BUSINESS
CarTrade makes weak stock market debut, lists below issue price
Around 12.40 p.m., shares of the company were trading at Rs 1,552.05, lower by Rs 47.95 or 3.00 per cent from its opening price and Rs 65.95 or 4.08 per cent from its issue price. Yash Gupta, Equity Research Associate, Angel Broking: "We suggest investors who have received the allotment hold the share for a short time as we expect the stock to show some recovery in the near future."
Microsoft invests $5 mn in OYO
According to a regulatory filing by OYO this week, Microsoft Corporation has invested $5 million (nearly Rs 37 crore) in the company via the issuance of equity shares and compulsory convertible cumulative preference shares (CCCPS). OYO was valued at just $3 billion in recent quarters by SoftBank, one of its largest investors.
Net debt of listed developers declines 37% amid Covid
An ICICI Securities report noted that the decline in debt levels has been achieved through a combination of reduction in cost of debt by 80-160 basis points (bps), reduction in corporate overheads by 20-40 per cent from pre-Covid levels, operating cash surpluses, asset sales and equity capital raise either through the QIP route or through dilution at the SPV level.
Earning wings: Akasa Air's clearances likely by year-end
Accordingly, the proposed airline venture has applied for a NoC (No Objection Certificate), AoP (Air Operator Permit) and other permits from the Ministry of Civil Aviation (MoCA). In fact, the first stage of acquiring the NoC is still underway. Interestingly, there are several stages to get the overall clearances to start an airline venture in India.
Global cues subdue equity indices; oil and gas stocks' slip
Initially, market indices' opened a gap down in line with losses in the Asian markets. The two key indices later tried to recover, making a higher bottom on an intraday basis. Consequently, the S&P BSE Sensex at 1.10 p.m. traded fell to 55,286.25, lower by 343.24 points or 0.62 per cent from its previous close. Similarly, the NSE Nifty50 traded lower. It fell to 16,433.10, lower by 135.75 points or 0.82 per cent from its previous close.
Adobe acquires video collaboration platform Frameaio for $1.275 bn
With over a million users across media and entertainment companies, agencies and global brands, Frame.io streamline the video production process by enabling video editors and key project stakeholders to seamlessly collaborate using cloud-first workflows. "We have entered a new era of connected creativity that is deeply collaborative, and we imagine a world where everyone can participate in the creative process," said Belsky.
Three US giants to invest in UP
According to a state government spokesman, the factories being set up by the three US-based multinational companies will provide employment to 7,500 people. Microsoft and MAQ Software will set up their units in Noida whereas PepsiCo has started construction of its factory in Mathura, said an Industrial Department official.
Diesel price cut by 20 paise, no change in petrol price
In the national capital, diesel was sold for Rs 89.27 per litre, 20 paise lower than the previous level. Petrol price was at Rs 101.84 per litre. Similarly, in Mumbai, diesel price also fell 20 paise to Rs 96.84 a litre, while petrol was unchanged at Rs 107.83 per litre. The pump prices of auto fuels have been static since July 18.
Sensex slumps as banking, metal stocks plunge
The domestic market declined in line with the Asian stocks over concerns of rising cases of Delta variant of Covid-19 and its impact on the global economic recovery. The selloff was led by banking and metal stocks. The BSE Sensex fell as much as 615 points to touch an intraday low of 55,013.98 points. It has, however, recovered from the lows.
Builders only understand 'colour of money' or a jail term: SC
A bench headed by Justice D.Y. Chandrachud told real estate firm Ireo Grace Realtech Pvt Ltd that the court had directed it to refund the money, but it filed a plea seeking modification of the order. This plea was dismissed in March and the top court had directed that the money should be paid to the home buyers within two months.
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