BUSINESS
Reliance goes nationalistic to fight vested interests
Reliance Jio has already complained to DoT and TRAI against Airtel and Voda-Idea. Sources say these are majority controlled by multinationals are playing a dirty game rather than fighting in open markets. They had played similar games in 2016 when Jio launched it's service by denying interconnect to their network. TRAI and DoT both have imposed penalties of Rs 3,000 crore on Airtel-Voda-Idea but for unknown reasons DoT is not acting to collect such high amount of penalties. This has emboldened them to take law in their hand again.
Totally disillusioned with your lackadaisical attitude: Kishore Biyani to Amazon
This communication to Amazon is a response to their notices and addressed on behalf of Future Corporate Resources Private Limited (FCRPL), Kishore Biyani and other promoters. "At the further outset, we deny that we have acted contrary to and reneged on contractual obligations for personal gain or benefit, as alleged or at all. Such assertions are wholly unsubstantiated," Biyani said.
Bajaj Auto reports 11% rise in December sales
According to the company, total sales during the month under review grew to 3,72,532 units from 336,055 units sold during the corresponding month of 2019. However, Bajaj Auto's total domestic sales declined, standing at 139,606 units -- down (-) 9 per cent -- from 153,163 units sold in December last year. The company's overall exports zoomed by 27 per cent to 232,926 units from 182,892 units shipped out during the like month of 2019.
Honda 2-Wheelers India's December YoY sales up 3%
Honda's total sales in December closed at 263,027 units from 255,283 units sold during the corresponding period of the previous year. The company said demand recovery has continued post the festival season as two-wheeler YoY sales uptick sustained for the fifth consecutive month in December.
India’s market cap rises to $2.5 trillion
According to Bloomberg data, the crash in March followed by a nationwide lockdown announced by the government, Indian stocks have added $1.23 trillion, almost doubling the aggregate market value. India’s market capitalization had fallen to $1.3 trillion on 23 March, the lowest since March 2016.
Oil prices surge on hopes of supply cap by 'OPEC+'
Brent crude crossed the $53 per barrel mark and touched a multi-month high of $53.17 a barrel. It is the highest level since March 2020. Currently, the March contract of Brent on the Intercontinental Exchange (ICE) was trading at $53.04 per barrel, higher by 2.39 per cent from its previous close. Similarly, the February contract of WTI crude on NYMEX was trading at $49.53 per barrel, higher by 2.08 per cent from its previous close.
Buying on decline: Markets rise post slide; IT stocks shine
In the intra-day, market opened with a 'gap up' as positive macro indicators and vaccine advances in India buoyed sentiments. Consequently, the S&P BAE Sensex crossed the 48,000-mark. However, the market could not sustain itself at higher zones. Just after the initial session, the key indices fell by around 150 points.
Nissan to export Magnite to Indonesia, South Africa
Our priority for Magnite will be the Indian market. The first two countries to which the model would be exported are Indonesia and South Africa, Rakesh Srivastava, Managing Director, told reporters on Monday. He said Nissan Motor-Renult joint venture car plant near here will start third shift operations by February as Magnite has got a good market response.
December manufacturing growth inches up: PMI
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) inched up to 56.4 (index reading) in December up from 56.3 in November.
CRED raises $81mn, initiates ESOP buyback worth Rs 9cr
In the process, existing and former employees have liquidated their ESOPs, collectively worth $1.2 million (Rs 9 crore). According to the company, the ESOP buyback was completed on January 1 and this is the first ESOP liquidity programme initiated by CRED, just two years into its operations.
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