Wall Street | Dow Jones Industrial Average index ended 1.66 percent lower on Thursday. S&P 500 fell 1.85 percent and the tech-heavy Nasdaq witnessed 2.05 percent loss. (Image: Shutterstock)Asian Equities | Japan’s Nikkei fell by 0.57 percent at 8:00 am on Friday while the Shanghai index was trading 0.10 percent lower. (Image: Shutterstock)SGX Nifty | Trends on SGX Nifty suggest a negative start for the broader market in India with a loss of 0.92 percent. Nifty futures were trading at 17,456 on the Singaporean exchange at 8:00 am. (Image: Shutterstock)Dalal Street | BSE Sensex ended 541.81 points or 0.90 percent lower at 59,806.28, while the broader NSE Nifty declined 164.80 points or 0.93 percent to 17,589.60.Rupee | The rupee pared its initial gains to settle down by 11 paise at 82.06 against the US dollar on Thursday as the support from the weak dollar was negated by a sell-off in domestic equity markets.Crude Oil | Brent oil price edged lower by 0.01 percent at $81.58 a barrel at 8:00 am on Friday.Gold | Spot gold gained 0.08 percent to $1,836.10 per ounce as of 8:00 am on Friday.Cryptocurrency | Bitcoin was trading 8.97 percent lower at $20.090.34 at 8:00 am on Friday while the Ethereum blockchain network fell 8.25 percent in the last 24 hours to trade at $1,428.66 (Image: Shutterstock)Russia-Ukraine War | US Defense Secretary Lloyd Austin, in Israel on Thursday during a Middle East visit, called on allies to step up support for Ukraine in its war with Russia.
Wall Street | The US market was closed on Monday on account of the Presidents Day holiday.Asian Equities | Heavy losses were witnessed in Japanese, South Korean, Hong Kong and Chinese markets as Ukraine-Russia crisis intensified with Russian recognition of breakaway Ukraine regions.D-Street | Indian benchmark equity indices ended lower for the fourth consecutive session on Monday amid volatility on the back of the Russia-Ukraine crisis. Nifty50 settled 0.4 percent lower at 17,206.65 while Sensex closed at 57,683.59, down 0.3 percent.Crude Oil | Oil prices jumped to a seven-year high after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. Brent crude futures rose 1.6 percent to $96.94.Russia-Ukraine Crisis | UN Secretary-General Antonio Guterres voiced great concern over Russia’s decision to recognise Donetsk and Luhansk regions of Ukraine as independent, saying Moscow’s decision is a “violation” of the territorial integrity and sovereignty of Ukraine and inconsistent with the principles of the Charter of the United Nations. This was after Russian President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent on Monday, accelerating a crisis the West fears could unleash a major war.Rupee | The Indian rupee on Monday extended its gains for the fifth straight day. After opening strong at 74.51 against the greenback, from Friday’s close of 74.66, the rupee extended those gains and rose to a high of 74.35.Cryptocurrencies | Cryptocurrency prices today plunged with Bitcoin falling below the $38,000 level. The world’s largest and most popular cryptocurrency declined more than 5 percent to $37,150. Ether also fell about 5 percent to $2,590 while Dogecoin price crashed over 7 percent to $0.12 and Shiba Inu also plummeted about 8 percent to $0.000024. The performance of other coins also tanked as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 5-12 percent, as per reports.Gold | Gold prices hit a near nine-month-high on Tuesday, after Russia ordered troops into breakaway regions of eastern Ukraine, boosting demand for the safe-haven metal. Spot gold was up 0.2 percent at $1,909.54 per ounce after scaling its highest since June 1 at $1,913.89 per ounce earlier. US gold futures gained 0.7 percent to $1,913.60.IPO Market | API Holdings, India’s largest digital healthcare company, has received approval from markets regulator Sebi to raise Rs 6,250 crore through an initial public offering (IPO). Adar Poonawalla-backed Wellness Forever Medicare and metal recycling firm CMR Green Technologies have also got Sebi’s go-ahead to raise funds through initial share sales.Government may bring ATF under GST ambit | In what could be a win-win situation for the industry, central government and states, the GST Council is likely to deliberate on a formula to get ATF under the ambit of GST. CNBC-TV18 has learnt that centre is likely to allow 18 percent GST along with VAT or excise to get state governments on board.
1. Asia: Shares in Asia-Pacific traded mixed on Thursday as investors reacted to the latest announcements from the U.S. Federal Reserve. Mainland Chinese stocks nudged higher, with the Shanghai composite above the flatline and the Shenzhen component advancing 0.255 percent. The Hang Seng index in Hong Kong rose 0.3 percent. In Japan, the Nikkei 225 was little changed while the Topix index sat below the flatline. South Korea’s Kospi declined 0.66 percent. Shares in Australia edged higher, with the S&P/ASX 200 up 0.66 percent, reported CNBC International. (Image: Reuters)2. US: U.S. stock futures were flat on Wednesday night as traders kept an eye on Washington, looking for clues about the prospects of additional fiscal aid. Dow Jones Industrial Average futures gained just 29 points, or 0.1 percent. S&P 500 and Nasdaq 100 futures also rose marginally. Earlier in the day, congressional leaders closed in on a $900 stimulus package that would include direct payments to individuals, reported CNBC International. (Image: AP)3. Markets At Close On Wednesday: Indian indices ended at record close on Wednesday boosted by buying across all sectors. Gains were mainly led by realty, auto, IT and metal indices. The Sensex ended 403 points higher at a record close of 46,666 while the Nifty rose 115 points to its closing high of 12,683. In intra-day deals as well, the Sensex hit an all-time high of 46,704.97, up as much as 442 points while the Nifty rallied 124 points to its new high of 13,692. (Image: Reuters)4. Crude Oil: Oil prices edged higher on Wednesday, buoyed by U.S. government data that showed crude stockpiles fell last week and by optimism about a coronavirus relief package in the United States. Brent crude futures rose 28 cents to $51.04 a barrel. West Texas Intermediate (WTI) crude futures settled 20 cents, or 0.4 percent, higher at $47.82 per barrel, reported CNBC International. (Image: Reuters)5. Rupee Close: The rupee appreciated 5 paise to close at 73.58 against the US dollar on Wednesday, propped up by sustained foreign fund inflows and a weak greenback overseas. Strong domestic equities also strengthened investor sentiment, traders said. At the interbank forex market, the rupee opened at 73.49 against the US dollar and witnessed an intra-day high of 73.48 and a low of 73.60, reported PTI. (Image: Reuters)6. SEBI On Shareholding Norms: In its last board meeting before the union budget, market regulator Sebi cleared some crucial regulations for companies undergoing Corporate Insolvency Resolution Process (CIRP). Sebi said the companies wanting to re-list after going through CIRP will have to achieve Minimum Public Shareholding (MPS) of 5 percent at the tome of re-listing on the exchanges. Such companies will get a period of 