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PremiumSensex, Nifty closed over 0.80% higher on Wednesday. Asian stocks fell Wednesday while Treasuries retained gains amid concerns about a slower recovery from the pandemic and risks for the global economy from elevated inflation. Shares retreated in Japan, Hong Kong and China, where the economy weakened on steps to curb a Covid-19 outbreak. Beijing’s escalating regulatory overhaul hurt China’s technology sector and Macau casino stocks. U.S. and European futures were steady after the S&P 500 dipped overnight.
Crude oil prices rose ₹52 to ₹5,230 per barrel on Wednesday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the September delivery traded higher by ₹52, or 1%, at ₹5,230 per barrel in 4,089 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil was up 0.85% to $71.06 per barrel, while Brent crude traded 0.77% higher at $74.17 per barrel in New York.
Gold in the national capital on Wednesday jumped ₹438 to ₹46,214 per 10 grams reflecting overnight gains in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal closed at ₹45,776 per 10 gm. Silver also gained ₹633 to ₹62,140 per kg, from ₹61,507 per kg in the previous trade. "Spot gold prices for 24 carats in Delhi surged ₹438 reflecting overnight gains in COMEX gold prices," said HDFC Securities Senior Analyst (Commodities) Tapan Patel. In the international market, both gold and silver were trading flat at $1,802 per ounce and $23.79 per ounce, respectively. "Gold prices traded steady with spot gold prices at COMEX trading above $1,800 per ounce on Wednesday," he added.
"Nifty made a new all time high of 17532 today. It gave a strong breakout from its consolidation with strong volumes. It closed at 17520 up by 135 points. The previous resistance range of 17450-17425 will now act as strong support for Nifty. Nifty is currently headed for 17580 and 17610 in the next few trading sessions."
The Sensex closed at 58,723.20, up 476.11 points, or 0.82%, whule Nifty was at 17,519.45, up 139.45 points, or 0.80%. PSU banks, auto among top gainers.
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₹3,000 cr for OEMs:
₹150 cr for auto component makers
New investors:
₹1,000 cr
₹2,000 cr investment by champion cos
₹1,000 cr investment by 2-3 wheeler makers
₹250 cr by champions in auto component industry
₹500 cr by new investors
Portion of investment to be given to cos as incentive
- ₹47,500 crore additional investment over 5 years
-More than 7 lakh employment opportunities
Chipset company MediaTek announced it is planning to aggressively hire this financial year in order to strengthen and expand R&D facilities in India. In statement on Wednesday, the company said, as reported by news agency PTI, it is looking to hire across offices in India, with a focus on artificial intelligence technologies, smart home and enterprise segments, 5G and wireless communications, among others. (Read more)
Stock exchange BSE on Wednesday said Gujarat-based IT firm Naapbooks Ltd has got listed on its startups platform. This is the eleventh firm to get listed on the platform, according to a release. "The 10 companies listed on BSE Startups Platform have raised ₹34.62 crores from the market and total market capitalisation of these companies as on 14 September 2021 is ₹142.75 crore," it added.
India’s government is seeking a valuation of between ₹8 trillion ($109 billion) to ₹10 trillion for Life Insurance Corporation, in what’s slated to be the nation’s biggest initial public offering. The possible valuation is based on preliminary talks and may change after detailed discussions, due diligence and an official valuation report, according to people with knowledge of the matter, who asked not to be identified as the deliberations are private. The government is considering selling 5%-10% of the company, which could raise between ₹400 billion and ₹1 trillion, the people said. A spokesperson for the finance ministry declined to comment, while an email sent to LIC wasn’t immediately answered. (Bloomberg)
Cloud computing company Citrix Systems Inc is working with advisers weighing whether to sell itself after its stock tumbled this year, Bloomberg News reported, citing people familiar with the matter. The workplace software maker plans to gauge the interest of potential buyers over the next few weeks, the report said, adding that a decision is yet to be made on whether to pursue a sale and Citrix might remain a standalone entity. The report, however, did not provide the details of the advisers with whom the company is working on the potential sale.
IMD Weather Forecast: Intense spell of rainfall is likely over Madhya Pradesh, Uttar Pradesh, Uttarakhand, East Rajasthan and Gujarat till 16th September, the India Meteorological Department (IMD) said on Wednesday. It also said that a fresh spell of heavy rainfall is likely over east India from 18th September. (Read more)
Coal India's warned the adviser to the federal power ministry in February of an impending fuel shortage as utilities tapped inventories and curbed purchases despite rising coal-fired power output, documents reviewed by Reuters show. India, which has the world's fourth largest coal reserves, is facing a shortage of the fuel and has urged utilities to import coal as supplies at several plants run low. State-run Coal India told the Central Electricity Authority (CEA) that it was "evident that a crisis is arising" unless immediate action was taken to increase supply to power plants, according to a Feb. 4 letter reviewed by Reuters.
