Top Business News of the Day: Credit profile of India Inc shows strong improvement in H1 FY22;Tata Sons top bidder for Air India; Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP and more.

4:56 P.M.

ATF price hiked by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}; India, UAE free trade pact holds huge potential to boost trade, investment: Goyal and Sensex slumps 361 pts; Nifty ends below 17,550.

Maharashtra bags 2,823 Cr investment for vehicle manufacturing facility under EV Policy ; Credit profile of India Inc shows strong improvement in H1 FY22 and Elon Musk’s Starlink aims to start broadband service in India from Dec next year.

Tata Sons top bidder for Air India; DoT slaps Rs 3,050 cr penalty on Airtel, VIL and Airtel to approach court and Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP.

4:49 P.M.

Table of Contents

ATF price hiked by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

ATF or jet fuel price on Friday was hiked by a steep 5.8 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in line with rise in international oil prices.

Aviation turbine fuel (ATF) price in Delhi was increased by Rs 3,972.94 per kilolitre, or 5.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} , to Rs 72,582.16 per kl, according to a price notification of state-owned fuel retailers, PTI reported.

4:47 P.M.

India, UAE free trade pact holds huge potential to boost trade, investment: Goyal

The proposed free trade agreement between India and the UAE holds huge potential for both the countries to boost trade and investment and the investors here are “very” positive about doing business in New Delhi, Union minister Piyush Goyal said on Friday.

Last month, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), PTI reported.

4:45 P.M.

Mahindra dispatches decline 22 pc in September

Mahindra & Mahindra Ltd on Friday reported a 21.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-on-year decline in total wholesales at 28,112 units in September. The company had dispatched a total of 35,920 units in September 2020.

Domestic commercial vehicle sales fell to 12,449 units last month from 19,494 units in September 2020. Exports rose to 2,529 units last month, up 61 per cent from 1,569 units in September 2020, PTI reported.

4:41 P.M.

TVS Motor reports 6 pc rise in sales for Sept

TVS Motor Company on Friday reported a 6 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in total sales at 3,47,156 units for September.

The company had dispatched a total of 3,27,692 units in the same month last year, TVS Motor Co said in a regulatory filing. Total two-wheeler sales were up 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 3,32,511 units last month, against sales of 3,13,332 units in September 2020, PTI reported.

4:21 P.M.

Sensex slumps 361 pts; Nifty ends below 17,550

Extending its losses for the fourth straight session, equity benchmark Sensex tumbled 361 points on Friday, weighed by HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.

The 30-share BSE index ended 360.78 points or 0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}  lower at 58,765.58. Similarly, the NSE Nifty declined 86.10 points or 0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17,532.05.

Bajaj Finserv was the top loser in the Sensex pack, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC. On the other hand, M&M, Dr Reddy’s, UltraTech Cement and PowerGrid were among the gainers, PTI reported.

4:03 P.M.

Maharashtra bags 2,823 Cr investment for vehicle manufacturing facility under EV Policy 

The Government of Maharashtra on Friday signed a MoU with Causis E-Mobility Pvt Ltd, for the setting up of a zero-emission EV manufacturing facility in the state, making it the first big-ticket investment under the recently announced Maharashtra EV Policy 2021. 

The Government of Maharashtra had unveiled a comprehensive Electrical Vehicle Policy in July 2021, to stimulate manufacturing of Battery Electric Vehicles in the State. 

Maharashtra’s second capital Nagpur, is the first city in India to pilot electric mass mobility with a fleet of 200 electric vehicles. With the use of one electric car saving an average 1.5 million grams of CO2, the equivalent of four return flights from Mumbai to Delhi, the Maharashtra EV Policy 2021 is also showing the way for cleaner streets.

“The investment of ₹ 2,800 cr will generate 1,250 employment opportunities and will help in climate action,” Shri Aaditya Thackeray, Hon’ble Minister for Environment, Tourism and Protocol, Government of Maharashtra said.

3:52 P.M.

Credit profile of India Inc shows strong improvement in H1 FY22: Rating agencies

Despite the severe second COVID wave, corporate credit profiles showed strong improvement, with more rating upgrades than downgrades witnessed in the first half of the current fiscal.