12 months to achieve MPS of 10 percent and 3 years to achieve MOS of 25 percent. What comes as a relief for the incoming promoter is that Sebi has decided to do away with the current one year lock-in requirement for the promoter. As per the revised regulation, the incoming promoter will be able to contribute towards achieving 10 percent MPS required within 12 months. (Image: Reuters)7. Cabinet On Sugar Subsidy: The union cabinet on Wednesday has cleared the export subsidy for sugar exports for the marketing year 2020-2021. While the mandated sugar exports still stand at 6 million tonne, last year, mills managed to export 5.8 million tonne. The money allotted for this is quite lower than last year. Last year, it was Rs 10.45 per kilogram and this time, it was has gone back and forth – Rs 9.5 per kilogram and Rs 6 per kilogram. Rs 6 per kilogram was the last figure that was proposed by the union food ministry to the union finance ministry. (Image: Reuters)8. WEF Competitiveness Report 2020: The World Economic Forum has released a report on competitiveness by ranking 37 countries on 10 parameters. These parameters are used to gauge a country’s response to the pandemic and steps taken for a potential recovery. India has scored below the global average on 8 out of 10 parameters. In education and skilling to improve job prospects of citizens – India has scored 43.5 out of 100. The global average is over 55 and Finland is the top scoring nation at 75. Next is about rethinking labour laws and providing social protection- India has scored just over 44 and the global average is over 61. The next parameter is incentivising investment in research and development. Here, India scores a paltry 32 out of 100 when the global average is nearly 42. The United States leads R&D spending. The only parameter where India has fared better than the global average is on progressive taxation. India has scored nearly 56 out of 100 and the global average is 50. (stock image)9. SBI On FY21 GDP Contraction: India’s GDP growth is expected to be at (-) 7.4 percent in FY21 on better than projected recovery, said a SBI research report, upgrading its earlier forecast of (-) 10.9 percent. The report also believes that it would take seven quarters from the fourth quarter of FY21 for GDP to reach the pre-pandemic level in nominal terms. ”We now expect GDP decline for the full year (FY21) to be in single digits at 7.4 percent (compared to our earlier prediction of () 10.9 percent), aligned with RBI and markets’ revised forecasts post Q2,” SBI said in its research report – Ecowrap. It said the revised GDP estimates are based on SBI ’Nowcasting Model’ with 41 high-frequency indicators associated with industry activity, service activity, and global economy. (stock image)10. S&P On India’s Growth Forecast: S&P Global Ratings on Tuesday raised India’s growth projection for the current fiscal to (-) 7.7 percent from (-) 9 percent estimated earlier on rising demand and falling COVID infection rates. ”Rising demand and falling infection rates have tempered our expectation of COVID’s hit on the Indian economy. S&P Global Ratings has revised real GDP growth to negative 7.7 percent for the year ending March 2021, from negative 9 percent previously,” S&P said in a statement. The US-based rating agency said its revision in growth forecast reflects a faster-than-expected recovery in the quarter through September. For the next fiscal, it projected India’s growth to rebound to 10 percent. India’s gross domestic product fell 7.5 percent in the July-September quarter, against a contraction of 23.9 percent in the April-June quarter. (Image: AP)
1. Asia: Stocks in Asia-Pacific were lower in Tuesday trade as concerns over a coronavirus surge in multiple countries dulled optimism over the vaccine rollout in the U.S. Mainland Chinese markets were lower in early trade: The Shanghai composite declined 0.31 percent while the Shenzhen component dipped 0.212 percent. Hong Kong’s Hang Seng index was fractionally lower. In Japan, the Nikkei 225 dipped 0.16 percent while the Topix index traded 0.23 percent lower. South Korea’s Kospi shed 0.24 percent, reported CNBC International. (Image: Reuters)2. US: The Dow Jones Industrial Average and S&P 500 fell on Monday as fears of additional Covid-19 restrictions offset the optimism around a vaccine rollout. The 30-stock Dow closed lower by 184.82 points, or 0.6 percent, at 29,861.55. At its session high, the Dow was up more than 200 points and hit an all-time high. The S&P 500 declined by 0.4 percent to 3,647.49, posting its first four-day losing streak since September 21. The Nasdaq Composite outperformed, rising 0.5 percent to 12,440.04. New York City Mayor Bill De Blasio warned earlier in the day that the city could experience a “full shutdown” soon. His comments put pressure on the Dow and S&P 500 reported CNBC International. (Image: AP)3. Markets At Close On Monday: The Indian stock market ended higher on Monday on the back of gains in banks, metals, pharma and FMCG stocks. The Sensex ended 154 points higher to 46,253 while the Nifty50 index closed at 13,558, up 44 points higher. However, broader markets continued to outperform benchmarks with the Nifty Midcap and Nifty Smallcap indices up more than half a percent each. Barring auto and realty indexes, all sectoral indices ended higher. Nifty Media was the best-performing index of the day, ending 2 percent higher followed by Nifty PSU Bank and Nifty Metal. (Image: Reuters)4. Crude Oil: Oil prices gained on Monday amid hopes that a rollout of coronavirus vaccines will lift global fuel demand. Brent crude futures for February rose 32 cents, or 0.6 percent, to $50.29 a barrel, while U.S. West Texas Intermediate crude futures for January were up 42 cents, or 0.9 percent, at $46.99 a barrel, its highest level in nine months. Brent and WTI have rallied for six consecutive weeks, their longest stretch of weekly gains since June, reported CNBC International. (Image: Reuters)5. Rupee Close: The Indian currency advanced by 9 paise to settle at 73.55 (provisional) against the US dollar on Monday, buoyed by sustained foreign fund inflows and heavy buying in domestic equities. Traders said upbeat industrial production data and weakening of the American currency in the overseas market also supported the rupee. At the interbank forex market, the domestic unit opened at 73.62 against the US dollar, then gained ground and touched an intra-day high of 73.48 against the greenback. The local unit finally closed at 73.55 against the American currency, registering a rise of 9 paise over its previous close, reported PTI. (Image: Reuters)
6. Mrs Bectors Food IPO To Open For Subscription Today: The Rs 540.54 crore-IPO of the bread and biscuit maker Mrs. Bectors Food Specialties Ltd will open for subscription today at a price band of Rs 286-288 per share. This is the Ludhiana-based firm’s second attempt at an IPO. It made an attempt in 2018 and had secured SEBI’s nod but chose to defer the plans due to the then market conditions. The IPO comprises of a fresh issue of equity shares worth Rs 40.54 crore and an offer for sale (OFS) worth Rs 500 crore by existing shareholders Linus Pvt Ltd, GW Confectionary PTE. Ltd., GW Crown PTE. Ltd and Mabel Pvt Ltd. The lot size of the issue is 50 shares. A retail-individual investor can apply for up to 13 lots (650 shares or Rs 187,200). (Photo Courtesy: flickr.com)
