Tata Motors partners with Gujarat govt to set up vehicle scrapping facility
Automobile giant Tata Motors on Friday said it has tied up with the Gujarat government to set up a vehicle scrapping facility in Ahmedabad, PTI reported.
The scrappage centre will be for both passenger and commercial vehicles and will have a capacity of recycling up to 36,000 vehicles a year, the company noted.
Glenmark Life Sciences Q1 profit rises 25%
Glenmark Life Sciences’ net profit rose 25% to ₹101 crore in the June-ended quarter, compared to ₹81 crore in the same period last year.
The company's generic API (active pharmaceutical ingredients) business has delivered robust growth across all geographies, and increased demand in both regulated and emerging markets have fuelled this growth, MD and CEO Yasir Rawjee said in a statement, according to PTI.
Rupee ends flat against U.S. dollar
The Indian rupee reversed all its intra-day losses to close almost flat at 74.24 (provisional) against the U.S. dollar on Friday, tracking a strong rally in domestic equities.
Besides, a weak American currency against its major rivals and lower crude prices also helped the rupee to recover, forex dealers said, according to a PTI report.
Sensex, Nifty end at lifetime highs
Equity benchmark index Sensex rallied 593 points above the 55,000-mark, a record high, led by gains in TCS, Reliance Industries and HDFC twins.
The government released July's retail inflation data on Thursday that eased to 5.59% from June’s 6.26% and also assured more support to alleviate economic strain caused by the pandemic.
The index rose 1.08% to 55,437.29, while NSE Nifty rose 1.01% to 16,529.10. The Sensex also touched an intra-day record of 55,487.79, PTI reported.
PowerGrid, IndusInd Bank, Dr Reddy’s, Bajaj Finance and NTPC were among the laggards.
Central Bank of India to expand agri-loan services to 350 branches in coastal areas
Central Bank of India on Friday said it has identified 350 branches on the coast to expand its agri-loan services through aqua financing.
MD and CEO M. V. Rao said the bank is discussing how to diversify the agri portfolio and will use its own financing for this kind of diversification on agri and agri processing industries, horticulture industries and aqua-based industries, PTI reported.
Wockhardt partners with RDIF to produce Sputnik vaccine
Drugmaker Wockhardt said on Friday it has joined hands with Russian Direct Investment Fund (RDIF) to produce and supply Sputnik V and Sputnik Light COVID-19 vaccines.
The agreement said that subject to requisite approvals and other conditions, the company would manufacture and supply up to 620 million doses of the Sputnik V and Sputnik Light vaccines to Enso Healthcare, PTI reported.
Flipkart expands grocery services to Tamil Nadu, Kerala
Walmart-owned Flipkart on Friday expanded its grocery services to Tamil Nadu and Kerala to provide customers access to daily essentials and doorstep delivery.
Consumers in Coimbatore, Madurai, Tiruchirappalli, and Erode in Tamil Nadu and Ernakulam in Kerala would get access to high-quality grocery essentials, according to a PTI report.
Voda-Idea urges SC to review dismissal of plea in AGR dues case
Telecom major Voda-Idea has urged the Supreme Court to review its dismissal of their request for an opportunity to place grievances about “arithmetical errors” in their Adjusted Gross Revenue (AGR) dues before the Department of Telecom (DoT).
A Special Bench of Justices L. Nageswara Rao, S. Abdul Nazeer and M.R. Shah concluded on July 23 last that what Voda and other telecommunication companies such as Airtel and Tata really wanted, under the guise of correcting “arithmetical errors”, was a recalculation of their AGR which ran into crores of rupees.
Voda Idea CEO says telco committed to offering superior services
Vodafone Idea CEO Ravinder Takkar penned a letter to users reassuring the telco’s commitment to continue providing “superior services and best-in-class propositions”, amid an existential crisis confronting the company.
Takkar, however, did not make any mention of the issued being faced by VIL, PTI noted.
ArcelorMittal Nippon Steel India seeks LNG cargoes for 2024-2030
ArcelorMittal Nippon Steel India Ltd is seeking 80 liquefied natural gas (LNG) cargoes for delivery between 2024 and 2030, Reuters reported citing two industry sources.
The joint venture between ArcelorMittal and Nippon Steel is seeking the cargoes on a delivered ex-ship (DES) basis in a tender that closes on Aug. 17.
