Sensex closes flat, Nifty at 16,637; metals, PSU banks drag; FMCG gains

Sensex, Nifty closed flat on Thursday. Asian markets mostly fell as hopes for the global recovery and signs of a possible slowdown in new virus infections play off against China’s regulatory clampdown and the prospect of an end to Federal Reserve largesse.

26 Aug 2021, 03:57:25 PM IST

Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“Today was an uneventful day of trade and that is because of the monthly expiry. However, it’s good that we are still trading above 16,600. This allows the Nifty to scale higher to 16,800-16,850. Until 16,400 does not break on a closing basis, the trend of the market continues to remain bullish and traders can use choppy or bearish sessions to accumulate long positions.”

26 Aug 2021, 03:56:44 PM IST

HDFC Bank lists $1 billion AT1 dollar bonds in IFSC

In a first for an Indian bank, private sector lender HDFC Bank on Thursday listed their 3.7% $1 billion foreign currency additional tier-1 or AT1 bonds, on IFSC at GIFT city.

26 Aug 2021, 03:56:11 PM IST

Rupee inches 2 paise higher to close at 74.22 (provisional) against US dollar

26 Aug 2021, 03:54:48 PM IST

Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

“Nifty traded in a very small range. It closed flat at 16,335. Nifty has been taking resistance around it’s all time high level of 16,700. Since the last 2 days its has been making a Doji type candle, which means there may be a possibility of a correction. Traders in long positions and advised to maintain caution. Nifty has support in 16,550 – 16,580 range below which it can test 16,450 levels.”

26 Aug 2021, 03:49:42 PM IST

Market closing 

Sensex closed at 55,949.10, up 4.89 points, while Nifty settled at 16,636.90, up 2.25 points. Banks, financials, FMCG and realty stocks closed in green. On the 30-share Sensex, RIL, HCL, M&M, and 11 other stocks closed in the green, while Bharti Airtel, Maruti, SBI, and 13 other stocks closed in the red.

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Sensex at close

26 Aug 2021, 03:32:21 PM IST

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers on market performance

“Indian markets started flat to marginally negative following negative Asian market cues as South Korea’s central bank hiked interest rates, making it the first developed economy to do so in the pandemic era. During the afternoon session markets attempted a comeback to trade in positive buying in blue chip stocks from across various sectors. Sentiments were positive with private report stating that the Indian economic growth likely to touch record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending. However, markets trimmed their gains in closing session as report from rating agency Moodys stating that the India’s second Coronavirus (Covid-19) wave is increasing asset risks for banks in retail and the SME loan segment.”

26 Aug 2021, 03:29:44 PM IST

Bharti Airtel commentary: Amarjeet Maurya – AVP – Mid Caps, Angel Broking

“Today Bharti Airtel Ltd (BAL) stock is down ~4% which provides buying opportunity to long term investors. In 1QFY22, BAL has shown healthy revenue growth of ~12% and adjusted Profit growth of ~102%. Going forward, we expect BAL to report healthy top-line & Bottom-line growth on the back of a strong brand, growth in customer additions, and improvement in ARPU due to increase in tariffs rate. Hence, we are positive on stock.”

26 Aug 2021, 03:28:27 PM IST

Blackstone to acquire ₹295 cr land parcels in Delhi from Tarc Ltd

Blackstone Group has agreed to acquire land parcels spread across 36 acres in Delhi from Tarc Ltd for 295 crore, according to media reports.

26 Aug 2021, 03:10:56 PM IST

Ruchi Soya receives final Sebi nod for FPO

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26 Aug 2021, 03:00:14 PM IST

Carnival aims to double screens by 2023 on low capex model

Movie halls chain Carnival Cinemas is targeting to more than double the number of screens to 1,000 by the end of 2023 and will rely on a newly tweaked, less capital-intensive model to realize its aim, a senior official said on Thursday. It will now be getting into revenue-share agreements with cinema owners where it takes care of operating expenses but shares revenue with the property owner before getting into a long-term lease as against the previous practice of signing a lease agreement upfront, the official said.