7. Centre Releases Funds For States To Meet GST Compensation Shortfall: The Centre has so far borrowed Rs 42,000 crore since October and released the funds to states to meet GST compensation shortfall, the Finance Ministry said on Monday. The latest instalment of Rs 6,000 crore was released to the states on Monday, out of which Rs 5,516.60 crore has been released to 23 states and Rs 483.40 crore has been released to 3 Union Territories (UT) with legislative assemblies (Delhi, Jammu and Kashmir, and Puducherry). The remaining 5 states — Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim — do not have a gap in revenue on account of Goods and Services Tax (GST) implementation, the Finance Ministry said in a statement. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. (Image: Reuters)
8. Retail Inflation In November Declines: Retail inflation declined to 6.93 per cent in November on softer food prices, though it remained above the comfort level of the Reserve Bank. Retail inflation based on the Consumer Price Index (CPI) stood at 7.61 per cent in October. According to the CPI data released by the government on Monday, inflation in the food basket was 9.43 per cent in November, down from 11 per cent in the previous month. The RBI, which mainly factors in retail inflation while arriving at key policy rates, has been mandated by the government to keep inflation at 4 per cent (+, – 2 per cent). The central bank had maintained status quo in the policy rate earlier this month due to high inflation. (Image: Reuters)9. DHFL Receives Highest Bidder: US-based Oaktree Capital Management has outbid rivals Piramal and Adani Group to emerge as the highest bidder for Dewan Housing Finance Limited (DHFL) in the fourth round of bidding, multiple people involved in the deal told CNBC-TV18. Of the three bids received for the entire portfolio of DHFL, Adani Group has surprisingly offered the least as per the latest bids received this morning. The deadline to submit bids ended this morning, and three suitors submitted new bids for the entire portfolio, CNBC-TV18 reported earlier today. Oaktree Capital raised its offer to a total of Rs 36,646 crores to acquire the entire DHFL book, three people independently confirmed to CNBC-TV18. This includes an upfront cash payment of Rs 11,646 crores to the financial creditors. However, the total offer also includes Rs 3,000 crores interest earned from cash on DHFL’s books, and another Rs 1,000 crores of notional gain from the sale of DHFL’s stake in Pramerica Life Insurance, said people in the know. Excluding the Rs 3,000 crores interest component and gain from insurance business sale, Oaktree Capital’s offer would come to about Rs 32,646 crores. (Image: Reuters)10. Sputnik V Vaccine Efficacy Is 91.4%: The efficacy of Sputnik V vaccine is 91.4 percent, based on the final control point analysis of data obtained 21 days after administering the first dose, according to a statement issued by Russian Direct Investment Fund (RDIF) and Gamelya Institute on Monday. The vaccine efficacy against severe cases of coronavirus was 100 percent. Among the confirmed cases of coronavirus infection, 20 severe cases were recorded in the placebo group, while no severe cases were recorded in the vaccine group, the statement said. The analysis of the efficacy at the final control point was carried out on the basis of 78 confirmed cases identified in the placebo group (62 cases) and in the vaccine group (16 cases). The ratio of the placebo group to the vaccinated group is 1 to 3. As per official figure, by now more than 26,000 volunteers have been vaccinated as part of double-blind, randomised, placebo-controlled Phase III post-registration clinical trials of Sputnik V in Russia. (Image: AP)
1. Asia: Stocks in Asia-Pacific saw gains in Monday morning trade, as optimism rose on the approval of Pfizer’s Covid-19 vaccine. In Japan, the Nikkei 225 gained 0.69 percent in morning trade while the Topix index rose 0.89 percent. Over in South Korea, the Kospi added 0.24 percent, recovering from an earlier dip. Meanwhile, shares in Australia edged higher, with the S&P/ASX 200 up around 0.4 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.12 percent higher, reported CNBC International. (Image: Reuters)2. US: U.S. stock futures moved higher in overnight trading on Sunday as markets indicated a rebound from a losing week. Investors are weighing updates on the Covid-19 vaccine rollout as well as the coronavirus stimulus stalemate in Washington. Dow futures rose 180 points. S&P 500 futures and Nasdaq 100 futures gained 0.55 percent and 0.45 percent, respectively, reported CNBC International. (Image: AP)3. Markets At Close On Friday: The Indian benchmark equity indices, Sensex and Nifty ended Friday’s volatile session higher led by gains in PSU banks and metal stocks amid mixed global cues. The Sensex ended 139.13 points or 0.30 percent higher at 46,099.01 while the Nifty gained 35.55 points or 0.26 percent to settle at 13,513.85. Broader indices, Nifty Smallcap100 and Nifty Midcap100 gained 0.63 and 0.22 percent, respectively. Among sectors, Nifty PSU Bank and Nifty Metal rallied the most over 1 percent followed by Nifty FMCG, Nifty Financial Services, Nifty Realty and Nifty Media. Among losers were Nifty Pharma, Nifty IT and Nifty Auto. (Image: Reuters)4. Crude Oil: Oil prices turned lower on Friday, as demand worries due to new coronavirus-related restrictions on business in New York overshadowed progress toward vaccination programs. Brent futures fell 28 cents, or 0.56 percent, to settle at $49.97 a barrel, after rising above $51 a barrel on Thursday to an early-March high. U.S. West Texas Intermediate (WTI) crude fell 21 cents, or 0.4 percent, to settle at $46.57, having risen almost 3 percent in the previous session, reported CNBC International. (Image: Reuters)5. Rupee Close: The Indian rupee ended flat at 73.64 against the US dollar on Friday, December 11, while trading in a narrow range and tracking recovery in domestic equities towards the end of the session. At the interbank foreign exchange market, the local unit opened at 73.65 against the dollar and registered an intra-day high of 73.56. It witnessed a low of 73.71, reported PTI. (Image: Reuters)6. Burger King Listing: Burger King India, the subsidiary of US-based quick service restaurant chain Burger King, will debut on bourses today after receiving a strong response to its initial public offering. The Rs 810-crore public issue received second highest subscription of 156.65 times in 2020, during the December 2-4 period. It has a target to increase this restaurants chain to 700 by the end of December 2026. (Stock Image)7. Finance Ministry On Capital Infusion In Banks: The Finance Ministry will take a call on residual Rs 14,500 crore capital infusion in the public sector banks (PSBs) in the fourth quarter of this fiscal, sources said. Following the financial performance review after the first