market

US stocks down 2nd week in row on Federal Reserve Rate hike, Omicron fears

New York [US]: US stocks tumbled for a second week in a row, roiled by fears of an imminent rate hike by the Federal Reserve and the possibility of another round of global economic turmoil from potential measures to address the coronavirus Omicron variant.
The Labor Department announced earlier on Friday the unemployment rate in November stood at just 0.2% above the Federal Reserve’s 4% target for maximum employment and key criteria for an interest rate hike. Federal Reserve Chairman Jerome Powell said earlier this week that the central bank was already thinking of speeding up the taper of its pandemic-era stimulus and putting in a rate hike as expeditiously as possible to rein in inflation. Reports of cases of Omicron in the United States have begun flowing in, with more states reporting infections after the first one reported in California earlier this week.
The November jobs numbers and Omicron cases proved to be a double-whammy for Wall Street.
At the close, the biggest losers were technology stocks on the Nasdaq Composite. The index – which groups Big Tech names such as Facebook, Apple, Amazon, Netflix and Google – fell 296 points, or 1.9%, on the day to close at 15,086. For the week, the Nasdaq fell 2.6%, adding to last week’s 3.5% rout.
The Dow Jones Industrial Average, which comprises mostly industrial stocks, lost 60 points, or 0.2%, to settle at 34,580. The Dow fell almost 1% on the week, after last week’s drop of nearly 2%.
The S&P 500 index, which groups the top 500 US stocks, finished down 39 points, or 0.8%, at 4,538. The S&P fell 1.2% for the week, adding to last week’s 2.2% drop.
Despite their recent setback on Omicron fears, US stocks are still having one of their best years, with the Dow up 13%, the S&P 500 showing a gain of 20% and Nasdaq a rise of 18%.
“It’s clear from comments this week by Chairman Jerome Powell and his colleagues that the plan has changed recently and they now intend to taper faster, raise rates sooner,” Craig Erlam, an analyst at online trading platform OANDA, said. “But Omicron could complicate efforts further just as the economic data was starting to catch up. A strong (jobs) report today leaves the Fed[eral] Reserve well and truly backed into a corner.”

Taiwan and India explore partnership for Smart & Green India

New Delhi [India] : Taiwan External Trade Development Council (TAITRA) launched the Taiwan Product Centre (TPC) in India with the aim to support its business ties and expand its market presence in India.
Apart from enabling business interaction with Indian companies, TPC has also scaled up its state-of-the-art products and technology offering across their Centres in Delhi, Chennai, and Mumbai. The pandemic-induced economic and social crisis has brought the two democracies, Taiwan and India closer through trade and economic ties. In fact, the trade relations between India and Taiwan have grown exponentially over the past five years majorly because both countries find close synergy to shift, transform and lead supply chains, be it ‘Make in India’ initiative, for Aatmanirbhar Bharat or the new south-bound policy in action for Taiwan. Taiwanese companies want to take advantage of this trade relation and business opportunities, for setting up operations in the country.
Speaking about Taiwan Product Centre, Welber Wang, Manager, Taipei World Trade Center – Mumbai said, “The pandemic period was a real testing time for economies and trade relations across the globe. We are happy that there is a rejuvenated and stronger bilateral connection between India and Taiwan. India is working towards creating a green economy, powered by clean energy and also becoming a global manufacturing hub. We are open to continuing our support and providing the required impetus to help both countries achieve their national goals.”
The TPC Product Centers display a wide array of products from reputed Taiwan companies and thus is a strategic avenue for consumers to experience the latest innovative offerings across various industrial segments, all under one roof. Some of the key companies include Acon Optics Communication Inc, Goldencrops Corporation, Labelmen International, all in TPC Chennai.WhileTPC Mumbai has Acewell International Co. Ltd, Advanced Connectek (a subsidiary of ACON group), and Magtech Magnetic. TPC Delhi has Bestak Self-Adhesives Inc., A-Tech System Co. Ltd, Rice Ear (LUFTQI), and Comeup Industries Inc.
These companies are optimistic about India because of the market diversity, large consumer base, and huge supply-demand in B2B space which will be supported by key initiatives like the 5G rollout, increasing internet penetration into smaller markets, and faster adoption of technology innovations like AI, ML and the industrial transformation from labor-intensive toward automation.
Taiwan is one of the leading business hubs in Asia and over the last decade, the island nation has become a powerhouse of technology and innovation.

