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The Nifty and the Sensex opened the day on a

Join us as we follow the top business news through the day.

9:30 AM

Delhi HC stays Future on Reliance deal

In a major victory for U.S.-based e-commence giant Amazon, the Delhi High Court on Thursday ruled that Future Retail Limited (FRL) and its promoters including Kishore Biyani “deliberately and wilfully” violated the order of an emergency arbitrator (EA) restraining FRL from going ahead with its assets sale deal with Reliance Retail.

Noting that the intention of FRL and its promoters “do not appear to be honest”, the high court directed attachment of the assets of Future Coupons Private Limited (FCPL), FRL, Mr. Biyani and 10 other promoters.

Justice J.R. Midha also directed Mr. Biyani and the other promoters to be present before the court on the next date of hearing on April 28. It additionally issued show-cause notices to all the promoters “to show cause why they be not detained in civil prison for a term not exceeding three months” for violation of the emergency arbitrator’s order.

 

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Rates Surge in Metro Cities; Check Details

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Gold rates surged by Rs 32 on Friday, March 19, for 1 gram as the price of the same quantity of 22-carat gold stood at Rs 4,428 from the previous rate of Rs 4,396. According to Good Returns, the price of 10 grams of 22-carat-gold is Rs 44,280 witnessing a massive increase of Rs 320 from Rs 43,960 on the earlier day. Similar to the rates of 22-carat gold the price of 24 carats of the yellow metal also hiked by Rs 320 and stood at Rs 45,280 for 10 grams, compared to the earlier rate of Rs 44,960. The cost of silver too witnessed marginal gains on Friday.

The yellow metal can be bought at different prices in different cities of the country. Check the rates here:

Delhi: The rate of 22-carat of Gold stood at Rs 44,350 per 10 grams in the national capital. While for 24-carat gold it is Rs 48,380 for the same quantity.

Chennai: Those who are planning to buy gold jewellery will have to pay Rs 42,580 per 10 grams for 22-carat gold while for 24-carat gold of the same quantity the cost is Rs 46,450.

Kolkata: One will have to pay Rs 44,580 for 10 grams of 22-carat gold in Kolkata while for 24-carat the price is Rs 47,280 per 10 grams.

Mumbai: Rs 44,280 is the price of 22-carat gold per 10 grams in Mumbai, while for 10 grams of 24-carat gold the purchaser will have to pay Rs 45,280.

International Price of Gold

In the international market, the rate of gold declined 0.33 percent to USD 1,730.70 per ounce on Friday. Similarly, its performance in the last 30 days has also decreased by 3.50 percent which is equivalent to USD 62.80.

Silver Prices

Witnessing a nominal gain of Rs 7, the rate of silver per 10 grams stood at Rs 677 on Friday from the previous rate of Rs 670.

Silver Rates in Metro Cities

The rate of silver stood at Rs 67,700 for one kilogram in Delhi, Mumbai and Kolkata as the rate is the same in these cities. However, one will have to pay more that is Rs 72,500 for the same quantity of the metal in Chennai and Hyderabad.

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Rates Hikes in Metro Cities, Silver Surges too

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Gold rates hiked by Re 1 on Thursday, March 18, for 1 gram as the price of the same quantity of 22-carat gold stood at Rs 4,397 compared to the rate of Rs 4,396 on the previous day. According to Good Returns, the price of 10 grams of 22-carat-gold is Rs 43,970 witnessing an increase of Rs 10 from the earlier day’s rate of Rs 43,960. Similar to the rates of 22-carat gold the price of 24 carats of the yellow metal also surged by Rs 10 and stood at Rs 44,970 for 10 grams, compared to the earlier cost of Rs 44,960. The rate of silver also observed nominal gains on Thursday.

Those who are planning to buy gold ornaments can check the rates of the metal in major metro cities below:

Delhi: The rate of 22-carat of the yellow metal stood at Rs 44,150 per 10 grams in the national capital. While for 24-carat gold it is Rs 48,160 for the same quantity.

Chennai: Those who are planning to buy gold jewellery will have to pay Rs 42,380 per 10 grams for 22-carat gold while for 24-carat gold of the same quantity the cost is Rs 46,230.

Kolkata: One will have to pay Rs 44,270 for 10 grams of 22-carat gold in Kolkata while for 24-carat the price is Rs 46,910 per 10 grams.

Mumbai: Rs 43,970 is the price of 22-carat gold per 10 grams in Mumbai, while for 10 grams of 24-carat gold the purchaser will have to pay Rs 44,970.

International Price of Gold

In the international market, the rate of gold surged 0.49 percent to USD 1,754.00 per ounce on Thursday. On the contrary, its performance in the last 30 days has decreased by 3.54 percent which is equivalent to USD 64.40.

Silver Prices

Witnessing a marginal rise of Rs 3, the rate of silver on Thursday per 10 grams stood at Rs 673 from the earlier rate of Rs 670.

Silver Rates in Metro Cities

The rate of silver in Delhi, Mumbai and Kolkata stood at Rs 67,300 for one kilogram. However, one will have to pay more that is Rs 71,600 for the same quantity of the metal in Chennai and Hyderabad.

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Today’s top business news: Stocks pare opening gains, Bitcoin falls after weekend record high as Centre considers a ban, diesel sales rise as economic activity picks up, and more

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The Nifty and the Sensex opened the day on a  positive note to recuperate some of the losses from yesterday.

Bitcoin’s price is in the limelight after sources revealed the Centre may ban the digital currency.

Join us as we follow the top business news through the day.

4:30 PM

Rupee pares early gains, settles 9 paise lower at 72.55 against US dollar

The rupee’s gains didn’t last long.

PTI reports: “The rupee pared its initial gains and depreciated 9 paise to settle at 72.55 (provisional) against the US dollar on Tuesday as muted domestic equities and strengthening of the greenback overseas weighed on investor sentiment.

At the interbank forex market, the local unit opened at 72.46 against the American currency and witnessed an intra-day high of 72.37 and a low of 72.64.

It finally ended at 72.55, registering a fall of 9 paise over its previous closing. On Monday, the rupee had settled at 72.46.

“Indian Rupee depreciated amid strong dollar and muted domestic markets. Further, rupee slipped on disappointing macroeconomic data,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Additionally, market remained cautious ahead of major central banks monetary policy meetings, Mukadam said.

However, sharp downside was prevented on softening of crude oil prices.

Crude oil prices slipped on concern about slow pace of vaccination in the EU after Germany, France and Italy joined other European nations to hit pause on AstraZeneca COVID-19 vaccine, Mukadam said.

Rupee may trade in the range of 72.25 to 73.00 in next couple of sessions, he added.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.04 per cent to 91.87.

Meanwhile, Brent crude futures, the global oil benchmark, fell 1.51 per cent to USD 67.84 per barrel.

