Business News Live: Indian shares end higher on auto, banking gains; Zee soars

Business News Live: Kumar Mangalam Birla steps down as Vodafone Idea chairman

4:57 P.M.

Share markets gripped by caution as U.S. inflation data awaited

World share markets barely moved and the dollar held steady on Tuesday, as investors awaited U.S inflation data for more clues on the health of the world’s largest economy and when the Federal Reserve could start to taper stimulus.

European shares were 0.1% lower, with luxury shares tracking their Asian peers down on concerns about the spread of COVID-19 cases in China. MSCI’s world stocks benchmark was flat, Reuters reported.

4:50 P.M.

Indian shares end higher on auto, banking gains; Zee soars

Indian shares edged up on Tuesday as automobile and banking stocks rose, while Zee Entertainment logged record gains after top investors called a shareholder meet for a management reshuffle.

The blue-chip NSE Nifty 50 index ended up 0.14% at 17,380, having hit a record high at 17,438.55 earlier in the session, while the benchmark S&P BSE Sensex closed 0.12% higher at 58,247.09.

Indian equities have hovered near record highs and outperformed Asian peers so far this year as central banks pumped money into the COVID-ravaged economies and as most domestic pandemic-related restrictions have been lifted, Reuters reported.

4:46 P.M.

Amazon boosts hourly pay to over $18, to hire 125,000 workers Inc hiked its average starting wage to $18 per hour on Tuesday and said it plans to hire more than 125,000 warehouse and transportation workers in the United States.

The world’s largest online retailer also said it would pay a sign-on bonus of $3,000 in some locations and the hourly wage could go up to $22.50. Amazon was among the first few retailers to set a $15 an hour minimum wage in 2018, Reuters reported.

4:39 P.M.

Apple expected to unveil new iPhones as part of 5G push

Apple Inc on Tuesday is expected to show new iPhone and Apple Watch models with slight upgrades, and analysts expect that wireless carriers will play an outsized role in the annual show as they try to entice consumers into 5G plans.

Apple last year introduced its iPhone 12, which featured a new look and its first devices with 5G connectivity. This year, analyst expect modest hardware upgrades and a deeper focus on 5G, Reuters reported.

4:34 P.M.

Resolution of 2 lending biz to reduce Reliance Capital debt by 50%: Anil Ambani

Successful completion of the resolution process of Reliance Commercial Finance (RCF) and Reliance Home Finance (RHF) will help Reliance Capital reduce its consolidated debt by 50% or Rs 20,000 crore, Chairman Anil Ambani said on Tuesday.

Earlier this year, lenders had selected Authum Investment and Infrastructure Limited (Authum) as the successful bidder to acquire RCF and RHF. The resolution plan was approved by lenders forming part of the Inter-Creditor (ICA) under Reserve Bank of India’s Prudential Framework for Resolution of Stressed Assets, 2019, PTI reported.

4:29 P.M.

HAL, Rolls-Royce sign pact for Make-in-India Adour engine parts for global markets

Hindustan Aeronautics Limited and Rolls-Royce on Tuesday signed an agreement for Make-in-India Adour engine parts to support the latter’s international defence customer base, PTI reported.

Through this partnership, Rolls-Royce aims to strengthen the ecosystem for Adour engines in India by building on HAL’s existing capabilities for manufacturing and supporting the Adour engines for Indian customers over several decades, Bengaluru-headquartered HAL said in a statement.

3:58 P.M.

Apple users urged to download Pegasus spyware flaw fix

Apple users were urged Tuesday to update their devices after the tech giant announced a fix for a major software flaw that allows the Pegasus spyware to be installed on phones without so much as a click.

Cybersecurity experts at the Citizen Lab, a research centre at the University of Toronto, uncovered the flaw while analyzing the phone of a Saudi activist, AFP reported.

3:54 P.M.

S Korea to fine Google USD 177M for forcing software on devices

South Korea’s competition watchdog plans to fine Google at least 207.4 billion won (USD 177 million) for allegedly blocking smartphone makers like Samsung from using other operating systems, in what would be one of the country’s biggest antitrust penalties ever.

