The Nifty and the Sensex opened the day on a negative note, but soon lost a day of volatile trading.
Join us as you follow the top business news through the day.
12:30 pm
Future Group of India tumbles 10% as court prohibits sale of property by its head
A great beat for future stock.
PTI Report: “Shares of Future Group companies fell by 10% on Friday as an Indian court barred its founder and CEO from selling their personal assets in Mukesh Ambani’s $ 3.4 billion deal with Reliance Industries Ltd. Given.
Shares of Future Retail fell 10% to close at Rs 55.90 on Friday morning. Other group companies including Future Consumer Limited, Future Lifestyle Fashion Limited and Future Enterprises Limited were also down between 8% and 10%.
Amazon.com Inc. is locked in a legal dispute with Future, stating that it has allegedly breached certain contracts by selling its retail assets. The future denies any wrongdoing.
In this case Twist and Turn have created two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Ambani, as lock horns fighting for a larger share of India’s retail market.
Retailers Association of India (RAI) Chief Executive Officer Kumar Rajagopalan said, “Such a long deal involving the company in urgent need of funds is not healthy.”
“Thousands of employees and a large number of small and medium enterprise vendors are affected, and the entire retail ecosystem is disturbed at the industry level.”
Future Group, along with the nation’s second largest retailer which has more than 2000 retail stores and supermarkets including Big Bazaar and Foodhall, has warned that it could face liquidation if the deal is not reached with Reliance. . “
12:00 pm
Indian shares rise in volatile trade; Future group firms slide
An update on shares.
Reuters Report: “The initial drop in Indian stocks recovered to trade slightly higher in a volatile session on Friday, as a pullback to the 14-month high yields at the US Treasury hit overnight, sparking some apprehension over the exclusion of foreign funds from emerging markets. Reduces to.
As of 0554 GMT, the blue-chip NSE Nifty 50 index rose 0.17% to 14,582.65 and the benchmark S & P BSE Sensex rose 0.23% to 49,327.90. Earlier in the session, the Sensex and Nifty jumped 1.43% and 1.28% respectively.
Anand James, chief market strategist at Geojit Financial Services, Kochi, said, “After hitting the peak, there is some easing in the 10-year bond yield. This has increased the risk appetite of traders who wanted to buy into dips.”
“From a technical standpoint, the Nifty received some support at the 14,500 level,” said Amit Shah, head of India at BNP Paribas India in Mumbai.
The upsurge in domestic affairs of COVID-19 has weighed investor sentiment this week as well. India reported 39,276 cases on Friday, its highest daily increase since the end of November.
India’s main stock index was on track to post a drop of around 3% for the week following two straight week gains. As of Thursday’s close, both the Nifty and the Sensex were nearly 5% off their record-high hits in mid-February.
Among individual stocks, Future Group companies, including Future Retail and Future Consumer, declined about 10%.
An Indian court on Thursday barred Future Group chief Kishore Biyani from selling his personal property after Amazon.com. A challenge to Reliance Industries of the Indian conglomerate against the sale of $ 3.4 billion of its retail business. “
11:30 am
Chip shortage forces Ford to build trucks without computers
A global semiconductor shortage and a February winter storm forced Ford to manufacture F-150 pickup trucks without some computers.
The company says the pickup will be held in factories for “several weeks”, then shipped to dealers once computers are available and quality checked.
The move is the latest wave from a global semiconductor shortage that forced Honda and Toyota to announce production cuts at some US factories earlier this week. General Motors has also been forced to make pickups without some computers and later install them.
Ford’s move is expected to tighten the inventory of the F-series pickup of the best-selling vehicles in the US. Inventories are already tight due to high demand and loss of production due to last year’s coronavirus-related factory closures.
11:00 am
The rupee fell 3 paise against the US dollar in early trade
The rupee opened 3 paise down at 72.56 against the US dollar in early trade on Friday as it impacted investor sentiment in the domestic stock markets.
However, the foreign dealer said that persistent foreign fund inflows and weak dollar overseas supported the rupee.
In the interbank forex market, the local unit opened at 72.57 against the US dollar, then recovered some ground to bid at 72.56, a drop of 3 paise from the previous close.
The rupee had closed at 72.53 against the US currency on Thursday.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 243.44 points lower at 48373.08, and the broader NSE Nifty fell 74.30 points to close at 14,483.55 in early deals.
10:30 am
Using AI to fight COVID-19 could harm disadvantaged groups, experts say
Companies around the world have developed methods over the past year to harness the power of big data and machine learning (ML) in medicine. A model developed by the Massachusetts Institute of Technology (MIT) uses AI to detect asymptomatic COVID-19 patients through a cough recorded on their smartphone. In South Korea, a company used cloud computing to scan chest X-rays to monitor infected patients.
Artificial intelligence (AI) and ML have been deployed extensively during epidemics, and they have been used ranging from data extraction to vaccination delivery. But experts at the University of Cambridge question the ethical use of AI because they tend to harm technology from minorities and low socio-economic status.
Stephen Cave, director of the Center for the Future of Intelligence (CFI) of Cambridge, said, “Relaxing moral needs in a crisis can have harmful consequences that go beyond the life of an epidemic.”
10:00 am
Sensex over 600 points in early trade; Nifty slipped below 14,400
The equity benchmark Sensex surged over 600 points in early trade on Friday, following losses from HDFC Bank, L&T and Reliance Industries amid negative signals from global markets.
The 30-share BSE index was trading 617.10 points or 1.25% down at 48,599.42, and the broader NSE Nifty fell 201.35 points or 1.38% to close at 14,356.50.
ONGC topped the Sensex pack by 5%, followed by L&T, Bajaj Finance, M&M, Maruti, SBI, Titan, HDFC Twins and Reliance Industries.
On the other hand, shares of Kotak Bank, Bharti Airtel and Powergrid were profitable.
The Sensex was down 585.10 points or 1.17% at 49,216.52 in the previous session and the Nifty was down 163.45 points or 1.11% at 14,557.85.
9:30 am
Delhi HC bans Reliance deal
In a major victory for US-based e-start giant Amazon, the Delhi High Court on Thursday ruled that Kishore Biyani, including Future Retail Limited (FRL) and its promoters, “knowingly and willfully” ordered an emergency arbitrator (EA) Violated FRL by pursuing deal with Reliance Retail for sale of its property.
Noting that the intent of FRL and its promoters “does not appear to be honest”, the High Court directed attachment of assets of Future Coupons Private Limited (FCL), FRL, Mr. Biyani and 10 other promoters.
Justice JR Midha directed Mr. Biyani and other promoters to appear before the court on the next date of hearing on 28 April. It issued show cause notices to all the promoters “Show cause why they have not been kept in civil custody? Jailed for a period of more than three months for violation of the order of the Emergency Arbitrator.
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