India's gold imports in September soared 658% from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season. Separately, Economic Affairs Secretary Ajay Seth on Monday said India has got on the path of economic recovery aided by various government reforms in the last seven years under Prime Minister Narendra Modi's leadership.
In another development, OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources told Reuters.
CBDT gets independent investigation member after 3 years in latest portfolio reshuffle
The portfolios of CBDT members have been reshuffled again with 1986-batch IRS officer Nitin Gupta being entrusted with the independent charge of the sensitive investigation vertical of the Income Tax Department, according to a government order.
The charge of member (investigation) was being handled as an additional portfolio by the head of the Central Board of Direct Taxes (CBDT) for over three years now, PTI reported.
World Bank, IMF face long-term damage after data rigging scandal
Regardless of whether IMF chief Kristalina Georgieva was to blame for changes to World Bank data in 2017 that benefited China, the scandal has dented the research reputations of both institutions, former staff, government officials and outside experts say.
The damage from the data-rigging scandal that forced the World Bank to discontinue its "Doing Business" investment climate rankings may be difficult to repair and has raised questions over whether the institutions' influential research is subject to shareholder influence, Reuters reported.
RBI supersedes boards of Srei Infrastructure, Srei Equipment Finance
The RBI said on Monday it has superseded the board of directors of non-banking financial companies Srei Infrastructure Finance Ltd and Srei Equipment Finance Limited due to governance concerns and defaults, adding that it will initiate bankruptcy proceedings against them, Reuters reported.
Coal India supply to power sector grows by 12% to 118 MT in Sep quarter
State-owned Coal India Ltd supplied 117.6 million tonnes (MT) of coal to power utilities during July-September of the current fiscal, registering a growth of 12.3%.
"Coal India Ltd (CIL) supplied 117.6 million tonnes to power utilities during July- September 2021 quarter, the highest for Q2 of any year, posting 12.3% growth," the PSU said in a statement, according to PTI.
LNG sellers seek credit letters as gas price spike stretches credit limits
Sellers of liquefied natural gas (LNG) are asking for credit letters from companies they deal with to guarantee they can pay as the global spike in gas prices takes them beyond their credit limits, industry sources said.
Defaults have been rare in LNG, which has typically relied on big players with deep pockets, but over the last two-to-three years, around 20-to-30 companies have entered the market, at least doubling the number of relatively small players, Reuters reported.
Coding platform GitLab aims for nearly $9 bln valuation in U.S. IPO
GitLab Inc, a coding platform backed by the likes of ICONIQ Capital and Khosla Ventures, is looking to raise as much as $624 million through an initial public offering in the United States, targeting a valuation of nearly $9 billion, Reuters reported.
CEAT announces completion of 26% stake buy in Cleanwin Energy
Tyre maker CEAT Ltd on Monday announced it has completed the acquisition of 26% stake in Cleanwin Energy, for which it had signed a pact with Yellowstone Clean Energy LLP last month.
Cleanwin Energy owns, operates and maintains a captive wind power generating plant in Maharashtra. The RPG Group company plans to move to 50% renewable power in the next three years, PTI reported.
Sensex rallies 534 pts; Nifty ends near 17,700
Snapping its four-session losing streak, equity benchmark Sensex rallied 534 points on Monday, led by gains in index heavyweights Reliance Industries, Infosys and ICICI Bank, PTI reported.
The 30-share BSE index ended 533.74 points or 0.91% higher at 59,299.32. Similarly, the NSE Nifty surged 159.20 points or 0.91% to 17,691.25.
Rupee falls 19 paise to close at 74.31 against U.S. dollar
The rupee tumbled 19 paise to close at 74.31 against the U.S. dollar on Monday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment.
At the interbank foreign exchange market, the local currency opened at 74.16 and witnessed an intra-day high of 74.13 and a low of 74.41 against the U.S. dollar in day trade, PTI reported.
Tata Communications, Cisco Systems widen global strategic partnership
Tata Communications and Cisco Systems on Monday announced the expansion of their strategic global partnership spanning two decades, with a new agreement between Tata Communications and Cisco Meraki.
The new pact is between Tata Communications and Cisco Meraki to empower enterprises with easy to deploy, manage, and analyse IT infrastructure for delivering anywhere, anytime access, according to a statement, PTI reported.
S&P offers concessions in bid for EU okay for IHS Markit deal
Business information provider S&P Global Inc has offered concession in an attempt to secure EU antitrust approval for its $44 billion buy of IHS Markit Ltd, a European Commission filing showed on Monday, Reuters reported.
S&P announced the deal to create a new data powerhouse last November, underscoring the consolidation in the financial information services industry, as companies race to create one-stop shops to lure the biggest clients and invest in artificial intelligence and machine learning.