Tuesday’s announcement came as South Korea also began enforcing a revised telecommunications law that prohibits app market operators like Google and Apple from requiring smartphone users to pay with their in-app purchasing systems. It is the first nation to adopt such regulations, AP reported.

3:42 P.M.

BLS International ties up National Health Authority to process Ayushman Bharat cards across India

Tech-enabled services company BLS International on Tuesday said it has been empanelled for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) by the National Health Authority.

The AB-PMJAY scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses, PTI reported.

3:18 P.M.

MCX sees sharp plunge in turnover amid bullion trade losing sheen

The country’s top commodity derivatives exchange MCX has seen its average daily turnover plunging sharply amid declining trade in bullion trading even as some of its rivals appear to be steadily making inroads in a market once seen as a virtual monopoly.

The month-wise average daily turnover of MCX (Multi Commodity Exchange) fell to nearly Rs 24,000 crore in August this year from more than Rs 43,262 crore in August 2020, the exchange data shows, PTI reported.

3:16 P.M.

India ranks 54th out of 55 nations in housing prices appreciation; rates fall 0.5pc in Jun qtr

India ranks 54th out of 55 countries globally in the housing prices index as rates of residential properties fell marginally by 0.5 per cent year-on-year during the quarter ended June, according to Knight Frank.

Turkey, with 29.2 per cent appreciation of housing prices, continues to lead the annual rankings. New Zealand is at second position with a 25.9 per cent price rise while the US ranks third with 18.6 per cent appreciation, PTI reported.


India benchmark indices opened higher today, with Nifty touching record high level. According to the data released on Monday retail inflation eased to 5.3% in August on account of subdued prices of food items like vegetables.

While data released today showed Inflation in Wholesale prices resurged to 11.39% in August, from 11.16% in July, with the pace of price rise in primary articles, manufactured products as well as fuel and power firming up even though food price inflation moderated from 4.46% in July to 3.43% in August.

Ami Organics shares listed with over 49% premium while Vijaya Diagnostic made a tepid market debut after its shares listed at a premium of just over 2% against issue price of ₹531.

12:45 P.M.

India remains an attractive destination for investments: Deloitte survey

India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce, PTI reported citing a survey by Deloitte.

A large proportion of international business leaders remain confident in India’s short- and long-term prospects and are readying plans to make additional and first-time investments in the country, Deloitte said.

“The survey, which questioned 1,200 business leaders of multinational corporations in the US, UK, Japan and Singapore, found that India remains an attractive destination for investments, scoring highly for its skilled workforce and prospects for economic growth,” the survey – India’s FDI Opportunity – said.

12:30 P.M.

August WPI inflation rises to 11.39%

Inflation in Wholesale prices resurged to 11.39% in August, from 11.16% in July, with the pace of price rise in primary articles, manufactured products as well as fuel and power firming up even though food price inflation moderated from 4.46% in July to 3.43% in August. On a month-on-month basis, the Wholesale Price Index (WPI) rose 1.04%, after three months of a sequential increase of about 0.6%.

12:15 P.M.

Voice-based financial transaction: ToneTag completes RBI’s first cohort for retail payments

The Reserve Bank has given approval to ToneTag, a hardware-agnostic sound wave tech solutions provider, making way for voice-based financial transaction, PTI reported.

ToneTag has completed the first cohort under the Reserve Bank of India (RBI) sandbox in rural and urban areas in Karnataka and Bihar, involving transactions up to ₹1,000.

It has successfully executed offline voice-based payments via feature phones and smart phones in areas with inconsistent internet connectivity, the company said in a release.

11:55 A.M.

Vijaya Diagnostic shares debut at over 2% premium

Vijaya Diagnostic Centre Ltd made a tepid market debut after its shares listed at a premium of just over 2% against issue price of ₹531, PTI reported.

The scrip was listed at ₹542.30, a gain of 2.12% compared to the issue price on BSE. The price later rose 10.74% to ₹588.05. At the NSE, it was listed at ₹540, up 1.69%.

The ₹1,895-crore initial public offer of Vijaya Diagnostic Centre was subscribed 4.54 times earlier this month. The price range for the offer was ₹522-531 per share.

11:30 A.M.

Nifty 50 hits record high on auto, banking boost

Nifty 50 index hit a record high of 17,438.55 boosted by automobile and banking stocks, Reuters reported.