26 Aug 2021, 02:41:18 PM IST

Global oil majors may be joining race for BPCL: report

Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India’s biggest privatisation showed. Billionaire Anil Agarwal’s Vedanta group as well as two US funds—Apollo Global and I Squared Capital—had last year submitted initial bids to buyout the government’s entire 52.98% stake in India’s third-biggest oil refiner and second-largest fuel retailer. Detailing the ‘Next Step’, the ‘Brief Note on BPCL Disinvestment’ said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised. (PTI)

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26 Aug 2021, 02:30:44 PM IST

Coforge, MPhasis top drags

Nifty IT index

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Nifty IT index

26 Aug 2021, 02:28:19 PM IST

Covid second wave increased banks’ asset quality risks, but severe decline unlikely: Moody’s

Moody’s Investors Service on Thursday said that the second wave of Covid infections has increased asset risks for Indian banks, but a severe deterioration is unlikely. Second infection wave will lead to new problem loans in the retail and SME segments, but a severe asset quality decline is unlikely, it said, as banks’ improved profitability, capital and loss buffers will help them absorb anticipated loan losses and maintain credit strength. (Read more)

26 Aug 2021, 02:21:32 PM IST

Delhi HC attaches 3 MMTC properties 

The Delhi high court has ordered the attachment of three properties of MMTC in Delhi. The metals company failed to pay 586 crore in compliance with a previous order to Anglo Coal. As a result,  

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26 Aug 2021, 02:15:46 PM IST

RBI names Ajay Kumar as executive director

RBI has appointed Ajay Kumar as executive director effective 20 August. Previously, Kumar headed the central bank’s New Delhi Regional Office as regional director.

26 Aug 2021, 02:13:35 PM IST

Ex-Unitech founders trying to exert undue influence: ED tells SC

ED tells SC both Unitech ex-promoters Sanjay and Ajay Chandra even tried to influence from jail a dummy director, interrogated by agency

— Press Trust of India (@PTI_News) August 26, 2021

26 Aug 2021, 02:12:16 PM IST

Ex-Unitech founders trying to exert undue influence: ED tells SC 

Former Unitech founders deputed staff outside Tihar jail premises to communicate with outside world and dispose of properties: ED to SC

— Press Trust of India (@PTI_News) August 26, 2021

26 Aug 2021, 02:12:16 PM IST

CSB Bank appoints Rajesh Choudhary as chief information and technology officer

Private lender CSB Bank Ltd on Thursday announced the appointment of Rajesh Choudhary as the chief information and technology officer. In this role, his key responsibilities will include establishing the technical vision and leading all aspects of the bank’s technology development, it said. Choudhary joins CSB Bank with almost three decades of experience in technology leadership roles and possesses global work exposure that spans across Europe, UK, UAE, Singapore and India.

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26 Aug 2021, 01:53:55 PM IST

P&G Hygiene ends fiscal on strong note; stock’s valuations pricey

Shares of Procter & Gamble Hygiene and Health Care Ltd were trading more than 2% higher in early deals on Thursday on the National Stock Exchange. The reason is simple. The company announced its year- and quarter-ending June results and its performance has been encouraging. (Read more)

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26 Aug 2021, 01:51:07 PM IST

Bitcoin’s 60% rally from July lows may be running out of steam

Bitcoin’s burst above the $50,000 level didn’t last long and chart patterns signal its rally since July is at risk of fading. The largest cryptocurrency fell as much as 4.4% Thursday to $46,588, with other tokens including Ether retreating along with the Bloomberg Galaxy Crypto Index. The drop pared Bitcoin’s rally since a July low to some 60%. John Bollinger, inventor of Bollinger bands, in a tweet suggested taking some profits or hedging. Katie Stockton at Fairlead Strategies cited DeMark market-timing indicators as flagging about two weeks of “sideways-to-lower” prices.

