BUSINESS
Microchip shortage, high fuel prices dent auto makers' Sept sales
The semiconductor or microchip shortage has impacted the industry's production levels, extending the waiting period besides escalating prices. Major automobile players such as Maruti Suzuki, Hyundai Motor, Tata Motors and Mahindra reported an adverse impact on production that led to lesser dispatches. Semiconductors play a critical part in the production of internal combustion engines.
S&P 500, NASDAQ performance in Sep the worst since start of pandemic
Stocks have been extremely choppy in September, as investors grappled with an abundance of issues: high inflation expectations, rising bond yields, the pace of the economic recovery, America's debt ceiling, and China's corporate debt levels. September was the worst month this year for all three indexes. And for the S&P 500 and Nasdaq, this month was their poorest performances since the start of the pandemic.
India's manufacturing PMI rises to 53.7 in Sept
Accordingly, the headline seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 (index reading) in September as against a reading of 52.3 in August. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
Global cues sent equity indices; realty stocks down
In the initial trade hours, the market struggled at lower levels after a gap down opening on October 1. Globally, Asian markets after opening lower are languishing at low levels. Furthermore, European markets have opened lower on growth and inflation fears. On the domestic front, realty, telecom, auto and FMCG are the main losers so far, whereas metals is the main gainer.
Air India's new owner to be decided in next few days: Sources
Besides, conglomerate Tata Sons, which is one of the bidders, is touted to be the frontrunner to get hold of the carrier. Earlier, Tata Sons backed SPV and industrialist Ajay Singh, in his personal capacity had sent in their financial bids. Accordingly, sources said that the two bids are being scrutinised against a reserve price set for the airline.
Path to recovery: GST collection for Sep at over Rs 1.17 lakh cr
The gross GST revenue collected in September stood at Rs 1,17,010 crore, a growth of 23 per cent over the same month last year. It is also higher than last month's (August, 2021) collection of Rs 1,12,020 crore. The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement.
Petrol, diesel prices rise again amid volatility in oil market
Accordingly, diesel prices increased by 30 paisa per litre in the national capital to Rs 90.17 per litre, while petrol rates rose by 25 paisa per litre to Rs 101.89 a litre, according to Indian Oil Corporation, the country's largest fuel retailer.
Equity indices trade in red; Sensex down over 500 points
Accordingly, the 30-scrip sensitive index traded at 58,601.78 points around 9.55 a.m., down 524.58 points or 0.89 per cent.
Divestment Bound: AI staff to vacate accommodations in 6 months
Accordingly, employees staying in company accommodations in different housing establishments will have to vacate or face strict penal action or heavy monitory penalty with disciplinary action. The decision, according to the employees, comes as a rude shock, especially in metro cities like Delhi or Mumbai, where housing rentals are "sky-high".
Production Rebound: India's core industrial output up 11.6% in August
The Index of Eight Core Industries (ICI) readings for the last month showed an expansion of 11.6 per cent from a decline of 6.9 per cent in output during the same month of the previous year.
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