According to the data showed on Monday, August retail inflation fell after food prices eased. The inflation number stayed within the Reserve Bank of India’s 2%-6% comfort range for a second month in a row.

The market seems to be driven by liquidity, A K Prabhakar, head of research at IDBI Capital told Reuters. He added that economic data like the inflation print was likely not having a big impact on investor sentiment.

11:10 A.M.

Ami Organics shares list with over 49% premium

Shares of specialty chemicals maker Ami Organics listed with a huge premium of over 49% against its issue price of ₹610, PTI reported.

The stock made its debut at ₹902, a gain of 47.86% from its issue price on the BSE. It then rose 52.29% to ₹929. While at the NSE, it debuted at ₹910, a premium of 49.18%.

The ₹569.63-crore initial public offer of Ami Organics at a price range of ₹603-610 per share was subscribed 64.54 times earlier this month.

10:45 A.M.

India, Singapore to link their fast payments systems

India and Singapore have decided to link their Fast Payment Systems –Unified Payments Interface and PayNow, says Reserve Bank of India.

The central bank added the linkage is targeted for operationalisation by July 2022.

The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system.

10:35 A.M.

Freshworks to raise up to $912 million

Tech firm Freshworks plans to raise up to $912 million via an initial public offering (IPO) in the US, PTI reported citing a regulatory filing.

In a filing with the US Securities and Exchange Commission (SEC), Freshworks said it looks to offer 28.5 million Class A common shares at proposed maximum price per share of $32.

“Freshworks Inc is offering 28,500,000 shares of our Class A common stock. This is our initial public offering, and no public market currently exists for shares of our Class A common stock. We anticipate that the initial public offering price will be between USD 28 and USD 32 per share,” the filing said.

10:15 A.M.

Banks call on government to ease pressure on Vodafone Idea

Banks led by State Bank of India (SBI) have called on the government to give Vodafone Idea more time to clear its tax dues and spectrum fees, Reuters reported citing two bankers and a government official familiar with the matter.

The court last year ordered the debt-laden firm to pay just over $8 billion to the government to settle long-standing dues. Vodafone has a stake of about 44% in the company and Aditya Birla owns nearly 27%.

In June, Vodafone Idea’s then non-executive chairman Kumar Mangalam Birla warned that if the government fails to come to the rescue of the mobile carrier, the “financial situation will drive its operations to an irretrievable point of collapse”.

9:45 A.M.

Retail inflation eases to 5.3% in Aug

Retail inflation fell for the third month in a row to 5.3% in August on account of subdued prices of food items like vegetables, PTI reported.

The Consumer Price Index (CPI)-based retail inflation declined to 5.3% in August as compared with 6.69% in the same month a year ago. Food inflation dipped at a much faster pace to 3.11% from 9.05% in August 2020.

The food inflation was also lower than 3.96% in preceding month of July.

9:25 A.M.

Sensex, Nifty open higher

The Indian benchmark equity indices, Sensex and Nifty opened higher after a flat start the previous day. At 9:15, Sensex opened 0.52% higher at 58482.62 while Nifty opened 0.37% higher at 17,420.35.

All sectors were in green with media, metals, banks and realty gaining the most.

9:15 A.M.

Oil extends gains

Oil prices extended gains on concerns that another storm could disrupt supply in Texas while the U.S. industry struggles to return to production after Hurricane Ira, Reuters reported. 

Brent crude rose 0.2% to $73.66 a barrel, while U.S. Texas Intermediate surged 0.3% to $70.68 a barrel, continuing their gains from the previous day.

“Concerns over Nicholas prompted buying as it is likely to hit the area devastated by Ida though the force is not expected to be as strong as Ida,” Hiroyuki Kikukawa, general manager of research at Nissan securities told Reuters.

9:00 A.M.

Asia shares mixed

Asian shares were mixed while Dollar was steady as investors await U.S. inflation data for update on whether Federal reserve will taper stimulus, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.13%, and Chinese blue chips fell 0.2%. Australia’a S&P/ASX 200 was down 0.31% and Hong Kong’s Hang Seng also fell in the negative territory.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Publisher: The Hindu – BusinessSource


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