On the domestic equity market front, the BSE Sensex ended 31.12 points or 0.06 per cent lower at 50,363.96, while the broader NSE Nifty fell 19.05 points or 0.13 per cent to 14,910.45.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,101.35 crore on Monday, according to exchange data.”

4:00 PM

Sensex, Nifty end marginally lower; financial stocks drag

The morning gains didn’t last long for stocks.

PTI reports: “Equity benchmarks Sensex and Nifty gave up early gains to end marginally lower on Tuesday, tracking losses in financial stocks.

The 30-share BSE Sensex ended 31.12 points or 0.06 per cent lower at 50,363.96, and the broader NSE Nifty slipped 19.05 points or 0.13 per cent to 14,910.45.

L&T was the top loser in the Sensex pack, shedding 1.56 per cent, followed by ICIC Bank, SBI, Kotak Bank, HDFC Bank, NTPC, Axis Bank and Bajaj Finserv.

On the other hand, Asian Paints, Dr Reddy’s, HCL Tech, HUL and Bharti Airtel were among the gainers.

Domestic equities gave up initial gains and traded flat towards the final hours of the day despite favourable cues from global equities, said Binod Modi – Head Strategy at Reliance Securities.

“Financials once again dragged the markets. Notably, IT stocks were in focus today mainly on expectations of sustained earnings momentum in 4QFY21E and benefits from possible fall in INR.

“In our view, increasing concerns with regards to resurgence of COVID-19 cases in various parts of the country and resulted restrictions could be a near term risk for domestic markets. Additionally, volatile bond markets and soaring inflation will continue to weigh on investors’ sentiments,” he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were also trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.61 per cent lower at USD 67.77 per barrel.”

3:30 PM

Hero Electric sells 50,000 units in 2020

Hero continues to dominate the electric segment of the market.

PTI reports: “Hero Electric on Tuesday said it has sold over 50,000 electric two-wheelers last year thus retaining the top slot in the segment.

The company further said its sales network has crossed the 600 touchpoint mark covering 500 towns and cities across the country, thus offering the widest service network offered by any brand in the segment.

“As we come out of an extremely challenging year, we at Hero Electric are extremely proud of what we have achieved. When we were faced with the situation, we had two options at hand, and I am glad we chose to fight it out with our experience and support from each and everyone connected to us. We are proud to have achieved our goals despite all challenges,” Hero Electric Chief Executive Officer Sohinder Gill said in a statement.

This year the company is looking forward to presenting an exciting lineup of products, he added.

Hero Electric, through 2021, plans to expand its Ludhiana-based manufacturing facility from an existing capacity to produce 70,000 units per year to 2.5 lakh per annum.

The company is also looking at 15 per cent sales growth in the next fiscal on the back of its hybrid sales model, a combination of online and offline sales.

The company further said it has added 1,500 new charging points through 2020-21 across various cities.”

2:00 PM

APAC not on track to achieve SDG goals by 2030; may realise 10% of target: UN report

The Asia-Pacific region lags behind in achieving the UN’s sustainable development goals.

PTI reports: “The Asia-Pacific region is lagging behind in achieving the Sustainable Development Goals (SDGs) set for 2030, and at the current rate the region may achieve less than 10 per cent of the targets, a UN report said on Tuesday.

As many as 829 million workers employed in the informal sector were impacted in April 2020 due to the pandemic-induced lockdown, the report noted.

There are 17 goals under the United Nations Economic and Social Commission for Asia and Pacific (UNESCAP), targeted to be achieved by 2030.

These include no poverty, zero hunger, good health and well being, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, bio-diversity, innovation and infrastructure, and reduced inequalities, among others.

“The Asia-Pacific (APAC) region is not on track to achieve any of the 17 SDGs by 2030. On its current trajectory, the region may achieve less than 10 per cent of the SDG targets,” said the report titled ‘Asia and the Pacific SDG Progress Report’ of the UNESCAP.

The region must urgently reverse its regressing trends on many SDGs to achieve its ambitions by 2030, the UN report said adding Asia-Pacific fell short of its 2020 milestones even before entering the global pandemic.

“There is therefore an added urgency to ensure that responses to the pandemic in the region and at the national level accelerate progress toward the 2030 Agenda,” it said.

The report also talks about the impact of mandatory lockdowns and social distancing measures on data collection activities, particularly from vulnerable groups.

Unemployment increased by 15 million in the region in 2020. Compared to 2019, workers in the region lost 7.1 per cent of their labour income in 2020, equivalent to over USD 1 trillion, it said.

“In April 2020, lockdown measures impacted some 829 million informal workers in Asia-Pacific region.” Acknowledging that in the last decade, Asia-Pacific made extraordinary progress in good health and well-being, credited to partly explain its relative success in reducing the health impact of COVID-19 on its people, the report said despite these hard won gains, there are challenges in providing adequate healthcare workforce, reducing premature deaths and improving mental health.

Some subregions are well positioned to achieve a few of the goals. East and North-East Asia is on track to eradicate poverty and provide clean water and sanitation for all.

South-East Asia is on track to promote sustainable industry and innovation.

However, none of the sub-regions are on track on environment-related goals, and four sub-regions are regressing on climate action and life below water.

Making an alarming observation on regressing climate action trends and life below water goals, UNESCAP said the region is responsible for more than half of the global greenhouse gas emissions and adverse impacts of natural disasters on people and economies increase year-by-year.

“As we find our way out of this pandemic, the report suggests we must focus efforts on more equitable and greener growth,” it said.

Green house gas emissions containment measures due to the pandemic resulted in a significant reduction in the hazardous emissions with a decrease in global daily carbon dioxide emissions of 17 per cent in April 2020 compared to the year-ago period.

In Asia-Pacific, this pattern has been evident in China, India, Japan and the Russian Federation.

Environmental monitoring, including satellite data clearly indicates that air quality has improved in the first half of 2020 in many countries of the region. Data shows air pollution over northern India at a 20-year low, with New Delhi and nearby areas registering a significant 50 per cent reduction of aerosol optical depth (correlating to fine particulate matter, PM2.5 and PM10) in April.

However, the report said while the drop in carbon dioxide emissions has been significant, it was also temporary and emissions rose as soon as lockdowns were lifted.

China relaxed its lockdown earlier than other countries, and the impact is particularly evident with its emissions during April to June comparable to or higher than emissions in the year-ago same months, the report pointed out.

“Recovery measures are an excellent opportunity for us to rethink our options for development pathways that are inclusive, more resilient, and respect planetary boundaries,” said United Nations Under-Secretary-General and ESCAP Executive Secretary Armida Salsiah Alisjahbana.

“As we enter the Decade of Action to deliver the 2030 Agenda for Sustainable Development, we need to reinforce our collective commitment to the SDGs and let it provide our compass for building back together, better and greener,” she said.

To build back better, governments should renew their commitments to the SDGs’ monitoring framework so that recovery can accelerate a global transformation as promised by the 2030 Agenda, the report said.