half, sources said, it was found that Punjab & Sind Bank, out of the 12 PSBs, was in need of Rs 5,500 crore to meet the regulatory requirement So, the government approved capital infusion through preferential allotment of equity shares in Punjab & Sind Bank last month. The fund was approved from Rs 20,000 crore cleared by Parliament in September for capital infusion of PSBs as part of the first batch of Supplementary Demands for Grants for 2020-21. With Rs 5,500 crore going to Punjab & Sind Bank, the government is left with Rs 14,500 crore. (Image: IANS) 8. Ministry of Finance On Capex Expenditure: The Finance Ministry on Saturday said it has approved Rs 9,879.61 crore worth capital expenditure proposals of 27 states. Of this, Rs 4,939.81 crore has been released as the first installment. In a statement, the ministry said all states, except Tamil Nadu, have availed benefits of the newly announced scheme for ‘Special Assistance to States for Capital Expenditure’, which was announced on October 12 as part of AatmaNirbhar Bharat package. “So far capital expenditure proposals of Rs 9,879.61 crore of 27 states have been approved by the Ministry of Finance. An amount of Rs 4,939.81 crore has already been released to the states as the first instalment under the scheme,” it said. (Image: Reuters)9. SIAM On Passenger Vehicle Sales: India’s passenger vehicle sales posted a 4.6 percent rise in November as the festive season saw a pick up in demand, industry body SIAM said on Friday as it corrected its earlier projection of a sharp 13 percent growth. As many as 2,64,898 passenger vehicles were sold in November as against 2,53,139 units in the same month last year, SIAM said in revised numbers. According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales rose 13.43 percent to 16,00,379 units, compared with 14,10,939 units in the same month last year. (Image: Reuters)10. Market Cap Of Eight Out Of Top-10 Companies Surge: Eight of the top-10 most valuable firms together added Rs 1,53,041.36 crore in market valuation last week in line with a bullish broader market trend, with Hindustan Unilever Ltd and Reliance Industries Ltd becoming the biggest gainers. During the last week, the 30-share BSE benchmark index jumped 1,019.46 points or 2.26 percent. The list of gainers included Reliance Industries Ltd (RIL), Tata Consultancy Services, Hindustan Unilever Ltd, Infosys, HDFC, Kotak Mahindra Bank, ICICI Bank and Bharti Airtel, while HDFC Bank and Bajaj Finance witnessed erosion from their valuation. The market capitalisation of Hindustan Unilever Ltd zoomed Rs 43,596.02 crore to Rs 5,57,714.17 crore. RIL added Rs 37,434.4 crore to take its valuation to Rs 12,71,438.23 crore. (Stock Image)
1. Asia: Asia-Pacific markets traded mixed on Friday as investors kept an eye on negotiations over additional fiscal stimulus in the U.S. South Korea’s Kospi index rose 0.85 percent after market open. Government data released Friday showed the country’s exports in the first 10 days of December jumped 26.9 percent from a year ago thanks to a sales boost in major products such as semiconductors, Reuters reported. In Japan, the Nikkei 225 declined 0.24 percent while the Topix index rose 0.2 percent. Australia’s benchmark ASX 200 fell 0.37 percent, with most sectors trading in the red. The heavily-weighted financials subindex declined 0.67 percent as the country’s so-called Big Four banks struggled for gains, reported CNBC International. (Image: Reuters)2. US: Stock futures were flat in overnight trading on Thursday as the future for additional fiscal stimulus remained uncertain. Futures on the Dow Jones Industrial Average gained about 30 points. S&P 500 futures and Nasdaq 100 futures were both little changed. The overnight action followed back-to-back losses for the S&P 500 as negotiations over a coronavirus relief deal dragged on. Lawmakers seek to pass a bill before lifelines expire at the end of 2020, but disagreements over state and local stimulus, unemployment assistance and stimulus checks still exist, reported CNBC International. (Image: AP)3. Closing Bell On Thursday: The Indian benchmark equity indices, Sensex and Nifty, snapped a seven-day gaining streak to end lower on Thursday dragged by selling in banking and auto stocks amid negative global cues. The Sensex ended 143.62 points or 0.31 percent lower at 45,959.88 while the Nifty lost 50.80 points or 0.38 percent to close at 13,478.30. Broader indices underperformed the benchmarks with the Nifty Smallcap100 and the Nifty Midcap100 indices falling 0.53 and 0.83 percent, respectively. Among sectors, the Nifty PSU Bank, the Nifty Auto, the Nifty Financial Services and the Nifty Media fell the most while the Nifty FMCG, the Nifty Realty and the Nifty Metal ended in the green. (Image: Reuters)4. Crude Oil: Oil surged above $50 a barrel on Thursday for the first time since early March as hopes of a faster demand recovery after the release of COVID-19 vaccines offset a huge rise in U.S. crude inventories that showed there was still ample supply available. Brent crude gained $1.39, or 2.84 percent, to settle at $50.25 per barrel, rising for a third day. U.S. West Texas Intermediate (WTI) crude settled $1.26, or 2.8 percent, higher at $46.78 per barrel, reported CNBC International. (Image: Reuters)5. Rupee: The rupee snapped its two-day winning streak to close 9 paise lower at 73.66 (provisional) against the US dollar on Thursday tracking muted domestic equities and a rebound in the American currency. At the interbank forex market, the domestic unit opened at 73.68 against the US dollar and witnessed an intra-day high of 73.62 and a low of 73.77, reported PTI. (Image: Reuters)6. CCI Concludes Search Drive Against Cement Giants: In a setback for cement giants, the Competition Commission of India (CCI) on Wednesday and Thursday (December 9 and 10) conducted search operations at the offices of some cement companies. The searches were conducted based on suspected price cartelisation by these cement majors, sources privy to the developments told CNBC-TV18. “CCI continued searches at office premises of cement companies. The searches which ended in the evening today were at ACC, Ambuja Cement, Ultratech, Shree Cement, Cement Manufacturers Association, Dalmia Cement etc. These searches were in Delhi, Mumbai, Chennai and Bengaluru,” sources in the know told CNBC-TV18. “The investigations are still underway on the basis of data collected from these searches,” said people familiar with the matter. According to multiple people familiar with the development, the CCI conducted these searches based on series of complaints raised by builder associations in 2018-19 and again in 2020. (Image: Reuters)7. Walmart On Sourcing Goods From India: Walmart CEO Doug McMillan on Thursday said that the company has been sourcing from India for over 20 years, and that the company would look to invest more in the cold chain and supply chains in the country. The company also announced that it would source as much as $10 billion annually from India by 2027. “We have experience helping farmers raise yields and get paid more, which has been a challenge since multibrand retail is not allowed in brick