BUSINESS
Coal, petroleum products' production fuel Oct core industry growth
On a sequential basis, the Index of Eight Core Industries' (ICI) readings for last month showed a faster rate of expansion at 7.5 per cent (provisional) from a rise of 4.5 per cent (provisional). Similarly, on a year-on-year basis, the ICI readings during the period under review was higher than (-) 0.5 per cent reported for October, 2020. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP), and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
US Treasury likely to run out of cash before end of December: CBO
With $28.9 trillion, the US Treasury has reached a new debt limit due to which the lawmakers at present have no room to borrow any more funds under its standard operating procedures, the report added. The Federal agency report also said that the department is using the 'extraordinary measures' that allow it to continue to borrow additional amounts for a limited time.
Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%
Besides, pent-up demand, higher exports along with a rise in service activity amid further improvement in mobility supported the uptrend. The accelerated vaccination drive also played a role in this YoY rise as it brightened consumer sentiments. On a YoY basis, India's GDP growth rate had fallen by 7.4 per cent during the corresponding period of the previous fiscal. On a sequential basis, the GDP growth rate during Q2FY22 was lower than the rise of 20.1 per cent recorded for Q1FY22.
Equity indices settle in red, Tata Steel among top losers
Notably, the indices opened the session on a positive note. The barometer 30-scrip Sensex closed at 57,064 points, down by 195 points or 0.34 per cent from its previous close. Similarly, the broader 50-scrip Nifty closed the day at 16,983 points, down by 71 points or 0.4 per cent from its previous close. In terms of stocks, shares of Tata Steel, Kotak Mahindra Bank, JSW Steel, Adani Ports and Bajaj Auto were the top losers
Reliance Capital welcomes RBI move to resolve company's debt in accordance with IBC Code
The Company will cooperate fully with the Administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders, statement said. The complexity of litigation initiated by certain secured and unsecured lenders, resulting in the pendency of over 10 cases in various fora, including the Supreme Court, Mumbai High Court, Delhi High Court and DRT, has effectively stalled the resolution of the Company's debt, despite its best efforts for the past over 2 years, the company said.
Equity indices rise in early trade; Sensex up 0.6%
At 9.30 a.m., the S&P BSE Sensex traded at 57,620 points, up 0.62 per cent. It opened at 57,272 points from the previous close of 57,260 points. Till now it has touched a low of 57,252 points. Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,055 points after closing at 17,053 on Monday.
Oil marketing companies keep diesel, petrol prices unchanged
It is noteworthy to mention here that prices of the petrol and diesel have been untouched post the revision of duties by the Centre and state governments in early November. Accordingly, diesel and petrol prices in Delhi remained static at Rs 86.67 per litre and Rs 103.97 per litre, respectively on Tuesday.
PhonePe 'SafeCard' enables businesses to implement tokenisation easily
This solution is in compliance with the recent RBI guidelines. PhonePe SafeCard enables businesses to offer tokenisation on their own platforms via a simple API integration. With this solution, businesses can create, process, delete and modify tokens for online card payments with a customers' consent, the company said in a statement.
Pakistani rupee falls to all-time low against $US
The US dollar closed at 175.46 rupees on Friday, and on Monday opened higher, after the local currency devalued by 0.74 rupees, or about 0.42 per cent, the official figures showed. The Pakistani rupee has started suffering depreciation against the greenback since May 2021 when it started surging from 152.27 rupees, Xinhua news agency reported.
$US reverses losses as risk sentiment improves
The dollar index, which measures the greenback against six major peers, rose 0.30 per cent at 96.3315 in late trading, Xinhua news agency reported. US President Joe Biden on Monday said, "Sooner or later, we're going to see cases of this new variant in the US. This variant is a cause for concern, not a cause for panic."
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