Ather to offer its fast-charging connector to other EV two-wheeler makers
Electric scooter maker Ather Energy on Tuesday said it will offer its proprietary fast-charging connector to other EV two-wheeler manufacturers as well for faster adoption of these vehicles, a PTI report noted.
The company said this will pave the way for an interoperable two-wheeler fast charging platform in the country, and allow more original equipment manufacturers to build products on a common standard, thereby, lowering infrastructure investments.
Reliance Power posts ₹12 crore net profit in June quarter
Reliance Power on Monday posted a consolidated net profit of ₹12.28 crore in the June ending quarter of 2021, compared with a loss of ₹1.88 crore in the year-ago period, according to the company’s regulatory filing.
The firm’s total income fell to ₹2,062.59 crore in the first quarter of this fiscal, from ₹2,137.10 crore in the year-ago quarter, it said. And, its expenses were at ₹1,971.21 crore, lower from ₹2,054.83 crore a year ago, a PTI report noted.
Investment bankers to get biggest checks in decade as Wall St. bonuses jump
Most Wall Street workers can expect double-digit increases in bonuses this year compared to 2020, while investment bankers could see the biggest checks in roughly a decade, according to a report by compensation consulting firm Johnson Associates Inc.
Bankers who do underwriting work could enjoy a 30-35% increase in their 2021 bonus, while bankers who handle advisory work and equity sales and trading professionals could get 20-25% increases, a Reuters report noted.
Asset managers, hedge fund and private equity workers could see increases of 10-15%.
Rupee opens on weak note, slips in early trade
Indian Rupee opened on a weak note at 74.40 against the U.S. dollar on Tuesday, after closing at 74.26 on Monday.
In Tuesday’s early trading, the rupee depreciated further to 74.46, registering a fall of 20 paise over its previous close.
According to Forex traders, foreign fund inflows and positive domestic equities will limit the depreciation bias of the local unit, a PTI report noted.
Reliance New Energy Solar to invest $50 million in battery storage firm Ambri
Reliance New Energy Solar Ltd. (RNESL), a wholly owned subsidiary of Reliance Industries Ltd. (RIL), has announced an investment of $50 million to acquire 42.3 million shares of preferred stock in Ambri Inc., an energy storage company based in Massachusetts, USA.
This is part of a $144 million investment that RNESL, strategic investors Paulson & Co. Inc., Bill Gates, and a few other investors, have committed to make in Ambri.
Fed officials say tapering is near, advancing discussion on rate hike
Two Federal Reserve officials said on Monday that the U.S. economy is growing rapidly and that while the labour market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes, Reuters reported.
Atlanta Federal Reserve Bank President Raphael Bostic said he is eyeing the fourth quarter for the start of a bond-purchase taper but is open to an even earlier start if the job market keeps up its recent torrid pace of improvement. Moreover, he and Richmond Fed President Tom Barkin both said they believe inflation has already achieved the Fed’s 2% threshold, according to their separate assessments.
Economic activity nears level seen pre-pandemic: Nomura
India’s economic activity reached its highest level, in the first week of August, since the onset of the COVID-19 pandemic last year, as per a business resumption index.
The Nomura India Business Resumption Index rose to a record high of 99.4 for the week ended August 8, from 94.0 in the previous week, near the pre-pandemic level of 100, and surpassing the pre-second wave peak of 99.3 in February 2021.
upGrad raises $185 million; enters unicorn club
upGrad, a higher edtech firm, became the latest unicorn in the Indian market when it received a total of $185 million from Temasek and International Finance Corporation at a valuation of $1.2 billion on Monday.
July equity MF inflows surge to ₹22,583 crore
The strong inflows in new fund offers helped equity mutual funds (MFs) to log a staggering net investment of ₹22,583 crore in July, making it the fifth consecutive monthly infusion, amid a stock market rally.
The net inflow stood at of ₹5,988 crore in June, as per data from the Association of Mutual Funds in India.
Oil steadies after hitting three-week low on pandemic restrictions
Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand, a Reuters report noted.
Brent crude oil futures increased by 0.4%, to $69.34 a barrel, while U.S. West Texas Intermediate crude oil futures advanced by 0.7%, to $66.91 a barrel.
Earnings announcements expected today
Several companies are expected to release their quarterly earnings report on Tuesday, including Ashoka Buildcon, Balaji Telefilms, Brookfield India Real Estate Trust REIT, Computer Age Management Services, Century Plyboards, Chalet Hotels, Coal India, Cochin Shipyard, Deepak Fertilisers, Eveready Industries, Godrej Agrovet, Infibeam Avenues, IRB Infrastructure Developers, Jindal Steel & Power, Krishna Institute of Medical Sciences, Lupin, Manappuram Finance, Max Financial Services, Power Grid Corporation of India, Pricol, Reliance Infrastructure, Siemens, Spencers Retail, Tata Teleservices (Maharashtra), Whirlpool of India, Wonderla Holidays, and Zomato.
Indian benchmark indices open higher, rise in early trade
Indian indices opened higher on Tuesday. BSE Sensex opened at 54,461.31, up 58.46 points, while Nifty opened at 16,274.80, up 16.55 points.
In Tuesday’s early trade (at 9:29 A.M.), Sensex gained 256.2 points or 0.47% over its previous close to reach 54,659.05, while Nifty rose 63.35 points or 0.38% over its previous close to reach 16,320.60.
On Monday, the 30-share BSE index rose 125.13 points or 0.23% to close at 54,402.85, while the broader NSE Nifty advanced 20.05 points or 0.12% to 16,258.25.
Asian stocks on backfoot as concern over Delta variant saps confidence
Asian stocks started off on a weak footing on Tuesday after a largely soft performance on Wall Street and as persistent concerns over the spread of the Delta variant of the coronavirus dented sentiment and triggered falls in metals and oil prices, a Reuters report noted.
MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.4% in early trading, with Korea’s KOSPI index down 0.56% while China’s blue-chip index CSI300 shed 0.33%.
Japan’s Nikkei was UP 0.9% while Australia’s benchmark S&P/ASX200 was 0.2% higher on the back of strong earnings results.
Low rates bet tops virus fears on Wall Street
The Nasdaq rose, while the S&P 500 and the Dow fell on Monday, with those betting on low long-term interest rates gaining an upper hand against those who fear surging coronavirus cases will hamper a recovery that can help economically sensitive stocks, a Reuters report noted.
The S&P 500 closed at 4,432.35, down 4.17 points or 0.09%, the Dow Jones Industrial Average fell 106.66 points or 0.30% to close at 35,101.85, and the Nasdaq Composite ended at 14,860.18, up 24.42 or 0.16%.