BUSINESS
Asset quality fears, global cues pull equities lower, banking stocks sink
Initially, equity markets had a gap-down opening on fears of lower than expected quarterly results of banks and financial sector in Q1FY22, due to fears over the impact on asset quality after the second Covid wave. Sectorally, banking, financials and metal sectors edged lower. The BSE Sensex ended the day's trade at 52,553.40 points, lower by 586.66 points, or 1.10 per cent, from its previous close.
Eyewear firm Lenskart raises $220 mn, now valued at $2.5 bn
The company recently raised $95 million from global investment fund KKR, taking the total transaction size to $315 million to date. The current round also saw participation from Bay Capital and Chiratae, the company said in a statement. The company said that fresh funds will help it expand its presence in India as well as scaling its growing operations in Southeast Asia and Middle East.
FY22 YoY current account deficit expected to widen: Report
The ratings agency estimates approximately $30 billion deficit vis-a-vis $26 billion estimate in FY21. "The anticipated surplus on the current account in Q1 FY22 is unlikely to sustain amidst the elevated level of commodity prices. More so, the gradual tapering of lockdown stringency at state level will continue to support revival in economic activity, which would further get a boost from anticipated ramp up in domestic vaccination drive in the coming months."
OPEC agreement on tapering production cuts spells good news for India
Higher production by OPEC could help balance oil prices that have remained high off late on the back of normalising economic conditions globally and rising oil demand. Benchmark Brent crude touched two year high level of $77 a barrel just couple of weeks back. It had since then softened a bit to stay around $73 a barrel now.
Vedanta Aluminium invites waste-to-wealth partnerships with cement industry
The company expressed its interest for long-term collaboration with cement industry players on opportunities of using fly ash (a by-product in thermal power generation) and bauxite residue (a by-product of producing alumina from bauxite) in cement manufacturing, in a national workshop conducted with global industry experts.
Investment surge in UP continues
The maximum number of industrial plots have been taken by investors from the Uttar Pradesh State Industrial Development Authority (UPSIDA), in western UP. According to the government spokesman, several new industries are now being set up in ten districts of west UP, namely Noida, Ghaziabad, Meerut, Hapur, Aligarh, Agra, Mathura, Firozabad, Bulandshahr and Saharanpur with permanent employment in these industries.
India's digital ad market to hit $30 billion in next decade: Report
The digital ad market is likely to contribute 70-85 per cent of the total ad market, which currently stands at 33 per cent in the country. The main growth drivers for this trend are growth in GDP/capita, increasing digital consumption and the rise of direct-to-consumer (D2C)/challenger brands which will drive the next phase of growth for digital ads.
Profit booking, global cues subdue equity markets
Initially, the equity markets had a gap-down opening due to negative global cues. Consequently, the BSE Sensex traded at 52,756.55 points, at 10.30 a.m., lower by 383.51 points or 0.72 per cent from its previous close. The Nifty50 on the National Stock Exchange traded at 15,822.25, lower by 101.15 points or 0.64 per cent from its previous close.
Razorpay acquires lending startup TERA Finlabs
TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement.
Markets to see volatile movements on account of midweek holiday
The broader indices like the BSE100, BSE200 and BSE500 saw gains of 1.35 per cent, 1.41 per cent and 1.51 per cent respectively. BSEMIDCAP gained 1.39 per cent while BSESMALLCAP was up 2.27 per cent. The benchmark indices made new lifetime intraday highs of 53,290.81 points and 15,962.25 points on Friday while closing highs were made on Thursday at 53,158.85 points and 15,962.25 points respectively.
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