The benchmark inventory indices have opened the week on a constructive observe as soon as once more fueled by vaccine hopes.
Join us as we comply with the highest enterprise information by means of the day.
Investors proceed to dump Lakshmi Vilas Bank shares; inventory tanks over 48% in 5 days
The freefall in Lakshmi Vilas Bnak shares continues.
PTI reviews: “Shares of Lakshmi Vilas Bank declined for the fifth consecutive day on Monday and have tanked over 48 per cent during this time as investors continued to desert the counter amid host of negative news surrounding the company.
On Monday, the stock plunged 10 per cent to Rs 8.10 — its lower circuit limit as well as one year low — on the BSE.
On the NSE, it plummeted 10 per cent to Rs 8.10 — its lowest trading permissible limit for the day.
In five trading days, the stock has tanked 48.24 per cent on the BSE.
On Tuesday, the government placed Lakshmi Vilas Bank (LVB) under a one-month moratorium, superseded its board and capped withdrawals at Rs 25,000 per depositor.
The step was taken by the government, on the advice of the Reserve Bank of India, in view of the declining financial health of the private sector lender.
LVB is the third bank to be placed under moratorium since September last year after the cooperative bank PMC in 2019 and private sector lender Yes Bank this March. While Yes bank has successfully been revived under the guidance of State Bank, the PMC resolution is still a far cry.”
Reliance Industries, Future Group shares rally on sturdy demand
The Competition Commission’s nod to the RIL-Future Retail deal has buyers excited.
PTI reviews: “Shares of Reliance Industries (RIL) jumped nearly 4 per cent in early trade on Monday after the Competition Commission approved the company’s proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group.
Future Group stocks were also in heavy demand, rising up to 10 per cent.
RIL stock gained 3.72 per cent to Rs 1,970 on the BSE.
On the NSE, it jumped 3.67 per cent to Rs 1,969.35.
Besides, Future Retail zoomed 9.95 per cent to Rs 79 — its upper circuit limit, Future Lifestyle Fashions gained 9.99 per cent to Rs 90.30 and Future Enterprises Ltd shares rose by 4.92 per cent to its highest trading permissible limit for the day at Rs 10.45 on the BSE.
The Rs 24,713-crore deal that would boost Reliance Industries’ fast-growing retail business was announced in August.
In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited“.
Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.”
RBI turns into world’s first financial authority with one million Twitter followers
In a primary amongst central banks, the Reserve Bank of India has change into the primary financial authority on this planet to have greater than 1 million followers on its official Twitter deal with.
Despite a lot much less financial firepower, the Reserve Bank of India (RBI) has crushed the world’s strongest central banks — the U.S. Federal Reserve and the European Central Bank — on Twitter by a large margin, rising as the most well-liked central financial institution on the microblogging website with over 1 million followers.
As of Sunday, the RBI deal with is adopted by as many as 10,00,513 folks all over the world.
The achievement is spectacular because the 85-year-old Reserve Bank was additionally a latecomer to the world of Twitter because it created the account solely in January 2012.
According to the newest data out there on the RBI’s Twitter deal with ‘@RBI’, the variety of followers has elevated from 9.66 lakh on September 27, 2020 to over 10 lakh as of Sunday.
US Fed stability sheet hits recent file excessive
Rupee opens on flat observe in opposition to US greenback
Unlike shares, it is a flat opening for the rupee this morning.
PTI reviews: “The rupee opened on a flat note and was trading in a narrow range against the US dollar in opening session on Monday as rising COVID-19 cases offset positive sentiments surrounding the progress on the vaccine front.
At the interbank forex market, the domestic unit opened at 74.12 against the US dollar. In early trade, the local unit also touched 74.17 against the American currency.
On Friday, the local unit had settled at 74.16 against the greenback.
“The overall sentiment prevailing globally can be best described as one of cautious optimism. With a couple of vaccines having been proven effective in trials, the question now is how much the situation gets worse before it becomes better and how much more damage is inflicted upon the economy until then,” said Abhishek Goenka, Founder and CEO, IFA Global.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.13 per cent to 92.26.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 9.30 points higher at 43,891.55, and the broader NSE Nifty rose 8.60 points to 12,867.65.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 3,860.78 crore on a net basis on Friday, according to exchange data.
Brent crude futures, the global oil benchmark, rose 0.47 per cent to USD 45.17 per barrel.”
‘Travel sector may take years to return to pre-COVID-19 level’
Even although some demand has began coming again, the journey trade could take years to get again to pre-pandemic enterprise stage, stated Ritu Mehrotra, nation supervisor — India, Sri Lanka, Maldives at Booking.com.
“Travel industry was one of the first industries to be hit and I think one of the last industries to maybe make a comeback,” she stated in an interview.
“There are pockets where we are seeing demand coming up. We also feel that recovery will happen. It may take time,” she added.
She added that it could not simply take quarters however years for the trade to achieve pre-COVID-19 ranges.
Pointing out that globally over a dozen airways have needed to shut store, she stated that affect throughout sectors had been extreme and she or he anticipated to see consolidation within the journey trade.
Shares acquire amid vaccine hopes; Reliance leads pack
The vaccine increase to shares persists.
Reuters reviews: “Indian shares rose on Monday as hopes for imminent coronavirus vaccines helped boost global investor sentiment, while Reliance Industries led gains domestically after winning regulatory approval for a $3.4 billion deal.
The NSE Nifty 50 index was up 0.49% at 12,929.15 by 0400 GMT. The S&P BSE Sensex climbed 0.51% to 44,105.39.
The first COVID-19 vaccines could be given to U.S. healthcare workers and others recommended by mid-December, a top health official said on Sunday, helping Asian stock markets trade higher on Monday.
In India, Reliance Industries advanced 3% after the country’s competition watchdog approved its deal to buy Future Group’s retail assets.”
Modi says India set to double oil refining capability in 5 years, sooner than anticipated
India plans to just about double its oil refining capability within the subsequent 5 years, Prime Minister Narendra Modi stated on Saturday, providing a way more aggressive timeline than beforehand regardless of the coronavirus pandemic blighting the financial system.
The nation’s power minister was quoted http://www.ficci.in/ficci-in-news-page.asp?nid=23094 in June as saying India’s oil refining capability might bounce to 450-500 million tonnes in 10 years from the present stage of about 250 million tonnes.
But addressing a petroleum college’s convocation, Modi stated “work is being done to nearly double the country’s oil refining capacity in the next five years”.
The convocation was additionally addressed nearly by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world’s greatest oil refinery in Modi’s dwelling state of Gujarat.