and mortar,” McMilan said while speaking at the Hindustan Times Leadership Summit. “India is a priority for sourcing, our sourcing relationship is 20 yrs old. We currently source $3 BN of Made in India products every year which reaches 14 markets. We have made an announcement to triple exports to $10 BN annually by 2027.” (Image: Reuters)8. Economists On India’s Retail Inflation: India’s retail inflation probably fell in November from October but remained above the Reserve Bank of India’s target, amid high food and petrol prices, a Reuters poll of economists showed. Retail inflation has stayed above the central bank’s comfort zone of 2 percent to 6 percent for seven consecutive months, a streak not seen since August 2014. The Dec. 4-9 poll of 48 economists forecast a drop in inflation in November to 7.10 percent from 7.61 percent in October, which was the highest since May 2014. If realised, November’s rate would be above 7.0 percent for the third consecutive month. ”Inflation for November is likely to be lower than October as there was some moderation in prices of vegetables in particular as well as pulses,” said Madan Sabnavis, chief economist at CARE Ratings. ”On the upside, petrol prices had increased which worked in the other direction.” (Image: Reuters)9. Housing Sales In Mumbai Jump 67% YoY: Mumbai has recorded a robust 67 percent year-on-year growth in home sales volume at 9,301 units in November 2020, thanks to the stamp duty cut and festive period of Diwali. According to property consultant Knight Frank India, at 9,301 units registered in November 2020, the residential sector of Mumbai recorded the highest ever registrations in the month of November over the last 9 years. The registrations in November 2020 have jumped by 17 percent MoM. A stamp duty cut of 300 bps continues to propel residential sales in Mumbai. Most developers have offered to absorb the remaining 200 bps which is resulting in huge savings for the homebuyer, Knight Frank said. (Image: Reuters)10. Corporate Profits Rising: The handsome 25 per cent rise in corporate profits in the September quarter amid a sharp contraction in GDP was on the back of wage squeezes, leading to rise in inequalities in India, economist Nouriel Roubini said on Thursday. This rising inequality is “dangerous” politically and socially because only a few people in the economy are benefitting, the economics professor at New York’s Stern School of Business said. Roubini said earnings of listed entities have risen 25 per cent in the September quarter, which means that wages and income are getting “squeezed, if not collapsed”. “The number of unemployed or partially unemployed people is spiking, profits have been rising when GDP has been falling, so income inequality is rising,” he said at an event organised by NSE. “… the rise of inequality that is eventually unsustainable, it is socially and politically dangerous,” he added. (stock image)
1. Asia: Asia-Pacific markets traded higher on Wednesday as a coronavirus vaccine rollout commenced in the U.K., fueling some of the optimism among investors. The Nikkei 225 in Japan rose 0.94 percent and the Topix index was up 0.62 percent. South Korea’s Kospi index gained 1.04 percent after market open. In Australia, the ASX 200 rose 0.79 percent with most sectors trading higher. The session in Asia follows gains overnight on Wall Street where stocks rose to fresh all-time highs — the S&P 500 closed above 3,700 for the first time, reported CNBC International. (Image: Reuters)2. US: U.S. stock futures rose slightly in overnight trading on Tuesday, building on recent strength that’s pushed the major averages to record highs. Dow futures rose 77 points. S&P 500 futures and Nasdaq 100 futures gained 0.19 percent and 0.16 percent, respectively. Fueling the rally is optimism about the U.K.’s rollout of Pfizer’s Covid-19 vaccine on Tuesday. Hope that the Senate will soon agree to a stimulus package to prop up markets as the coronavirus outbreak rages on has also boosted sentiment, reported CNBC International. (Image: AP)3. Closing Bell On Tuesday: Indian benchmark equity indices, the Sensex and the Nifty, ended higher on Tuesday led by strong gains in heavyweight IT stocks and PSU Banks amid mixed global cues. The Sensex ended 181.54 points or 0.40 percent higher at 45,608.51, while the Nifty gained 37.20 points or 0.28 percent to close at 13,392.95. Broader indices underperformed as the Nifty Smallcap100 and the Nifty Midcap100, ended flat. The Nifty Bank advanced 50 points to 30,262. (Image: Reuters)4. Crude Oil: Oil moved lower on Tuesday as California tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements. West Texas Intermediate (WTI) crude futures settled 16 cents, or 0.3 percent, lower at $45.60 per barrel. Brent crude gained 7 cents to trade at $48.86 a barrel, reported CNBC International. (Image: Reuters)5. Rupee: The Indian currency surged by 30 paise to settle at 73.60 (provisional) against the US dollar on Tuesday, buoyed by foreign fund inflows and heavy buying in domestic equities. At the interbank forex market, the domestic unit opened at 73.83 against the US dollar and witnessed an intra-day high of 73.59 and a low of 73.83, reported PTI. (Image: Reuters)6. Govt Could Exceed FY21 Budget Target: Centre will incur a higher expenditure than what it had budgeted on February 1 for the financial year 2020-21, sources tell CNBC-TV18. They said that the quarterly data has probably been misread and the past expenditure trends can’t be applied to this year’s government spend. Sources also indicate that the normal spending restrictions that kick in the last quarter of every fiscal will not be applicable this year, as the ministries still have time to spend in the next 3 months. “Expenditure will exceed the budget estimate”, they said. The government had estimated FY21 spending at Rs 30.42 lakh crore and 55 percent of this has been exhausted by October-end, as against over 59 percent spent in the corresponding period of last year. (Stock Image)7. Bill Gates On Pandemic: The idea of financial inclusion is not a new one, it gained currency since 2015 when at the Spring Meetings of the International Monetary Fund and the World Bank Group there was a commitment made to nurture the idea of universal access and take that forward by 2020, said Microsoft CEO Bill Gates. In fact it got further support in the G20 in 2017 when measurable commitments were added in terms of the action agenda to take financial inclusion forward. It is a trying time for the global economy as the pandemic continues to rage on and that has widened the inequities across a whole bunch of different sectors. This is also the time for the governments and the private sector to look at ways to collaborate to ensure that they deliver on the idea of inclusion. (Image: Reuters)8. Government On COVID Vaccine Developers: Centre has said that some COVID vaccine developers may get go ahead for emergency use in the next few weeks. Pfizer, Bharat Biotech and Serum Institute have already knocked on the drug regulator’s door seeking emergency use authorisation for their respective vaccines. The government is also clear that the vaccines will