BUSINESS
'New Covid variant unlikely to impact FMCG, pharma, telecom stocks'
On Friday, equity markets in India and several countries declined sharply followed by the reports of the new variant in South Africa.The barometer 30-scrip Sensex closed at 57,107 points, down by 1,687 points, or 2.87 per cent, and the broader 50-scrip Nifty closed the day at 17,026 points, down by 509 points, or 2.91 per cent on Friday.
Tomato prices may stay high for another 2 months: Crisil
Tomatoes account for 10 per cent of the total vegetable production in India. "With standing crops damaged by excess rains in Karnataka, Andhra Pradesh and Maharashtra, which are key suppliers of tomato during October-December, supply is down materially," the rating agency said.
Future Retail says Amazon tried to browbeat CCI
"At this stage, the counsels to Amazon, in utter disregard to the norms and in utter disrespect to the Indian statutory regulatory authority refused to argue the matter and walked out of the proceedings in an attempt to browbeat the CCI," the FRL said in a letter to stock exchanges.
RBI's recent norms may spike NPAs for NBFCs, says ICRA
On November 12, the central bank had said that classification of special mention accounts and non-performing accounts should be done on a day-end position basis and upgraded from an NPA to standard category only after clearance of all outstanding overdues.
Diesel, petrol prices unchanged since Diwali
Accordingly, diesel and petrol prices in Delhi remained static at Rs 86.67 per litre and Rs 103.97 per litre, respectively.In the financial capital Mumbai, they were priced at Rs 94.14 and Rs 109.98, respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67, respectively. In Chennai, petrol and diesel remained at Rs 91.43 and Rs 101.40.
Investors' money top concern as India prepares to see Crypto bill
With an estimated 15 to 20 million crypto investors, and no clarity on the size of the Indian crypto market, a blanket ban is set to shake up the entire crypto ecosystem. A recent advertisement by the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI) with industry players like CoinSwitch Kuber, CoinDCX, WazirX and Zebpay on board, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets to date -- a figure which is highly questionable, as no one has any actual idea about the kind of money being routed via crypto exchanges.
India's foreign exchange reserves rise by $289 mn
The Reserve Bank of India's forex reserves increased to $640.401 billion from $640.112 billion reported for the week ended November 12. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. Similarly, the value of the country's gold reserves gained by $152 million to $40.391 billion.
'Gold Bond' VIII to be issued at Rs 4,791 per gram
According to the Ministry of Finance, the Sovereign Gold Bond Scheme 2021-22 (Series VIII) will be opened for subscription during the period November 29 to December 3 with settlement date on December 7. "For such investors the issue price of Gold Bond will be Rs 4,741 per gram of gold."
Paytm posts Q2 results, revenue from ops up by 64% to Rs 10.9 bn
The company's contribution profit grew to Rs 2.6 billion in Q2 FY 2022, year-on-year increase of 592 per cent. The contribution margin jumped to 24.0 per cent of revenue from 5.7 per cent the previous year.
Strong demand to improve textile sector's YoY sales volumes in FY22
According to the agency, domestic as well as export demand will sustain during the rest of FY22. Besides, it has maintained the rating outlook of the sector at 'Stable' for the reminder of FY22, expecting a sustained improvement in the sector players' profitability and the continued deleveraging of their balance sheets.
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