BUSINESS
Positive macros, results push equities higher; Sensex closes above 61k
In the process, S&P BSE Sensex made an intraday high of 61,353.25 points and the NSE Nifty50 touched 18,350.75 points. The two indices had a gap-up opening and held on to the initial gains encouraged by positive global cues. Globally, stock markets rose on companies' earnings reports that indicated strong consumer demand.
Economic pickup will support borrowers but Covid risks remain high: Moody's
Indian auto loan ABS delinquency rates have improved alongside the easing of coronavirus restrictions over recent months, but remain elevated. Delinquency rates will stabilise at high levels as coronavirus restrictions ease, citing that Indian auto ABS delinquency and collection rates improved in June and July as economic activity picked up after coronavirus restrictions eased.
Punit Goenka questions Invesco's silence on merger proposal with Reliance
The statement talks about a merger proposal brought forward by Invesco in February involving Reliance Industries, which was rejected by him as it would have resulted in loss of shareholder value to the tune of Rs 10,000 crore. "During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco."
Bitcoin could cause the next financial crash
Deputy Governor Sir Jon Cunliffe said a massive collapse in the price of cryptocurrencies to as low as zero is 'certainly a plausible scenario' and that there was 'a possibility of contagion' across the global financial sector. As per the report, Cunliffe said the hit to individual investors if cryptocurrencies collapse would be unlikely to cause a 'financial stability risk'.
LG units to repay GM $1.2bn for Bolt EV battery recall costs
The two flagship units of South Korea's LG Group have reached an agreement with GM on how to cover the expenses for the recalls on some 143,000 Bolt vehicles over battery fire risks. The two LG units said they will set aside 480 billion won and 620 billion won in costs in the third quarter, respectively, after reflecting 234.6 billion won and 91 billion won in the second quarter.
E-com players log $4.6 bn sales in India festive week, Flipkart leads
Flipkart Group emerged as the leader during the festive week sales, with 64 per cent market share, followed by Amazon with 28 per cent market share. Smartphones worth Rs 68 crore were purchased every hour across the platforms during the October 2-10 sale period, according to data provided by homegrown market research firm RedSeer.
India's September wholesale price inflation eases to 10.66%
Accordingly, the annual rate of inflation, based on wholesale prices, eased to 10.66 per cent last month from 11.39 per cent in August. However, on a YoY basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry has risen exponentially over September 2020, when it stood at 1.32 per cent.
Reliance Industries tops India Inc in World's Best Employer rankings 2021
Reliance Industries was placed at 52 in the overall ranking of 750 global corporates ahead of well-known names like Phillips, Sanofi, Pfizer, and Intel. Behind Reliance, the other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90.
Sitharaman meets US CEOs, asks them to invest in India
The FMCBGs on Wednesday discussed developments in global economy, global commons, support to vulnerable countries & International Taxation. The FM noted that for recovery, ensuring equitable vaccines for all is a significant challenge and keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.
Equity market make gains; Sensex up over 61K pts
In the process, S&P BSE Sensex made an intraday high of 61,159.48 and Nifty50 touched 18,294.75 points. At 10.30 a.m., the 30-scrip sensitive index traded at 61,086.23 points, up 349.18 points or 0.57 per cent. The Sensex opened at 61,088.82 points from its previous close of 60,737.05 points. Besides, the NSE Nifty50 traded at 18,282.65 points, up by 120.90 points or 0.67 per cent.
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