BUSINESS
Global oil futures rise over supply concerns in US
Currently, the November contract of Brent crude futures on the Intercontinental Exchange is trading at $72.50 per barrel, higher by 1.47 per cent from its previous close. Similarly, the October contract of WTI crude on the New York Mercantile Exchange (NYMEX) was trading at $69.13 per barrel, higher by 1.45 per cent from its previous close.
Base effect pushes up domestic PV sales in Aug
Challenges pertaining to electronic components' availability, coupled with high operating and ownership costs due to rising commodity prices capped the sales' uptrend. Accordingly, sales of passenger vehicles increased to 2,32,224 units in August as compared to 2,15,916 units sold during the corresponding period of 2020.
Q2FY22 total merchandise exports to grow 33%: India Exim Bank
Accordingly, India Exim Bank forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year. Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal.
Want Paytm in my portfolio, says valuation guru Aswath Damodaran
Aswath Damodaran, the award-winning Professor of Finance at the Stern School of Business at New York University, recently said in an interview with an Indian news channel that he would place his bets on Paytm. "Paytm has some real potential because I think this is a business which is huge, payment processing and financial services is huge.
India's merchandise exports to touch $98 bn during Q2 of FY22
The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand, India Exim Bank said. Increase in commodity prices have also contributed to the increase in India's exports. Forecast of growth in India's total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis.
FPIs net investment of Rs 7,575 cr in September so far
This week, both the key Indian equity indices scaled new highs. The BSE Sensex, on Tuesday touched a record intra-day high of 58,553.07 points and the Nifty50 on the National Stock Exchange hit its all-time high of 17,436.50 points. The total net investment last year stood at Rs 16,556 crore. The inflow of FPIs continues amid a recovery in the economy and improving macroeconomic numbers.
OMCs hold fuel price revision; Brent trades above $72/bbl
In the national capital, petrol was sold for Rs 101.19 per litre. Similarly, price of the fuel in the other key metros of Mumbai, Chennai and Kolkata stood unchanged at Rs 107.26, Rs 98.96, Rs 101.62 per litre, respectively. In tandem with petrol price, diesel price also remained unchanged on Friday. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 88.62, Rs 96.19, Rs 93.26 and Rs 91.71 per litre respectively.
Biden orders companies to require vaccination for employees
Setting an example, Biden said on Thursday that all federal employees and contractors will also be made to get vaccinated or get tested regularly. As the latest Covid-19 resurgence fueled by the Delta variant is raging among the unvaccinated, Biden announced his far-reaching programme to combat the pandemic that reaches into schools and private businesses.
Festive Prospects: Healthy demand to sustain despite challenges says Maruti Suzuki
Accordingly, PV market leader Maruti Suzuki India believes the upcoming festive season will boost buying sentiments. Lately, the sequential sales' momentum has been subdued due to rising ownership and operating cost. According to Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India: "Healthy sales momentum is expected to be maintained during the main festive period starting from mid-October. Till now, the festival of Onam saw a decent sales uptrend. However, there are uncertainties on the supply side."
'Climate-tech startups raised $1.2 bn in last 5 years'
There was a sustained growth in both volume and value of equity deals in the sector between 2016 (18 deals worth $102 million) and 2019 (58 deals worth $506 million), before a dip in 2020, owing to the pandemic. "This shows that a new wave of climate-tech is blooming in India. A total of 120 climate-tech start-ups raised this funding over 200 rounds from 272 unique investors over the past five years," said a report titled 'Early-stage Climate-tech Startups in India.
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