Cryptocurrencies

All major cryptocurrencies saw a fall of around 15 per cent or more

New Delhi [India] : Crypto markets crashed following news of the government introducing a Bill in the Parliament to prohibit all private cryptocurrencies in India, barring a few exceptions to “promote the underlying technology of cryptocurrency and its uses”. As of 11:15 PM on November 23, all major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 percent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent. The official document on scheduled house proceedings today showed that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is set to be introduced in the Parliament in the upcoming winter session that starts on November 29. The Bill will prohibit all private cryptocurrencies in India with certain exceptions and is expected to be taken up for final consideration and passing during the winter session. The government says that the Reserve Bank of India will issue its own digital currency. The objective is, “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”

Security of investors’ money and misleading advertisements in the media regarding investment potential and risks have long been a cause of concern. The government has held several meetings with all stakeholders to discuss the regulation of digital currencies. Prime Minister Narendra Modi has also chaired a high-level meeting with officials from various ministries and RBI on the issue. The first-ever Standing Committee on Finance on digital currencies, chaired by BJP’s Jayant Sinha, to discuss “opportunities and challenges” of crypto finance on November 16 had reached a consensus that cryptocurrency can’t be stopped but must be regulated. While delivering a keynote address at the Sydney Dialogue on November 18, Prime Minister Narendra Modi had urged all countries to ensure that cryptocurrency does not “end up in the wrong hands”.The Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have also voiced concerns about the unregulated growth of cryptocurrencies in India, keeping vulnerable retail investors in mind. El Salvador is the only country to recognise Cryptocurrency as a legal tender.

Equity benchmark indices close in red, Sensex down by 112 points

Mumbai (Maharashtra) [India] : Indian equity market closed in red on Tuesday as the metal and consumer durables sector shares plummeted.
At the closing bell, the BSE S&P Sensex was down by 112.16 points or 0.19 per cent, while the Nifty 50 dropped by 24.20 points or 0.13 per cent. In BSE Sensex, the sectors which plummeted were the metal sector with a decline of 0.81 per cent, the consumer durables sector with 0.52 per cent, and the finance sector with 0.48 per cent.
Among the gainers for the day were the industrials sector with 1.32 per cent and the auto sector with 1.28 per cent.
Among stocks, the top gainer was Mahindra & Mahindra (M&M), which surged 3.92 per cent to Rs 892.90 per share, followed by Larsen & Toubro up by 1.18 per cent to Rs 1,946.85 per share. State Bank of India, ICICI Bank and Reliance too traded with a positive bias.
Meanwhile, HDFC Bank cracked by 1.82 per cent, followed by HDFC down by 1.44 per cent and Maruti Suzuki by 1.42 per cent.

Samsung Electronics is chasing Apple in the US smartphone market

Seoul [South Korea]: Samsung Electronics has narrowed the gap with Apple in the US smartphone market in the third quarter of this year.
According to market research firm Counterpoint Research on the 5th, Samsung Electronics had the market share of 35%, up 5%p year-on-year. It is the largest quarterly share since the first quarter of last year (32%). Apple’s market share in the third quarter was 42%, up 3%p year-on-year. However, the market share gap between second-ranked Samsung Electronics narrowed from 9%p to 7%p.
Considering that Apple launched iPhone 13 series in September, Samsung Electronics’ third-quarter market share is better than expectations. It is analyzed that strong sales of foldable phones Galaxy Z-Fold 3 and Z-Flip 3, which were released by Samsung Electronics in August, had a positive effect on the expansion of market share.
“Apple’s iPhone 13 accounted for 17% of total U.S. sales in the third quarter despite recent supply disruptions,” Jeff Fieldhack, an analyst of the Counterpoint Research. “Samsung Electronics recently successfully released its foldable phone series and increased sales of low-priced 5G phones with Galaxy A32 5G models.

Huge quantity of flowers gone to waste at Chennai wholesale market due to poor demand, continuous rain

Chennai (Tamil Nadu) [India]: A huge quantity of flowers went to waste at Koyambedu wholesale market in Tamil Nadu’s Chennai due to poor demand caused by the COVID-19 pandemic and continuous rain.
Speaking to ANI, Sambath, Vice-President of Flower Sellers Body in Koyambedu market said, “We are facing losses only on this Diwali. We are unable to sell flowers even for Rs 10. Think about the expenditure on lorry rental, labours, electricity bill, shop rent etc. Every day, we are dumping them in the waste.” Apart from heavy rainfall, COVID-19 restrictions is another reason behind less demand for flowers.
“Due to heavy rainfall and Covid-19 restrictions of the time limit in Koyambedu market, we have been facing only losses in flower sales,” Ramesh, a seller said.
Another seller, NS Mani said, “Previously, I was selling outside the market. Now, I am selling flowers in the Koyambedu market. Here, expenditure is high and sales are very low. There are 400 flowers shops in Koyambedu market. But these days, we are facing losses only.”
Several parts of Chennai reported extensive waterlogging on Sunday morning after the city recorded heavy overnight rains.