J&J to seek U.S. FDA authorisation of booster shot this week
Johnson & Johnson is planning to ask U.S. federal regulators this week to authorise a booster shot of its COVID-19 vaccine, the New York Times reported on Monday, citing officials familiar with the company's plans, Reuters noted in a report.
The U.S. Food and Drug Administration (FDA) scheduled last week an Oct. 15 meeting of its expert advisory committee to discuss whether to grant emergency use authorization for a booster shot of J&J's vaccine.
SBI, Indian Navy launch NAV-eCash card
State Bank of India and Indian Navy on Monday launched SBI's NAV-eCash card onboard the country's largest naval aircraft carrier INS Vikramaditya. The card will obviate the difficulties faced by personnel onboard in handling physical cash during deployment of the ship at high seas, the bank said in a release, PTI reported.
Need to strengthen research in pharma: Mandaviya
Union Chemicals and Fertilizers Minister Mansukh Mandaviya on Monday said there is a need to strengthen research in the pharma sector and ensure close collaboration between research institutions and the industry.
He also highlighted the progress made by the pharma sector in the country and said it has emerged as the 'Pharmacy of World'.
Union Chemicals and Fertilizers Minister Mandaviya | Photo Credit: PTI
Deal street hits three-year high at $90.4 bn in first 9 months
Notwithstanding the challenges posed by the pandemic, the deal street remained buoyant pushing the overall deal value to a three-year high of $90.4 billion during the first nine months of 2021, a 35.1% increase in value over the same period last year, according to an industry report, according to PTI.
Abolish tax havens: Oxfam India on Pandora papers revelations
Oxfam India called for immediately abolishing tax havens after a leak of millions of documents, dubbed the 'Pandora Papers', revealed offshore financial assets of wealthy individuals across 91 countries and territories, including India.
The leaked documents and a worldwide journalistic partnership on Sunday claimed to have uncovered financial secrets of current and former world leaders, politicians and public officials, PTI reported.
Uber names Nitish Bhushan as Central Ops Director for India, Bangladesh, Sri Lanka
Ride hailing platform Uber on Monday said it has elevated Nitish Bhushan as the Director of Central Operations, and Shiva Shailendran as the Head of Cities Operations for India, Bangladesh, and Sri Lanka.
In the new roles, Bhushan will oversee the operations of core product lines including UberGo, Premier, XL, Auto and Moto for Uber in the region, PTI reported citing a company statement.
Need to focus on developing dual-use technologies:Defence Minister
India needs to focus on developing dual-use technologies for both military and civilian agencies and special attention should be paid to research and development for manufacturing state-of-the-art defence platforms, Defence Minister Rajnath Singh said on Monday.
He said the demand for military equipment is increasing around the world in view of global security concerns, border disputes and developments in the maritime sphere, and India must focus to enhance its domestic defence industry.
Defence Minister Rajnath Singh | Photo Credit: PTI
India on path of economic recovery, says DEA Secy
Economic Affairs Secretary Ajay Seth on Monday said India has got on the path of economic recovery aided by various government reforms in the last seven years under Prime Minister Narendra Modi's leadership.
Notwithstanding the pandemic, he said, the government continued with the reform process and many strategic reforms were announced even during COVID-19, PTI reported.
DEA Secretary Ajay Seth | Photo Credit: Photo by special arrangement
Temasek to invest ₹540 crore in Integrace; True North to partially exit
Singapore's Temasek will be investing ₹540 crore in Integrace, the healthcare company's majority owner True North said on Monday, according to a PTI report.
True North is partially exiting its investment in the orthopaedic and gynaecology-focused pharma company in the deal and will continue to own a majority stake in the firm, as per a statement.
Infrastructure finance by banks, NBFC-IFC remains sluggish in Q1 FY2022
Total infrastructure credit by banks and NBFC-Infrastructure Finance Companies (NBFC-IFCs) remained sluggish in the first quarter of the current fiscal due to the disruptions caused by the second wave of the COVID-19 pandemic, ICRA Ratings said in a report.
However, with the government's focus on the infrastructure sector, the demand for infrastructure credit is likely to improve over the medium term, the report said, according to PTI.
BSNL employee unions to launch campaign for removal of CMD Purwar
Employee unions of state-owned telecom firm BSNL have decided to launch a campaign for the removal of BSNL Chairman and Managing Director PK Purwar alleging his failure to revive the company.
All Unions and Associations of BSNL (AUAB) issued a circular on September 27 to hold agitation around their charter of demands including removal of the CMD, PTI reported.
