BUSINESS
PLI Push: Sensex crosses 59K-mark; Telecom stocks soar
Accordingly, both the key indices -- S&P BSE Sensex and NSE Nifty50 -- recorded new intra-day and closing highs. While the Sensex crossed the 59,200-mark, the Nifty breached the 17,600-level. Initially, both the key indices had a gap-up opening. However, global cues capped gains as Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiments.
Govt approves Rs 30,600 cr sovereign guarantee to operationise bad bank
The government guarantee mechanism was approved by the Union cabinet on Wednesday, paving the way to operationalise the country's first bad bank in which majority 51 per cent stake is held by public sector banks. The government guarantee will allow banks to transfer their non-performing assets (NPAs) to NARCL, which will buy the stressed assets on payment of 15 per cent of the amount in cash and the balance 85 per cent in security receipts.
JAM trinity catapulted banking to a different level: Nirmala Sitharaman
"By bringing the financially excluded, by saving pilferage, and disbursing government benefits to genuine beneficiaries, by providing SMS updates to citizens on their bank transactions, the JAM trinity catapulted our banking to a different level altogether," she said while virtually addressing the inaugural session of 'MANTHAN' Conclave being held in Aurangabad.
TCS becomes first Indian tech company to hit $200 billion market cap, shares hit lifetime high at Rs 3,980
TCS’ shares logged at a new lifetime high of Rs 3,980 per share before coming down and settling at Rs 3,955 by the end of the day, 1.8 per cent higher than the previous day’s close. The top spot has been taken by Reliance Industries (RIL) with a market capitalization of $215 billion among domestically listed companies.
Record highs: Sensex crosses 59k mark; Telecom stocks soar
Both key indices - S&P BSE Sensex and NSE Nifty50 -- made new record highs. The Sensex crossed the 59,000 marks, while Nifty breached the 17,500 level. As per market observers, the up moves come a day after the government announced support measures for some beleaguered sectors along with provisions for PLI schemes for others.
Loss of business from Ford India will be compensated with new clients: Kamarajar Port CMD
A day before the Ganesh Chaturthi festival -- September 9 -- Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021, and vehicle and engine manufacturing in Chennai by the second quarter of 2022. Ford India has four plants in the country -- vehicle and engine plants in Chennai and Sanand.
Govt seeks Rs 8-10 lakh crore valuation for LIC
The government is considering selling a 5-10 per cent stake in the company, which could raise between Rs 400 billion and Rs 1 trillion, according to the people with knowledge of the matter, who asked not to be identified as the matter is private. The potential valuation is based on preliminary talks and may change after further discussions, due diligence and an official valuation report, the report said.
OMCs hold petrol, diesel price revision even as global crude rates rise
The oil marketing companies (OMCs) on Thursday kept pump prices of auto fuels -- petrol and diesel -- unchanged, the eleventh consecutive day of no revision, as they preferred to watch the global oil situation before making any revision in prices. Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.
UNCTAD projects fastest global economy growth in 50 years
The agency said in a report released on Wednesday that the rebound was highly uneven along regional, sectoral and income lines, reports Xinhua news agency. During 2022, UNCTAD expects global growth to slow to 3.6 per cent, leaving world income levels trailing some 3.7 per cent below the pre-pandemic trend line. The report warns that growth deceleration could be bigger than expected, if policymakers lose their nerve or answer what it regards as misguided calls for a return to deregulation and austerity.
Overseas exposure of India MFs rises amid pandemic
According to a RBI survey, foreign liabilities of MF companies stood at $14.5 billion in March 2021, an over 50 per cent jump over previous year, mainly on account of units issued by MFs to non-residents. But, a bigger gain accrued in the foreign assets of MF companies due to rise in equity security and other foreign assets during the year and it stood at $2.9 billion at end-March 2021.
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