BUSINESS
Oil prices surge on hopes of supply cap by 'OPEC+'
Brent crude crossed the $53 per barrel mark and touched a multi-month high of $53.17 a barrel. It is the highest level since March 2020. Currently, the March contract of Brent on the Intercontinental Exchange (ICE) was trading at $53.04 per barrel, higher by 2.39 per cent from its previous close. Similarly, the February contract of WTI crude on NYMEX was trading at $49.53 per barrel, higher by 2.08 per cent from its previous close.
Buying on decline: Markets rise post slide; IT stocks shine
In the intra-day, market opened with a 'gap up' as positive macro indicators and vaccine advances in India buoyed sentiments. Consequently, the S&P BAE Sensex crossed the 48,000-mark. However, the market could not sustain itself at higher zones. Just after the initial session, the key indices fell by around 150 points.
Nissan to export Magnite to Indonesia, South Africa
Our priority for Magnite will be the Indian market. The first two countries to which the model would be exported are Indonesia and South Africa, Rakesh Srivastava, Managing Director, told reporters on Monday. He said Nissan Motor-Renult joint venture car plant near here will start third shift operations by February as Magnite has got a good market response.
December manufacturing growth inches up: PMI
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) inched up to 56.4 (index reading) in December up from 56.3 in November.
CRED raises $81mn, initiates ESOP buyback worth Rs 9cr
In the process, existing and former employees have liquidated their ESOPs, collectively worth $1.2 million (Rs 9 crore). According to the company, the ESOP buyback was completed on January 1 and this is the first ESOP liquidity programme initiated by CRED, just two years into its operations.
BEML shares surge nearly 8% as govt invites EoIs for stake sale
"Govt has issued the PIM/EOI for disinvestment of 26 per cent equity share capital of BEML Ltd along with transfer of management control. Disinvestment will be through a two-stage competitive bidding process," said a tweet by the Twitter handle of the Secretary, Department of Investment and Public Asset Management on Sunday.
Maruti Suzuki's domestic sales record nearly 18% growth in December 2020
As compared to 1,33,296 units in December 2019, the company's total sales grew by 20.2 per cent to 1,60,226 units in December month of 2020. Mini cars such as Alto and S-Presso's sales recorded a rise of 4.4 per cent to 24,927 units as compared to 23,883 in December 2019. The compact segment vehicles, including models Swift Celerio, Ignis, Baleno, and Dzire, rose 18.2 per cent to 77,641 units as against 65,673 cars in December 2019.
Sensex hits 48,000 for the first time ever
It has touched an all-time high of 48,168.22 points. Similarly, the Nifty50 on the National Stock Exchange touched a high of 14,114.15 points. Hopes on the vaccine front, along with improved auto sales and GST collection data supported the market sentiments on Monday.
Imports record growth for first time since February 2020, exports down by 0.8%
As a result, the trade deficit widened to $15.7 billion, which is the highest since January 2020, states the preliminary numbers released on Saturday by the commerce department. The sectors that recorded double-digit export growth are, drugs and pharmaceuticals, chemicals, electronic goods, and iron ore, while the fall in oil prices resulted in a sharp decline of 40% in the value of petrol and diesel that were shipped out of the country in December month.
Samsung, LG aim to foster future growth engines in 2021
Samsung, the world's largest smartphone and TV vendor, said it aims to actively cope with social and economic changes induced by the COVID-19 pandemic so that 2021 can be the year that provides a platform for its future growth.
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