The agency has also developed a National SDG Tracker tool to help the countries in the region make progress assessment on the goals.

National governments can use the tool to produce snapshots of progress towards the ambitions of the 2030 Agenda, it said.”

1:30 PM

India’s diesel sales rise as economic activity picks up

More signs of economic recovery.

PTI reports: “Indian state fuel retailers’ diesel sales rose 7.4% to 2.84 million tonnes in the first fortnight of March from a year earlier, preliminary industry data showed on Tuesday.

Petrol sales rose 5.3% to 1.05 million tonnes in the same period from a year earlier, the data showed.

This is the first annual rise in gasoil sales in the country since October. Fuel sales in India took a hit in March last year as the government imposed a nationwide lockdown to curb the spread of the novel coronavirus.

India’s economy returned to growth in the three months to December and the recovery is expected to gather pace as consumers and investors shake off the effects of the COVID-19 pandemic.

The rise in gasoil sales, which account for about two-fifths of the country’s overall fuel demand, comes despite record-high local retail prices and points to rising industrial production in the country.

State companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum own about 90% of India’s retail fuel outlets.

State retailers sold 3.3% less cooking gas in the first half of March than a year ago to 1.01 million tonnes as a significant reduction in subsidies curtailed demand for the fuel, the data showed.

Jet fuel sales were down 36.5% to 204,000 tonnes.”

12:30 PM

Ahead of IPO, Kalyan Jewellers mobilises ₹352 crore

Kalyan Jewellers India Ltd on Monday raised ₹352 crore from anchor investors ahead of its initial share-sale, which opens for public subscription on Tuesday.

The company’ IPO committee has decided to allocate 4,04,48,275 shares at ₹87 per piece to 15 anchor investors. At this price, the firm garnered ₹351.89 crore, Kalyan Jewellers informed BSE.

The anchor investors include the Government of Singapore, Monetary Authority of Singapore, HDFC Life Insurance Co Ltd, and BNP Paribas Arbitrage.

The ₹1,175-crore initial public offer (IPO) comprises issuance of fresh equity aggregating up to ₹800 crore and an offer for sale (OFS) worth ₹375 crore.

 

12:00 PM

Twitter launches multi-lingual ‘info prompt’ ahead of Assembly elections

With Assembly elections coming up in five States, micro-blogging platform Twitter on Monday announced a dedicated ‘information search prompt’ in six languages with the Election Commission of India and State Election Commissions to tackle misinformation and provide reliable details related to elections.

The U.S.-headquartered firm has also rolled out a multilingual youth discussion series in India ‘DemocracyAdda’ aimed at driving voter literacy and civic participation among young Indians, along with a video series ‘HerPoliticalJourney’ that will focus on women political leaders.

“With the Assembly Elections 2021 taking place in Assam, Kerala, Tamil Nadu, West Bengal, and Puducherry, [We have] announced a series of initiatives focused on encouraging informed and healthy conversations between candidates, political parties, citizens, media, and society,” the company said in a statement.

 

11:30 AM

AU Small Finance Bank shares gain over 4% on fund raising 

A big mover among stocks.

PTI reports: “The stock of AU Small Finance Bank jumped over 4 per cent in early trade on Tuesday after the company said it has raised Rs 625.50 crore by issuing shares to a set of investors through qualified institutional placement (QIP).

Shares of the company gained 4.27 per cent to Rs 1,238.05 on the BSE.

At the NSE, it rose by 4.13 per cent to Rs 1,237.65.

The bank has completed the allotment of equity shares under QIP and has successfully raised Rs 625.5 crore through the issuance of 50,00,000 equity shares at an issue price of Rs 1,251 per share, the bank said in a regulatory filing on Monday.

The issue was launched on March 9, with a floor price of Rs 1,181.06 apiece.

The QIP witnessed strong reception from both domestic and international institutional investors and the QIP was subscribed by sovereign wealth funds, large foreign portfolio investors, life insurance companies and domestic mutual funds, AU Small Finance Bank said.

AU Bank intends to use the net proceeds for supporting long-term growth aligned to the bank’s internal risk appetite, to maintain sufficient headroom over and above the regulatory capital adequacy requirements; and for general corporate requirements or any other purposes, it said.”

11:00 AM

China factory output, retail sales accelerate

China’s industrial output growth quickened in January-February, beating expectations, as the vast manufacturing sector started 2021 on a firm footing and the economy consolidated its brisk recovery.

Retail sales in the period also rose in a boost to domestic demand, giving a strong lift to business activity on top of the recent upsurge in exports growth.

Industrial output rose 35.1% in the first two months, up from a 7.3% uptick seen in December, data from the National Bureau of Statistics showed on Monday. That was stronger than a median forecast of a 30% surge in a Reuters poll.

 

10:30 AM

Bitcoin falls after weekend record high as India considers a ban

A blow for bitcoin bulls.

Reuters reports: “Bitcoin dropped on Monday, falling from a record high above $60,000 over the weekend, as investors digested a potential ban from India on cryptocurrencies.

The cryptocurrency had hit a record high of $61,781.83 on Saturday after U.S. President Joe Biden signed off on his $1.9 trillion fiscal stimulus and ordered an acceleration in vaccinations.

Because some investors tend to see bitcoin as a hedge against inflation, analysts believe the rise of bitcoin has been helped by the prospects of a steep economic recovery.

In afternoon trading, bitcoin was down 5.3% at $55,865,

A senior government official told Reuters overnight that India, Asia’s third-largest economy, is preparing a bill that would criminalise possession, issuance, mining, trading and transferring crypto-assets.

The bill was in line with India’s January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for its own official digital currency.

“Renewed interest from the Indian government in banning cryptocurrencies led to the initial drop from the $60,000 range down to $56,000,” said John Wu, president of AVA Labs, an open-source platform for creating financial applications using blockchain technology.

In India, despite government threats of a ban, transaction volumes are swelling and 8 million investors now hold 100 billion rupees ($1.4 billion) in crypto-investments, according to industry estimates. No official data is available.

The world’s largest virtual currency hit $61,781.83 on Saturday, rising more than 40% since late February, as investors shrugged off concerns over sky-high valuations.

Despite Monday’s pullback, many investors believe the outlook for bitcoin’s price remains tilted to the upside.

Seth Melamed, the Tokyo-based chief operating officer of cryptocurrency exchange Liquid, said legislation of the sort India is proposing will not be an impediment to further gains for bitcoin.

“Because it’s decentralized, government bans or acceptance is somewhat irrelevant,” Melamed said. “Capital will find a way.”

Bitcoin has risen more than 90% this year, broadly outperforming traditional asset classes, fuelled by the embrace of cryptocurrencies by mainstream companies and large investors, including Tesla Inc and Bank of NY Mellon.

