4:46 P.M.

Unbundling of layers to bolster competition, efficiency: BIF on TRAI recommendations

The TRAI’s recommendations on unbundling of various layers through differential licensing is expected to facilitate increased sharing of network resources, spur entry of new players while reducing costs and encouraging investments, industry body Broadband India Forum said on Friday.

The telecom regulator has suggested that a separate authorisation be created for access network provider to offer network services on a wholesale basis, PTI reported.

4:26 P.M.

Easy Money Fuels Inflation and World-Beating Stocks in India

The Reserve Bank of India is helping to fan a world-beating share market rally with record-low interest rates and huge injections of liquidity — even as inflation threatens to break back out of its target range.

Investors are betting the easy money won’t end anytime soon, with central bank Governor Shaktikanta Das keeping a lid on dissent as he nurses the economy back from its pandemic lows. Overseas funds have poured $7.2 billion into the nation’s equities this year and net inflows are expected to continue.

However, inflation has broken above the RBI’s 2%-6% target range in May and June before slipping back below the top of the band in July, Bloomberg reported.

4:21 P.M.

Many Indian cos slip in global valuation ranking, highest ranked RIL dips 3 places

Reliance Industries has emerged as the most valued Indian company in a global list of top-500 non-state run companies, but saw its ranking slipping by three points. Ranking of many others Indian companies, including Tata Consultancy Services, HDFC Bank, HDFC and Bharti Airtel, declined compared with last year on the Hurun Global 500 list.

Apple is the most valuable company in the world and saw its valuation rising by 15 per cent to USD 2.4 trillion, it said. Apple, Microsoft, Amazon and Alphabet, the ‘big 4’, doubled in value since Covid-19 to take their combined value to USD 8 trillion, and making up 14 per cent of Hurun Global 500, PTI reported.

4:13 P.M.

Rupee drops 15 paise to close at 74.39 against US dollar

The rupee on Friday declined by 15 paise to close at 74.39 (provisional) against the US currency, tracking a lacklustre trend in the domestic equities and strengthening of the American currency in the overseas market.

Meanwhile, foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 595.32 crore, as per exchange data, PTI reported.

4:08 P.M.

Sensex tumbles 300 pts; Nifty ends below 16,500

Equity benchmark Sensex slumped 300 points on Friday, tracking losses in index majors Tata Steel, Reliance Industries and Kotak Bank amid a heavy sell-off in global equities.

The 30-share index ended 300.17 points or 0.54% lower at 55,329.32, while the NSE Nifty declined 118.35 points or 0.71% to 16,450.50.

Tata Steel was the top loser in the Sensex pack, plunging over 8%, followed by SBI, Dr Reddy’s, Kotak Bank, Sun Pharma, Bajaj Auto and L&T.

On the other hand, HUL, Asian Paints, Nestle India and Bajaj Finance were among the gainers, PTI reported.

4:04 P.M.

Export of APEDA products rises 44.3 pc to USD 4.81 bn in April-June this fiscal

The export of products like rice, meat, cereals and dairy items in the APEDA basket increased 44.3 per cent to USD 4.81 billion during April-June 2021, the commerce ministry said on Friday.

Products in the Agricultural and Processed Food Products Export Development Authority (APEDA) basket are fruits and vegetables; cereal preparations and miscellaneous processed items; meat, dairy and poultry products; rice; and other cereals, PTI reported.

3:53 P.M.

Global shares hit, dollar firm as investors seek safety

Global shares fell for the fifth straight day and the dollar remained firm in a flight to safety on Friday as rising coronavirus cases compounded concerns over Chinese growth and the outlook for U.S. stimulus.

The MSCI World Index, a broad gauge of global shares, was last down 0.3%, on course for its biggest weekly fall since February as small gains in Europe’s top markets failed to make up for Asian losses overnight. Asian shares limped into the weekend with their lowest close since November, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.1% and 4.9% lower on the week, its weakest since February.

The Hong Kong benchmark touched its lowest this year, before closing down 1.8% while Chinese blue chips fell 1.9%, Reuters reported.

3:36 P.M.

Coal India’s capex growth zooms twofold to Rs 1,840 cr in Q1

State-owned CIL on Friday said its capital expenditure jumped more than twofold to Rs 1,840 crore in the first quarter of 2021-22 compared to Rs 844 crore in the year-ago quarter, PTI reported.

Coal India in a statement said the capital expenditure rose twofold in the first quarter of FY22 as it continues to step up investments in evacuation infrastructure, land acquisition and procurement of heavy equipment.

3:32 P.M.

Gold jumps Rs 128; silver marginally up

Gold prices in the national capital on Friday jumped Rs 128 to Rs 46,353 per 10 grams, in line with firm global trends and rupee depreciation, according to HDFC Securities.

