The benchmark stock index opened the day on a negative note, continuing downward since yesterday.
Join us as you follow the top business news through the day.
1:00 pm
Despite the transition to revival of Indian economy seen ‘untimely’ – c.bank chief
Mr. Shaktikanta Das remains confident despite the risk of a second wave of superpower.
Reuters Report: “A revival of India’s economic activity is expected to be” unabated “, with many regions needing to grow coronovirus infections and not cutting their 2022 growth projections, the central bank chief on Thursday.
However, it is a concern, vaccines are available, lockdowns are less stringent and preparations are better than when the epidemic started last year, Reserve Bank of India (RBI) Governor Shaktikanta Das said.
“Our preliminary analysis shows that next year’s growth rate of 10.5%, which we had given, would not require a downward revision,” Das said at an economics meeting in New Delhi.
Data from the Ministry of Health shows that there were 53,476 infections on 23 October in India. It ranks third out of 11.8 million infections worldwide after Brazil and the United States. “
12:30 pm
Regulation should not constrain innovation in fintech space: RBI guv
Bats central bank for lighter regulation.
PTI Report: “Underlining the need for innovation in the financial sector for effective service delivery, RBI Governor Shaktikanta Das on Thursday called for effective regulation that would help innovation in the fintech space and not overwhelm it.
Effective regulation is a priority for the Reserve Bank, and regulation should not disrupt innovation in the fintech space, the governor told an event organized by the Times Group.
The governor also said that maintaining the health of the banking sector with a strong capital base and ethics-driven governance is a policy priority.
Das said that technology and innovation had played a big role in providing better and faster service to the consumers, RBI said that to provide direct benefit transfer to the people, RBI processed 274 crore digital transactions, most of which were epidemic. Occurred during
The governor said, “Since RTGS, which runs round the clock along with NEFT, has multi-currency capabilities, there is scope to take it beyond our shores.”
Despite his official opposition to private crypto currencies, Das said the central bank is assessing financial stability concerns as this central bank works on moving to digital currency.
The central bank chief also said that the RBI is committed to using all policy tools to support economic recovery while preserving price stability and financial stability.
Saying that the spike in new pandemic infections is a matter of concern, however, he said that the nation is equipped with additional insurance to deal with the misery at this time. “
12:00 pm
Parliamentary panel drags states to implement rules on Ponzi schemes
A parliamentary panel has drawn the state governments for “a wavering and obstinate attitude” to enforce the law “banning irregular and illegal deposit schemes”, while newspapers as well as celebrities “get appropriate penalties” It is also recommended to amend the rules to provide for this. Supports fake deposit schemes.
In its report on ‘The Banning of Unorganized Deposit Schemes Rules, 2020’ tabled in Parliament on Wednesday, the committee headed by Member of Parliament Pratap Singh Bajwa noted that the sharp pace of implementing the rules by states and union territories was disappointing. was .
Hence the committee recommends this ministry [of finance] Its enforcement mechanisms should be strengthened to ensure that the objectives of the regulations, which have a broad impact on the public interest, are achieved by letter and spirit.
11:30 am
‘Privatization may affect bank’s rating’
India Ratings and Research (Ind-Ra) said that the privatization of two public sector banks could affect their ratings as government support for both entities would disappear.
The rating agency said privatizing the as-yet-unnamed PSB as a budget proposal could lead to “negative migration of ratings on long-term issuer ratings (mapped to senior instruments such as infrastructure bonds) and ratings on banks’ Tier 2 instruments” Is. ”This will have greater impact when the government privatizes weaker banks.
11:00 am
Craftsman Automation shared the list with a discount of over 9%
The beginning of a shortage IPO as a market tank.
PTI Report: “Shares of auto component manufacturer Shilpakar Automation made their debut in a tepid market on Thursday, with a discount of over 9 per cent, against its issue price of Rs 1,490.
The stock was listed at Rs 1,350, down 9.39 percent from the issue price on BSE. Later, as the business moved forward, it declined by 9.44 per cent to Rs 1,349.20.
On the NSE, it started at Rs 1,359, a discount of 8.79 percent from the issue price.
The initial public offer of Craftsman Automation was subscribed 3.81 times earlier this month.
The offer of Rs 824 crore was in the price range of Rs 1,488-1,490 per share.
The net proceeds of the issue will be used for repayment or prepayment of certain borrowings received by the company and generally for general purposes. “
10:30 am
The rupee weakened 7 paise to close at 72.62 against the USD.
Stocks lose Rs.
PTI Report: “The Indian rupee rose another 7 paise to 72.62 against the US dollar in early trade on Thursday amid growing concerns over growing coronovirus cases in India and some other parts of the world.
In the interbank forex market, the rupee opened significantly lower at $ 72.68 per dollar, but reopened some of its losses as the morning trade progressed.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, rose 0.03 percent to 92.55.
Global oil benchmark Brent crude futures fell 1.04 percent to USD 63.55 per barrel.
Analysts believe that market volatility will remain for some time due to uncertainty due to the second wave of COVID-19 attack in India and the third wave in parts of Europe.
On the domestic equity market front, the BSE Sensex slipped nearly 500 points, or more than 1 percent, while the broader NSE Nifty slipped 135 points or 0.93 percent.
Foreign institutional investors were net sellers in the capital market on Wednesday as they sold shares worth Rs 1,951.90 crore as per exchange data. “
10:00 am
The Sensex climbed over 400 points in early trade; Nifty goes below 14,500
The index benchmark Sensex fell by over 400 points in early trade on Thursday amid foreign exchange outflows and a weak trend in global markets, while index majors Reliance Industries, Infosys and HDFC Bank lost losses.
The 30-share BSE index was down 404.94 points or 0.82% at 48,775.37, and the broader NSE Nifty closed 113.50 points or 0.78% at 14,435.90.
IndusInd Bank was the top 2% in the Sensex pack, followed by Maruti, SBI, Axis Bank, Bajaj Finance, Reliance Industries, Infosys and HDFC Bank.
On the other hand, ONGC, Titan, L&T and Dr. Reddy were among the beneficiaries.
9:30 am
‘Define unfair trade practice for e-com’
Saying that predatory pricing by e-commerce firms could be out of competition and harmful to consumers in the long run, a parliamentary panel recommended that the government be more clear on what constitutes ‘business behavior’ The definition must offer a practical legal remedy to deal with the issue.
The committee headed by Member of Parliament Pratap Singh Bajwa, in its report on ‘The Consumer Protection (E-Commerce) Rules, 2020’ tabled in Parliament on Wednesday, also recommended imposing a cap on the delivery charge levied by e-commerce firms. . , As well as providing punitive provisions for violations of rules relating to misinformation.
The committee said that while e-commerce enterprises offer many benefits, the development of the clause has made consumers vulnerable to issues of new forms of unfair trade practices, privacy violations and unavailable complaints.
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