Imran Khan govt again plans to increase petroleum prices

Islamabad [Pakistan] : Pakistan Prime Minister Imran Khan-led government has again expressed the intention to increase the petroleum development levy on petroleum products in the coming days amid condemnation by the Opposition parties after a recent hike in prices of petroleum products.
“The International Monetary Fund [IMF] has also asked to increase the petroleum development levy [PDL] but it will depend on the global prices of petroleum products,” Geo News quoted Adviser to the Prime Minister on Finance Shaukat Tarin on Saturday. “If the global price of oil goes down, it will be easy for the government to increase the PDL,” Tarin said, adding that the prices of petroleum products were increased because they were directly linked with the international market, where the prices touched their peak in the last several years, Geo News reported.
Earlier on Friday, Imran Khan led-government had increased petroleum prices by up to Pakistani Rupees 8.14 per litre,
Meanwhile, Imran Khan on Wednesday announced “country’s biggest-ever” subsidy package worth Rs 120 billion, providing a 30 per cent discount on ghee, flour and pulses to support 130 million people by ebbing away from the impact of inflation.
Shortly after Khan’s announcement opposition leaders had criticised the move and had called it an “acceptance of the government’s failure” and “nothing but a joke”, said the Pakistani publication.
Taking to Twitter, PPP Chairman Bilawal Bhutto-Zardari had said that the PM’s package is “too little for 200 million people,” Geo News reported.
Following suit, former senator and PPP leader Sherry Rehman had termed PM Imran Khan’s address to the nation a “bizarre speech”, and called the premier the “Blame Minister of Pakistan”.

How Pakistan’s economy is on a roller coaster ride

By Kshvid News Desk with inputs from agencies

Pakistan’s economy always faced ups and downs due to the competitive market and its relationship with neighboring countries. The major players in Pakistan’s economy are America, China, and India. Pakistan’s relationship with China is always friendly, and china always supports Pakistan in times of need. America’s relationship was always demanding “To Do More.” India is the country with whom Pakistan’s relation could be fruitful in terms of the economy because both are sister countries with many issues. Kashmir is at the top of the list. The rivalry between them is the primary cause of the lower GDP of these countries as most of the country’s budget is consumed by the Military. 

The start of Pakistan’s economy was under the supervision of Ayub Khan, who was also the first Militant Administrator of Pakistan. He presented a 10-year developmental Scheme for both agriculture and industrial units. Pakistan is an agricultural country, and most their economy mainly depends upon agriculture development. In the early days, Pakistan was rich in Jute, Rice, cotton, and Wheat production. Pakistan was considered as the Asian tiger, but then time played its turn, and Pakistan’s economy started declining because of political, social, and administrative issues. Zia’s five-year proposed five-year plan of the economy in which a target was set for the coming five years, and the government took essential steps to meet the target. The early day’s plans helped Pakistan’s economy to boast a bit, and development in different sectors was started. The plans were as follows. 1)Perspective plan 10 – 25 years, 2) Midterm plan 04 – 7 years, 3) Rolling plan 03 years, 4) Annual plans 01 years.

Pakistan’s economic performance outperforms many other developing countries, and the government has maintained a constant annual growth rate since independence. There have been several economic models in Pakistan’s history. Initially, Pakistan’s economy was based on private industry. Still, vital sectors such as financial services, manufacturing, and transportation were nationalized beginning in the early 1970s, making more changes during Zia ul-military Haq’s government in the 1980s. In particular, an “Islamic” economy was developed, which forbade Shariah (Muslim law) prohibited behaviors such as collecting interest on loans (rib) and imposed customary religious requirements such as zakat (tithe) and ushr (sacrifice) (land tax). Though many parts of the Islamic economy have survived (Overview, n.d.), the state began privatizing significant portions of the nationalized sector in the 1990s.

Following several economic restructuring measures, Pakistan’s economy is mixed, with state-owned companies accounting for a large percentage of its gross domestic product (GDP). The country’s economy, primarily agricultural when it earned independence, has become considerably more varied. Agriculture, no longer the dominant industry, contribute to around one-fifth of GDP while manufacturing accounts for roughly one-sixth. Trade and services, which account for the majority of the economy, have grown dramatically. Economically, Pakistan is more like the middle-income countries of East and Southeast Asia than the impoverished countries of the Indian subcontinent. Years of war, political upheaval, and low levels of foreign direct investment have all hindered Pakistan’s economic development. In addition, 21% of the population is deemed destitute. Pakistan’s negative trade balance has increased its deficit and depleted reserves. Year after year, imports surpass exports, resulting in a negative trade balance. Part of the reason for the country’s reliance on imports is that the infrastructure and industries in the country are underdeveloped, making development unfeasible (TRADING ECONOMICS, n.d.). Many sectors in this area have been state-owned for many years, resulting in inefficiency and poor revenues.