China ports, shipping firms divert vessels after major container terminal shuts
China’s ports and shipping companies are diverting their vessels from the Ningbo terminal, the country’s busiest marine transportation hub, after it was forced to shut down following the emergence of a COVID-19 positive case last week.
Shanghai recorded the worst congestion in at least three years, while Meidong container terminal in eastern Ningbo suspended operations on Wednesday, Reuters reported.
Media group Discovery to take legal action over Polish media law
U.S.-based media group Discovery has threatened legal action against Poland if it approves a controversial media ownership law that is said to curb press freedom.
Discovery said it has formally notified the Polish government it will take legal action under the bilateral investment treaty between the U.S. and the Republic of Poland, AFP reported citing a company statement.
PNB officer union writes to MD on loan software flaws
All India Punjab National Bank Officers Federation (AIPNBOF) has written a letter addressed to PNB’s managing director, enlisting various flaws including software glitches in the bank’s loan processing software.
The union said a large number of non-performing assets (NPA) accounts in agriculture segments were upgraded on June 30 this year, and the same was degraded after a few days, according to a PTI report.
Probe launched on L&T’s Employee Welfare Foundation for alleged fraud
An investigation has been launched on the accounts of L&T’s Employees Welfare Foundation Pvt Ltd, a unit of Larsen and Toubro Ltd, for allegations of cheating and misappropriation of funds, according to a Bloomberg report citing unnamed sources.
The Registrar of Companies has also issued a notice to LandT Welfare Co Ltd seeking a response and a report is expected by the end of September, the news agency reported.
BPCL says no decision on stake sale of Petronet, IGL yet
Bharat Petroleum Corporation Ltd (BPCL) said on Friday it has not yet decided to sell its stake in Petronet LNG and Indraprastha Gas to help the company’s owner avoid making an open offer for the two gas companies.
Market regulator Sebi has not yet responded to an application made for exempting the new owner of BPCL from making an open offer to shareholders of Petronet and IGL, BPCL’s Chief Financial Officer V. R. K. Gupta said, according to PTI.
Jio, Airtel complete spectrum trading agreement
Telecom giant Bharti Airtel concluded its agreement with Reliance Jio Infocomm on Friday to transfer the ‘Right to Use’ of Airtel’s 800 MHz spectrum in three circles to Jio.
Airtel said it has received ₹1,004.8 crore (net of tax) from Jio as part of the agreement, PTI reported.
China readies carbon-intensive projects to combat climate crisis
China introduced several carbon-intensive coal and steel projects in the first half of 2021, just days after a UN report urged immediate global action to combat climate change.
During the first half, China, the world's biggest coal consumer and source of climate-warming greenhouse gases, announced plans to build 18 new coal-fired blast furnaces, more than in the whole of last year, Reuters noted citing a CREA-GEM report.
Tata Power Renewable Energy commissions 100 MW solar project
Tata Power Renewable Energy Ltd (TPREL) has commissioned a 100 MW solar project at Raghanesda in Gujarat, and is expected to reduce 2 lakh tonnes of carbon emission every year.
The solar park, located in the Banaskantha district of Gujarat, is one of the biggest solar parks in the country, according to a company statement reported by PTI.
The project marks another landmark for the company, and the plant is expected to generate 255 million units in the first year of operation.
Tamil Nadu reduces ₹3 from State excise duty on petrol
Tamil Nadu government reduced ₹3 from State excise duty on petrol on the instructions of Chief Minister.
Finance Minister P.T.R. Palanivel Thiaga Rajan on Friday, presented his maiden ‘paperless’ Budget in the Tamil Nadu Assembly.
Global M&A volumes hit new record in 2021, overtaking last year’s haul
Global merger and acquisition (M&A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices, a Reuters report noted.
According to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020. So far this year, 35,128 deals have been announced, a 24% jump over last year.
Air travel becomes costlier, govt raises caps on domestic airfares by 9.83-12.82%
Domestic air travel is set to become costlier as the Civil Aviation Ministry has raised the lower as well as upper caps on fares by 9.83 to 12.82%, according to an official order.
India had imposed lower and upper limits on airfares based on flight duration when services were resumed on May 25, 2020, after a two-month lockdown due to coronavirus.
The caps mentioned by the government in its order does not include the passenger security fee, user development fee for the airports and the GST, a PTI report noted.
Copper rises on Chilean supply risk as workers go on strike
London copper prices advanced on Friday, on track for a weekly gain, after workers at two mines in top producer Chile went on strikes, raising supply disruption risks, Reuters reported.