Silver gained marginally by Rs 6 to Rs 60,897 per kg, from Rs 60,891 per kg in the previous trade.

In the international market, gold was trading with gains at USD 1,786 per ounce and silver was flat at USD 23.23 per ounce, PTI reported.

3:28 P.M.

Microsoft Corporation invests USD 5 mln in OYO

Tech giant Microsoft Corporation has invested nearly USD 5 million (about Rs 37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares on a private placement basis by the latter, according to a regulatory filing by the hospitality chain.

Under the deal, OYO will issue 5 equity shares of the face value of Rs 10 each for cash at an issue price of India rupee equivalent of USD 58,490 per equity share, PTI reported.

3:19 P.M.

FDI proposal for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt notification

The government has said applications for foreign direct investment in an insurance company promoted by a private bank will be cleared by the RBI and Irdai to ensure that the 74% limit of overseas investment is not breached.

Earlier in March, Parliament passed a bill to raise the foreign direct investment (FDI) limit in the insurance sector from 49% to 74%. The Insurance Act, 1938 was last amended in 2015, which raised the FDI limit to 49%, resulting in a foreign capital inflow of Rs 26,000 crore in the last five years, PTI reported.

3:09 P.M.

Equity market has run its course; 9 pc fall in near-term likely: BofA

A Wall Street brokerage has warned of a 9% near-term correction for the equity market, saying the “street has only limited runway to continue the rally” that began in the second half of last year.

“We expect the markets to correct near-term to the tune of 9%. Our Nifty target is 15,000 by December implying a 9% potential downside near-term,” analysts at Bank of America Securities India said in a note on Friday.

The benchmark index Sensex has added a whopping 6,000 points since January and touched 56,000 on Wednesday. Following the pandemic mayhem, the stock market tanked over 35% n March 2020. It has rallied over 118% since then and after scaling 50,000 in January, the Sensex has peaked the 56,000-mount earlier this week, PTI reported.

3:04 P.M.

Facebook partners Indifi to enable business loans for small biz in India

Facebook India on Friday launched ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on its platform to get quick access to credit through independent lending partners.

India is the first country for Facebook where this programme is getting rolled out. The programme is open to businesses registered across 200 towns and cities of India. As part of its USD 100-million global grant, Facebook deployed more than USD 4 million in India for more than 3,000 small businesses across the five cities that it operates in, PTI reported.

2:55 P.M.

India cuts soyoil, sunflower oil import tax

India has cut import taxes on crude and refined soyoil and sunflower oil by 7.5%, according to a government order, as part of efforts to keep a lid on prices.

India is the world’s biggest vegetable oil importer and spends an average of $8.5-$10 billion annually on edible oil imports, Reuters reported.

2:48 P.M.

India, U.S. discuss ways to increase trade

A day after Commerce and Industry Minister Piyush Goyal said hopes of an India-U.S. trade pact are off the table for now, U.S. Ambassador to India Atul Keshap spoke to the Indian minister for over two hours, discussing trade between the two countries.

According to the data of the commerce ministry, in 2020-21, the bilateral trade between the US and India stood at USD 80.5 billion as compared to USD 88.9 billion in 2019-20, PTI reported.

2:27 P.M.

Stocks suffer worst week in 6 months over growth worries, China regulations

Emerging market assets suffered further selling on Friday, with the equity index down 1%, touching a new low for the year and putting it on course for its worst week in six months.

Worries about the impact of Chinese regulations both locally and globally, as well as data showing a slowdown in growth especially from the world’s two biggest economies, have hammered stocks this week. Rising cases of the coronavirus have prompted market experts to revisit year-end growth forecasts.

Chinese blue-chips lost 1.9%. Hong Kong, where many Chinese tech giants are listed, lost 2% to hit early November lows, and is on track for its worst week since the pandemic-induced crash of March 2020, Reuters reported.

2:21 P.M.

India’s surging domestic gas output to dent LNG import, but not for long: Wood Mackenzie

Helped by new output from KG-D6 fields of Reliance-BP, India’s domestic gas production, which had been falling for more than a decade because of declining output from legacy fields, now looks in rude health, according to energy consultancy Wood Mackenzie.

Reliance Industries Ltd and its partner BP Plc of UK in December last year started putting the second wave of gas discoveries in eastern offshore KG-D6 block to production with R-Series started flowing gas. In April they started output from the Satellite Cluster fields, PTI reported. This helped raise India’s gas production by almost 20%, oil ministry data showed.

2:18 P.M.

S&P puts Tata Group cos on CreditWatch with positive implications

S&P Global Ratings on Friday placed the ratings on Tata Group firms – Tata Steel, Tata Motors, ABJA Investment Co Pte Ltd, TML Holdings Pte Ltd and Jaguar Land Rover Automotive Plc – on CreditWatch with positive implications, which implies a possible revision in ratings, PTI reported.