26 Aug 2021, 01:46:07 PM IST

Sensex heatmap

RIL, HCL, ICICI Bank top gainers

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RIL, HCL, ICICI Bank top gainers

26 Aug 2021, 01:44:41 PM IST

Base metals commentary: Prathamesh Mallya, AVP- research, non-agri commodities and currencies, Angel Broking

“On Wednesday, Industrial metals remained steady ahead of the US Federal Reserve symposium for cues on the stance in the coming months. Global central banks infusing liquidity in order to counter the pandemic led economic slowdown helped the Base metals recover from the record lows witnessed in the early months of 2020. However, the Federal Reserve officials hinted towards withdrawing the stimulus measures in the policy meet held in July following the solid recovery in the US economy which has kept the industrial metals under pressure. Alumina prices rose to its highest in about 6 months following a fire at the Jamalco refinery in Jamaica which ignited worries of tighter supply of the Aluminium raw material. The Jamalco plant can produce up to 1.4 million tonnes per year of alumina, which is refined from bauxite. Global alumina production in 2020 was 134.4 million tonnes, according to the International Aluminium Institute. Worries over shortage of primary raw material amid disrupted supply of Aluminium from major producing nation China might continue to support Aluminium prices in the near term.”

26 Aug 2021, 01:28:43 PM IST

Gas producer’s net zero pledge challenged in court by activist

Australian oil & gas producer Santos Ltd will be challenged in court on its claim to have a “clear and credible” path to net zero greenhouse gas emissions from its operations, in a case brought by a climate activist group. The Adelaide-based company engaged in misleading or deceptive conduct when it said in its 2020 annual report that natural gas provides clean energy, the Australasian Centre for Corporate Responsibility alleged in proceedings filed to a federal court on Wednesday. The group also called into question Santos’ plan to reach zero emissions by 2040.

26 Aug 2021, 01:26:53 PM IST

China bonds still under pressure despite PBOC cash injection

China’s bond futures slid the most in two weeks amid concerns over wealth management rules, even after the central bank added cash to money markets to maintain interbank liquidity levels. Futures contracts on China’s 10-year sovereign bond dropped 0.35%, the most since August 13, to 99.78. The 10-year sovereign bond yield climbed 3 basis points to 2.89%. This came after the People’s Bank of China added net 40 billion yuan ($6.2 billion) of liquidity through its seven-day reverse repurchase agreements on both Wednesday and Thursday to help maintain money market stability at month-end.

26 Aug 2021, 01:24:47 PM IST

Lenovo expands manufacturing capabilities for PCs, notebooks, smartphones in India

Tech major Lenovo on Thursday said it is significantly ramping up its local manufacturing capabilities in India across product categories like PCs, notebooks and smartphones to meet the increasing customer demand. While the company did not disclose the investment being made, Lenovo said it is expanding in India across all business lines, including PC and smart devices, smart phones, infrastructure solutions, and especially in the newly established services and solutions group. (PTI)

26 Aug 2021, 01:11:30 PM IST

Gold falls as dollar inches higher, caution ahead of Jackson Hole

Gold prices fell on Thursday, as the dollar ticked higher ahead of U.S. Federal Reserve Chair Jerome Powell’s speech this week, with investors awaiting cues on tapering of economic stimulus. Spot gold fell 0.3% to $1,784.82 per ounce by 0705 GMT, while U.S. gold futures fell 0.3% to $1,785.00. The dollar index inched 0.1% higher, weighing on the greenback-denominated bullion.

26 Aug 2021, 01:09:49 PM IST

Fitch Solutions pares down its 2021 household spending forecast for India

Fitch Solutions on Thursday pared down its household spending forecast for India to 8.9% in 2021 from 9.1% estimated in June, citing tepid vaccination drive in the country. However, in its latest India Consumer Outlook, it said that consumer spending will recover to its pre-pandemic level in 2022. “India’s vaccination drive has been tepid with 32.5% of the population receiving at least one vaccine dose (as of August 21 2021, latest data available). This is slightly below the Asia average of 33.0%. We believe that mass vaccinations will further accelerate the unwinding of restrictions,” Fitch Solutions, the affiliate of Fitch Ratings said.