Art sales rebound to record $2.7 billion on NFT boom
Contemporary art auctions rebounded to an all-time high of $2.7 billion over the last year, boosted by online sales and the arrival of digital art in the form of "NFTs", according to the annual report by Artprice released on Monday.
Having seen sales collapse by a third in the previous year because of the initial crisis caused by the pandemic, sales soared between June 2020 and June 2021 as auctioneers quickly adopted a more online approach, AFP reported.
Zoom's abandoned Five9 deal shows hurdles to expansion
Zoom Video Communications Inc's aborted $14.7 billion acquisition of call center software firm Five9 Inc has spotlighted issues that will weigh on the virtual meeting giant's next attempt to expand through dealmaking, analysts and investment bankers said.
Zoom's unwillingness to add cash to its bid and rely solely on its stock as currency to pay for the Five9 deal backfired after its shares slipped by as much as 29% in the weeks after the deal was announced in July, on concerns that the return to physical meetings as the COVID-19 pandemic wanes will erode its business, a Reuters report noted.
India's Sept gold imports surge as prices correct ahead of festivals
India's gold imports in September soared 658% from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, a government source said.
Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have fallen nearly 15% from an all-time high of $2,072 in August 2020, Reuters reported.
A saleswoman picks gold necklaces to show it to a customer inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi. | Photo Credit: Reuters
Toshiba India appoints Shuichi Ito as Managing Director
Toshiba India on Monday announced the appointment of Shuichi Ito as its Managing Director effective from October 1, 2021.
He will succeed Tomohiko Okada, and lead Toshiba India’s energy and social infrastructure businesses in the country, a company statement said, PTI reported.
Toutche Electric unveils plan to strengthen R&D, manufacturing ops in Mysuru
Bangalore-based micro-mobility startup Toutche Electric on Monday announced its plans to strengthen its R&D and manufacturing capabilities at Mysuru in Karnataka.
Toutche's manufacturing and technology units are spread across Mysuru and Bengaluru, with a current capacity to make 12,000 e-bikes a year, PTI reported.
OPEC+ seen keeping oil output policy unchanged
OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said on Monday, amid consumer pressure for more supply to cool a red hot market, Reuters reported.
IMF urged to create new trust to bolster work on climate resilience
he International Monetary Fund (IMF) should create a new instrument that lets richer countries channel their newly created IMF reserves to help a broader set of countries tackle the COVID-19 pandemic and climate change, a new task force said Monday, Reuters reported.
Senvion India bags order to supply wind turbines for 591-MW project of JSW Energy
Wind turbine maker Senvion India on Monday said it has won an order to supply wind turbines for a 591-MW project of JSW Energy, PTI reported.
"Senvion, a leading manufacturer of wind turbines, has been awarded a 591 MW project to deliver its high-quality wind turbines for JSW Energy," a company statement said.
Indian shares rose today after four sessions of falls, with pharma stocks leading the recovery in broad-based buying. Meanwhile, Asian shares dipped as concerns about China’s property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.
In commodities, oil prices remained elevated, with Brent futures staying just shy of a three-year peak hit late last month, on expectations oil producing countries will raise supply in a steady manner when they meet today.
Separately, China’s Evergrande will sell a half-stake in its property management unit to Hopson Development for more than $5 billion.
ICRA revises energy demand growth outlook for FY22 upwards to 8.5%
Energy demand growth outlook for 2021-22 is revised upwards to 8.5% from 8% by ICRA.
Low base last fiscal and faster-than-expected recovery in demand after the second wave of COVID-19 seen in April and May 2021 have supported this outlook upgrade, according to ICRA.
Fintech firm Progcap raises $30 million funding from Tiger Global and others
Fintech firm Progcap has raised $30 million (about ₹222.6 crore) in primary equity capital led by existing investor, Tiger Global Management and Creation Investments, according to a PTI report.
Sequoia Capital India, which led the last two funding rounds for Progcap, also participated in the series C investment round.
Progcap, which has raised $55 million in total since the last three months, will use the new capital to accelerate its vision of building a broader and deeper supply chain banking platform for its merchants and corporate network in India, it said.
China Evergrande to raise $5 billion from property unit sale
Distressed developer China Evergrande will sell a half-stake in its property management unit to Hopson Development for more than $5 billion, Chinese media said on Monday, after both Evergrande and Hopson requested trading halts ahead of a major transaction, according to a Reuters.
Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance $305 billion in liabilities.
Evergrande said it requested a trading halt pending an announcement about a major transaction and Evergrande Property Services Group said the announcement constitutes “a possible general offer for shares of the company.”
The China Evergrande Centre building in Hong Kong, China, September 23, 2021 | Photo Credit: Reuters
Oil falls ahead of OPEC+ supply policy meeting
Oil fell today ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained, Reuters reported.
