Lupin Q1 net profit jumps 5-fold to ₹542 crore
Drug firm Lupin on Tuesday reported a 5-fold jump in its consolidated net profit at ₹542.46 crore for the quarter ended June 30, 2021, as against ₹106.90 crore in the year-ago period.
The significant jump in June quarter net profit was on account of robust sales and income received from biopharmaceutical firm Boehringer Ingelheim, a PTI report noted.
The company’s consolidated revenue from operations stood at ₹4,237.39 crore for the June ending quarter, compared with ₹3,468.63 crore for the same period a year ago.
India, U.S. seeing fund inflows after China crackdown: Mark Mobius
India, the United States and parts of other emerging markets have seen fund inflows redirected from China as recent regulatory crackdowns in the world’s second-biggest economy have spooked markets, according to veteran investor Mark Mobius.
Mobius said his firm was “heavily concentrated in India”, with about a 20% allocation, adding that he was bullish on sectors ranging from medical testing to industrial equipment, Reuters reported.
BioNTech alone could lift German economy by 0.5% this year
The development and domestic production of a ground-breaking COVID-19 vaccine by German start-up BioNTech could boost economic growth in Europe’s largest economy by up to 0.5 percentage points this year, an economist said on Tuesday.
The German economy is seen growing by roughly 4% this year. This means that BioNTech and its development of a coronavirus vaccine could account for roughly an eighth of overall GDP growth in 2021, based on estimates by Sebastian Dullien, head of think tank the Macroeconomic Policy Institute, a Reuters report noted.
Top public relations director at Chinese social media giant Weibo arrested
Chinese authorities have arrested a top public relations executive at Chinese social media giant Weibo Corp, a Reuters report noted, citing a company source.
Mao Taotao, director of public relations at Weibo, is suspected of bribery and had “seriously harmed the interests of the company”, according to an internal memo sent to staff and seen by the news agency.
Rupee opens on flat note, rises in early trade
Indian Rupee opened on a flat note at 74.43 against the U.S. dollar on Wednesday.
In Wednesday’s early trading, the rupee appreciated by 4 paise over its previous close, touching 74.39 against the dollar.
According to Forex traders, foreign fund outflows and a negative trend in domestic equities is likely to weigh on the local unit, a PTI report noted.
U.S. Senate pivots to $3.5 trillion bill, key to Biden’s agenda
The Democratic-controlled U.S. Senate on Tuesday passed a massive infrastructure bill and immediately kicked off debate on a $3.5 trillion spending blueprint for President Joe Biden’s key priorities on climate change, universal preschool and affordable housing, a Reuters report noted.
Democrats pivoted quickly to a budget resolution containing spending instructions for the multi-trillion-dollar follow-up package. They plan to push the package through over the next few months, using a process called “budget reconciliation,” which bypasses the chamber’s normal rules requiring 60 votes to pass most legislation.
Singapore upgrades 2021 GDP outlook as vaccinations gain pace
Singapore’s bellwether economy expanded more than initially estimated in the second quarter and the government raised its forecast for 2021 as COVID-19 vaccinations progressed at home and in other key markets, Reuters reported.
Gross domestic product (GDP) grew 14.7% year-on-year in the second quarter, higher than the 14.3% growth seen in the government’s advance estimate. Analysts had expected a 14.2% increase, according to the report.
GDP is forecast to grow 6% to 7% in 2021, versus a prior estimate for an expansion of 4 to 6%, the Ministry of Trade and Industry said.
SIDBI unveils Digital Prayaas lending platform
Small Industries Development Bank of India (SIDBI), engaged in promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) has unveiled ‘Digital Prayaas’ an app-based digital-lending platform to facilitate loans to entrepreneurs from low-income groups. The objective is to sanction a loan by the end of the day.
To cater to those from the urban area, SIDBI has tied up with BigBasket to provide loans to its delivery partners for purchase of e-bikes and e-vans.
In July, more than 65% consumers believe their incomes have reduced: RBI survey
The RBI’s July edition of the consumer confidence survey shows that urban Indians are still highly pessimistic about employment opportunities, though their confidence has marginally improved since May when the second COVID-19 wave was at its peak.
However, in July, 65.9% of the respondents, the highest since the survey started, said income levels have dropped and 93.1% said commodity prices have increased.
Banking, financial, insurance sector to hire 3 lakh this fiscal
The Indian Banking, Financial Services and Insurance (BSFI) sector is quite bullish on the outlook and would be hiring at least three lakh people in the current fiscal in contrast to the ‘bare minimum’ recruitment it witnessed in the previous year, industry observers said.
Oil crawls higher on solid U.S. demand outlook despite Delta surge
Oil prices on Wednesday consolidated strong overnight gains as a bullish outlook for U.S. fuel demand outweighed concerns about mobility curbs in Asia with the spread of the highly infectious COVID-19 Delta variant, Reuters reported.
Brent crude futures inched up 3 cents to $70.66 a barrel, following a 2.3% gain from the previous day, while U.S. West Texas Intermediate crude futures rose 6 cents, or 0.1%, to $68.35 a barrel, adding to a 2.7% jump on Tuesday.
Earnings announcements expected today
Several companies are expected to release their quarterly earnings report on Wednesday, including Aries Agro, Ashiana Housing, Aster DM Healthcare, Bajaj Electricals, Bata India, Birla Cable, Bharat Road Network, Cadila Healthcare, CESC, CreditAccess Grameen, Cummins India, Endurance Technologies, Equitas Holdings, Force Motors, HEG, IDFC, India Cement, Lemon Tree Hotels, Novartis India, Pidilite Industries, Rupa & Company, and VIP Industries.
Indian benchmark indices open higher
Indian indices opened higher on Wednesday. BSE Sensex opened at 54,730.65, up 175.99 points, while Nifty opened at 16,327.30, up 47.2 points.
On Tuesday, the 30-share BSE index rose 151.81 points or 0.28 % to close at 54,554.66, while the broader NSE Nifty advanced 21.85 points or 0.13% to 16,280.10.
Asian shares held back by Delta worries
Asian shares on Wednesday traded sideways on fears about the spread of the coronavirus despite a record close on Wall Street.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.08% in Asian trading, with Chinese blue-chips down 0.38% Korea's KOSPI down 0.37%. Japan’s Nikkei gained 0.57%.
Dow, S&P 500 hit records as infrastructure bill passes Senate
The blue-chip Dow and the benchmark S&P 500 rose to record highs on Tuesday, buoyed by gains in economically sensitive value stocks after the U.S. Senate passed a $1 trillion bipartisan infrastructure package, a Reuters report noted.
The S&P 500 closed at 4,436.75, up 4.40 points or 0.10%, the Dow Jones Industrial Average rose 162.82 points or 0.46% to close at 35,264.67, and the Nasdaq Composite ended at 14,788.09, down 72.09 or 0.49%.