BUSINESS
Bears take charge, Sensex gives up 47,000
Heavy selling was witnessed in finance, banking and IT stocks. At 12.14 p.m., the Sensex was trading at 46,866.83, lower by 543.10 points or 1.15 per cent from its previous close of 47,409.93. It opened at 46,834.57 and has so far touched an intra-day high of 47,172.02 and a low of 46,821.21 points.
CCEA approves hikes in MSP of copra for 2021 season
The MSP for Fair Average Quality of milling copra has been increased by Rs 375, to Rs 10,335 per quintal for 2021 from Rs 9,960 per quintal in 2020, an official statement said. The MSP for ball copra has been increased by Rs 300, to Rs 10,600 per quintal for 2021 season from Rs 10,300 per quintal in 2020.
Tesla reports profitable quarter despite missing on earnings in Q4
Shares of the company were down five per cent hours after an earning call to discuss the results on Wednesday, CNBC reported. The company reported earnings of 80 cents adjusted vs $1.03 per share expected, according to estimates compiled by Refinitiv. In an earnings call with analysts, Tesla CEO Elon Musk said that the company delivered almost as many cars last year as it produced in its entire history.
GMR to raise $300mn through bonds for Hyderabad airport expansion
GHIAL, a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Infrastructure Limited (GMR Group), entered into a purchase agreement to issue and allot US$ 300 million, 4.75 per cent senior secured notes of five-year tenure. The proceeds from the notes will be used towards the capital expenditure for expansion of the Rajiv Gandhi International Airport at Hyderabad to increase its capacity to 34 million passengers per annum.
US Fed keeps interest rates near zero amid slow economic recovery
The Fed chief noted that following a sharp rebound in economic activity last summer, the pace of the recovery has "moderated" in recent months, with the weakness concentrated in the sectors most adversely affected by the resurgence of the virus and greater social distancing, reports Xinhua news agency.
Negative ratings in Mar-Dec exceeds 5-year average: ICRA
An ICRA statement said that the credit quality of India Inc has experienced rapid changes since the onset of the Covid-19 pandemic and the imposition of the nationwide lockdown in March 2020. It said that business health has been bruised in general and some entities in select sectors have been badly hurt, even though the effects have not been apocalyptic, and the worst-case scenarios have not played out.
Total FDI inflow of $58.37 billion received during Apr-Nov 2020
According to the statement, the FDI inflows was the highest ever for the first eight months of a financial year and 22 per cent higher as compared to the first 8 months of 2019-20 when the country attracted $47.67 billion. In terms of FDI equity, inflow received during FY 20-21 April to November 2020 stood at $43.85 billion.
Bank of Baroda's Q3FY21 net profit at Rs 1,061 cr
The bank had posted a net loss of Rs 1,407 crore during the corresponding period of the previous fiscal. On a consolidated basis, the net profit is at Rs 1,196 crore. "Operating profit for Q3FY'21 is Rs 5,591 crore registering an increase of 12.77 per cent YoY and 0.70 per cent QoQ," the bank said in a statement.
It's official, Sabyasachi sells 51% stake to Aditya Birla Fashion
The namesake label of designer Sabyasachi Mukherjee has been a leading retailer and couturier in Indian fashion since 1999 with a strong presence across the country and internationally. From humble beginnings in Kolkata, designer Sabyasachi Mukherjee has grown his brand from strength to strength, being the proud owner of what can only be called as India's first 'Luxury Fashion House' in the real sense of the term.
Axis Bank's Q3FY21 net profit falls 36%
Accordingly, the bank's net profit fell to Rs 1,116.6 crore from Rs 1,757 crore reported during the corresponding period of the previous fiscal. The bank said profit after tax for the quarter was adversely impacted to the extent of Rs 1,050 crore on account of prudent expenses and provisioning charges.
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