With the pandemic, the government has prioritized regulating COVID-19 infection waves, launching a mass vaccination campaign, expanding its cash distribution program, and ensuring favorable monetary circumstances to aid economic development. When confronted with the fourth COVID-19 wave, the government implemented micro-lockdowns, which successfully limited viral propagation while enabling economic activity to continue, lowering economic damage. Vaccination rates have been rising, but they remain low. As of September 2021, just approximately 12% of the whole population had received the recommended vaccinations. The current account deficit fell from 1.7 percent of GDP in FY20 to 0.6 percent in FY21, as large remittance inflows offset a more significant trade deficit. Foreign direct investment fell after the issuance of US$2.5 billion in Eurobonds, although portfolio inflows increased. The surplus on the balance of payments was 1.9 percent of GDP in FY21, and the official foreign exchange reserves at the end of the year reached US$18.7 billion, the highest level since January 2017 and equivalent to 3.4 months of total imports. Consequently, the rupee rose 5.8 percent against the US dollar during the fiscal year, resulting in an effective exchange rate of 10.4 percent.

According to the report, Pakistan’s gross external finance need will be $23.6 billion in 2021-22 and $28 billion in 2022-23. Despite the International Monetary Fund’s extremely conservative expectations, progress has been made (IMF). Pakistani authorities appear to be making a last-ditch effort to obtain a staff-level agreement with the IMF to overcome the gap in external funding requirements. According to a recent World Bank research, Pakistan has reached the top ten countries with the most foreign loans. Using the International Debt Statistics 2022, News International previously reported a “significant discrepancy” in the pace at which foreign debt is incurred in various DSSI-eligible states, including the group’s largest debtor, Pakistan (Focus Economics, n.d.). According to a World Bank report, Pakistan’s foreign debt increased by 8%, while another one from June this year stated that the Imran government borrowed $442 million from the World Bank. And per recent reports the overall GDP of Pakistan is less than the CEO od Tesla Elon Musk, richest man in the world. According to reports, the entrepreneur is close to touching $300 billion net worth very soon, making him the first person to do so. 

Currently, his net worth is $292 billion. In drastic comparison, the GDP of Pakistan, which houses around 220 million people, is around $280 billion (at current market prices) in 2020-21, as per reports. This economical ups and downs are all part of Pakistan economy from 1947 till today.

#pakistan #economy #analysis #imrankhan #growth #recession

PSX reverts to old trading system

Karachi [Pakistan] : The Pakistan Stock Exchange (PSX) reverted to the old trading system on Saturday after the newly-acquired Chinese trading system encountered serious technical glitches.
The decision comes after several complaints were reported as the newly-acquired Chinese trading system encountered serious technical glitches during the week, reported Geo News. The new trading system (NTS) — which has been procured from the Shenzhen Stock Exchange (SZSE), China — was officially launched on October 25 and the PSX had held 18 mock sessions before formally launching the new system.
PSX will be using Karachi Automated Trading System (KATS) — from Monday, November 1.
“In order to address the concerns with JTT, PSX, in consultation with brokers and Security Exchange Commission of Pakistan (SECP), is reverting to the previous system (KATS) as a short term measure to provide uninterrupted trading for all TREC-Holders,” said PSX.
The stock market said some material issues have been encountered in the Jade Trading Terminal.
In a statement issued on Saturday, the stock market said, “Once the matters concerning the front-end system are fully resolved, we expect to implement the NTS in a few weeks”.

Punjab govt starts paddy procurement

Ludhiana (Punjab) [India]: Punjab Food, Civil and Supplies Minister Bharat Bhushan Ashu and Industry Minister Gurkirat Singh Kotli on Sunday started the paddy procurement in Asia’s biggest grain market at Khanna in Ludhiana.
As per a press release issued by District Public Relation Officer (DPRO), the cabinet ministers during their visit said that elaborate arrangements have been made by the state government to make sure that every single grain of paddy is procured and lifted without any sort of delay. The ministers asked the officers of all procurement agencies, Mandi Board and district administrations in all the state to ensure timely payment of the produce to the farmers.
They also informed that the arrangements for saving produce from rain or showers are already in place and the facilities of power, sheds for the farmers, portable water supply and equipment to monitor the quality of paddy have also been provided in each procurement centre.
“The paddy has been cultivated on around 2.57 lakh hectares in Ludhiana and around 17.53 lakh MT of paddy is expected to arrive in the grain markets. Apart from 108 regular grain markets in Ludhiana, the 94 temporary yards and 203 mandi yards in mills have also been identified to decongest the grain markets,” the ministers stated.
They said that the state government has already evolved a viable mechanism for lifting grains within 48 hours of the procurement and also thanked Punjab Chief Minister Charanjit Singh Channi for raising the issue with the Prime Minister after which the Central government allowed procurement from October 3.
The ministers further said that the department has already started a campaign against malpractice of bogus billing and several teams have been formed to nab the culprits.
Earlier, the ministers also held a meeting with the arhtiyas in the office of Market Commitee Khanna.
The central government had postponed the purchase of paddy in Punjab and Haryana from October 1 to October 11.
But amid protests in Punjab and Haryana over the delay in paddy procurement, MoS Ashwini Kumar Choubey on Saturday informed that the procurement will start from today in both states.