S&P regarded the credit quality of Tata Sons to be “strongly investment grade”.

2:06 P.M.

Afghan panic over digital footprints spurs call for data collection rethink

Concerns about sensitive data falling into the hands of the Taliban after they took control of Afghanistan have rekindled a debate among privacy experts on the ethics of data collection by aid agencies and multilateral institutions, Reuters reported.

Fears that the Taliban could use these data to target activists or people from the previous government highlights the need for an urgent conversation on the use of biometric tech in counter-terrorism or for border control, rights activists say.

1:56 P.M.

Simple Energy’s flagship e-scooter Simple One receives over 30,000 pre-bookings

Bangalore-based electric vehicle maker Simple Energy, which recently launched its flagship e-scooter Simple One, on Friday said it has received over 30000 pre-bookings for its maiden offering.

The over 30,000 pre-bookings of Simple One have been received with “zero” marketing which is unique for a startup in the automobile industry, the company claimed in a release.

Simple Energy had launched the scooter on August 15. The e-scooter can be pre-booked at Rs 1,947 only on the company’s website, PTI  reported.

1:50 P.M.

Major crypto exchange Binance to step up anti-money laundering checks

Binance, the world’s largest cryptocurrency exchange, said on Friday that it was bringing in stricter customer checks for anti-money laundering requirements with immediate effect.

Binance has been under pressure in recent months from regulators across the world, concerned over the use of crypto to launder money and lax consumer protection. The Dutch central bank on Monday said Binance was not in compliance with the anti-money laundering and anti-terrorist financing laws, Reuters reported.

1:46 P.M.

Liquor outlets in MP ordered to give cash receipts on purchases from Sept 1

At least 3,300 shops selling Indian Made Foreign Liquor (IMFL) and country liquor in Madhya Pradesh will give cash receipts to customers on purchases from September 1 onwards, PTI reported.

The state excise department has cracked down on liquor stores, some run by powerful liquor lobbies in the state, following complaints from tipplers that they were being duped on prices. Liquor shop owners will be putting up boards at their outlets, with the phone number of the area in-charge excise officer, who can be contacted in case of grievances about prices and other issues, Madhya Pradesh excise commissioner Rajeev Dubey said.

1:35 P.M.

Indian startups raise USD 16.9 bn VC funding in 2021, next only to China

Indian startups got USD 16.9 billion of venture capital funding in 2021, next only to Chinese counterparts in the Asia-Pacific (APAC) countries, GlobalData said Friday.

An analysis of GlobalData’s financial deals database reveals that a total of 828 VC funding deals were announced in India during January-July 2021 while the total disclosed funding value of these deals stood at USD 16.9 billion, PTI reported.

1:25 P.M.

AGS Transact Tech files draft papers with Sebi to raise Rs 800-cr via IPO

Payment solutions provider AGS Transact Technologies has filed preliminary papers with capital markets regulator Sebi to mop-up Rs 800 crore through an initial share-sale, PTI reported.

The initial public offering (IPO) is purely an offer-for-sale of equity shares by promoter and other selling shareholders, according to the draft red herring prospectus (DRHP).

1:19 P.M.

Nissan Renault Financial Services India donates Rs 1 cr to PM CARES Fund

Nissan Motor India Pvt Ltd on Friday said Nissan Renault Financial Services India (NRFSI) has donated Rs 1 crore to the PM CARES Fund towards COVID-19 relief measures.

With the donation of Rs 1 crore to the PM CARES fund by NRFSI, the total amount of contribution towards various COVID-19 relief measures in India from the automotive alliance has gone up to Rs 7.5 crore, PTI reported.

12:20 P.M.

GMR says spending ₹20k crore on airports’ expansion, developing new ones

GM Rao, Chairman of the GMR Group said they are currently investing ₹20,000 crore to expand the existing airports and developing new aerodromes, PTI reported.

“Airport Development and Construction: GMR Group has set benchmarks for development of world class Airport infrastructure… Your company is currently investing approximately ₹20,000 crore to expand the existing Airports and develop new Airports,” Rao said in the group’s latest annual report.

GMR’s airport business comprises of four operating airports- Indira Gandhi International Airport, Delhi, Rajiv Gandhi International Airport, Hyderabad, Bidar Airport at Karnataka and Mactan Cebu International Airport in the Philippines.

12:05 P.M.

Apple delays office return to at least January as COVID cases rise

Apple has delayed its return to corporate offices to January after a surge in COVID-19 cases and new variants, Bloomberg reported citing a memo the iPhone maker sent to its employees on Thursday.

The company noted that it would confirm the re-opening a month before they are required to return to the office. Apple previously wanted its staff to return to offices by early September but then delayed it until October.

Once back, employees will be expected to work for at least three days a week in office. In the memo to staff, Apple strongly encouraged staff to get vaccinated.

11:45 A.M.