“The reason bitcoin’s continued rise is such a surprise to the traditional financial market is because they are looking at its fundamentals, while they should be looking at the market forces driving its adoption,” said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain.

“Bitcoin is involved in the same market dynamic as all Fiat money, where market forces determine its value much more than any kind of clear fundamentals,” he added.

Bitcoin’s record on Saturday was hit in thin markets due to the weekend, with technical factors magnifying the move higher, said Justin d’Anethan, sales manager at digital asset company Diginex in Hong Kong.”

10:00 AM

Sensex rises over 200 pts in early trade; Nifty tests 15K

Stocks bounce back after yesterday’s losses.

PTI reports: “Equity benchmark Sensex jumped over 200 points in opening trade on Tuesday, tracking gains in index majors Infosys, Reliance Industries and Asian Paints amid positive trend in global markets.

The 30-share BSE index was trading 274.03 points or 0.54 per cent higher at 50,669.11, and the broader NSE Nifty was up 75.10 points or 0.50 per cent at 15,004.60.

Asian Paints was the top gainer in the Sensex pack, rising around 2 per cent, followed by Titan, UltraTech Cement, Bharti Airtel, Infosys, Reliance Industries and M&M.

On the other hand, Bajaj Auto, NTPC and SBI were the laggards.

In the previous session, Sensex had ended 397 points or 0.78 per cent lower at 50,395.08. The broader NSE Nifty finished 101.45 points or 0.67 per cent down at 14,929.50.

Foreign institutional investors (FIIs) were net sellers in the capital market on Monday as they sold shares worth Rs 1,101.35 crore, as per exchange data.

“We are now in a highly volatile phase where the market swings on a daily basis, responding to major triggers. The major trigger now is the US bond yield which has the potential to move huge money,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Rising bond yield triggers selling in equity markets and when yields cool down buying resumes, he said, adding that bear hammering and short covering are making markets excessively volatile.

“Consecutive 2 days of institutional selling — by both FIIs and DIIs — weakened the Indian market. But this is not a directional trend. Post the Federal Open Market Committee (FOMC) meet and a possible affirmation of the dovish stance by the Fed, the market may resume its upward move. Presently top quality financials present a buying opportunity,” he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note in mid-session deals.

US equities too ended with gains in the overnight session.

Meanwhile, the global oil benchmark Brent crude was trading 0.83 per cent lower at USD 68.31 per barrel.”

9:30 AM

‘Indian airports may see ₹5,400 cr. net loss in FY21’

With a sharp reduction in passenger traffic, estimated at about 66% year-on-year in FY21, the airport sector in India is expected to witness a significant net loss of ₹5,400 crore and cash loss of ₹3,500 crore during the year, says ICRA.

However, the robust liquidity of the players would help the sector sail through this unprecedented times, the rating agency said in a report.

ICRA said in the next financial year the industry is likely to report net profit of ₹190 crore backed by passenger traffic recovery by 130% year-on-year.

“In FY2022, the sector is expected to witness improvement in operating income by 73% to ₹14,500 crore and net profit to ₹190 crore supported by recovery in passenger traffic by around 130% y-o-y,” the report said.

The domestic passenger traffic is expected to decline by 61% Y-o-Y and international traffic by 85% Y-o-Y in FY2021, it said.

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Rates Falls Marginally in Metro Cities; Silver Gains

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The rates of gold witnessed a marginal decline on Tuesday, March 16 as the price of one gram of 22-carat gold decreased by Rs 3 to stand at Rs 4,384, compared to the earlier rate of Rs 4,387. As per the details available on Good Returns, the cost of 10 grams of 22-carat-gold fell by Rs 30 to Rs 43,840 from Rs 43,870 on the previous day. Similar to the rates of 22-carat gold, the price of 24 caratyellow metal also lost Rs 10 for 10 grams to stand at Rs 44,840 from Rs 44,870 on the previous day. However, on the contrary to gold prices, the rate of silver witnessed gains on Tuesday.

In major metro cities of the country, the rate of yellow metal changed observing the national market. Check the list below.

Delhi: The rate of 22-carat gold in the national capital stood at Rs 44,160 per 10 grams. While for the same quantity of 24-carat gold, it is at Rs 48,170.

Chennai: Those who are planning to buy gold jewellery or ornaments will have to pay Rs 42,290 per 10 grams for 22-carat gold while for 24-carat gold of the same quantity, the cost is Rs 46,130.

Kolkata: The rate of the yellow metal in Kolkata stood at Rs 44,300 for 10 grams while for 24-carat, it is Rs 46,940 per 10 grams.

Mumbai: The price of 22-carat gold per 10 grams in Mumbai is Rs 43,840, while the purchaser will have to pay Rs 44,840 per 10 grams for 24-carat gold.

International Price of Gold

In the international market, the rate of gold or yellow metal surged 0.10 percent to USD 1,732.80 per ounce on Tuesday. On the contrary, its performance in the last 30 days has decreased by 5.02 percent,which is equivalent to USD 91.50.

Silver prices

The rate of silver observed a nominal hike on Tuesday where for buying 10 grams of the metal, the purchaser will have to pay Rs 674 witnessing a gain of Rs 5 from the earlier rate of Rs 669.

Silver rates in Metro Cities

In major metro cities of the country like Delhi, Mumbai and Kolkata, the cost of silver stood at Rs 67,400 for one kilogram as the rate was the same in these cities. However, one will have to pay more for purchasing the metal in Chennai and Hyderabad that is Rs 71,700 for the same quantity.

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Today’s top business news: Shares fall as financials drag, inflation hits three-month high, Centre to propose cryptocurrency ban, and more

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The benchmark stock indices opened the day on a  negative note as financial stocks suffered even as inflation hit a three-month high.

Join us as we follow the top business news through the day.

4:00 PM

Sensex tanks 397 pts; Nifty slips below 15K

A bad day for stocks as the markets got spooked by rising coronavirus cases.

PTI reports: “Equity benchmark Sensex tumbled 397 points on Monday, tracking losses in index heavyweights Reliance Industries, HDFC twins and ICICI Bank amid weak macroeconomic cues.

After gyrating 1,035.71 points during the day, the 30-share BSE index ended 397 points or 0.78 per cent lower at 50,395.08. The broader NSE Nifty finished 101.45 points or 0.67 per cent down at 14,929.50.

Bajaj Finserv was the top loser in the Sensex pack, shedding around 3 per cent, followed by Bajaj Auto, Bajaj Finance, L&T, Asian Paints, Dr Reddy’s, ICICI Bank, HDFC Bank and Reliance Industries.

On the other hand, Tech Mahindra, PowerGrid, IndusInd Bank, HCL Tech and NTPC were among the gainers.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities witnessed sharp sell-off for the second consecutive trading day as mounting concerns about resurgence of COVID-19 cases in various parts of the country and rising bond yields made investors jittery.

“Further, unexpected contraction in IIP data for January 2021 and sharp spike in CPI print also weighed on sentiments,” he said.