IBHFL’s Rs 200 crore NCDs public issue oversubscribed 4 times

Mumbai (Maharashtra) [India]: Indiabulls Housing Finance Ltd (IBHFL) said on Tuesday that the base issue size of its public issue of secured redeemable non-convertible debentures and unsecured subordinated redeemable non-convertible debentures (NCDs) has been oversubscribed.
It said the issue saw healthy demand in retail category of investors with a total collection of Rs 807.83 crore. The issue also saw good interest from its existing NCD investors. Overall, the tranche one issue saw interest from investors across series and tenures offering annual, monthly and cumulative interest options.
Edelweiss Financial Services, IIFL Securities and Trust Investment Advisors were lead managers to the NCD issue, which opened on September 6 and closed on September 20.

JLL enters secondary residential market, ties up with Zapkey

Kolkata, Aug 10: JLL, India’s largest real estate consultancy firm on Tuesday announced its entry into the country’s secondary residential market via a strategic partnership with Zapkey (a Propstack subsidiary).
With this first-of-its-kind association, JLL aims to reach out to customers struggling to make a buy-side or a sell-side transaction in the rather unorganised secondary (resale) residential market.
India’s secondary residential market is very challenging with customers facing multiple issues.
Apart from difficulties related to price discovery and quality of product offered, legal issues like clear title deeds and documentation can be a big deterrent.
This partnership aims at firstly simplifying the marketing of a resale apartment by using Zapkey’s
data platform & proptech tools like Matterport, which creates a 3D digital twin of the apartment for buyers, making it easier for them to virtually tour the property. It also provides measurement features,
a detailed home inspection report with all the quality checks and scope of improvements mentioned in simple understandable terms.
“The collaboration between JLL and Zapkey will be both offline and online. While Zapkey will list resale homes on their portal, the eventual offline transaction will be managed end-to-end by JLL’s experienced advisors. Starting with Mumbai, we will look at expanding our presence in cities like
Pune and Bengaluru too,” said Siva Krishnan, Managing Director, Residential, India, JLL.
“As more and more homebuyers take the most important step of investing in their own homes
rather than staying on rent, we wish to be enablers for them in this important decision. We recently announced JLLhomes.co.in, our primary residential portal, and with this association we aim to
reach the secondary residential market. We hope that the coming together JLL and Zapkey will
induce confidence in customers as we aim to resolve some of their most pressing issues,” Siva
further added.
Raja Seetharaman – Co-founder of Zapkey said, “Both JLL and Zapkey are client-facing real estate companies; however, the characteristic each holds fits like a puzzle. We are delighted to partner with JLL. We believe that the combination of Zapkey’s tech and data platform with JLL can redefine the secondary residential market in India. The broad nature of residential products & services under one umbrella, makes it an exiciting proposition. The secondary residential market holds huge potential in India. Large organised players like JLL entering this market will make it easier for buyers and sellers to confidently and efficiently execute transactions.”
JLL has recently announced the launch of its residential portal JLLHomes.co.in. The portal enables prospective homebuyers to choose from an array of residential projects that have been pre-screened by professionals from JLL.

Samsung is expected to sell 8 million foldable phones in and 23 million in 2023

Seoul [South Korea](ANI/Global Economic): Samsung Electronics is predicted to gain overwhelming advantage in the foldable phone market, which is expected to grow rapidly. It is a result that Samsung has continued to release foldable phones, lead-related technologies and pre-occupy the market shares.

According to the market research firm Counterpoint Research, shipments of foldable phones are expected to reach nine million units this year, three times more than last year.
Samsung Electronics is expected to secure 88 per cent of market share by selling about eight million foldable phones in this rapidly growing foldable phone market. Excepting the demand for foldable phones in China, it will actually dominate the global foldable phone industry market.

The foldable phone market is expected to continue to grow and reach 10 times larger by 2023. Although Chinese smartphone manufacturers such as Xiaomi have tried to enter the foldable phone market, Samsung Electronics is expected to sell about 23 million foldable phones in 2023 and secure 75 per cent of the market share.

The foldable phones are high value-added products that can generate high profits, so it is expected to contribute to Samsung Electronics’ IM division’s expansion of sales and operating profit and catching up with Apple.

