BUSINESS
Stock market saw sectoral rotation between 1st, 2nd half of FY21
A report by IDFC Mutual Fund showed that sectoral rotation took place during the first and second halves of the last financial year. Despite the sectoral rotation, metals stocks stood out throughout the year, as they outperformed in all the four quarters. "Apart from that, significant sector rotation was seen from the first half of FY21 to the second half," it said.
Glenmark Pharma to use IFC's $40 mn loan for debt refinance and capex
Glenmark is having a good presence in generics, the counter and speciality drugs. The IFC has committed an unsecured loan of $40 million to the company. Queried about the deployment of the loan fund a company spokesperson told IANS: "The $40 mn loans will be utilized to refinance existing Foreign Currency Convertible Bonds (FCCBs) and CAPEX funding."
Equity indices in green, Sensex up 250 points
Healthy buying was witnessed in metal, healthcare and auto stocks. Around 10 a.m., Sensex was trading at 49,409.77, higher by 250.45 points or 0.51 per cent from its previous close of 49,159.32. It opened at 49,441.13 and has touched an intraday high of 49,558.77 and a low of 48,936.35 points.
Nearly 72,000 housing units sold in January-March: Report
"Quarterly sales volumes have steadily improved since Q2 2020 and have surpassed the 2019 pre-Covid quarterly sales average in Q1 2021. Considering that this is the second consecutive quarter to cross the 2019 quarterly sales average, we believe that the market is recovering well, if not having done so already. 71,963 units were sold during Q1 2021, 44 per cent more than in Q1 2020," it said.
Swiggy close to raising Rs 5,862 crores at $5 billon valuation
According to an internal memo sent by company founder Sriharsha Majety to employees on Monday and seen by IANS, existing investors Accel and Prosus will also participate in the series J round of funding. Singapore-based GIC Private Ltd and the Qatar Investment Authority (QIA) are also likely to participate in the ongoing funding round at a later stage, people aware of the deal revealed.
Economic recovery resilient despite surging Covid cases: FinMin report
The Monthly Economic Review for March 2021 released by the Department of Economic Affairs (DEA) said that the agricultural sector remains the bright spot of Indian economy with foodgrains production touching 303.3 million tonnes in 2020-21 beating record production levels for the fifth consecutive year in a row.
India attracts over $72 bn FDI in April-Jan FY21
Accordingly, the inflow rose to $72.12 billion during April to January, 2021, 15 per cent higher as compared to the first ten months of 2019-20, when it stood at $62.72 billion. "The trends show that the FDI equity inflow grew by 28 per cent in the first ten months of F.Y. 2020-21 ($54.18 billion) compared to the year ago period ($42.34 billion)," the Ministry of Commerce and Industry said.
Covid resurgence subdues India's manufacturing sector output: PMI
On the price front, the rate of input cost inflation was among the strongest seen over the past three years, the report said. However, selling prices increased only moderately as companies limited their adjustments to retain a competitive edge and boost sales.
FDI policy on e-Commerce should protect the interests of smaller merchants: PHDCCI
For this to happen, the chamber said that the definition of group companies should be extended to include companies operating the marketplace platform itself, its group companies, its affiliates companies, its associated enterprises, its related parties, and any other person controlled, directly or indirectly, by above or in which the person in the companies mentioned above have any direct or indirect equity or economic participation in any manner.
Covid resurgence dents equities; bank stocks plunge
Consequently, the S&P BSE Sensex at around 1.15 p.m. was down by 1,013.76 points, or 2.03 per cent, to 49,016.07 points from the previous close. The NSE Nifty50 on the National Stock Exchange traded at 14,581.10, down by 286.25 points, or 1.93 per cent, from its previous close.
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