12:56 pm
Two-wheeler sales to decline by 1-4% in current fiscal: ICRA
Credit rating agency ICRA has said that domestic two-wheeler (2W) volumes are expected to decline by 1-4% this fiscal, impacted by a steady rise in 2W prices as well as record high petrol cost.
Further, the ICRA said that the poor performance of the festive season has highlighted the continuing warnings about big ticket purchases among the low-income population.
12:42 pm
Reliance Industries shares fall 4%
Shares of Reliance Industries Ltd fell over 4% on Monday after it postponed a proposed deal to sell a 20% stake in its oil refinery and petrochemical business to Saudi Aramco for $15 billion.
The market heavyweight stock fell 4.22% to ₹2,368.20 on BSE.
It fell 4.17% to Rs 2,370 on the NSE.
12:30 pm
Sensex breaks more than 1000 points, Nifty 17,500. below from
Indian indices extended the decline with the Sensex falling nearly 1100 points and the Nifty falling below 17,500. At 12:26 IST, Sensex was down 1098.77 points or 1.84% at 58,537.24 and Nifty was down 338 points or 1.90% at 17,426.80.
The markets opened as soon as the Sensex fell 202.56 points to 59433.45 and the Nifty fell 56.30 points to close at 17708.50.
11:55 am
Paytm down nearly 14%
Shares of recently listed One97 Communications, Paytm’s parent company, plunged nearly 14% today after a weak start on Thursday last week.
The stock fell 13.66% to ₹1,350.35 on BSE and 13.39% to ₹351.75 on NSE.
Ant Group-backed Paytm’s Rs 18,300-crore IPO, India’s biggest share sale, was oversubscribed 1.89 times earlier this month.
11:30 am
Paytm Q2 GMV more than doubled to ₹1,95,600 cr
Paytm on Sunday reported a more than two-fold increase in gross merchandise value to ₹1,95,600 crore in the second quarter ended September 30.
The digital payments and financial services firm reported a gross merchandise value (GMV) of ₹94,700 crore in the same period a year ago.
Paytm refers to GMV as the value of total payments made to merchants through Paytm, excluding any consumer-to-consumer payment services such as money transfers.
10:55 am
Rupee slips to 74.35 against US dollar
The rupee fell by 5 paise to 74.35 against the US dollar in early trade on heavy selling in domestic equities and a firmer US currency overseas. However, lower crude oil prices supported the local unit and limited the decline.
The rupee had closed at 74.30 against the US dollar on Thursday and forex markets were closed on Friday on the occasion of ‘Guru Nanak Jayanti’.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10% to 96.12.
10:30 am
Airtel announces 20-25% tariff hike
Telecom operator Bharti Airtel announced a 20-25% tariff hike for various prepaid offerings. The new tariffs will be applicable on voice plans, unlimited voice bundles and data top up.
While the entry-level tariff for voice plans has been increased by around 25%, the increase is around 20% for most of the unlimited voice bundles.
In the voice plan with the tariff, the new rate is ₹99 against the existing ₹79 with a validity of 28 days and includes benefits like 50% more talk time, 200MB data, 1p/sec voice tariff worth ₹99.
9:30 am
Markets open Sensex, Nifty open lower
Indian benchmark equity indices opened on a negative note today. Sensex closed 202.56 points down at 59433.45 and Nifty down 56.30 points at 17708.50.
Most Asian stocks started the week on a soft note as the withdrawal of COVID-19 restrictions in Europe and the risk of a hasty taping from the US Federal Reserve.
Australian shares fell 0.4% due to losses in bank stocks. Japan’s Nikkei was down 0.3% and MSCI’s broadest index of Asia-Pacific shares was flat. However, S&P 500 futures rose 0.2% on Friday after the Wall Street index declined.
9:00 am
Oil at seven-week low
Crude oil plunged to a seven-week low on concerns about excess supply from Japan and over demand from the deteriorating COVID-19 situation in Europe.
Brent crude fell 0.72% to $78.32 and US West Texas Intermediate (WTI) crude futures were down 39 cents at $75.55 a barrel.
Japanese Prime Minister Fumio Kishida had indicated he would help counter rising oil prices following a request from the United States to release oil from its emergency reserves.
Meanwhile, there are growing concerns that the renewed COVID-19 restrictions could hit demand. Germany warned it could impose a complete lockdown after Austria said it would take tougher measures to combat rising infections.
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Go Fashion IPO subscription closes today. Last week, Prime Minister Narendra Modi said he would repeal agricultural laws that farmers have been protesting for more than a year. Reliance on Friday said it would revalue the sale of a $15 billion stake in the oil-to-chemical arm to Saudi Aramco. After a disappointing start in the stock market, Paytm stock will be the most seen this week.
, Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)