 

26 Aug 2021, 12:56:04 PM IST

Thermax group gains

Thermax’s stock was trading at 1,387.05 apiece up 1.92% at 12:52 pm. Company unit Thermax Babcock and Wilcox Energy Solutions has secured a 293 crore order for a boiler package comprising 3 x Oil & Gas fired boilers on EPC basis for a refinery and petrochemical complex in western India. 

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26 Aug 2021, 12:56:04 PM IST

Boost localisation of automotive parts, reduce dependency on imports, says Amitabh Kant

The Indian automobile and components industry must eliminate its import dependence on China for a host of automotive parts and must focus on localisation of such items, Niti Aayog CEO Amitabh Kant said on Thursday. Speaking at the 61st Annual Session of Automotive Component Manufacturers Association of India (ACMA), he said electric four-wheelers will also be considered for incentives under the FAME II scheme, once there is 100 per cent saturation of electric buses in the nine cities selected under the programme. (PTI)

26 Aug 2021, 12:47:25 PM IST

Semiconductor shortage may be big opportunity for domestic auto component cos: Siam chief

Semiconductor shortage is a big challenge for the automobile industry right now but the situation could also turn out to be a big opportunity for the domestic auto component manufacturing industry, SIAM President Kenichi Ayukawa said on Thursday. Speaking at the Automotive Component Manufacturers Association of India (ACMA) annual session, Ayukawa, who is also the Managing Director and CEO of Maruti Suzuki India, said the demand for the technology-based equipment has increased manifold in various sectors alongside the automotive segment. (PTI)

26 Aug 2021, 12:42:44 PM IST

Vijaya Diagnostic Center IPO commentary: Yash Gupta, Equity Research Analyst, Angel Broking 

“Vijaya Diagnostic Center IPO to open on 1st September 2021 with a price band of Rs.522-531. Another South India diagnostic chain to come up with the IPO in 2021. Vijaya IPO will open on 1st September 2021 and closes on 3rd September 2021, company has fixed the price band of Rs.522-531. Vijaya Diagnostic provides pathology and radiology testing services, company offers around 740 routine tests, 870 specialize pathology tests, 220 basic tests, and 320 advanced radiology tests. Vijaya diagnostic network consists of 80 diagnostic centers and 11 reference labs across 13 cities. Companies 96% of revenue comes from Hyderabad, company has conducted 62 lakhs pathology tests and 8.9 lakhs radiology tests in FY2021. The company has reported a good set of numbers in FY2021, its PAT has increased by 37% from Rs.62 crores in FY2020 to Rs.84.9 crores in FY2021 and revenue has increased by 9.7% from Rs.354 crores in FY2020 to Rs.388.5 crores in FY2021. We have seen in Krsnaa Diagnostics Ltd IPO that the IPO has been priced at the higher end of the peers and after the listing, the company is trading below the IPO price. We have a neutral view on Vijay Diagnostic center IPO.”

26 Aug 2021, 12:40:32 PM IST

Marksans Pharma gains

Marksans Pharma’s stock was trading at 72.00 per share, up 3.08% at 12:40 pm. The company has received USFDA nod for Acetaminophen extended-releases tablets (650 mg). Acetaminophen is used to treat fever and mild-to-moderate pain. The company will manufacture this drug at its Goa unit.

