Tuesday, December 1, 2020
No menu items!

Business Live: Stocks open with minor good points; fuel prices hiked for 17th consecutive day

Must Read

Nvidia GeForce RTX 3060 Ti GPU to Be Faster Than GeForce RTX 2080 Super

Nvidia GeForce RTX 3060 Ti GPU has been introduced by the corporate as a part of the GeForce...

Jawan Killed In Ceasefire Violation By Pak In J&K’s Poonch

<!-- -->A sub-inspector of the Border Security Force (BSF) was killed on Tuesday.Jammu: A sub-inspector of the Border...


Domestic fuel prices proceed to maneuver up as the worldwide crude oil rally and the Centre’s urge to shore up revenues depart refiners with little alternative.

The benchmark inventory indices have managed to carry on to opening good points regardless of some preliminary promoting stress.

Join us as we comply with the highest enterprise information by way of the day.

11:00 AM

A story of two lockdowns

 

10:30 AM

RBI bars Yes Bank from paying curiosity on tier-2 bonds

The controversial Tier-2 bonds are again within the information as soon as once more for the incorrect causes.

PTI stories: “The Reserve Bank has asked private sector lender Yes Bank not to pay interest on tier-II bonds due on June 29 as its capital levels are below the mandatory threshold.

Interest payments on the bank’s 10.25 per cent unsecured non-convertible upper tier-II bonds issued in 2012 is due on June 29 and the city-based lender had sought the RBI nod to honour the same.

“The Reserve Bank of India has expressed its inability to accede to the bank’s request for payment of interest due as on June 29, 2020, since the bank does not meet the minimum capital requirements currently. Therefore, the bank would be unable to pay interest/coupon on the said upper tier II bonds which is due for payment on June 29, 2020,” the bank informed the exchanges on Friday.

As per the June 25, 2012 memorandum at the time of issue of the bonds, the interest due will be accumulated and paid later once the bank complies with stipulated regulatory requirements.

”….the specific features of the instrument require debt servicing to be linked to the bank meeting regulatory norms on capital adequacy, its managing director and chief executive Prashant Kumar said.

Asserting that the bank has adequate liquidity to meet all its obligations, Kumar said the coupon on these bonds is cumulative in nature and any unpaid sum will become payable once the bank meets minimum regulatory capital ratio.

The bank’s total capital adequacy ratio had stood at 8.5 per cent, including the tier-I ratio at 6.5 per cent as of March 31 this year. The regulatory requirement is to maintain the tier-I ratio above 8.875 per cent.

The bank, which had to be bailed out by a SBI-led consortium of lenders in March, is reportedly looking at a Rs 10,000-crore capital raise from new investors at present and already has enabling resolutions to raise up to Rs 15,000 crore.”

10:00 AM

Sensex jumps over 200 factors in early commerce; Nifty tops 10,300

The benchmark indices have opened with additional good points this morning after a big rally yesterday.

PTI stories: “Equity benchmark Sensex jumped over 200 points in early trade on Tuesday following positive cues from global markets and sustained foreign fund inflows.

After touching a high of 35,116.22 in early trade, the 30-share index was trading 145.74 points, or 0.42 per cent, up at 35,057.06.

Similarly, NSE Nifty rose 46.15 points, or 0.45 per cent, to 10,357.35.

IndusInd Bank was the top gainer in the pack, rallying around 5 per cent, followed by Bajaj Finance, PowerGrid, NTPC, Nestle India, Titan and Bajaj Auto.

On the other hand, TCS, Asian Paints, M&M and Infosys were among the laggards.

In the previous session, the BSE barometer settled 179.59 points, or 0.52 per cent, higher at 34,911.32, while the broader Nifty rose 66.80 points, or 0.65 per cent, to close at 10,311.20.

On a net basis, foreign institutional investors bought equities worth Rs 424.21 crore in the capital market on Monday, provisional exchange data showed.

According to analysts, positive sentiment in global stocks and unabated foreign fund inflows supported the domestic equity market.

On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with gains in early deals.

Stock exchanges on Wall Street ended on a positive note in overnight session.

International oil benchmark Brent crude futures fell 0.30 per cent to USD 42.95 per barrel.”

9:45 AM

India can scale back commerce deficit with China by $8.four bn: examine

India can probably scale back its commerce deficit with China by $8.four billion over FY21-22, which is equal to 17.3% of the deficit with China and 0.3% of India’s GDP, Acuité Ratings & Research stated in a examine.

This might be achieved by the rationalisation of only a quarter of India’s imports from that nation in choose sectors the place India has well-established manufacturing capabilities, Acuité stated.

Without any important extra investments, the home manufacturing sector can substitute 25% of the whole imports from specified sectors within the first section, it added.

Suman Chowdhury, chief analytical officer, Acuité Ratings & Research, stated, “With an import of $65.1 billion and export of $16.6 billion, India recorded a trade deficit of $48.5 billion with China in FY20. While imports from China have moderately declined by 15% since FY18 due to imposition of anti-dumping duties on some products, the dependence of the domestic economy on Chinese imports remains high with direct contribution to over 30% of India’s aggregate trade deficit.”

 

9:30 AM

Petrol price hiked 20 paise, diesel 55 paise, in 17th consecutive value hike

The rise within the value of home fuels continues as world oil prices enter a bull run and the federal government tries to shore up revenues.

PTI stories: “Petrol price on Tuesday was hiked by 20 paise per litre and diesel by 55 paise as the oil companies increased prices for the 17th day in a row that took the cumulative increase to a steep Rs 8.5 and Rs 10.01 per litre, respectively.

Petrol price in Delhi was hiked to Rs 79.76 per litre from Rs 79.56, while diesel rates were increased to Rs 79.40 a litre from Rs 78.55, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value added tax.

The 17th daily increase in rates, since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to fresh highs. Petrol price too is at a two-year high.”

 



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Nvidia GeForce RTX 3060 Ti GPU to Be Faster Than GeForce RTX 2080 Super

Nvidia GeForce RTX 3060 Ti GPU has been introduced by the corporate as a part of the GeForce...

Jawan Killed In Ceasefire Violation By Pak In J&K’s Poonch

<!-- -->A sub-inspector of the Border Security Force (BSF) was killed on Tuesday.Jammu: A sub-inspector of the Border Security Force (BSF) was killed...

BJP Trying To Take Away Slice Of Bollywood To UP:Maha Minister

Aurangabad: Ahead of Uttar Pradesh Chief Minister Yogi Adityanath’s assembly with movie personalities in Mumbai, senior Congress chief and Maharashtra PWD...

More Articles Like This