India to release about five million barrels of crude oil from its emergency stocks in tandem with other major economies to cool prices, news agency PTI reported quoting an official. In other business news, the Sensex and Nifty recovered most of their intraday losses on the back of buying interest in metal, auto and state-run banking shares. In the opening deals, Sensex fell over 700 points and Nifty 50 index touched an intraday low of 17,216.
Here are the latest trending business stories:
Italy’s antitrust authority has fined U.S. tech giants Amazon.com and Apple Inc a total of more than 200 million euros ($225 million) for alleged anti-competitive cooperation in the sale of Apple and Beats products.
Contractual provisions of a 2018 agreement between the companies meant only selected resellers were allowed to sell Apple and Beats products on Amazon.it, the competition watchdog said, adding that this was in violation of European Union rules.
Indian equity benchmarks snapped their four-day losing streak on Tuesday paced by gains in metal, state-run banking, pharma and oil & gas shares. The benchmarks staged a gap down opening, however sharp recovery in the markets came on the back of short-covering as markets got into oversold zone in morning deals, analysts said. The Sensex recovered rose over 1,100 points from day’s lowest level and Nifty 50 index moved above 17,500 after hitting an intraday low of 17,216.
Citigroup is looking to create 100 roles focused on digital assets including blockchain and digital currencies at its institutional division, the U.S. bank said on Tuesday.
The initiative is the latest by traditional banks looking to find ways to tap the growing cryptocurrency sector, which has been gaining mainstream appeal as well as regulatory scrutiny.
Puneet Singhvi, Citi’s head of blockchain and digital assets at its global markets operation, will lead the new team, Citi said in a memo to staff. The note was sent to the media.
Gold and silver futures fell on Tuesday, November 23, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.37 per cent down at ₹ 47,744, compared to the previous close of ₹ 47,923. Silver futures due for a December 3 delivery were last seen 1.30 per cent lower at ₹ 63,733 against the previous close of ₹ 64,571.
‘India To Release Crude Oil From Strategic Reserves To Cool Prices’
India to release about five million barrels of crude oil from its emergency stocks in tandem with other major economies to cool prices, news agency PTI reported quoting an official.
IKEA’s malls business, one of the world’s biggest, said on Tuesday it had bought a plot in Gurugram for a shopping centre that will be its first to open in India.
Ingka Centres, which has 47 malls, that itself calls “meeting places”, anchored by IKEA stores across Europe, Russia and China and plans to enter North America and India, said the estimated investment for the project was around 400 million euros and that construction would start in early 2022.
Vodafone Follows Airtel In Raising Rates
Telecom operator Vodafone Idea (VIL) on Tuesday announced that it will raise prepaid tariff rates by up to 25 per cent with effect from November 25. Voda Idea’s tariff rate hike comes just a day after telecom major Bharti Airtel decided to increase prepaid prices by up to 25 per cent.
As of 12:16 pm, the Sensex was up 11 points at 58,477 and Nifty 50 index advanced 36 points to 17,452.
Future has failed to close its $3.4 billion deal to sell its retail assets to market leader Reliance Industries due to successful legal challenges by Amazon, which argues that Future violated some pre-existing contracts the two sides had struck, by deciding to sell its retail assets to Reliance.
Source: Reuters
Cryptocurrency products and funds posted inflows in the latest week, with investors undeterred by the latest price corrections, weekly data from digital asset manager CoinShares showed on Monday.
Institutional investors poured in $154 million in the crypto sector in the week ended November 19, with a year-to-date total of $9.2 billion, already exceeding total inflows of $6.7 billion in 2020.
Source: Reuters
Shares of billionaire Anil Agarwal-led Vedanta Limited – rose as much as 7.74 per cent to hit an intraday high of ₹ 354 on the back of heavy trading volumes. As many as 4.33 crore Vedanta shares changed hands by 11:19 am, on the BSE, compared with an average of 14.13 lakh shares traded daily in the past two weeks, data from BSE showed. Promoters of Vedanta – Twin Star Holdings and Vedanta Netherlands Investments B.V. are looking to purchase up to 17 crore equity shares of the company at an indicative price of ₹ 350 per share, valued at ₹ 5,950 crore, newspaper Business Standard reported on Monday.
The Indian equity benchmarks came off intraday lows but were trading with a negative bias. The 30-stock Sensex was down 275 points or 0.47 per cent at 58,222 and Nifty was down 40 points to 17,376.
Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries Ltd. scrapped a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company.
“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday. It will “continue to evaluate new and existing business opportunities with our potential partners.”
Aramco had signed a non-binding letter of intent in August 2019 for a potential 20% stake in Reliance’s oil-to-chemicals unit valued at about $15 billion. Reliance said the companies would walk away from the deal on Friday.
Source: Bloomberg
Fuel prices were kept unchanged for the 19th consecutive day on Tuesday. Earlier on November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels.
In the national capital, petrol is currently sold for ₹ 103.97; while diesel rate stood at ₹ 86.67, according to Indian Oil Corporation. In Mumbai, petrol is retailed at ₹ 109.98 per litre; while diesel is being sold at ₹ 94.14 per litre.
The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.
The move is designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand.
Oil prices fell on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe.
The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.
Digital payments firm MobiKwik could delay its initial public offering (IPO) by two to three months and could even push it to the next financial year as it struggles to get foreign institutional backers at the right valuation, the Economic Times newspaper said on Tuesday.
The report comes days after larger rival Paytm’s dismal market debut that saw its shares tumble more than 27 per cent, raising questions about upcoming offerings in India’s until-now red hot IPO market.
Shares of Latent View Analytics opened for trading at Rs 512, marking an upside of 160 per cent from its IPO price of Rs 197 per share. Latent View Analytics’ IPO was subscribed a whopping 326 times.
JSW Steel, Tata Steel, Tata Motors, Adani Ports, Coal India, Hindalco, Indian Oil, Divi’s Labs, Power Grid and Maruti Suzuki were among the gainers.
Infosys, ICICI Bank, Shree Cements, Bajaj Auto, Tata Consultancy Services, Dr Reddy’s Labs, SBI Life, IndusInd Bank and Asian Paints were among the losers.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 0.43 per cent and Nifty Smallcap 100 index advanced 0.73 per cent.
Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s nearly 2 per cent gain. Nifty Realty, PSU Bank, Media and Auto shares were also witnessing buying interest.
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