Three-month copper on the London Metal Exchange rose 0.3% to $9,497.50 a tonne, up 0.3% on a weekly basis.
Wockhardt inks pact to produce, supply Sputnik vaccine to Dubai-based firm
Drug maker Wockhardt on Friday said it has inked a pact with Dubai-based Enso Healthcare and a subsidiary of Russian Direct Investment Fund (RDIF) for production and supply of COVID-19 vaccine Sputnik, PTI reported.
Subject to requisite approvals and other conditions, upon successful technology transfer from Human Vaccine LLC, a wholly owned unit of the management company of RDIF, Wockhardt will manufacture and supply to Enso up to 620 million doses of the Sputnik V and the Sputnik Light vaccines, it said.
Scrappage policy will help phase out unfit, polluting vehicles: PM Modi
Prime Minister Narendra Modi on Friday launched the national vehicle scrappage policy, adding it will help phase out unfit and polluting vehicles. The policy will bring in investments of around ₹10,000 crore, he said.
Vehicles will not just be scrapped by their age, but also if they are found to be unfit in automated testing, he further added.
“This policy will deeply benefit our middle class,” Modi said. A certificate will be issued on the scrappage of old cars. It will ensure that these people get discount on buying new cars and benefit on taxes, he added.
Credit Suisse proposes adding two risk experts to its board
Switzerland’s second biggest bank, Credit Suisse, said on Friday that it wants to appoint two risk experts to its non-executive board, as it seeks to repair the damage caused by the Archegos and Greensill affairs, a Reuters report noted.
Credit Suisse has proposed former UBS executive Axel Lehmann to join its board and become chairman of its risk committee. It also proposed Juan Colombas, who has been an executive director and member of the Audit and Risk Committees at Dutch bank ING Group since 2020.
OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman
U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given the threat to demand from the coronavirus Delta variant, according to a Reuters report.
However, Goldman noted an additional hike in OPEC+ production by the year-end is required to counter recent supply disappointments globally and expects OPEC+ spare capacity to be fully normalised by mid-2022.
Ixigo files ₹1,600-crore IPO papers with Sebi
Le Travenues Technology Ltd, which operates travel platform Ixigo, has filed preliminary papers with capital markets regulator Sebi to raise ₹1,600 crore through an initial share sale, PTI reported.
The initial public offer (IPO) comprises fresh issuance of shares worth ₹750 crore and an offer of sale of equity shares to the tune of ₹850 crore by existing shareholders, according to red herring prospectus.
Adidas sells Reebok to Authentic Brands for $2.5 billion
Adidas is selling its Reebok business to Authentic Brands Groups for up to 2.1 billion euros ($2.5 billion) as the German sporting goods company seeks to focus on its core brand after a deal that failed to live up to expectations, Reuters reported.
Adidas said in a statement that the sale had no impact on its financial outlook for the current year or for its targets set out in the five-year strategy it announced in March. The majority of the 2.1 billion euros would be paid in cash at the closing of the transaction, expected in the first quarter of 2022, it added.
Fed to unveil bond-buying taper plan next month; jobless rate to fall slowly
The Federal Reserve will announce a plan to taper its asset purchases in September, according to a solid majority of economists polled by Reuters who also said the U.S. jobless rate would remain above its pre-pandemic level for at least a year.
The poll concluded the Fed will start with monthly reductions of $10 billion in its purchases of Treasuries and $5 billion in those of MBS, the report noted. Over 80% of respondents said they expect the Fed to stop purchasing assets by the end of next year.
The unemployment rate is likely to remain above its pre-pandemic level of 3.5% for at least a year, according to most economists in the poll.
Centre revokes anti-dumping duty on viscose fibre
The Union government on Thursday revoked the anti-dumping duty on viscose staple fibre originating in or exported from China and Indonesia.
According to a notification issued by the Ministry of Finance, dated August 12, the government revokes anti-dumping duty on viscose staple fibre, excluding bamboo fibre, exported from China or Indonesia.
Oil extends losses as Delta variant stalls demand recovery
Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions, Reuters reported.
Brent crude futures slipped 0.7%, to $70.82 a barrel, while U.S. West Texas Intermediate crude futures fell 0.8%, to $68.56 a barrel.
Rupee falls 3 paise against US dollar in early trade
Indian Rupee opened weak at 74.27 against the U.S. dollar on Friday, after closing at 74.25 on Thursday.