India's plans to list state-run Life Insurance Corporation (LIC) face an unusual problem: domestic law firms are shying away from advising the government, deterred by the low fees on offer at the time of a lucrative boom in corporate stock listings. With millions of policyholders and a share of 66% of new premium collections in a crowded insurance market, LIC is a household name, managing assets of more than $450 billion. (Read more)
Regulatory forbearance has reduced the Indian banking sector’s need for fresh core capital to meet minimum regulatory capital requirements, says Fitch Ratings. Under our latest base case, we do not expect the banking system to require fresh equity capital to meet the minimum common equity Tier 1 (CET1) requirement of 8% until the financial year ending March 2025 (FY25). However, the sector would require USD27 billion in fresh capital under our stress case, which incorporates less benign economic assumptions. (Read more)
The pace of vaccination against COVID-19 must be quickened to avert "a pandemic of the unvaccinated", the European Union's chief executive said on Wednesday, also urging countries around the globe to step up the fight against climate change. Ursula von der Leyen's second 'state of the union' address since she took over as European Commission president comes after two years that have tested the resilience of the bloc with the coronavirus pandemic, a sharp economic downturn, strains over Brexit and the rule of law in eastern member states.
Caller-identification service Truecaller is looking to raise $116 million in what could rank among the year’s biggest IPOs in Sweden
-TikTok's lead data privacy regulator in the European Union has opened two inquiries into the Chinese-owned short-video platform related to the processing of children's personal data and transfers of personal data to China. Ireland's Data Protection Commission, which is lead EU regulator for many of the world's top internet firms due to the location of their regional headquarters in Ireland, is allowed to impose fines of up to 4% of global revenue.
Rakuten India, the Bengaluru-based technology arm of Rakuten Group, on Wednesday announced its foray into B2B technology products with the launch of 'SixthSense'. Rakuten SixthSense - a 'Code to Customer' Observability platform - has been developed in India and will help provide businesses and IT leaders intuitive end-to-end visibility of the entire IT environment.
Thomas Cook India's stock was trading at ₹63.10, up 1.53% at 1:51 pm. The travel company is expanding payment solutions portfolio by extending its relationship with Visa to cover multicurrency borderless Visa Card.
India's federal cabinet on Wednesday approved a production-linked incentive scheme for the automobile sector and as well as a much-expected relief package for the cash-strapped telecoms sector, a senior government source said. Shares in wireless carriers Bharti Airtel and Vodafone Idea were up more than 3% at 0745 GMT on the news. (Read more)
HSBC India on Wednesday launched HSBC UniTransact, a digital proposition aimed at simplifying cross-border transactions. This offering is a one-stop solution, bringing clients the benefit of seamless integration of all aspects of transaction banking while minimizing manual intervention through the course of the transaction journey, the bank said.
Shares of Bharti Airtel Ltd on Wednesday became 12th Indian firm to cross ₹4 trillion market capitalisation after its shares hit a fresh record high with gaining over 43% so far this Year. The stock hit an all time high of ₹729 a share on BSE and gained as much as 5.1% in intraday. At 1.10pm, the scrip was trading at ₹728 on BSE, up 5% from its previous close with market cap stood at ₹4.01 trillion. Earlier, Reliance Industries Ltd, TCS, HDFC Bank, Infosys Ltd, Hindustan Unilever, HDFC Ltd, ICICI Bank, Bajaj Finance Ltd, ITC Ltd, State Bank of India and Kotak Mahindra Bank have achieved this milestone.
India needs around $7.8 trillion of gross capital formation in the form of greenfield assets in the next five years for the government to realise its $5 trillion economy target, Moneycontrol reported, citing a new report by Deloitte.
The fourth quarter of the year that will see a sports-heavy calendar for Disney+ Hotstar, the video streaming service owned by Disney India, along with local originals, is expected to bolster its subscription base by 7 million, helping the platform close the year with 46 million subscribers. These are findings from a recent report by Media Partners Asia (MPA), which projects the subscriber base of rivals Netflix and Amazon Prime Video at 5.5 million and 21.8 million respectively by the end of 2021. Currently, Hoststar, Netflix and Amazon are at 39 million, 4.6 million and 18 million subscribers respectively, it said. MPA is an independent provider of research, advisory and consulting services in media, telecom, sports and entertainment for Asia-Pacific and the Middle East. Hotstar did not respond to Mint’s queries on expected rise in subscriber base while Netflix and Amazon declined to comment.