However, as Apple is expected to enter the foldable phone market after 2023, competition between Samsung Electronics and Apple over the leadership of the industry will be intensified. Counterpoint Research predicted that the foldable phone market will grow rapidly and the number and size of overall supply chains will also be expanded due to the competition between the two companies.

Samsung Electronics’ new foldable phone, which will be unveiled at the Galaxy Unpacked 2021 on the 11th, is expected to have more improved functions and user experiences. (ANI/Global Economic)

GR Infraprojects IPO Allotment Status; Check Your Share

GR Infraprojects IPO allotment status: The initial public offering (IPO) of GR Infraprojects was subscribed 102.58 times over the 81.23 lakh shares that were on offer during the subscription period from July 7-9, 2021. The price band was fixed at Rs 828-837 per share.

GR Infraprojects IPO received bids of over 83.33 crore (83,33,04,538) shares against the total issue size of over 81.23 lakh (81,23,594) shares, data available with the National Stock Exchange (NSE) showed.

The shares which are to be allocated for the QIBs was subscribed 168.58 times, while those of non institutional investors was subscribed 238.04 times and that of RIIs was subscribed 12.57 times. Separately, shares for the employees’ segment was subscribed 1.37 times, the data showed.

The Udaipur-based firm is a leading integrated road engineering, procurement and construction (EPC) company and the IPO comprised of a complete offer for sale (OFS) by promoter and investor selling shareholders. The funds raised through the offer will be received by the selling shareholders.

Investors are now looking forward to the share allotment date of the GR Infraprojects IPO. The infrastructure firm was initially is supposed to finalise the allotment by Wednesday, July 14, 2021, as per the timeline provided in the red herring prospectus. In case you have applied for the GR Infraprojects IPO, then here is how you can check the status of your allotment when it gets declared:

  • The allotment status will get updated on the website of the registrar of the IPO, which in this case is KFin Technologies (Click here: https://ris.kfintech.com/ipostatus/ipos.aspx). Applicants will need to select G R INFRAPROJECTS LIMITED in the drop-down menu and enter either their Application No. or DPID/Client ID or PAN, enter the Captcha code (which is shown in digits) and click on Submit to view their allotment status.
  • Apart from the registrar’s website, applicants can also check the status of their allotment on the website of the BSE (Click here: https://www.bseindia.com/investors/appli_check.aspx). Here, they will need to select Equity in Issue Type, then select G R INFRAPROJECTS LIMITED from the drop-down list in the Issue Name section, enter their Application Number and PAN Number in the respective boxes and then click on search to view their status.

The listing of shares of GR Infraprojects is likely to take place on Monday, July 19, 2021, on both the NSE and BSE. The issue size of the IPO was Rs 963 crore.

HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets and Equirus Capital were the book-running lead managers to the offer.

Sensex Surges Over 240 Points In Early Trade; Nifty Tops 15,770-Mark

Equity benchmark Sensex surged over 240 points in early trade on Monday, tracking gains in index majors ICICI Bank, TCS and Reliance Industries amid a firm trend in global markets.

The 30-share BSE index was trading 241.95 points or 0.46 per cent higher at 52,628.14 in initial deals, while the broader NSE Nifty advanced 81.65 points or 0.52 per cent to 15,771.45.

ICICI Bank was the top gainer in the Sensex pack, climbing nearly 2 per cent, followed by Maruti Suzuki, SBI, UltraTech Cement, IndusInd Bank and Tata Steel.

TCS and Reliance Industries rose up to 0.56 per cent in early trade.

On the other hand, Bajaj Finserv, HDFC Bank, Tech Mahindra and Hindustan Unilever were the laggards.

In the previous session, Sensex ended 182.75 points or 0.35 per cent lower at 52,386.19. The NSE Nifty dropped 38.10 points or 0.24 per cent to close at 15,689.80.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,124.65 crore on Friday, as per provisional exchange data.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo were trading with significant gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude declined 0.19 per cent to USD 75.41 per barrel.

Sensex Drops Over 300 Points In Early Trade; Nifty Tests 15,650

Equity benchmark Sensex tumbled over 300 points in early trade on Friday, tracking losses in index majors Reliance Industries, HDFC twins and ICICI Bank amid a weak trend in global markets.

After dropping 340 points in the opening session, the 30-share BSE index was trading 282.08 points or 0.054 per cent lower at 52,286.86 in initial deals, while the broader NSE Nifty dropped 77.75 points or 0.49 per cent to 15,650.15.

Axis Bank was the top loser in the Sensex pack, shedding over 1 per cent, followed by IndusInd Bank, TCS, HDFC, ICICI Bank, Reliance Industries and Bajaj Auto.

On the other hand, Tata Steel, Bajaj Finserv, Dr Reddy’s, Sun Pharma and Titan were among the gainers.