require 2-3 doses with three-four weeks apart. (Image: Reuters)9. Burger King IPO: Quick-service restaurant chain Burger King India’s initial public offer’s (IPO) allotment will be finalized today. Retail investors can check their allotment status on BSE as well as LinkinTime (registrar). It would be the fourteenth IPO in the current year. The price band of the IPO is fixed at Rs 59-60. The shares are likely to list on December 14. The share sale was subscribed a massive 156.65 times, receiving bids for 11,66,93,73,500 shares as against 7,44,91,524 shares on offer. In fact, the IPO was fully oversubscribed within a few hours on the first day of bidding. With the funds raised via the IPO , the company intends to utilise the fresh proceeds to finance the roll-out of new company-owned Burger King restaurants and to meet the general corporate purposes. (Stock Image)10. BharatPe Topples Google Pay In UPI Space: BharatPe, a merchant payments company, has become the third largest player in the merchant UPI payment acceptance space. The company has recorded Rs 3,334 crore (US$ 479 million) in transaction value for the month of November, displacing Google Pay from third position. According to BharatPe, it processed 6.15 crore transactions in November 2020. The company, in a statement said it has been outgrowing the market and has doubled its market share in the UPI P2M merchant payment acceptance category since April 2020. (Source: Unsplash)
1. Asia: Asia-Pacific markets traded mixed on Tuesday as investors remained cautious over rising coronavirus cases, U.S. stimulus negotiations as well as Brexit talks between the U.K. and the European Union. Japan’s Nikkei 225 fell 0.5 percent while the Topix index was down 0.29 percent. In South Korea’s the Kospi declined 0.21 percent. Australia’s benchmark ASX 200 reversed earlier losses to trade up 0.12 percent. The energy subindex was down more than 1 percent after oil prices slipped in the overnight session on Monday, reported CNBC International. (Image: Reuters)2. US: Stock futures fell on Monday night as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise. Dow Jones Industrial Average futures dipped 55 points, or 0.2 percent. S&P 500 and Nasdaq 100 futures also lost 0.3 percent, reported CNBC International. (Image: AP)3. Closing Bell On Monday: The Indian market ended at fresh record high on Monday led by the gains from financials, pharma and FMCG stocks. At 3:30 pm, the Sensex ended 347.42 points or 0.77 percent higher at 45,426.97, and the Nifty was up 97.30 points or 0.73 percent at 13355.80. (Image: Reuters)4. Crude Oil: Oil prices slipped on Monday as the positive impact from COVID-19 vaccine news and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China. Brent crude fell 46 cents to settle at $48.79 per barrel, while U.S. West Texas Intermediate crude settled 50 cents, or 1.08 percent, lower at $45.76 per barrel, reported CNBC International. (Image: Reuters)5. Rupee: The rupee dropped by 10 paise to settle at 73.90 against the US currency on Monday due to a rebound in the dollar in overseas markets following geopolitical concerns. At the interbank forex market, the domestic unit witnessed a volatile trading session. It opened at 73.79 and rose to an intra-day high of 73.70 in the first half. The local unit, however, lost momentum and dropped to a low of 73.96 before closing at 73.90 a dollar, registering a decline of 10 paise over its previous close of 73.80. (Image: Reuters)6. Bharat Bandh Today: Farmers across India have called for a Bharat Bandh on December 8. They have been holding protests against agrarian laws passed recently in Parliament. The bandh was called by the protesting farmers after several rounds of talks with the Central government failed. While the Centre is firm on its stance on the laws, farmers want them rolled back as they fear, they will be at the mercy of corporates to sell their produce. Talks between the government and protesting farmers remained inconclusive on Saturday even after five rounds of discussions as union leaders stuck to their demand for the repeal of the new farm laws and went on a ‘maun vrat’ seeking a clear “yes or no” reply, forcing the Centre to call for another meeting on December 9 to resolve the deadlock. The Centre has asked all states and Union Territories to tighten security during Tuesday’s ‘Bharat Bandh’ call while asserting that peace and tranquillity must be maintained across the country, officials said. (Image: PTI)7. Madhu Kela On Market Base, Valuations: Dalal Street has been on a bull run like its global peers. The Sensex and the Nifty have gotten into the habit of scaling new record highs every other day in the recent times. There is however a worry that valuations are high and a correction might be around the corner. Veteran market investor, Madhu Kela, isn’t really worried about this. In an interview with CNBC-TV18, he said, “My view on market still remains very positive in the medium-term to long-term.” “On an overall basis, there is fear in some pockets of the market that the index has gone so high, so maybe market will correct and then we will buy. I am saying, market will correct but what you want to buy may not correct as much as you want it to,” he explained. “The base of the market is rising… there are no signs of any euphoric valuation in the market, is what I am saying. People should be adequately invested,” Kela advised. (Image: CNBC-TV18)8. SBI Chairman On Liquidity: “I don’t expect any kind of a challenge related to liquidity,” said Dinesh Kumar Khara, Chairman of State Bank of India (SBI) in an interview with CNBC-TV18. “Reserve Bank of India (RBI) has done a great job in the current pandemic scenario ensuring that there is adequate liquidity,” he said. “Retail book continues to do well. When it comes to investment demand, there we will have to wait for some more time to come. When it comes to large corporates also, though it is not universally seen across, in some sectors we have started seeing better utilisation,” he said. When asked if the glitches on YONO platform sorted out, Khara replied, “More or less – we have improved quite a lot and hopefully we will be in a position to address it very soon.” (Image: Reuters)9. DCGI On Immediate Application Of Pfizer Vaccine: Pfizer and Serum Institute of India have sought emergency use approval for their respective COVID-19 vaccines from the Drug Controller General of India (DCGI) and sources told CNBC-TV18 that an internal review has begun under the accelerated review process. The review is likely to conclude within two weeks, sources added. “The Drug Controller General of India is likely to look into these applications under the accelerated review process for granting emergency use authorisation, and an outcome is expected over the next two weeks,” sources said. A Subject Expert Committee (SEC) is expected to meet on Wednesday and discuss the application of Pfizer, Serum Institute and Bharat Biotech for emergency authorisation use of their respective vaccines. (Image: Reuters)10. Companies Garner Rs 73,215 Crore From Markets: Companies raised Rs 73,215 crore from the capital markets in October, with private placement of debt instruments continuing to be the most-preferred route for funding. The funds have been mopped up mainly for business expansion plans, loan repayments and working capital requirements. According to monthly bulletin published by markets regulator Sebi on Monday, firms raised a total of Rs 73,215 crore in October compared to Rs 75,232 crore in September through issuance of equity and debt securities. Prior to this, companies had mopped up Rs 1.1 lakh crore in August. Out of the cumulative Rs 73,215 crore garnered in October, Rs 62,331 crore was mopped up from private placement of debt securities and Rs 4,144 crore through private placement of equity, which include qualified institutional placement (QIP) and preferential allotment routes. Individually, a total of Rs 2,200 crore were raised through the QIP route and Rs 1,944 crore were raised through issuance of shares on a preferential allotment basis. (Image: Reuters)
