

07 Dec 2022, 07:47:22 AM IST

Iran halts imports of Indian tea, rice in likely retaliation

Iran has abruptly stopped importing Indian tea and rice in a likely retaliation for India curbing some fruits from Iran, two government officials said. This comes as a surprise as Iran is a top market for both products from India.

“It could be a retaliatory stance against India not taking their kiwis and peaches. This information is mostly coming from the trade channels and not from diplomatic channels; so it could be a trade-related measure. But Iran blocking Indian rice is highly unusual, as Indian rice is much cheaper than rice coming from other countries; so, there is a very strong political undertone to it too," one of the two officials cited above said on the condition of anonymity. (Read More)

07 Dec 2022, 07:34:40 AM IST

Apple to design 'Made-in-America' chips; Tim Cook says, 'marks a new era of...'

Reducing the reliance on Asia-based manufacturing, Apple Inc will now be building chips in the US, confirmed CEO Tim Cook on Wednesday. Taking to Twitter, Cook announced, "Apple silicon unlocks a new level of performance for our users. And soon, many of these chips can be stamped Made in America". The iPhone maker will be building chips in the US for the first time in nearly a decade. Cook said Apple will expand its relationship with TSMC which already produces chips for the iPhone maker. The plant, scheduled to be operational in 2024, will make a more advanced chip than initially announced. (Read More)

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