In the previous session, Sensex ended 485.82 points or 0.92 per cent lower at 52,568.94, while Nifty dropped 151.75 points or 0.96 per cent to 15,727.90.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 554.92 crore on Thursday, as per provisional exchange data.

Domestic equities continue to look soft due to weak global cues as of now, said Binod Modi Head-Strategy at Reliance Securities. “While visible improvement in business momentum with ease of business curbs by states started offering comfort, the recent uptick in daily caseload and increasing positive rate could be a near term risk as we saw Japan imposed fresh restrictions in Tokyo yesterday,” he stated.

US stocks retreated in overnight trade as the weak tone across global equities on worries about a possible slowdown in recovery due to persistent supply bottlenecks and the spread of the delta variant weighed on sentiments.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading in the red in mid-session deals, while Hong Kong was positive.
Meanwhile, international oil benchmark Brent crude declined 0.04 per cent to USD 74.09 per barrel.

Equity Benchmarks Sensex And Nifty On A Slow Start Amid Weak Global Cues

Equity benchmarks Sensex and Nifty started on a choppy note on Thursday amid a negative trend in Asian peers.

The 30-share BSE index was trading 3.34 points or 0.01 per cent higher at 53,058.10 in initial deals, while the broader NSE Nifty inched 8.95 points or 0.06 per cent lower to 15,870.70.

Bajaj Auto was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Tech Mahindra, NTPC, IndusInd Bank, PowerGrid, M&M and HCL Tech.

On the other hand, UltraTech Cement, HUL, Sun Pharma and Nestle India were among the laggards.

In the previous session, Sensex climbed 193.58 points or 0.37 per cent to close at its fresh lifetime high of 53,054.76, and Nifty rose 61.40 points or 0.39 per cent to its record 15,879.65.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 532.94 crore on Wednesday, as per provisional exchange data.

Domestic equities do not look to be inspiring as of now. Notably, visible improvement in business momentum with ease of business curbs by states started offering comfort, said Binod Modi Head-Strategy at Reliance Securities.

However, profit-booking at higher levels is leading to bouts of correction in the market, traders said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals.

US equities ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude advanced 0.01 per cent to USD 73.44 per barrel.

Tata Motors Shares Extend Their Loss; Slipped Over 3 Percent

Shares of Tata Motors extended their losses and slipped over 3 percent in early trade on Wednesday.

The stock dipped as much as 3.36 percent each to Rs 306.30 apiece on the BSE and Rs 306.25 on the National Stock Exchange (NSE) during the early morning trade on Wednesday.

At 11:42 am, Tata Motors stock was at Rs 312.00, down Rs 4.95 (1.56 percent) on the BSE and at Rs 312.20, down Rs 4.70 (1.48 percent) on NSE. Over 41.74 lakh shares were traded on the BSE so far in the intraday trade while over 5.95 crore shares exchanged hands on NSE.

On Tuesday, Tata Motors scrip had gone into a tailspin erasing early gains and crashed over 8 percent lower on both the exchanges triggered by a selloff towards the end of the trade session.

The automaker’s UK subsidiary Jaguar Land Rover (JLR) on Tuesday reported a 68.1 percent year-on-year rise in retail sales for the quarter ended June 2021 at 124,537 units. It had retailed 74,067 units in the April-June quarter last year.

Wholesales were up 72.6 percent on-year at 84,442 units (excluding China JV). However, wholesales were around 30,000 units lower than demand would have permitted due to semiconductor supply constraints and impacts of Covid-19 affecting the global auto industry, JLR said in its statement.

“Looking ahead, the chip shortage is presently very dynamic and difficult to forecast,” the statement said adding that based on the recent inputs from suppliers, JLR now expects chip supply shortages in the second quarter ended September 2021, to be greater than in the first quarter, potentially resulting in wholesale volumes about 50 percent lower than planned.

“We expect the situation will start to improve in the second half of our financial year. However, the broader underlying structural capacity issues will only be resolved as supplier investment in new capacities comes online over the next 12-18 months and so we expect some level of shortages will continue through to the end of the year and beyond,” the JLR statement noted.

“While the present supply constraints continue, the company will continue to prioritize production of higher-margin vehicles for the chip supply available as well as make chip and product specification changes wherever possible to reduce the impact,” it said.

“In the scenario above, we expect an operating cash outflow of about £1 billion with a negative EBIT (earnings before interest and taxes) margin in the second quarter and a substantial improvement in underlying* operating cash flow in the second half of the financial year as chip supply improves,” the automaker said.

Sensex Inched Higher By 55 Points In Early Trade; Nifty Tops 15,860-Mark

Equity benchmark Sensex inched higher by 55 points in early trade on Tuesday, tracking gains in index heavyweights HDFC twins, Bajaj Finance and Infosys amid sustained foreign fund outflows.