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26 Aug 2021, 12:30:55 PM IST

New ‘Drone policy’ announced; no security clearance required before registration. Check 30 key features

The Centre on Thursday announced a new drone policy. Under the Drone Rules 2021, the coverage of drones increased from 300 kg to 500 kg, and will include heavy payload-carrying drones and drone taxis. (Read more)

26 Aug 2021, 12:17:45 PM IST

Biocon, Dr Reddy top drags

Nifty pharma index

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Nifty pharma index

26 Aug 2021, 12:03:16 PM IST

SpiceJet settles with Boeing MAX aircraft lessor Avolon

SpiceJet Ltd said on Thursday it has agreed to a settlement with Boeing Co’s MAX aircraft lessor Avolon, paving the way for the 737 MAX jets to return to service. The airline said it expects to start operations of MAX aircraft around the end of September, subject to regulatory approvals.

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26 Aug 2021, 11:49:40 AM IST

SAIL, NMDC drag

Niftu metals index

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Niftu metals index

26 Aug 2021, 11:33:09 AM IST

HUL gains; Airtel drags

Nifty top gainers and losers at this hour

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Nifty top gainers and losers at this hour

26 Aug 2021, 11:31:29 AM IST

RIL, HUL drive Sensex gains

Index contribution

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Index contribution

26 Aug 2021, 11:29:35 AM IST

Indian aviation watchdog plans tough new drug abuse rules

India’s air safety watchdog plans stringent new penalties to tackle drug abuse in the aviation industry, including cancellation of licences for third-time offenders, draft guidelines published this week show. The rules for airlines, air navigation service providers, maintenance firms and flight training schools, are expected to be finalised in a little over two months, Arun Kumar, the chief of the Directorate General of Civil Aviation, told Reuters.

26 Aug 2021, 11:02:31 AM IST

Barclays to invest more than $400 mn to grow India operations

Barclays Plc will invest more than 30 billion ($403.99 million) in its India unit to grow its operations in the country, the British lender said in a statement on Thursday. (Reuters)

26 Aug 2021, 10:39:51 AM IST

Iron ore futures jump over 3% on China steel demand optimism

Iron ore prices rose more than 3% on Thursday, with the Dalian benchmark advancing for a fourth straight session, buoyed by hopes of a pick-up in steel demand in top consumer China and improving steel profit margins. The most-traded iron ore for January delivery on China’s Dalian Commodity Exchange climbed 3.3% to 837 yuan ($129.17) a tonne. Iron ore’s most-active October contract on the Singapore Exchange was up 3.3% at $150.60 a tonne, as of 0354 GMT.

26 Aug 2021, 10:39:51 AM IST

Rupee inches 3 paise higher to 74.21 against US dollar in early trade.

26 Aug 2021, 10:26:50 AM IST

M&M Financial names Raul Rebello as COO

Raul Rebello will join M&M Financial as COO. Rebello is currently EVP and head of rural lending and financial inclusion at Axis Bank.

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26 Aug 2021, 10:07:26 AM IST

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“We are successfully trading above 16,600 which is an indication of strength. 16,800-16,850 is a potential target and a resistance zone too! Traders should look at this level to take profits from their positions and update stops. Intra day falls can be used to accumulate long positions.”

26 Aug 2021, 09:59:44 AM IST

India’s wobbling housing market to regain its feet next year: poll

India’s wobbly housing market will find its footing next year, boosted by a recovery from the pandemic and easy monetary policy, according to property analysts in a Reuters poll who were split on what that would mean for affordability. The Aug. 11-24 poll predicted house prices would grow on average 2.5% nationwide this year, an upgrade from next to nothing, 0.75%, expected in a survey three months ago. But that forecast was significantly more modest than expectations in similar Reuters polls for most major housing markets, which are already up in double digits this year. Average Indian house prices were forecast to rise 4.5% next year and 5.5% in 2023, outstripping consumer price inflation by then, partly because raw material costs for builders are due to keep rising.

26 Aug 2021, 09:49:29 AM IST

Xiaomi buys self-driving tech startup to propel EV ambitions

Xiaomi Corp. will buy autonomous driving technology startup Deepmotion for about $77.4 million, sealing a deal to help further its ambitions of getting into the fast-expanding field. The company announced the acquisition after reporting better-than-expected results for the second quarter, when a recovery in key markets like India helped it overtake Apple Inc. to become the world’s second-largest phone vendor by shipments. Revenue surged 64% to 87.79 billion yuan ($13.6 billion) in the quarter ended June, surpassing the 85.01 billion yuan average of estimates.