Industrial production growth re-entered the negative territory by contracting by 1.6 per cent in January, while retail inflation soared to a three-month high of 5.03 per cent in February on costlier food items, as per data released post market hours on Friday.

Further, the wholesale price-based inflation rose for the second consecutive month in February to 4.17 per cent, as food, fuel and power prices spiked.

Elsewhere in Asia, bourses in Shanghai and Seoul were in the red, while Hong Kong and Tokyo ended on a positive note.

Stock exchanges in Europe were also trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.01 per cent lower at USD 69.21 per barrel.”

3:30 PM

Natco Pharma forays into Pheromone based tech for pest management

Natco Pharma plans to launch its first green label Pheromone product for management of Pink Bollworm in cotton crop during Kharif season this year.

The generic drugmaker, which two years ago diversified into agrichemicals, said this announcing foray into Pheromone based mating disruption technology for Integrated Pest Management (IPM) solution in the country.

The company’s Crop Health Science (CHS) division is working with ATGC Biotech (ATGC) for the technology. A release said ATGC is a science based innovative technology company concentrating on developing new biosafe molecules and tools to protect diverse crops from insect pests, in collaboration with US based agricultural biotech company ISCA.

Natco will launch the Pheromone product, for management of Pink Bollworm, under the brand Natmate PBW. This is the first pheromone-based indigenously manufactured product for mating disruption that received approval from Central Insecticide Board (CIB), the release said.

 

3:00 PM

Rupee surges 33 paise to close at 72.46 against US dollar

A good day for the rupee despite the fall in stocks.

PTI reports: “The rupee extended its early gains to close the day 33 paise higher at 72.46 (provisional) against the US dollar amid a lacklustre trend in the domestic equity market.

At the interbank forex market, the local unit opened at 72.71 against the greenback, and witnessed an intra-day high of 72.40 and a low of 72.75.

It finally ended at 72.46 against the American currency, registering a rise of 33 paise over its previous close.

On Friday, the rupee had settled at 72.79 against the American currency.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, climbed 0.12 per cent to 91.78.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.01 per cent to USD 69.21 per barrel.

On the domestic equity market front, the BSE Sensex ended 397 points or 0.78 per cent lower at 50,395.08, while the broader NSE Nifty declined 101.45 points or 0.67 per cent to 14,929.50.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 942.60 crore on Friday, according to exchange data.”

2:30 PM

Some Facebook users can now monetise their short-video posts

Some Facebook users will now be able to make money from their short video posts, provided their viewers watch an ad after 30 seconds into the video.

The social network had earlier permitted monetisation through in-stream ads on videos longer than three minutes, when ads will be flashed after the video runs 60 seconds.

Ads on videos longer than three minutes can now display ads at the 45-second mark, the company said in a statement.

Facebook launched in-stream ads in 2017, allowing creators to earn from videos in the Watch section, including on-demand and live videos. The move was said to help creators boost visibility and enhance engagement. In-stream ads payout grew more than 55% from 2019 to 2020, according to Facebook.

 

2:00 PM

Domestic ship-breaking industry’s revenue to rise by 10% this fiscal, says Crisil

A forecast from Crisil for India’s ship-breaking industry.

Reuters reports: “The domestic ship-breaking industry’s revenue is expected to see a 10 per cent year-on-year increase this fiscal due to improved availability of condemned vessels and higher rates for steel scrap, ratings agency Crisil said on Monday.

Further, with India enacting the Recycling of Ships Act, 2019, and joining the Hong Kong International Convention (HKC), which sets the standards for ship recycling,the move has bolstered the country’s leadership position globally, it said.

According to the report, a plunge in global trade due to the COVID-19 pandemic weighed on sea freight, hurting viability of shippers and making more vessels available for dismantling at cheaper rates.

Consequently, from the second quarter starting July 2020, there was a sharp rise in the number of vessels bought for breaking, compared with muted activity in the first quarter.

Usually, the vessel procurement rate is about USD 20-30 per tonne higher than the steel scrap selling rate, which indicates ship-breaking is a loss-making proposition. But the key to profitability lies in the sale of higher-value non-ferrous metals, oil, and furniture found on condemned ships, which form a sizeable part of the vessel scrap beyond steel, as per Crisil.

A vessel typically comprises 30 per cent of such non-ferrous products and 70 per cent steel. Sales of non-ferrous products offset the loss incurred in scrap steel sales and operating overheads, it said.

The procurement price of ships condemned for dismantling was down by over USD 75 per tonne, averaging at about USD 320 per tonne for the first six months in the current fiscal, when compared to corresponding period of previous fiscal, thereby making it lucrative for ship breakers, it said.

“Indian ship-breakers are set to procure between 230 and 240 vessels, with a combined weight of over 1.9 million light displacement tonnage (LDT) this fiscal, compared with 214 vessels weighing 1.77 million LDT bought last fiscal.

“Meanwhile, steel scrap realisation has also improved to Rs 27,624 per tonne on average this fiscal compared with Rs 26,558 per tonne last fiscal. As a result, the industry’s revenue is likely to increase 10 per cent on-year,” Rahul Guha, Director, Crisil Ratings.

According to Crisil, the government envisages doubling India’s ship recycling capacity by fiscal 2024 by targeting more scrap vessels from the European Union leveraging HKC.

That should help the domestic ship-breaking industry, which is looking to widen the gap with neighbours and cement its pole position, it said.

Of India’s 150 ship-breaking yards, 90 are HKC-certified, giving it an edge over its closest competitors, Pakistan and Bangladesh, which have not yet acceded to the HKC. These three Asian neighbours dismantle more than three-fourths of the ships globally, Crisil said.

“While steady demand for steel and continued momentum in vessels beaching for dismantling would drive industry revenue up 10-15 per cent annually next fiscal. This will bolster the overall credit risk profile of the ship-breakers over the medium-term,” said Neha Sharma, Associate Director, Crisil Ratings.

Meanwhile, the Union Budget for next fiscal announced a reduction in duty on imported steel, which could lead to dumping from China and softer scrap rates. Increasing trade volumes in the post lockdown period, has sent freight rates soaring, thereby bringing back lucrativeness in sailing vessels, said the release.

As a result, the supply of vessels for dismantling has been restrained in turn leading to firming up of procurement rates in the past three months. This could lead to moderation of operating profitability next fiscal, it added.”

1:30 PM

WPI inflation rises to 4.17% in Feb on costlier food, fuel

Inflation continues to overshoot the RBI’s target.

PTI reports: “The wholesale price-based inflation rose for the second consecutive month in February to 4.17 per cent, as food, fuel and power prices spiked.

The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year.

After witnessing months of softening of prices, the food articles in February saw 1.36 per cent inflation. In January it was (-) 2.80 per cent.

In vegetables the rate of price rise was (-) 2.90 per cent in February, against (-) 20.82 per cent in January.

