BUSINESS
Crypto platform CoinSwitch Kuber raises $260 mn, to scale India business
With more than 10 million users, CoinSwitch Kuber has become a new unicorn, and the most valuable crypto company in India valued at $1.9 billion. CoinSwitch Kuber said it will utilise the funds for onboarding 50 million Indians on its platform and introduce new crypto products.
Global cues, high crude prices dent equities; metals' stocks fall
Globally, equities traded sharply lower as risk sentiment soured amid growing worries that inflation may persist. On the domestic front, Metal, Pharma, IT and Realty stocks declined. Consequently, at 3 p.m. the 30-scrip sensitive index traded at 59,239.69 points down 505.19 points or 0.85 per cent.
Financial stress in China property sector spreads beyond Evergrande
Fantasia Holdings, a Shenzhen-based developer, missed repaying $206 million worth of bonds that matured Monday, the company said in a stock exchange it is now assessing "the potential impact on the financial condition and cash position of the group". Fantasia had informed the company that it would probably "default on [its] external debts," Country Garden Services added.
Growth Stance: MPC to hold rates despite excess liquidity
On the other hand, the central bank might indicate a timeline for commencing solid tapering measure in addition to variable reverse repo rate (VRRR) operations to withdraw excess liquity, thereby, staving off inflationary pressure. In a poll conducted by IANS, economists and industry experts cited inflationary pressures as a key factor halting any further monetary policy easing.
Decrease in prices of perishables may moderate Sep inflation to 4.62%: Barclays
In a research report focused on India, the investment banker said that decline in prices of perishable foods should ease inflation further in September, but a diverse set of temporary shocks should push up core inflation. The elevated global commodity prices continue to exert upward pressure on India's import basket. Overall, we continue to forecast that CPI inflation will average 5.4 per cent in FY2021-22, with risks balanced, Barclays said in its report.
Petrol and diesel prices rise sharply as global oil climb continues
Diesel prices increased by a sharp 35 paisa per litre in the national capital to Rs 91.42 per litre on Wednesday while petrol prices rose by 30 paisa per litre to Rs 102.94 a litre, according to the Indian Oil Corporation, the country's largest fuel retailer. Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week, given a spurt in the product prices lately.
Indian BPO market to hit $8.8 bn by 2025 amid liberalised regime
According to GlobalData, a leading data and analytics company, the BPO market in India is now supported by the country's efforts to liberalise regulatory guidelines for the BPO industry in recent times to ward off competition from countries like the Philippines, Malaysia, Mexico, and Canada.
Markets in positive range today
The Sensex of the BSE opened at 59,942.00 points which was also the high point. The Sensex touched a low of 59,799.26 points. On Tuesday, the Sensex closed at 59,744.88 points. The Sensex is trading at 59,872.16 points up by 127.28 points or 0.21 per cent.
Govt resumes E-way bill blocking facility for non-compliant taxpayers
E-way bill is a permit needed for inter-state and intra-state transportation of goods. If this permit is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by The Goods and Service Tax Network (GSTN), a non-profit, non-government organisation which manages the entire IT system of the GST portal, the government has resumed blocking of EWB facility.
India's September services output rate eases, still in expansionary mode: PMI
"Companies indicated that greater footfall boosted sales and output in the latest month, with some taking on additional staff to cope with rising workloads," the PMI report said. However, the output rate slowed down sequentially during the month under review. The seasonally adjusted India Services Business Activity Index remained above the threshold 50 (index reading) mark.
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