26 Aug 2021, 09:48:17 AM IST

Sector Watch: Sugar manufacturers

Sugar stocks surge

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Sugar stocks surge

26 Aug 2021, 09:46:21 AM IST

Wockhardt, Jemincare partner for respiratory drug

Wockhardt partners Jemincare for novel respiratory antibiotic Nafithromycin. Wockhardt will supply the product to Jemincare in return for royalties on net sales.

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26 Aug 2021, 09:35:39 AM IST

IT, FMCG gain

Nifty sectoral indices

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Nifty sectoral indices

26 Aug 2021, 09:33:34 AM IST

India’s covid cases soar to 46,164 in 24 hrs; Kerala logs 31,445 new infections

India on Thursday logged 46,164 new coronavirus infections as Kerala reported a sharp surge in new cases, according to union health ministry data. Besides, India’s active cases also increased to 3,33,725 in 24 hours, comprising 1.03% of the total infection count. (Read more)

26 Aug 2021, 09:31:34 AM IST

Indian sees pick up in air travel 

Indians have flocked to tourist spots across the country from the beaches of Goa on the west coast to the mountainous north on planes and in cars after the easing of restrictions. Air travel has climbed sharply, said Subhash Goyal, the chairman of STIC Travel—one of India’s biggest travel agents—estimating that domestic flights this month are around 75% of pre-virus levels. That’s translated into the biggest month-on-month increase in jet fuel sales in more than a year, according to preliminary data for the first half of August, although sales are still 45% below the same period in 2019.

26 Aug 2021, 09:22:39 AM IST

Market opening

Sensex opened at 55,905.23, down 38.98 points or 0.07%, while Nifty was at 16,627.95, down 6.70 points, or 0.04%. Banks, pharma drag. On the 30-share Sensex, Bajaj Finserv, HCL tech, Asian Paints, and 12 other stocks opened in green, while Bharti Airtel, SBI, Axis Bank, and 12 other stocks opened in red.

Sensex at open

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Sensex at open

26 Aug 2021, 09:11:42 AM IST

HDFC Bank raises $1 Bln via issue of notes to overseas investors

26 Aug 2021, 09:00:58 AM IST

India’s GDP growth likely touched a record in April-June: poll

Indian economic growth likely touched a record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending, a Reuters poll found. The 20-25 August Reuters poll of 41 economists showed gross domestic product rose 20.0% in the three-month period, compared with a record contraction of 24.4% in the same quarter a year earlier. Forecasts in the poll ranged from 10.5% to 31.6%, showing the considerable uncertainty around those base effects.

26 Aug 2021, 08:58:15 AM IST

Govt clears ₹15,000 cr FDI plan to boost asset lease policy

India on Wednesday approved Canada’s Fairfax Financial Holdings Ltd’s proposal to invest 15,000 crore in infrastructure projects through its local arm, boosting the government’s efforts to kick-start its ambitious 6 trillion infrastructure asset monetization programme. (Read more)

26 Aug 2021, 08:56:46 AM IST

Govt supporting several programmes to tackle climate change: DST official

The government is supporting several programmes to tackle climate change, senior Department of Science and Technology (DST) official Akhilesh Gupta said on Wednesday during an online interaction with several young journalists from Manipur. He was speaking at a programme for ‘Young State-Level Media Fellows on Climate Change Reporting’ organised by the Manipur government. Gupta, who is senior advisor and head of the policy coordinator and programme management division in the DST, said developed countries are the root cause for the climate change problem.