Inflation in pulses was 10.25 per cent in February, while it fruits it was 9.48 per cent, and in fuel and power basket it was 0.58 per cent.

The RBI in its monetary policy last month kept interest rates unchanged for the fourth consecutive meeting and said that the near-term inflation outlook has turned favourable.

Retail inflation, based on the consumer price index, was at 5.03 per cent in February, data released last week showed.”

1:00 PM

Indian shares fall as inflation hits 3-month high, COVID-19 cases rise

Here’s what’s behind today’s fall in stocks.

Reuters reports: “Indian shares fell 1% on Monday, dragged down by financials, after February retail inflation surged to a three-month high, while a jump in COVID-19 cases also weighed on sentiment.

By 0513 GMT, the blue-chip NSE Nifty 50 index declined 1.02% to 14,877.55, while the benchmark S&P BSE Sensex fell 1.05% to 50,259.50.

A combination of rising COVID-19 cases, a jump in core inflation and a fall in industrial output weighed on market sentiment, according to Aishvarya Dadheech, a fund manager at Ambit Asset Management in Mumbai.

After market hours on Friday, government data showed annual retail inflation rose to 5.03% in February on higher fuel prices, which could pressure the central bank’s accommodative stance, while core inflation was estimated in a range of 5.61%-5.9% by four economists.

Data also showed industrial output as measured by the Index of Industrial Production contracted 1.6% year-on-year in January.

India is battling a resurgence in COVID-19 cases, led mainly by a renewed surge in the western state of Maharashtra. The country reported this year’s biggest daily rise in cases of 26,291 on Monday. India is the third-worst affected country globally with 11.39 million cases, behind the United States and Brazil.

Yes Bank Ltd fell as much as 2.8%. The Reserve Bank of India has rejected the lender’s application to set up an asset reconstruction company for bad loans, the Mint newspaper reported https://bit.ly/3tkAHLi.

The Nifty Bank Index shed 2% after rising 0.76% last week. HDFC Bank Ltd was the top drag on the Nifty 50, falling 1.5%.

In its stock market debut, precision engineering solutions company MTAR Technologies Pvt Ltd opened nearly 83% above its issue price of 575 rupees.

Broader global markets were trading higher, as investors bet on a faster economic recovery after the signing of a $1.9 trillion U.S. stimulus bill into law last week.”

12:30 PM

Nationwide strike impacts banking services of PSU banks

Banking strike gets underway.

PTI reports: “Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions (UFBU) have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.

UFBU, an umbrella body of nine unions, had given a strike call for March 15 and 16, and claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.

However, branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike.

In the Union Budget presented last month, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of the government’s disinvestment plan.

The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019, and has merged 14 public sector banks in the last four years.

According to All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam, services at branch level; cheque clearance; and government transactions have been affected.

Besides, money markets and stock markets are also going to face problems as payments would be impacted, he said.

Members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA) and Bank Employees Confederation of India (BEFI).

Others are the Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).”

12:00 PM

Only 7 of 17 IT agreements signed during Tamil Nadu GIM 2015 have taken off, data reveals

It’s been five years now, and only 7 of the 17 Memoranda of Understanding (MoUs) signed by the Information and Technology Department during the first edition of the Global Investors Meet (GIM) 2015 have fully fructified and commenced operations.

Data collated from the Electronics Corporation of Tamil Nadu Limited (ELCOT) through a Right To Information (RTI) application shows that five projects are still in the under-construction stage and in various stages of implementation. A firm called W.S. Industries India Limited had signed a deal with the State government for constructing an IT park involving investments of ₹1,517 crore but there are no details about that MoU now.

Four projects from GIM 2015 that were inked with Hewlett Packard India Private Limited, Intel Technology India Private Limited, Sutherland Global Services Limited and ASV Constructions Private Limited have been dropped. But ASV Constructions had signed another deal with the State government during the second edition of GIM that happened in 2019.

 

11;30 AM

Adani Welspun JV discovers gas in Mumbai offshore basin

Adani Welspun Exploration Ltd. (AWEL), a joint venture between the Adani Group and Welspun Enterprises Ltd., has announced its first-ever gas discovery in the NELP-VII block MB-OSN-2005/2 located in Mumbai offshore basin.

AWEL holds 100% participative interest (PI) and is the operator of this block. Spread across 714.6 sq.km., the block is located in the prolific gas-prone Tapti-Daman Sector of the Mumbai offshore basin.

“The pay zones and flow rates encountered have exceeded the company’s initial estimates. With the information gleaned from adjoining fields/areas, this discovery is of substantial significance for both the company and the nation,” AWEL said in a statement.

AWEL was awarded the block under the New Exploration Licensing Policy VII bid round.

“Early indications pointed to the occurrence of gas-bearing reservoirs within the sandstone reservoirs of the Mahuva and Daman formations,” the company said.

 

10:40 AM

India to propose cryptocurrency ban, penalising miners, traders -source

Govrnments are no fans of cryptocurrencies.

Reuters reports: “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.

The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency. But recent government comments had raised investors’ hopes that the authorities might go easier on the booming market.

Instead, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, said the official, who asked not to be named as the contents of the bill are not public.

Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament.

If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalise possession.

The Finance Ministry did not immediately respond to an email seeking comment.

Bitcoin, the world’s biggest cryptocurrency, hit a record high $60,000 on Saturday, nearly doubling in value this year as its acceptance for payments has increased with support from such high-profile backers as Tesla Inc CEO Elon Musk.

In India, despite government threats of a ban, transaction volumes are swelling and 8 million investors now hold 100 billion rupees ($1.4 billion) in crypto-investments, according to industry estimates. No official data is available.

“The money is multiplying rapidly every month and you don’t want to be sitting on the sidelines,” said Sumnesh Salodkar, a crypto-investor. “Even though people are panicking due to the potential ban, greed is driving these choices.”

User registrations and money inflows at local crypto-exchange Bitbns are up 30-fold from a year ago, said Gaurav Dahake, its chief executive. Unocoin, one of India’s oldest exchanges, added 20,000 users in January and February, despite worries of a ban.

ZebPay “did as much volume per day in February 2021 as we did in all of February 2020,” said Vikram Rangala, the exchange’s chief marketing officer.

Top Indian officials have called cryptocurrency a “Ponzi scheme”, but Finance Minister Nirmala Sitharaman this month eased some investor concerns.

“I can only give you this clue that we are not closing our minds, we are looking at ways in which experiments can happen in the digital world and cryptocurrency,” she told CNBC-TV18. “There will be a very calibrated position taken.”

The senior official told Reuters, however, that the plan is to ban private crypto-assets while promoting blockchain – a secure database technology that is the backbone for virtual currencies but also a system that experts say could revolutionise international transactions.