1. Asia: Asia-Pacific markets mostly rose Monday as sentiment improved around coronavirus vaccine rollouts and U.S. stimulus hopes. Australia’s benchmark ASX 200 was up 0.69 percent, trimming some of its earlier gains of more than 1 percent. Energy and mining stocks were up — shares of Rio Tinto rose 2.68 percent, Woodside Petroleum was up 0.74 percent, Fortescue was up 3.78 percent and BHP added 2.57 percent. Japanese markets struggled for gains: The Nikkei 225 gave up early gains to trade down 0.1 percent while the Topix index also fell 0.1 percent. South Korea’s Kospi index rose 0.2 percent. U.S. stock futures rose slightly after a record-setting session Friday on Wall Street. (Image: Reuters)2. US: U.S. stock futures were little changed on Sunday night following a record-setting session as Wall Street searched for clues on additional fiscal aid. Dow Jones Industrial Average futures traded lower by just 17 points, or less than 0.1 percent. S&P 500 were flat, and Nasdaq 100 futures advanced 0.2 percent. (Image: AP)3. Closing Bell On Friday: Sensex crossed 45,000-mark for the first time on Friday, ending at record close after RBI upgraded its GDP target for the current fiscal year and kept interest rates steady in the face of stubbornly high inflation. The Sensex ended 447 points higher at its closing high of 45,079 while the Nifty added 124 points to settle at its record close of 13,258. Both indices were also 2 percent higher for the week. The RBI kept the key lending rate unchanged at 4 percent. The central bank has already cut its key interest rate by a total 115 basis points this year to revive growth and cushion the impact of the pandemic. (Image: Reuters)4. Crude Oil: Brent crude oil futures rose to just under $50 a barrel on Friday as expectations of a U.S. economic stimulus package and the possibility of a vaccine for the coronavirus overrode rising supply and increased COVID-19 deaths. Brent gained 1.11 percent to settle at $49.25 per barrel after hitting its highest since early March at $49.92. West Texas Intermediate rose settled 0.99 percent higher at $46.26 per barrel after touching a high of $46.68 a barrel. (Image: AP)5. Rupee: Indian rupee, the domestic currency appreciated by 16 paise to 73.77 per US dollar on Friday’s opening session as the Reserve Bank of India maintained status quo on benchmark interest rate for the third time in a row. The domestic unit opened at 73.81 per US dollar at the interbank forex market and gained 16 paise to 73.77 against the greenback over its previous close. (Image: Reuters)6. Next Meeting Between Govt And Farmers On December 9: The government on Saturday proposed to hold another meeting on December 9 with representatives of protesting farmers, as their fifth round of talks ended in a deadlock with the farmers’ group going on a ‘maun vrat’ (vow of silence) seeking a clear ‘yes or no’ answer to their demand of repealing three farm laws. Sources said the government proposed another round of meeting on December 9 next week as it sought some time from the unions to present a concrete proposal after further consultations within the government. Agriculture ministry later tweeted that the fifth round of talks has ended. Union leaders said they do not want anything less than the complete repeal of the laws, which they claim are the laws meant to end the mandi system and minimum support price procurement system to give for benefits of corporates. (Image: PTI)7. WHO On Vaccine Doses: The World Health Organization hopes to have half a billion doses of COVID-19 vaccines available for distribution by the global COVAX initiative in the first quarter of 2021, its chief scientist said on Friday. The initial COVAX plan is to vaccinate the 20 percent of populations at highest risk, including health workers and people aged over 65. “The goal is to get at least 2 billion doses by end of 2021 which will be enough to vaccinate 20 percent of the populations of countries that are part of COVAX,” chief scientist Soumya Swaminathan told a Geneva news conference. This would be enough to “bring to an end the acute phase of the pandemic” by reducing mortality and the impact on health systems, she said. (Image: Reuters)8. Abhijit Sen On Indian Economy: India’s economy is likely to contract by around 10 per cent in the current fiscal, eminent economist and former Planning Commission member Abhijit Sen said on Friday. Sen, also an expert on issues related to agriculture, further said that the government would not be able to double farmers’ income by 2022. “We are heading towards 10 per cent negative growth this year (2020-21). It will certainly not beminus 7.5 per cent, it will be worse than that. People are hoping there will be a huge rebound next year, I doubt it ,” he told PTI. According to the RBI, the economy is likely to contract by 7.5 per cent in 2020-21. Sen said at the moment, the government is expecting it(rebound) to happen without doing anything. “So that is just hope, actual government spending is less than what was budgeted for,” he pointed out.(Image: Reuters)9. FDI Equity Inflows Cross $500 Billion Mark: Foreign direct investment (FDI) equity inflows into India crossed the $ 500 billion milestone during April 2000 to September 2020 period, firmly establishing the country’s credentials as a safe and key investment destination in the world. According to the data of the Department for Promotion of Industry and Internal Trade (DPIIT), the inflows during the period stood at $ 500.12 billion. About 29 percent of the FDI came through the Mauritius route. It was followed by Singapore (21 percent), the US, the Netherlands, Japan (each 7 percent), and the UK (6 percent). India received $ 144.71 billion from Mauritius and about $ 106 billion from Singapore during the period under review. (Image: Reuters)10. Report On Job Cuts, Salary Adjustments In COVID-19: Job cuts and salary adjustments have not been as widespread as originally apprehended despite the severe impact on the revenue of companies in the aftermath of COVID-19 pandemic, a study has revealed. The CII-Talentonic HR Solutions joint research report on ‘Reimagining the Organization for the New Normal: Role of HR’ has thrown up several insights. It observed that reducing the headcount has been given seventh priority out of 13 when it comes to what actions were taken to deal with the crises. Moreover, reducing or postponing salary or other payouts has been given ninth priority out of 13. Empowerment has mushroomed as organisations struggled to find the agility and flexibility to deal with the crises. (Image: Reuters)
