BUSINESS
Global cues buoy indices; realty stocks rise
Accordingly, the key two indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening. On the global front, Asian markets rose from the morning levels as Evergrande makes overdue bond payment.Among domestic sectors, realty and banks made gains whereas metals' stocks receded. The 30-scrip sensitive index traded at 61,130.79 points around 12 p.m., up 2 07.29 points or 0.34 per cent.
India Inc unscathed for now, but power prospects hinge on coal availability: Report
According to the report, a surge in power demand amid rapidly dwindling coal inventories, higher prices of imported coal, delayed payments to power producers, long dry spells impacting hydro power generation, and maintenance shutdowns at nuclear plants has had a domino effect on the sector in recent months.
Chip shortage not to end before 2023: Intel CEO
Intel CEO Pat Gelsinger told CNBC late on Thursday that he didn't expect the semiconductor shortage to end until 2023. "We're in the worst of it now, every quarter, next year we'll get incrementally better, but they're not going to have supply-demand balance until 2023," Gelsinger was quoted as saying.
Indices open in green as global cues buoy sentiments
Positive Asian markets along with value buying buoyed India's key equity indices during early-morning trade session on Friday. The key two indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening. The 30-scrip sensitive index opened at 61,044.54 points from its previous close of 60,923.50 points.
Biocon Q2FY22 revenue up by 10% at Rs 1,945 crore
Announcing consolidated financial results for the second quarter ending September 30, 2021, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said the factors responsible for the profit reported a growth of 17 per cent and 10 per cent respectively.
Fuel prices on a roll, hiked again by 35 paise/litre
Accordingly, the pump price of petrol in Delhi rose by 35 paise to its highest-ever level of Rs 106.89 a litre while diesel prices also rose by the same margin to Rs 95.62 a litre, according to a price notification of the state-owned fuel retailers. In the financial capital Mumbai, petrol prices have now risen to Rs 112.79 per litre while diesel to Rs 103.7 3 a litre, the highest among all metros.
Economic recovery widened in Q2FY22 as Covid second wave abated: ICRA
In quarterly terms, half of the high frequency indicators recovered above their pre-Covid levels in Q2FY22, it said. In Q1FY22 only three out of the 14 indicators had exceeded the performance in Q1FY20, with activity suppressed by the second wave of Covid-19.
Acuite retains India's FY22 growth forecast at 10% on likely festive demand
The agency cited steady progress in vaccination and expected improvement in consumption-driven pent-up demand among the key reasons for retaining the 10 per cent growth mark. However, the 'Acuite Macroeconomic Performance Index' highlighted that the 'V-shaped' recovery witnessed after the severe second Covid wave lost a bit of steam in August-September 2021.
Asian cues, mixed results subdue equity market; metal stocks fall
Besides, inflationary concerns due to high transportation fuel prices dented sentiments. The two key indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening. However, soon afterwards, both ceded much of their gains and traded flat. Volumes on the NSE were the lowest in the past four days, and banks were the main gainers among sectors whereas metals, telecom, IT and realty were the main losers.
Ola Cars to hire 10,000 people, expand to 100 cities
Over the next two months, Ola Cars will be operational in 30 cities and expand to 100 cities by next year, it said in a statement. Ola Cars claimed it has sold 5,000 pre-owned cars in its first full month of operation. "We are rapidly expanding to 100 cities in the coming months and are adding 10,000 people across key areas including sales and service centres," said Arun Sirdeshmukh, CEO, Ola Cars.
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