“We don’t have a problem with technology. There’s no harm in harnessing the technology,” said the official, adding the government’s moves would be “calibrated” in the extent of the penalties on those who did not liquidate crypto-assets within the law’s grace period.

A government panel in 2019 recommended jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies.

The official declined to say whether the new bill includes jail terms as well as fines, or offer further details but said the discussions were in their final stages.

In March 2020, India’s Supreme Court struck down a 2018 order by the central bank forbidding banks from dealing in cryptocurrencies, prompting investors to pile into the market. The court ordered the government to take a position and draft a law on the matter.

The Reserve Bank of India voiced its concern again last month, citing what it said were risks to financial stability from cryptocurrencies. At the same time, the central bank has been working on launching its own digital currency, a step the government’s bill will also encourage, said the official.

Despite the market euphoria, investors are aware that the boom could be in danger.

“If the ban is official we have to comply,” Naimish Sanghvi, who started betting on digital currencies in the last year, told Reuters, referring to existing concerns about a potential ban. “Until then, I’d rather stack up and run with the market than panic and sell.””

10:20 AM

India filing appeal against Cairn arbitration award, say sources

India is in the process of filing an appeal against an arbitration panel ruling asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday.

If enforcement proceedings are initiated, India is confident of addressing them and will strongly defend its interests, the sources said, adding it is open to a constructive settlement of tax disputes within the existing legal framework.

India is in the process of filing an appeal in the Cairn arbitration award case, they said, adding it was well within India’s sovereign powers to redress the situation of Double Non-Taxation and tax abuse.

Cairn CEO Simon Thomson had last month met the then Finance Secretary Ajay Bhushan Pandey to discuss the arbitration award.

The sources said Cairn is yet to respond based on the discussions.

 

10:00 AM

Indian shares fall as financials drag, inflation hits three-month high

Macro factors weigh on stocks.

Reuters reports: “Indian shares fell on Monday, dragged down by heavyweight financial stocks, after data showed that the country’s retail inflation jumped to a three-month high in February, while a fresh surge in COVID-19 cases also weighed on sentiment.

The blue chip NSE Nifty 50 index fell 0.77% to 14,914.50 and the benchmark S&P BSE Sensex fell 0.77% to 50,401.72 by 0352 GMT.

Government data on Friday showed India’s annual retail inflation rose 5.03% in February on higher fuel prices, above the 4.83% forecast in a Reuters’ poll, though remaining within the central bank’s targeted range.

Also, India on Sunday reported this year’s biggest daily rise in COVID-19 cases. The country is the third-worst affected globally with 11.36 million cases, behind the United States and Brazil.

Shares of Yes Bank Ltd fell 1.9%. The Reserve Bank of India has rejected the lender’s application to set up an asset reconstruction company for bad loans, the Mint newspaper reported https://bit.ly/3tkAHLi.

The Nifty Bank Index, which rose 0.76% last week, shed 1.50%. HDFC Bank Ltd was the top drag on Nifty 50, falling 1.3%.

Broader global markets were trading higher, as investors bet on a faster economic recovery after the signing of a $1.9 trillion U.S. stimulus bill into law last week.

Reuters also reported on Monday that India would propose a law banning cryptocurrencies, citing a senior government official.”

9:30 AM

Drastic changes in monetary policy framework can upset bond market: Rajan

As the economy slowly comes out of the pandemic blues, former RBI Governor Raghuram Rajan on Sunday cautioned that “drastic changes” in India’s monetary policy framework can upset the bond market as the current system has helped in containing inflation and promoting growth.

Mr. Rajan, also a noted economist, opined that the government’s ambitious target to make India a $ 5-trillion economy by 2024-25 was “more aspirational, rather than a carefully computed one even before the pandemic”.

“I believe the (monetary policy) framework has helped bring inflation down, while giving the RBI some flexibility to support the economy. It is hard to think of what would have happened if we had to run such large fiscal deficits without such a framework in place,” Mr. Rajan told PTI in an interview.

 

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Business Live: Shares gain as financials boost counters energy weakness; CEA stresses on infra-led growth, takes on crony lending

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The Nifty and the Sensex opened the day on a positive note with financial stocks getting a further boost from investors.

Join us as we follow the top business news through the day.

11:30 AM

CEA stresses on infra-led growth, takes on crony lending

The CEA lays out the government’s priorities.

PTI reports: “The financial sector will have to play an important role in infrastructure lending which needs specialised expertise, Chief Economic Adviser KV Subramanian said on Tuesday.

Speaking at a webinar organised by FICCI, Subramanian said that for India to become a USD 5 trillion economy, capital allocation to the infrastructure sector should be of high quality.

“Capital allocation to the infrastructure sector has to be of high quality and the financial sector has an important role in this regard. The financial sector should refrain from resorting to crony lending, which would put the brakes on lending and the economy will suffer,” he said.

Subramanian said the operational aspects of different projects are different. “Once a loan goes into distress, it blocks capital for credit-worthy borrowers. In such a scenario, the lenders will have to take complete responsibility.” He said that the country is placing emphasis on growth through infrastructure.

“This places responsibility on the financial sector.

The sector has to see that there should not be a sub-optimal allocation of capital. Even if distress takes place, the right things have to be done. Analytics can be used to identify crony lending,” he said.

The senior management of the financial institutions would have to incentivised to prevent crony lending, Subramanian said.

“Incentive mechanisms need to be put in place to prevent crony lending as infrastructure projects involve high gestation periods,” he added.”

11:00 AM

‘Ola unit can make 10 millon two-wheeler EVs’

Mobility firm Ola said its electric two-wheeler facility coming up in Krishnagiri in Tamil Nadu will have an annual capacity to produce 10 million scooters, accounting for some 15% of the world’s total production of e-two-wheelers.

“Our aim is to be a world-leading sustainable mobility company,” said Bhavish Aggarwal, chairman and Group CEO, Ola.

“We are building the world’s largest e-two-wheeler plant, Ola Future Factory, with a 10-million annual capacity that will comprise about 15% of the world’s two-wheeler manufacturing.’’

Mr. Aggarwal said his company had realised, through several EV pilots, the need for building a global scale for better cost efficiency, control on quality and delivery.

 

10:40 AM

Rupee surges 18 paise to 73.07 against US dollar in early trade

The rupee gets a boost with help from stocks.

PTI reports: “The rupee appreciated by 18 paise to 73.07 against the US dollar in opening trade on Tuesday supported by positive domestic equities.

At the interbank forex market, the local unit opened at 73.16 against the US dollar, then inched higher to 73.07 against the greenback, registering a rise of 18 paise over its previous close.

On Monday, the rupee had settled at 73.25 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 372.32 points higher at 50,813.39, and the broader NSE Nifty advanced 107.25 points to 15,064.15.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 92.33.

“The US dollar rose against the basket of currencies this Tuesday morning in Asian trade supported by higher bond yields and expectations of faster economic normalisation from the pandemic in the United States,” Reliance Securities said in a research note.

