BUSINESS
Rupee's upside may limit on corporate outflows; local unit ends 22 paise up
But, further appreciation of rupee can be capped by the corporate outflows lined up in this week. At the interbank foreign exchange market, rupee ended at 79.44 as against 79.66 close on the previous trading session on Friday against the US dollar. Indian financial markets were closed on August 15 and 16 on account of Independence day and Parsi New year.
Indices end higher for 4th straight session; Sensex tops 60,000 mark
At close, Sensex ended up 417.92 points or 0.70 per cent at 60,260.13, and Nifty ended 119.00 points or 0.67 per cent higher at 17,944.25. About 2,019 shares have advanced, 1,405 shares declined and 132 remained unchanged. BSE midcap ended up 0.64 per cent, whereas BSE SmallCap and BSE LargeCap closed 0.53 per cent and 0.71 per cent, respectively.
Few stocks in Jhunjhunwala portfolio still trading down
Stocks such as CRISIL trading 2.03 per cent down, Federal Bank was down 1.09 per cent, Karur Vyasa Bank was down 0.92 per cent, Escorts Kubota was down 0.39 per cent during the afternoon trade. However, the stocks which was sharply down on Tuesday, the first trading day after Jhunjhunwala's death, are trading up today.
Benchmark bond yield fell by 10 bps on easing crude oil prices
At 1.42 p.m., yield on 6.54 per cent -2032 bond were trading at 7.1696 per cent, sharply down from its previous close on 7.2894 per cent on Friday. Indian financial markets were closed on Monday and Tuesday on account of Independence Day and Parsi New year, respectively. "Easing crude oil prices and inflation print resulted in falling yields on bonds today," a dealer with a state-owned bank said.
Foodgrain production estimated to be record 315.72 MT, up by 4.98 MT in 2020-21
The fourth advance estimates of production of major agricultural crops for the year 2021-22 have been released by the Union Ministry of Agriculture and Farmers Welfare. The production during 2021-22 is higher by 25 million tonnes than the previous five years' (2016-17 to 2020-21) average production of foodgrains.
Airtel pays Rs 8,312.4 cr for 5G spectrum, settles 4 yrs' dues upfront
Airtel said it has paid four years of 2022 5G spectrum dues upfront. "This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow," said Gopal Vittal, MD and CEO, Bharti Airtel. Airtel also has access to Rs 15,740.5 crore in capital from the rights issue which is yet to be called. "With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience," Vittal added.
Sensex tops 60,000-mark in early morning trade
At 11:40 a.m., Sensex was trading at 60,190.62, which was up 348.41 points or 0.58 per cent, and Nifty was trading at 17,925.00, up 99.75 or 0.56 per cent. Bajaj Finserv, Bajaj Finance, NTPC, Tech Mahindra, Bharti Airtel were top gainers on the Sensex during early morning trade. In the Sensex, BSE IT and BSE Consumer Durables were major gainers and traded up 0.74 per cent and 0.69 per cent, respectively.
Tamil Nadu power utility to float tenders for EV charging stations at 100 spots
According to the office of the electricity minister, the Central power ministry has accorded sanctions for 256 charging stations across Tamil Nadu and 151 charging stations are already functional. This includes stations of private sector entities and public sectors like the Chennai corporation. The Tamil Nadu electrical policy 2019 envisages a charging station every 25 km.
GERD as percentage share of GDP remained at 0.7% in last few years
This figure is lower when compared to the GERD of many other countries, including Israel, South Korea, the US, Japan and Germany, among others. This is significant as Prime Minister Narendra Modi on his Independence Day speech called for push into research and innovation. While addressing the nation, Modi added 'Jai Anusandhan' (research, innovation) to the 'Jai Jawan, Jai Kisan, and Jai Vigyan' slogan used by political leaders.
Can Bhavish Aggarwal pull off his electric car dream amid harsh ground realities?
Aggarwal has pressed the EV accelerator hard while Ola's electric two-wheeler sales are now going south. On August 15 when the company showcased its upcoming electric car that claims to give 500 km on single change and can go from zero to 100 kms within 4 seconds, the company had sold merely around 1,400 Ola S1 and S1 Pro scooters in the first 15 days of the month (according to the government VAHAN data).
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