The 30-share BSE index was trading 55.46 points or 0.10 percent higher at 52,935.46 in initial deals. Similarly, the broader NSE Nifty advanced 24.05 points or 0.15 percent to 15,858.40.

UltraTech Cement was the top gainer in the Sensex pack, rising 0.69 percent, followed by HDFC Bank, Maruti, Tata Steel, Titan and Bajaj Auto, HDFC, M&M, L&T and Bajaj Finance. Infosys was up 0.06 percent in early deals.

On the other hand, Sun Pharma, TCS, HUL, and Reliance Industries were among the laggards.

In the previous session, the BSE Sensex closed 395.33 points or 0.75 percent higher at 52,880. Similarly, the broader NSE Nifty surged 112.15 points or 0.71 percent to 15,834.35.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 338.43 crore on Monday, as per provisional exchange data.

“Domestic equities look to be muted as of now. Notably, sharp rise in crude prices and strengthening dollar index weighed on sentiments in the last couple of days. Further, expectations of further rise in crude prices with no agreement on ease of production in the OPEC meeting can weigh on sentiments further,” said Binod Modi Head-Strategy at Reliance Securities.

However, we continue to believe any meaningful correction in the market should be offering the opportunity to investors to get in quality stocks, Modi said.

Meanwhile, international oil benchmark Brent crude surged 0.32 percent to USD 77.41 per barrel.

Elsewhere in Asia, bourses in Seoul and Tokyo gained, while Shanghai and Hong Kong were trading in the red in mid-session deals.

India Inc’s Foreign Borrowings Plunge By 51% To $738 Million In May

India companies’ foreign borrowings plunged by nearly 51 per cent to USD 738.45 million in May this year amid the second wave of COVID-19, according to the RBI data.

Indian businesses had raised USD 1.49 billion by way of external commercial borrowings (ECB) in May 2020.

The entire fund raised in May 2021 came through the automatic route of the ECB.

Also, not a single borrower tapped the rupee-denominated bonds (or masala bonds) to raise funds from foreign markets in May, same as in the year-ago month.

BW Global United LPG India Pvt Ltd (USD 198.41 million for import of capital goods); Renew Sun Waves (USD 140 million for new projects); and Indian Oil Corporation (USD 100 million for working capital requirement) were among the major borrowers.

Tata SIA Airlines Ltd raised USD 110.40 million for the import of capital goods, the data showed.

India Pesticides IPO Allotment Status: Here’s How To Check If You Have Been Allotted The Shares

India Pesticides IPO allotment status: The initial public offering (IPO) of India Pesticides (IPL) was subscribed 29.04 times over the 1.93 crore shares that were on offer during the subscription period from June 23-25, 2021. The price band was fixed at Rs 290-296 per share.

India Pesticides IPO received bids of over 56.07 crore (56,07,48,250) shares against the total issue size of over 1.93 crore (1,93,10,345) shares, data available with the National Stock Exchange (NSE) showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 42.95 times, while those of non institutional investors was subscribed 51.88 times and that of retail individual investors (RIIs) was subscribed 11.30 times, the data showed.

The Uttar Pradesh-based firm is an R&D-focused agrochemical technical company, which has growing formulations business in herbicides, insecticides and fungicide segments. The funds raised through the IPO will be used towards funding the working capital requirements and general corporate purposes.

Investors are now looking forward to the share allotment date of the India Pesticides IPO. The dairy firm was initially supposed to finalise the allotment by Wednesday, June 30, 2021, as per the timeline provided in the red herring prospectus. However, the registrar’s website now shows that the shares will be allotted on Thursday, July 1, 2021. In case you have applied for the India Pesticides IPO, then here is how you can check the status of your allotment when it gets declared:

  • The allotment status will get updated on the website of the registrar of the IPO, which in this case is KFin Technologies (Click here: https://ris.kfintech.com/ipostatus/ipos.aspx). Applicants will need to select INDIA PESTICIDES LIMITED in the drop-down menu and enter either their Application No. or DPID/Client ID or PAN, enter the Captcha code (which is shown in digits) and click on Submit to view their allotment status.
  • Apart from the registrar’s website, applicants can also check the status of their allotment on the website of the BSE (Click here: https://www.bseindia.com/investors/appli_check.aspx). Here, they will need to select Equity in Issue Type, then select INDIA PESTICIDES LIMITED from the drop-down list in the Issue Name section, enter their Application Number and PAN Number in the respective boxes and then click on search to view their status.

The listing of shares of India Pesticides is likely to take place on Monday, July 5, 2021, on both the NSE and BSE. The issue size of the IPO was Rs 800 crore.

Axis Capital and JM Financial were the book-running lead managers to the offer.

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