PremiumSensex and Nifty were flat on Tuesday. Asian stocks opened mostly lower tracking US markets that ended weak as investors mulled the impact of a withdrawal of unprecedented stimulus and the spread of omicron virus. Traders are awaiting US December consumer inflation data due to be released on Wednesday.
Paytm operator One97 Communications recorded “stellar growth" in the December quarter, on the back of a rapid scaling of its lending business, it said on Monday. Loan disbursal volumes during the quarter shot up 401% year-on-year to 4.4 million and value jumped 365% to ₹2,180 crore.
Besides, Paytm, Axis bank and Fortis, Vodafone Idea is in focus as its board approved conversion of the full amount of interest related to spectrum auction instalments.
Employment in nine key sectors, excluding agriculture, increased by 200,000 jobs sequentially to around 31 million during the September quarter, according to the second Quarterly Employment Survey (QES) issued by the government on Monday.
Indian telecom operator Vodafone Idea said on Tuesday its board approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of the airwaves into equity.
Following the conversion, the Indian government will hold about 35.8% of the total outstanding shares of the company, Vodafone Idea said in a statement. Promoter shareholders Vodafone Group would hold around 28.5% and Aditya Birla Group around 17.8%.
India is considering a proposal to allow carry forward of losses and accumulated depreciation during the amalgamation of companies in a bid to promote consolidation among startups dealing in services and in organized retailing sectors, said two people privy to the development.
The new proposal is being considered by the finance ministry, and it may be introduced as part of proposals for Union Budget 2022-23, the people cited above said, requesting anonymity. (Full report)
The trading link to be established between National Stock Exchange Ltd and Singapore Exchange Ltd (SGX) at Gujarat International Finance Tech (GIFT) City to divert the flows into Indian securities away from Singapore and to India’s so-called foreign jurisdiction is expected to go live on 1 April, said Injeti Srinivas, chairman, International Financial Services Centre (IFSC) Authority. (Read more)
After clocking stellar gains on Monday, Indian benchmark indices are likely to open on a weak note on Tuesday tracking global shares. On Monday, the Sensex closed at 60,395.63, up 650.98 points or 1.09%, while Nifty settled at 18,003.30, 1.07% higher.
Oil prices rose on Tuesday after two days of losses, with some risk appetite returning as the market awaited clues from the U.S. Federal Reserve chairman on potential rate rises and as some oil producers continued to struggle to beef up output.
Brent crude futures gained 26 cents, or 0.3%, to $81.13 a barrel, after dropping 1% in the previous session.
Equity mutual funds received a record inflow of ₹24,989.57 crore in December, more than double the ₹10,686.77 crore in the previous month, despite the growing threat of a third coronavirus wave derailing India’s economic recovery.
The contribution of monthly systematic investment plans (SIPs) to mutual funds also hit a record ₹11,305.34 crore in December, compared to the previous high of ₹11,004.94 crore in November, according to data released by the Association of Mutual Funds in India (Amfi) on Monday.
Asian stocks slipped Tuesday and U.S. futures fluctuated ahead of a key inflation print stateside that’s expected to strengthen the case for tighter monetary policy. The Nikkei 225 index dropped 0.34%, Topix index fell 0.7%, Australia’s S&P/ASX 200 fell 0.7%, Kospi fell 0.1%, Hang Seng Index slipped 0.3%, and Shanghai Composite Index was little changed.
U.S. stocks fell on Monday despite staging a comeback late in the day, as bets that the Federal Reserve may hike interest rates as soon as March led investors to pare risky assets. The Dow Jones Industrial Average shed 0.45%, and the S&P 500 lost 0.14%.
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