In Friday’s early trading, the rupee dropped further to quote 74.28, a fall of 3 paise from the last close.
According to forex dealers, strong macroeconomic data and a weak US currency against its major rivals overseas restricted the rupee’s fall, a PTI report noted.
Ex-director seeks to stall $2 billion Paytm IPO, company calls it harassment
Paytm’s $2.2 billion IPO is facing an unusual hurdle - a 71-year-old former director has urged India’s markets regulator to stall the offering, alleging he is a co-founder who invested $27,500 two decades ago but never got shares, Reuters reported.
Paytm says the claim by Ashok Kumar Saxena and allegations of fraud in a police complaint in New Delhi are mischievous attempts to harass the firm, the report noted.
According to the news agency, a one-page document signed between Saxena and Paytm CEO, Vijay Shekhar Sharma, in 2001, says Saxena was to get a 55% equity stake in Paytm’s parent, One97 Communications, with Sharma owning the rest.
GMR Infra gets ₹1,692 crore in first tranche from stake sale in Kakinada SEZ
GMR Infrastructure Limited on Friday said it received ₹1,692 crore as first tranche of consideration towards the sale of equity owned by its subsidiary GMR SEZ and Port Holdings Limited of its entire 51% stake in Kakinada SEZ Limited to Aurobindo Realty and Infrastructure Private Limited, PTI reported
GMR said as part of the transfer of stake of KSEZ, 74% equity stake of Kakinada Gateway Port Limited held by KSEZ is also being transferred to Aurobindo Realty.
Retail inflation eased to 5.6% in July
Retail inflation cooled slightly to 5.6% in July, slipping below the central bank’s upper tolerance threshold of 6% for the first time in three months, even as industrial output growth halved from 28.6% in May to 13.6% in June, as base effects from the national lockdown of 2020 begin to fade.
Food prices at the consumer level played a substantive role in moderating the pace of price rise in July, with the National Statistical Office estimating an inflation of 3.96%, compared to 5.15% in June.
Vinod K. Dasari to step down as Royal Enfield CEO
Vinod K. Dasari will step down as CEO of Royal Enfield and ED of Eicher Motors Ltd. (EML) on Friday.
He will be succeeded by B. Govindarajan. Effective August 18, he will be inducted as a wholetime director of EML and will take on as ED, Royal Enfield, it said in a statement.
Earnings announcements expected today
Several companies are expected to release their quarterly earnings report on Friday, including Archies, Burger King India, Glenmark Pharmaceuticals, Gujarat Mineral Development Corporation, GMR Infrastructure, Godfrey Phillips India, Godrej Industries, Grasim Industries, Hindustan Aeronautics, Indian Railway Finance Corporation, IL&FS Investment Managers, Indraprastha Gas, Inox Wind, Maharashtra Seamless, Mawana Sugars, NBCC (India), NHPC, Oil and Natural Gas Corporation, Orbit Exports, Orchid Pharma, Petronet LNG, SEAMEC, Sintex Industries, Sun TV Network, Suzlon Energy, Visa Steel, Vivimed Labs, and ZEE Learn.
Sensex hits 55,000-mark for first time, Nifty tops 16,400
Indian indices opened higher on Friday. BSE Sensex opened at 54,911.95, up 67.97 points, while Nifty opened at 16,385.70, up 21.3 points.
In Friday’s early trade (at 9:40 A.M.), Sensex gained 243.66 points or 0.44% to reach 55,087.64, while Nifty rose 74.10 points or 0.45% to reach 16,438.50
Asian equities retreat after world stocks hit new record
Most Asian equity markets continued to ignore record highs hit elsewhere in the world and fell in early trading on Friday, though Australia bucked the trend, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.59%, having closed lower on each of the past three days. Japan’s Nikkei dropped 0.6%. Korea’s Kopsi dropped 1.45%.
Hong Kong fell 0.45%, and Chinese blue chips fell 0.21%. Australia’s ASX200 rose 0.53% to a new record high.
S&P 500, Dow set fresh records as recovery marches forward
The Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady U.S. economic recovery, a Reuters report noted.
The Dow Jones Industrial Average rose 14.88 points, or 0.04%, to 35,499.85, the S&P 500 gained 13.13 points, or 0.30%, to 4,460.83 and the Nasdaq Composite added 51.13 points, or 0.35%, to 14,816.26.
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