Karvy chairman C Parthasarathy held for bank loan default case

Karvy Stock Broking Limited Chairman C Parthasarathy was arrested on Thursday on charges of defaulting a loan taken from the IndusInd bank and diverting the fund to other bank accounts, PTI reported.

The banks in their complaint alleged that Karvy group unlawfully pledged the shares of its clients and availed loans. In a complaint, IndusInd said that Karvy availed credit facilities of ₹137 crore from the bank by pledging securities/shares and personal guarantee of Parthasarathy without the clients’ consent and by misusing power of attorney.

“The accused company became defaulter by diverting the funds into own and connected businesses entities and on November 22, 2019 the SEBI revoked the pledge of securities with Banks/NBFCs and returned the securities/accounts. The complaint banks were left with no collateral and thereby KSBL defaulted in repayments of about Rs 137 Crores as on March 31, 2021,” a press release from the police said.

11:15 A.M.

CarTrade makes weak debut on D-Street, lists below issue price

Shares of CarTrade Tech made a weak market debut on Friday, listing at ₹1,600, a discount of over 1% against its issue price of ₹1,618, PTI reported.

As trade progressed, the shares tumbled 8.77% to ₹1,476. The company’s market valuation was at ₹7,079.53 crore on BSE.

On NSE, it debuted at ₹1,599.80, lower by 1.12%. CarTrade IPO was subscribed 20.29 times earlier this month. The ₹2,998.51-crore IPO was in a price range of ₹1,585-1,618 per share.

10:45 A.M.

Indian govt IT spend growth to slow down to 8.6% in 2022, Gartner says

The growth in information technology spending by the government is estimated to fall 8.6% to $8.3 billion in 2022, against the 13.2% rise expected in the ongoing 2021, PTI reported citing a global consultancy.

“Digitalisation initiatives of Indian government organisations took a giant leap in 2020 because of the global pandemic. The pandemic forced the government to shift priorities as supply chains and revenue streams dwindled,” Apeksha Kaushik, senior principal research analyst at Gartner, said.

Governments will focus on citizen experience and digital inclusion as the vaccination rates and public health improves in the country, she added.

10:15 A.M.

Jet Airways staff moves NCLAT against resolution plan, flags salaries concern

Jet Airways’ cabin crew and ground staff have filed a petition before the National Company Law Appellate Tribunal (NCLAT) challenging the Jalan Kalrock consortium’s resolution plan which was approved by the National Company Law Tribunal (NCLT) in June.

Jet Airways Cabin Crew Association and Bhartiya Kamgar Sena noted that pending salaries and retirement benefits of all workmen of the airline were not included as part of the Corporate Insolvency Resolution Process (CIRP) cost.

Jet Airways has been grounded for more than two years now. They stopped operations in April 2019 due to financial woes and the insolvency resolution process commenced in June the same year.

9:50 A.M.

Union Commerce Minister Piyush Goyal says Indian exports at nearly $15 bn till mid-August

Union Commerce Minister Piyush Goyal on Thursday said our exports have reached nearly $15 billion in the first half of August, PTI reported. India had posted its highest-ever monthly performance in July at $35 billion.

As major economies opened after COVID-19 lockdowns, Indian exports rose by nearly 50%, touching a lifetime high of $35.43 billion in July Exports in the first 15 days of August have touched nearly $15 billion. During April to August 2021, exports are 23% higher as compared with the pre-pandemic FY20.

9:20 A.M.

Sensex tanks 470 points, Nifty below 16,400

The Indian benchmark equity indices opened lower on Friday. Sensex opened 0.85% or 470.36 points lower at 55,159.13 while Nifty opened at 16,382.50, down 1.12% or 186.35 points.

The market was dragged lower by across the board selling. All the sectors were in red at market open with metals, banks, auto and pharma falling the most.

9:15 A.M.

Oil rises but set to decline for the week on Delta anxiety  

Oil prices rose on Friday after falling to a three-month low but were set for a weekly plunge of about 6% as lockdowns in low vaccinated countries due to rising cases of Delta variant dimmed the outlook for fuel demand, Reuters reported.

Brent crude futures rose 0.4% to $66.72 a barrel after falling 2.6% on Thursday, its lowest close since May. U.S. West Texas Intermediate (WTI) crude for futures surged 0.5% to $64.04 a barrel declining 2.7% on Thursday.

Asian shares extend losses, dollar holds onto gains

Asian shares fell further on Friday after touching a low of 2021 the previous day while dollar stayed strong, sitting at a nine-month high, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.75% and Chinese blue chips plunged 1.22%. Hong Kong fell 0.53%, with Japan’s Nikkei down 0.53% and U.S. stock futures, the S&P 500 e-minis down 0.26%.

The dollar index which calculates the currency against six peers changed marginally from the previous day at 93.517 on Friday.