1. Asia: Stocks in Asia-Pacific were mixed in Friday morning trade after a report said Pfizer expects to ship half the Covid-19 vaccine doses it originally planned for this year due to supply chain issues. In Japan, the Nikkei 225 dipped 0.23 percent in early trade while the Topix was slightly lower. South Korea’s Kospi, on the other hand, added 0.67 percent. Meanwhile, shares in Australia edged higher, as the S&P/ASX 200 gained about 0.2 percent . Australia’s retail sales data for October is set to be released around 8:30 a.m. HK/SIN. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.18 percent higher, reported CNBC International. (Representative Image)2. US: Stock futures were little changed in overnight trading on Thursday as investors awaited a key November jobs report to gauge the pace of labor market recovery in the face of a worsening pandemic. Futures on the Dow Jones Industrial Average gained 60 points. S&P 500 futures were little changed and Nasdaq 100 futures traded 0.2 percent higher, reported CNBC International. (Image: AP)3. Closing Bell On Thursday: Indian benchmark indices closed flat on Thursday led by a decline in IT stocks and heavyweight HDFC Bank after the RBI advised the lender to temporarily halt launches of Digital 2.0 programme. However, auto, metal and some banking stocks capped the losses. At 3:30 pm, the Sensex closed 0.03 percent higher to 44,632.65 while the Nifty settled 0.15 percent higher to 13,133.90. Broader markets also ended flat like benchmarks, nearly 0.65 percent each. Among sectoral indices, Nifty PSU Bank was the best-performing index of the day, ending with gains of 4.84 percent. This was the biggest single-day gain for the index in the last three months. Nifty Private Bank, Nifty IT and Nifty Financials were the only sectors to have ended negatively in today’s session.(Image: Reuters)4. Crude Oil: LONDON — OPEC and non-OPEC allies, after days of tense discussions, agreed on Thursday to increase production by 500,000 barrels per day beginning in January. This will bring the total production cuts at the start of 2021 to 7.2 million bpd. Ahead of the meeting, OPEC and its partners, known collectively as OPEC+, were widely expected to extend the current production cut of 7.7 million bpd through at least March. International benchmark Brent crude futures traded 1.4 percent higher at $48.92 per barrel, while U.S. West Texas Intermediate futures settled 36 cents, or 0.8 percent, higher at $45.64 per barrel, reported CNBC International.(Image: Reuters)5. Rupee: Indian rupee closed 12 paise lower at 73.93 against the greenback on Thursday, amid volatile trading in global equity markets. The Indian currency ended near day’s low against the US dollar. It opened flat at 73.81 per dollar against previous close of 73.80. The local unit touched a high of 93.68 and low of 93.95 in the intraday trade on Thursday. The dollar gained strength amid renewed hopes of economic stimulus from Washington and the expected start of Covid-19 vaccinations. (Image: Reuters)6. RBI Policy Decision Today: The Monetary Policy Committee (MPC) of the Reserve Bank is expected to hold fire as persistent high inflation and a lower-than-expected contraction of the economy leave no headroom for a rate cut. A CNBC-TV18 poll conducted among 20 economists showed that none of the respondents expected a repo rate cut from RBI in the December policy. The repo rate, currently at a historic low of 4 percent, is expected to be left unchanged. Most economists CNBC-TV18 polled are not penciling in any cuts in this entire financial year, and expect rates to be cut only after March. Half the respondents expect up to 25 basis point reduction in repo rate over a 12 month period, and 45 percent expect a status quo, meaning no cut or hike over the next year. (Image: Reuters)7. Govt Relaxes Expenditure Caps: The Finance Ministry has relaxed the expenditure caps for a number of ministries and departments, a move which should add power to the economy’s wheels by way of extra government spending. The so-called ‘expenditure management guidelines‘ had restricted the budget spend for these ministries and departments to 15 percent, for the first 3 quarters till end of December. A 22 percent year-on-year drop in government expenditure has added to the woes of the economy, which has now shrunk for two consecutive quarters. “The cash management guidelines have been relaxed in general for most ministries, although there is considerable easing for Development, Infra, and welfare related ministries. Ministries can now spend 25 percent of the revised estimates every quarter without the Finance Ministry’s approval, “ a government official told CNBC-TV18. (Image: Reuters)8. Next Govt-Farmers Meeting On December 5: It’s been more than a week since thousands of farmers from Punjab, Haryana and other North Indian states started camping at Delhi borders, demanding a rollback of the centre’s new farm laws. Representatives from over 30 farmer bodies and top government ministers Narendra Singh Tomar and Piyush Goyal met for the second time today. However, according to sources, there is no breakthrough yet. Sources say that the government delegation made a presentation to the farmers on the three farm bills but there is no assurance on bringing a law to ensure MSP. The next round of meeting is expected to be held on December 5. (Image: AP)9. Govt Increases Domestic Flights’ Cap: The cap on the number of domestic flights that Indian airlines are permitted to operate was increased from 70 per cent to 80 per cent of their pre-COVID levels on Thursday, said Civil Aviation Minister Hardeep Singh Puri. The minister had said on November 11 that the Indian airlines can operate up to 70 per cent of their pre-COVID domestic passenger flights due to the prevailing demand amid the coronavirus situation. Puri tweeted on Thursday, “Domestic operations recommenced with 30K passengers on 25 May & have now touched a high of 2.52 lakhs on 30 Nov 2020.” “Ministry of Civil Aviation is now allowing domestic carriers to increase their operations from existing 70% to 80% of pre-COVID approved capacity,” he stated. (Image: Reuters)10. IMF On Indian Economy: India’s economy, severely affected by the coronavirus pandemic, is gradually recovering, the International Monetary Fund said on Thursday. India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. “India has indeed been severely affected by the pandemic but is gradually recovering,” IMF chief spokesperson Gerry Rice told reporters. Fiscal, monetary, and financial sector measures announced to date provided much-needed support to the economy, including businesses, agriculture, and vulnerable households, Rice said in response to a question on the IMF’s assessment of India’s economy during the coronavirus pandemic. (Image: Reuters)