The increase in upgrades of corporates reflects a sharp and sustained recovery in demand, rating agencies said.

In the April-September period, Crisil Ratings saw its credit ratio increasing further to 2.96 times, with 488 upgrades and 165 downgrades. India Ratings and Research upgraded the ratings of 150 issuers while downgrading ratings of only 49 issuers during this period. Icra Ratings upgraded the ratings of 303 entities, with only 163 instances of downgrades in the first half of FY2022, PTI reported.

3:47 P.M.

Gold rallies Rs 555; silver jumps Rs 975

Gold in the national capital on Friday rallied Rs 555 to Rs 45,472 per 10 gram amid rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 44,917 per 10 grams.

Silver also jumped Rs 975 to Rs 58,400 per kilogram from Rs 57,425 per kilogram in the previous trade, PTI reported.

3:44 P.M.

India’s Gifting Giant, Ferns N Petals rolls out its first ever ESOP plan 2021

India’s gifting giant Ferns N Petals rolled out its first ever Employee Stock Ownership Plan (ESOP’s) worth 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the company’s outstanding shares, w.e.f. from September 2021, and is set to include first set of 35+ eligible employees under the program, as a reward for consolidating and strengthening the company’s leadership position.

The company comes with a workforce of 1000+ employees and has defined a set eligibility criteria for participation in the ESOP program. The company, which started with a single store in 1994, has grown into a reputed brand entailing 11 verticals, with a topline of INR 400 crore in FY 2020-21, PTI reported.

3:17 P.M.

Apple to avoid 600 MT of plastic by eliminating plastic wrap on iPhone 13 range

Tech giant Apple has redesigned packaging across its iPhone 13 lineup and by eliminating the outer plastic wrap, it has been able to avoid 600 metric tonnes of plastic over the lifetime of the products.

Apple, which has replaced the iPhone 13 box plastic wrap with a paper tab with a tear-off strip to ensure that any tampering is visible – aims to have its entire business carbon neutral by 2030, PTI reported.

3:00 P.M.

Elon Musk’s Starlink aims to start broadband service in India from Dec next year

Elon Musk-led SpaceX’s satellite broadband arm Starlink aims to start broadband service in India from December 2022, with 2 lakh active terminals subject to permission from the government, a top company official said on Friday.

Starlink Country Director for India Sanjay Bhargava in his social media post said that the pre-order from India has crossed 5,000 and the company is keen to work in rural areas for providing broadband services, PTI reported.

2:58 P.M.

CEOs to govts: Rise above geopolitical tensions, protectionism for trade reforms

Governments across the world must rise above geopolitical tensions to re-engage on trade reforms while refraining from protectionism, a group of nearly 30 CEOs said in a joint call to action on Friday.

The group of CEOs and chairpersons from some of the world’s biggest companies spread across 17 countries, brought together by the World Economic Forum (WEF), said the trading system must adapt to address new concerns of global resiliency, sustainability and inclusivity, PTI reported.

2:23 P.M.

Tata Sons top bidder for Air India

Tata Sons has emerged as the top bidder for the takeover of debt-laden state-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah, sources said.

Financial bids put in by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days back and were vetted by Core Group of Secretaries on Disinvestment headed by Cabinet Secretary on Wednesday, sources with knowledge of the matter said.

If its bid is accepted, Tata will take over the national carrier they once founded, PTI reported.

1:51 P.M.

DoT slaps Rs 3,050 cr penalty on Airtel, VIL; Airtel to approach court

The Department of Telecom (DoT) has slapped a penalty of Rs 2,000 crore on Vodafone Idea and Rs 1,050 crore on Bharti Airtel based on sector regulator Trai’s recommendation five years ago. The DoT has given three weeks time to the telecom operators to pay the penalty.

Trai’s recommendation had come on a complaint by Reliance Jio that over 75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of calls on its network were failing as incumbents were not releasing sufficient numbers of points of interface. In October 2016, Telecom Regulatory Authority of India (Trai) had recommended imposing a total penalty of Rs 3,050 crore on Airtel, Vodafone and Idea for allegedly denying inter-connectivity to Reliance Jio.

The regulator had, at that time, stopped short of recommending cancellation of their telecom licences saying it may lead to significant consumer inconvenience.

1:45 P.M.

Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP

Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively.

The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai. Prices differ from state to state depending on the incidence of local taxes, PTI reported.

1:42 P.M.

K Rajaraman takes charge as telecom secretary

Tamil Nadu cadre IAS officer K Rajaraman on Friday took charge as the new telecom secretary. His joining comes following the superannuation of Anshu Prakash on September 30.

Rajaraman joins as new secretary when the government is making efforts to help debt-ridden telecom operators sail through troubled waters with telecom reforms, while ensuring that there is no impact on the national exchequer from the relief given to them, PTI reported.

1:39 P.M.

Maruti Suzuki sales dip 46 pc to 86,380 units in Sep

The country’s largest carmaker Maruti Suzuki India (MSI) on Friday reported 46.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline in sales at 86,380 units in September. The company had sold 1,60,442 units in September last year, MSI said in a statement.

Domestic sales slipped 54.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 68,815 units last month as against 1,52,608 units in September 2020, PTI reported.

1:22 P.M.

Escorts posts 25.6 pc fall in tractor sales in Sept

Farm machinery and construction equipment major Escorts on Friday reported a 25.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline in total tractor sales at 8,816 units in September.

The company had sold a total of 11,851 units in the same month last year, Escorts said in a regulatory filing.

Domestic tractor sales last month stood at 7,975 units as against 11,453 units in September 2020, down 30.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} , PTI reported.


Major Asian markets plunged as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked. India’s Sensex and Nifty also opened on a negative note with Sensex falling 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 58732.10 and the Nifty falling 0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17508.20 points.

However, Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns. Major auto companies including Toyota, Nissan and Skoda India posted their sales data for the month of September for India.

Hospitality firm OYO filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale.

India’s Goods and Services Tax (GST) collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore.

12:50 P.M.

Skoda Auto India posts over two-fold rise in sales in September

Skoda Auto India reported an over two-fold increase in sales at 3,027 units in September 2021, PTI reported.

The company had sold 1,312 units in the same month last year, Skoda Auto India said in a statement.

While Kushaq has fueled the growth for the brand in India, other models such as Superb, Octavia and Rapid have also contributed to the increase in sales volumes, it added.

12:40 P.M.

Oyo files draft papers for Rs 8,430-crore IPO

Hospitality firm OYO has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale, PTI reported.

The initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 7,000 crore and offer for sale to the tune of Rs 1,430 crore, the draft red herring prospectus filed with Sebi showed on Thursday.

Proceeds from the issue would be used towards funding prepayment or repayment, in part, of certain borrowings availed by our subsidiaries amounting to Rs 2,441 crore, and funding company’s organic and inorganic growth initiatives amounting to Rs 2,900 crore, and balance towards general corporate purpose, it added.

12:25 P.M.

GST collection tops Rs 1 lakh cr for third straight month

India’s Goods and Services Tax (GST) collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore, PTI reported citing the finance ministry.

The revenues for the month of September 2021, are 23 per cent higher than the GST revenues in September 2020.

“The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods), the finance Ministry said in a statement.

12:10 P.M.

B C Patnaik takes charge as MD of LIC

nsurance behemoth LIC on Friday said B C Patnaik has taken charge as the managing director (MD) of the company, PTI reported.

He was appointed as Managing Director vide a government notification dated July 5, 2021, LIC said in a statement.

Prior to taking charge as MD of LIC, Patnaik was the Secretary General, Council for Insurance Ombudsman, (CIO) Mumbai, it said

11:55 A.M.

India coal crisis brews as power demand surges

Indian utilities are scrambling to secure coal supplies as inventories hit critical lows after a surge in power demand from industries and sluggish imports due to record global prices push power plants to the brink, Reuters reported.

Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data shows, far short of federal guidelines recommending supplies of at least two weeks.

Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas. India is competing against buyers such as China, the world’s largest coal consumer, which is under pressure to ramp up imports amid a severe power crunch.

11:45 A.M.

Piramal Capital & Housing Finance acquires DHFL

Piramal Enterprises said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company, PTI reported.

PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing.

“Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan,” it said.

11:30 A.M.

Nissan reports over three-fold increase in domestic sales in September

Automaker Nissan India said its domestic wholesales rose over three fold to 2,816 units in September, up from 780 units in the same month of last year, PTI reported.