Brent crude was down 0.2% at $79.14 per barrel, after rising 1.5% last week, its fourth weekly gain in a row. U.S. oil dropped 0.2% to $75.73, after gaining for the past six weeks.
Oil prices have risen due to the supply disruptions and a rise in global demand, pushing Brent last week above $80 to a near three-year high, the report noted.
AGEL completes acquisition of SB Energy India for $3.5 billion
Adani Green Energy Ltd (AGEL) on Monday said it has completed the acquisition of SB Energy India for $3.5 billion (₹26,000 crore), according to a PTI report.
With this deal, SB Energy India is now a 100% subsidiary of AGEL. Earlier, it was an 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
Last week, Adani Group Chairman Gautam Adani had announced that the group would invest over $20 billion over the next 10 years in renewable energy generation, the report noted.
Rupee slips 5 paise against U.S. dollar in early trade
The Indian rupee declined 5 paise to 74.17 against the U.S. dollar in opening trade today, in line with its Asian peers amid the strengthening of the American currency in the overseas market, PTI reported.
At the interbank foreign exchange, the rupee opened at 74.16 against the dollar, then fell further to 74.17, registering a fall of 5 paise over its previous close, the report noted.
Copper edges higher after last week’s drop
Copper rose in thin trade today as some investors bought the metal after last week’s sharp drop on concerns over energy prices and economic growth in top consumer China, Reuters reported.
Three-month copper on the London Metal Exchange edged up 0.3% to $9,155 a tonne, recovering slightly from the previous week’s 2.2% fall, the report noted. Trading volume was low as Chinese markets were closed for a week-long public holiday.
Whistleblower says Facebook put profit before reining in hate speech
A Facebook Inc whistleblower on Sunday accused the social media giant of repeatedly prioritising profit over clamping down on hate speech and misinformation, and said her lawyers have filed at least eight complaints with the U.S. Securities and Exchange Commission, a Reuters report noted.
Frances Haugen, who worked as a product manager on the civic misinformation team at Facebook, appeared on Sunday on the CBS television programme “60 Minutes,” revealing her identity as the whistleblower who provided the documents that underpinned a Wall Street Journal investigation and a Senate hearing on Instagram’s harm to teen girls.
Representational image | Photo Credit: AFP via Getty Images
Indian economy’s fundamentals strong; private investment picking up: Arvind Panagariya
The fundamentals of the Indian economy are sound as the real GDP in Q3 and Q4 of FY’21 already crossed the pre-pandemic level, former NITI Aayog vice-chairman Arvind Panagariya said on Sunday.
Mr. Panagariya, in an interview to PTI, however also emphasised that the country needs to conquer COVID-19 as quickly and decisively as possible.
BSE ready with technology for launching electronic gold receipts
Leading stock exchange BSE is ready with its technology to introduce electronic gold receipts (EGRs) on its platform, which will help in creating uniform price structure of the yellow metal across the country, its chief business officer Sameer Patil said on Sunday.
The exchange will take the required internal approvals and apply to markets regulator SEBI for the launch of the new class of security on its platform, he added.
Indian benchmark indices open higher amid mixed global cues
Indian indices opened higher today amid mixed global cues. BSE Sensex opened at 59,143.00, up 377.42 points, while Nifty opened at 17,615.55, up 83.50 points.
On Friday, the 30-share BSE index ended 360.78 points or 0.61% lower at 58,765.58, while the broader NSE Nifty declined 86.10 points or 0.49% to 17,532.05.
RBI policy, global trends to dictate stock market this week
The RBI interest rate decision, macroeconomic data and global trends would dictate the equity market, which is showing some signs of correction after a stellar run, this week, PTI reported, citing analysts.
Besides, the movement of the dollar index, U.S. bond yields will also play an important role in the direction of global markets while crude oil prices will have a major impact on Indian markets, the report noted.
During the last week, the 30-share BSE benchmark plunged 1,282.89 points, or 2.13%. Market benchmarks faced losses for the fourth straight session on Friday.
Asian shares slip as Evergrande, inflation worries sap positive mood
Asian shares dipped today as concerns about China’s property sector and inflation worries offset upbeat U.S. data, Reuters reported. Trading in shares of debt-laden China Evergrande was suspended after it missed a key interest payment on its offshore debt obligation for the second time last week.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%. The index marked its first quarterly fall in six quarters. Hong Kong led the decline with a 1.9% fall in the Hang Seng index. Japan’s Nikkei erased earlier gains to stand 1.4% lower at one-month lows of 28,375.
Chinese mainland markets will be closed until Thursday for the National Day holiday while South Korean markets were also shut today, the report noted.
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