The Sensex and Nifty opened the day with a positive stance, continuing from the previous week.
Join us as you follow the top business news through the day.
10:30 am
India Inc’s foreign direct investment declined 31% to $ 1.85 billion in February
In February this year, India Inc’s foreign direct investment fell 31% to $ 1.85 billion.
Domestic companies invested $ 2.66 billion in their overseas subsidiaries and joint ventures a year ago, in February 2020.
Of the total investment made by Indian companies in foreign markets, $ 1.36 billion was in the form of loans; The $ 297.37 million consisted of equity investment and the remaining $ 183.82 million was through issuance of guarantees, according to RBI data on External Foreign Direct Investment (OFDI) – February 2021.
However, the total OFDI by domestic companies in February exceeded $ 1.19 billion in January 2021.
Major companies investing in their foreign ventures during the month include Tata Steel ($ 1 billion in its wholly owned subsidiary in Singapore) and Sun Pharmaceutical Industries – $ 100 million in a joint venture in the US.
10:00 am
Indian stocks gain on financial, energy boost; Muthoot finance falls
Good start to the day for the shares.
Reuters Report: “Indian stocks opened higher on Monday after two consecutive sessions of falls with the help of financial and energy stocks, while top gold financing company Muthoot Finance fell after the death of its chairman.
The Blue Chip NSE Nifty 50 index rose 0.62% to 15,031.03 and the benchmark S&P BSE Sensex rose 0.66% to 50,740.06 from 0668 GMT.
Market sentiment was also upbeat as investors globally celebrated the US Senate’s passage of the 1.9 trillion stimulus bill.
MSCI’s largest index of Asia-Pacific shares outside Japan rose 0.5% on prospects of a faster global economic rebound following the passage of the stimulus bill.
Shares of Muthoot Finance Ltd declined by 5% in domestic business following the demise on Friday of MG George Muthoot, chairman of the company’s https://bit.ly/3v3Lqva.
Citing police in local papers, it is said that the chairman fell from the fourth floor of his house in New Delhi at around 9 pm on Friday night.
The Nifty Bank Index rose 1.22% to 1.08% last week.
The Nifty Energy Index gained 1.65%, which was among the highest bounce in more than a year in Brent crude futures.
Oil and Natural Gas Corp Ltd was one of the largest percentages on the Nifty 50 with gains of up to 6.1%. “
9:30 am
Neighbors of more than 50,000 offline retailers are now part of local shops: Amazon India
On March 7, e-commerce major Amazon said that more than 50,000 offline retailers and neighborhood grocery stores in 450 cities across the country are now part of its ‘local shops’ program.
Launched in April, ‘Local Shops’ aims to enable local shoppers and grocery store owners to sell online. In October, Amazon India said that the event saw participation from more than 20,000 retailers in 400 cities.
Over 50,000 offline retailers and neighborhood stores from 450 cities – Tier II and Tier III cities from metros like Sangli, Osmanabad, Jamnagar, Gorakhpur, Jabalpur, Ratlam, Bikaner, Tumkur, Jalpaiguri, Kanchipuram and Dehradun among the local stores on Amazon Have become. The program said in a statement on 7 March.
They offer customers in their cities many other products including fresh flowers, home and kitchen products, furniture, electronics, books and toys.
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