The company said its exports last month stood at 5,900 units, compared with 211 units in September 2020.

In the first half of the current financial year, the automaker said it has achieved domestic wholesales of 18,591 units with a growth of 459 per cent over last year.

11:20 A.M.

Paras Defence lists with over 171{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} premium

Shares of Paras Defence and Space Technologies made a dream debut and jumped over 171{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} against its issue price of Rs 175, PTI reported.

The stock listed at Rs 475, a jump of 171.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the issue price on BSE. It further soared 185{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 498.75. On NSE, it listed at Rs 469, rallying 168 per cent from the issue price.

The company commanded a market valuation of Rs 1,945.13 crore on the BSE.

11:10 A.M.

India’s power consumption up 1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September

India’s power consumption grew 1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September to 114.49 billion units (BU), showing subdued recovery according to power ministry data, PTI reported.

In the entire month of September last year, the power consumption was 112.43 BU, higher than 107.51 BU in the same month in 2019.

Experts say the recovery in power demand and consumption in September 2021 remained subdued mainly because of heavy rains in the month.

11:00 A.M.

Toyota Kirloskar posts 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth in domestic sales

Toyota Kirloskar Motor (TKM) reported 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth in its domestic wholesales to 9,284 units in September as compared with same month last year, PTI reported. The carmaker had dispatched 8,116 vehicles in September 2020.

“Demand in the personal mobility segment continues as we step into the festive months. Customer orders have been on a constant rise and we are witnessing a steady growth, ever since the second wave,” TKM Associate General Manager (Sales and Strategic Marketing) V Wiseline Sigamani said in a statement.

Crysta and Fortuner continue to dominate their respective segments, both garnering huge customer interests and orders, he added.

10:45 A.M.

India’s factory activity improved in September

India’s factory activity improved last month as a recovery in the economy from the pandemic-induced slump boosted demand and output, according to a private survey, Reuters reported.

That recovery might continue for at least a few months, supported by ultra-easy monetary policy and continued fiscal spending.

A hike in the Reserve Bank of India’s key interest rate looks to be a rare possibility until at least next fiscal year and India’s government said earlier this week it would continue with its borrowing-backed spending to revive the economy.

10:35 A.M.

Rupee slumps 12 paise to 74.35 against US dollar

The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade, tracking strength of the American currency in the overseas market and a muted trend in domestic equities, PTI reported.

At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell further to 74.35, registering a fall of 12 paise over its previous close. On Thursday, the rupee had settled at 74.23 against the US dollar.

10:00 A.M.

Ola Electric raises over $200 million

Ola Electric said it has raised over $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion.

In a statement, the company the funding will strengthen Ola’s Mission Electric which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.

“Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car,” Ola said.

9:25 A.M.

Sensex, Nifty open lower

The Indian benchmark equity indices, Sensex and Nifty opened the October series on a negative note. At 9:17 IST, the Sensex fell 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or 394.26 points to 58732.10 and the Nifty was down 0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or 110 points at 17508.20 points.

About 807 shares advanced, 981 declined and 117 remain unchanged.

9:15 A.M.

Oil slips as OPEC+ weighs output boost

Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel, though the contract remained on track to post its sixth consecutive week of gains.

Brent crude futures fell 7 cents, or 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.

9:00 A.M.

Asian stocks extend global slide

Asian equities followed Wall Street sharply lower as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked, Reuters reported.

Japan’s Nikkei tumbled 1.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the broader Topix slid 1.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Australian stocks slumped 2.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and South Korea’s Kospi lost 1.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

An MSCI index of Asia-Pacific stocks dropped 1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Chinese markets are closed for a week from Friday for the Golden Week holiday.

Christopher Lewis

Next Post

Why Democrats’ Climate Goals May Test Their Latino Appeal | Business News

Mon Oct 4 , 2021
By WILL WEISSERT, Related Push BROWNSVILLE, Texas (AP) — At a current residence get together close to the U.S.-Mexico border, the dialogue with Democratic congressional candidate Rochelle Garza flowed from educational institutions and taxes to immigration and initiatives to convert an old railway line into a climbing trail. One particular […]

You May Like