BUSINESS
UK November inflation rate surges to 10-year high record
The transport, principally from motor fuels and second-hand cars, and housing and household services, have largely impacted the increase in the inflation rates, the ONS said. The inflation rates increased from 4.2 per cent in October to 5.1 per cent in November, wherein, the October inflation rates were already far above the 2 per cent target for inflations set by the Bank of England, Britain's central bank.
Amid chip shortage, Govt announces 76,000 crore incentive package to boost semiconductor manufacturing
The worldwide shortage of chips has enticed India to take a step further and be self-reliant. The Union Cabinet on Wednesday approved a Rs 76,000-crore incentive package to boost semiconductor and display fab manufacturing in the country. The move comes at a time when there is worldwide shortages in the supply of the critical semiconductor componen that has hit industrial production across automobiles, electronics and other technology-led sectors.
Equities gain on Thursday post 4th consecutive session decline
At 9.30 a.m. the S&P BSE Sensex traded at 58,048 points, up 0.46 per cent.It opened at 58,245 points from the previous close of 57,788 points. Till now it touched a low of 58,014 points.
Welspun India, Birlasoft doubled investors' wealth in 2021
Shares of Welspun India rose from Rs 68 at the start of the year to Rs 142 at Wednesday's close. Founded in 1985, Welspun India is into the textile business. The company exports textile products to more than 50 countries.
The Centre's production-linked incentive for the textile sector apparently attracted investors towards Welspun India.
Indian steel prices to fall by 10%-15% in 2022
The spread between India domestic and China domestic HRC prices blew out to $220/mt on November 15, the highest level since April 2017, according to Platts data. Since late 2017, there has been a close correlation between Indian and Chinese steel prices. The two prices diverged in October this year but have subsequently started to narrow again.
Indian equities settle negative as metal, PSU banks sink
Lately, Indian equities have witnessed a continued sell-off by overseas investors, and new investors seemed to have stayed away amid the ongoing volatility, said analysts. The indices traded lower all throughout the session on Wednesday. The Sensex and Nifty settled at 57,788 points and 17,221 points, down 0.57 per cent, and 0.60 per cent from their previous close, respectively.
Bank employees to go on with Dec 16-17 strike as key demand unmet
All India Bank Employees' Association General Secretary C.H. Venkatachalam said that at the conciliation meeting held in Delhi on Wednesday, where representatives of Indian Banks' Association (IBA) and the Finance Ministry were also present, the unions reiterated that they would defer the strike if the Central government assures them that it would defer the introduction of Banking Laws (Amendment) Bill 2021 in Parliament.
Cabinet approves programme for semiconductor manufacturing
Accordingly, Union Cabinet took the decision to launch the programme that is expected to usher in a new era of electronics manufacturing by providing a globally competitive incentive package to companies in semiconductors and display manufacturing as well as design. "This shall pave the way for India's technological leadership in these areas of strategic importance and economic self-reliance," the Cabinet said.
Sensex falls over 300 points and Nifty ends below 17, 300 dragged by realty, IT, metal
The Indian equity indices settled lower on Wednesday as the markets closed with the realty, IT, metal, and PSU banks sinking. S&P BSE Sensex and NSE Nifty50 dropped for the fourth consecutive day recording a major decline. Some analysts have said that the new investors stayed away amid the ongoing volatility and Indian equities have also witnessed a continued sell-off by overseas investors.
Gautam Adani’s realty unit to take over Ozone Group: Report
Adani Realty Ltd. and Ozone group representatives are yet to comment on the matter and the deal could still fall apart, the report added. Adani Realty has been developing residential and commercial projects of more than 69 million square feet across Indian cities of Ahmedabad, Mumbai, Gurgaon, Kochi, and Mundra.
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