However, higher crude oil prices and strong American currency could limit the appreciation bias in the local unit, traders said.

Brent crude futures, the global oil benchmark, rose 0.78 per cent to USD 68.77 per barrel.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,494.49 crore on Monday, according to exchange data.”

10:20 AM

10,113 companies shut down operations voluntarily between April ‘20-Feb. ‘21: Ministry

Over 10,000 companies were shut down voluntarily in the country from April 2020 till February this year, in the period when the coronavirus pandemic and subsequent lockdowns significantly disrupted economic activities.

The latest data available with the Ministry of Corporate Affairs (MCA) showed that a total of 10,113 companies were struck off under Section 248(2) of the Companies Act, 2013, in the current financial year till February.

The Section 248(2) implies that the companies had shut their businesses voluntarily and not due to any penal action.

In a written reply to the Lok Sabha on March 8, Minister of State for Corporate Affairs Anurag Singh Thakur said the Ministry does not maintain any record of the companies that have gone out of business.

“A total of 10,113 number of companies during the year 2020-21 (from the month of April 2020 to February 2021) have been struck off under section 248(2) of the Act. MCA has not run any drive to strike off companies suo moto during 2020-21,” he said.

 

10:00 AM

Shares gain as financials boost counters energy weakness

Another good morning for stocks.

Reuters reports: “Indian shares opened higher on Tuesday as high-flying financial stocks advanced, although gains were capped by weakness in the energy sector after a report that oil companies have been told by the government to not revise fuel prices for now.

Gasoline and gasoil prices in India have risen to record highs in India of late, mirroring global markets. The central government has informally conveyed to India’s three major oil-marketing companies to not revise fuel prices ahead of polling in some states, the Business Standard newspaper reported https://bit.ly/3rv17cE.

The blue-chip NSE Nifty 50 index rose 1.02% to 15,109.80 and the benchmark S&P BSE Sensex firmed 1.03% to 50,960 by 0357 GMT.

The Nifty Bank Index, which rose 13.87% last month, gained 1.49%. HDFC Bank Ltd rose 2.4% and was the top boost to the Nifty 50.

The Nifty energy index fell 0.34% after advancing 1.14% in the previous session.

Broader Asian markets fell on fears of rising bond yields, stretched company valuations and inflation fears, after a mixed session overnight on Wall Street.”

9:30 AM

25 million new jobs in Indian retail sector by 2030: study

Around 25 million new jobs will be created by the Indian retail sector by 2030, as per Retail 4.0 Report released by Nasscom in partnership with Technopak.

According to the study, Retail 4.0 will result in a significant rise in the size of the domestic market, job creation, and exports. The changing demand and supply drivers are likely to accelerate the growth momentum, with the India retail market reaching up-to $1.5 trillion by FY2030.

“As India leaps forward to become a digitally transformed nation, the country’s retail sector has emerged as one of the most dynamically-evolving, rapidly digitising sectors, with the second-largest consumer base in the world, from 5th largest in 2020,” found the study.

Over the last decade, as per the study, the Indian retail market size has witnessed a massive growth of 3X, accounting for $800 billion, contributing 10% to India’s GDP In FY 2019-20 and 8% to the total workforce with more than 35 million employees.

 

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From peak of Rs 56,000 in August, gold plunges to near Rs 43,000 – Times of India

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MUMBAI: After a strong run that had lasted about nine months, gold in India is on a slide with its price during intraday trade on Friday nearing the Rs 43,000-per-10-gram level. From a high of Rs 56,310 recorded in August, the price is now down 21%. This means gold has technically entered the bear territory.
The slide in gold rates here came due to a sharp drop in its price in the international markets, which fell below the $1,700-per-ounce (Oz) mark on Thursday — a nearly nine-month low level. From its all-time peak at $2,010 last August, it has now lost 15%. Analysts feel that it could slide below the $1,500 level before it stabilises.

The drop in gold prices came on the back of a strong dollar, which was due to the rising bond yields in the world’s largest economy. With investors pouring money into US government bonds to earn higher yields, the attractiveness of the yellow metal as a safe haven diminished a bit, and hence the slide in its price, analysts said.
Apart from demand factor, the price of gold in India depends on the international pricing and the rupee dollar exchange rate since it is a globally traded commodity. Of late, dollar has been strengthening against most major currencies. The rupee-dollar rate has been hovering around the 73-to-adollar mark for the last few months. In the last couple of weeks, the rupee has broken below the 73-mark and on Friday closed at 73.03.
While some analysts see gold sliding to the $1,500 level, others feel there is going to be a tug-of-war between global central banks, which will try to rein in rising yields, and investors who would expect it to rise. This would eventually decide the price of gold, analysts said.
According to Hitesh Jain of Yes Securities, although gold prices have tumbled recently in the wake of the surge in sovereign yields, the latter would not rise sustainably since governments do not favour higher yields on their accumulated gigantic debt.
“There is a prevalent divide between markets and central banks, wherein markets are pricing higher inflation and growth, while central banks remain accommodative and dovish. We assume that central banks will eventually rein in yields with their asset purchases and also help their respective governments in keeping the borrowing costs low,” Jain wrote in a note. “On gold price trajectory, we still remain bullish considering the unprecedented government stimulus, bloated central bank balance sheets and burgeoning sovereign debt.”

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Indian Gold Buyers Pile in as Prices Dip to One-year Low

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Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore.

Dealers charged up to $5 an ounce over official domestic prices, inclusive of 12.5% import and 3% sales levies, compared with last week’s premium of $4.

”Demand has significantly improved in the past few days. Retail buyers are making purchases, especially for weddings,” said Mangesh Devi, a jeweller based in Satara in the western state of Maharashtra.

On Friday, local gold futures fell to 44,217 rupees per 10 grams, a trough since April 7.

Jewellers were also making healthy purchases in the first half of the week, but now a few of them have paused expecting further fall in prices, said a Mumbai-based dealer with a bullion importing bank.

”Jewellers don’t want to get stuck with high cost inventory,” the dealer said.

In Singapore, premiums of $1.60-$2 an ounce were charged, with strong demand arising from low local prices.

”We’ve seen an increase in demand, in particular from retail clients, for both gold and silver, as prices have come down a bit,” said Brian Lan, managing director at dealer GoldSilver Central, adding that wholesalers are also covering their short positions.

Chinese customers were charged premiums of about $6-$7 an ounce over benchmark spot gold prices, unchanged from last week as demand was stable, but not high, dealers said.

In Hong Kong, dealers sold bullion at anywhere between a discount of $3 and a premium of $2 relative to the benchmark. Japanese dealers charged a premium of $0.50.

A sharp dip in domestic rates has triggered relatively strong investment demand, a trader at Tokyo-based retailer Tokuriki Honten said.

”Individual investors are seeing current price level as a good buying opportunity,” the trader added.

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