BUSINESS
Economic recovery, healthy corporate earnings to drive equities in Samvat 2078
The Hindu New Year Samvat 2078 has started. A special hour-long session was held on Thursday, Diwali day, to mark the start of the new year for the domestic equity market. In Samvat 2077, both the Sensex and Nifty delivered around 40 per cent returns. "Healthy corporate earnings, high forex reserves and economic growth should support the market in Samvat 2078," said Anuj Gupta, VP, IIFL Securities.
Duty cuts help bring tax component on diesel below base price after months
As per the latest price build on petrol and diesel given by IndianOil, the base price of diesel in Delhi stands at Rs 49.33 per litre as on November 4 when lower fuel prices became effective after tax cuts by the Centre and the states. But the total tax component over the base price stands at Rs 34.48 per litre - a lot lower than earlier level when tax component on the fuel stood at Rs 44.84 a litre at a base price of Rs 41.41 a litre.
Go First completes 16 yrs of service, starts discount scheme
The bookings under the offer can be made between November 2-9, for travel between November 24, and March 31, 2022. Founded in 2005, the airline has grown from four aircraft to 58 and from four destinations to 38. Recently, it became the first airline in India to transform to ULCC (ultra-low cost carrier) from LCC (low cost carrier).
Monthly mobile shopping app installs in India reached 113mn in Oct
Although 2020 brought a surge in online shopping, the pace has slowed in 2021, reports Sensor Tower. Shopping app installs on India's app stores reached over 80 million in July 2021 with the Indian social e-commerce company, Meesho, contributing more than 12 million. This was the first time the category had reached this threshold since October 2020 at the height of the shopping season in India.
India's foreign exchange reserves up by over $1.92 bn
The Reserve Bank of India's (RBI) forex reserves rose to $642.019 billion from $640.100 billion reported for the week ended October 22. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.363 billion to $578.462 billion.
Joblessness top concern of urban Indians in Oct 2021: Survey
According to the survey, unlike earlier, concern around Covid-19 has receded both for global citizens and Urban Indians. It sat on top as the top worry of global citizens (28 markets including India) for 18 months. Among the Indians, the urban citizens are more concerned about unemployment (42 per cent), coronavirus (35 ), financial & political corruption (30 per cent), poverty and social inequality (26 per cent), crime and violence (24 per cent), education (20 per cent),among others.
A day after rate cuts: Petrol, diesel prices remain static
Accordingly, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on Thursday from previous day's level of Rs 110.04 a litre, remains at the same level on Friday. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre. In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel Rs 94.14 a litre.
Half the world's fossil fuel assets will be worthless by 2036
A report by The Guardian highlights the risk of producing far more oil and gas than required for future demand, which is estimated to leave $11tn-$14tn in so-called stranded assets -- infrastructure, property and investments where the value has fallen so steeply they must be written off.
Google Cloud invests $1 bn in derivatives marketplace CME Group
The move will help accelerate CME Group's move to the cloud and transform how global derivatives markets operate with technology, the company said in a statement late on Thursday. "CME Group has a century-long track record of helping investors access new markets and is known for innovation in financial markets," said Thomas Kurian, CEO, Google Cloud.
US trade deficit hits record high in September
US exports fell by 3 per cent to $207.6 billion in September while imports rose by 0.6 per cent to $288.5 billion. The goods and services deficit rose by 11.2 per cent from a revised $72.8 billion in October, according to the department on Thursday.
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