BUSINESS
Profit booking, global cues subdue equities; banking stocks down
However, optimism over lower Covid-19 cases as well as hopes on faster vaccination drive arrested any major decline. Among sectors, realty, power and healthcare were the main gainers while telecom, metals, banks and auto were the main losers. Globally, stocks slipped and cryptocurrencies sank as threat of unwanted inflation had investors shy away from assets seen vulnerable to any removal of monetary stimulus.
Second wave induced sequential slackening a concern: ICRA
ICRA also cautioned that bruised sentiment, high healthcare and fuel expenses will limit discretionary purchases in the immediate term. Furthermore, the agency expects a cut-back in spending on contact-intensive services. "As expected, the shrunken base of the nationwide lockdown in April 2020 has boosted the pace of year-on-year (YoY) expansion of several high-frequency indicators in April 2021 " ICRA Chief Economist Aditi Nayar said.
Mittal family, SingTel have no intention to sell their stakes in Airtel: CEO Gopal Mittal
Singtel and the Mittal family effectively own 31.9% and 24.5% in Bharti Airtel respectively. “I have heard about such (market) rumours this morning, but I wish to emphatically deny them and clarify that neither the Bharti family nor Singtel has any intention what-so-ever to sell their stakes in Airtel,” Vittal told Economic Times.
PhonePe acquires homegrown Indus App Bazaar for Rs 438 crores
PhonePe launched the Switch platform in 2018 and today, its customers can place orders on over 300 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 17.5 million merchant outlets across 500 cities nationally.
HP leads as India's hardcopy peripherals market logs best quarter: IDC
The growth was primarily led by the inkjet segment, wherein HP grew by 109.4 per cent (YoY). However, its market share dropped to 22.7 per cent as it occupied the third position in the inkjet market, according to latest data released by the IDC .The laser printers' segment (including copiers) recorded a YoY growth of 26.3 per cent as the government placed multiple orders towards the end of its financial year.
Asian exports, pandemic demand fuel record global trade rebound
Countries in the region thrived after "early success in pandemic mitigation," which "allowed them to rebound faster and to capitalize on booming global demand for Covid-19 related products," the United Nations Conference on Trade and Development (UNCTAD) said in a report published on Wednesday.
Alternate day fuel price revision rolls on, pause after hike a day ago
Accordingly, the price of petrol continues to remain at Tuesday level of Rs 92.85 a litre and diesel Rs 83.51 per litre in Delhi. Across the country as well the petrol and diesel prices remained static on Wednesday but its actual retail prices varied depending on the level of local levies in respective states.
Equity indices in red amid volatile trade
Around 10.26 a.m., Sensex was trading at 50,083.31, lower by 110.02 points or 0.22 per cent from its previous close of 50,193.33. It opened at 50,088.81 and has so far touched an intra-day high of 50,279.01 and a low of 50,015.57. The Nifty50 on the National Stock Exchange was trading at 15,087.20, lower by 20.90 points or 0.14 per cent from its previous close.
Tata Motors announces Rs 7,600 crore Q1 loss as Jaguar restructuring cost eats into profits
In the January-March quarter, Tata posted a net loss of Rs 7,600 crore which is significantly less than the Rs 9,890 crore loss of last year. Interestingly, an evaluation done by analysts predicted a profit of about 2,662 crores ($365.4 million) in Q1 2021. However, Tata Motors' loss was largely on account of 'exceptional items' - asset write-downs and restructuring costs.
Canara Bank reports Q4 net profit of Rs 1,011 crores
During the same period of FY20, the bank had reported a net loss of Rs 3,259.33 crore. Total income of the bank during the fourth quarter of Q4 FY21 was Rs 21,522.60 crore, up from Rs 14,222.39 crore earned during the same period of the previous fiscal.Domestic deposit of the bank stood at Rs 9,63,306 crore as on March 2021 with growth of 10.74 per cent on a year-on-year basis.
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