26 Aug 2021, 08:51:51 AM IST

Edtech Camp K12 raises $12 mn in Series A led by Matrix and Elevation Capital

Edtech startup, Camp K12, has raised $12 million as a part of its Series A funding round co-led by Matrix Partners India and Elevation Capital. According to the company, it will use the funds to foray into two new geographies and deepen its reach in existing ones by introducing group class learning format. The proceeds from the current fundraise will also be used to hyperscale its operations, and for hiring leaders across functions of marketing, engineering and product team. (Read more)

26 Aug 2021, 08:45:22 AM IST

Stocks to Watch

Automobiles, Bharti Airtel, BoI, Cipla, FRL, sugar, among other stocks may be in focus today. (Read more)

26 Aug 2021, 08:13:37 AM IST

Market outlook

Markets are likely to be cautious on Thursday while trends in SGX Nifty indicate a soft opening of Indian benchmark indices. On Wednesday, the Sensex ended at 55,944.21, down 14.77 points or 0.03% and the Nifty closed at record high, ending at 16,634.65, up 10.05 points or 0.06%. (Read more)

26 Aug 2021, 07:59:28 AM IST

CAIT urges govt to take action against e-pharmacy firms

Domestic traders body CAIT on Wednesday alleged malpractices and violation of rules by e-pharmacy firms, and urged the government to take action against them. In a memorandum to Commerce and Industry Minister Piyush Goyal, the Confederation of All India Traders (CAIT) said it “has strongly raised the issue of malpractices being conducted in online pharmacy trade and alleged” that firms including “Pharmeasy, and1Mg” are conducting business practices in contravention of provisions of The Drug and Cosmetics Act, 1940.

26 Aug 2021, 07:46:44 AM IST

Asian stocks fluctuate

Asian stocks wavered Thursday as traders await more clues about the regulatory outlook in China as well as the Federal Reserve’s approach to paring stimulus. A gauge of the dollar was firm. Equities in Japan, Hong Kong and China fluctuated. South Korean shares pared gains after the central bank raised rates, making the nation the first major Asian economy to start exiting record-low borrowing costs. U.S. equity futures fell after the S&P 500 and Nasdaq 100 edged up to records overnight. The 10-year U.S. Treasury yield held an advance ahead of the Jackson Hole meeting, which may offer fresh insight on how the Fed intends to scale back bond purchases. In China, Beijing’s crackdown on private industries is coloring sentiment and hampering the outlook for the world’s second-largest economy. A rebound in Chinese technology has fizzled.

S&P 500 futures fell 0.1% as of 10:51 a.m. in Tokyo. The S&P 500 rose 0.2%

Nasdaq 100 futures lost 0.1%. The Nasdaq 100 was little changed

Japan’s Topix index was flat

Australia’s S&P/ASX 200 Index fell 0.4%

South Korea’s Kospi index was steady

Hong Kong’s Hang Seng Index was steady

China’s Shanghai Composite Index dropped 0.1%

SGX Nifty was up 0.15%

26 Aug 2021, 07:46:44 AM IST

Vijaya Diagnostic Center IPO fixes price band of ₹522-531 a share

Kedaara Capital backed Vijaya Diagnostic Center Ltd’s initial public offering has fixed its price band of 522-531 a share. Earlier the firm said its IPO will open on 1 September and close on 3 September.

26 Aug 2021, 07:35:29 AM IST

Wall Street hits records on economic optimism

Wall Street stocks rose while the U.S. dollar slipped on Wednesday, with investors more optimistic a day after the House of Representatives passed the $3.5 trillion budget framework and a top health official expressed confidence in fighting covid-19. On Tuesday, the Democratic-controlled House voted to advance the framework, key to President Joe Biden’s agenda. Investor confidence in the economic outlook also got a boost when Dr. Anthony Fauci, top U.S. infectious disease expert, said COVID-19 could be under control by early next year. The benchmark S&P 500 and the Nasdaq closed at all-time record highs, while the Dow made gains led by financials, industrials, communications and the consumer discretionary sector. It was the S&P 500’s 51st record high close this year. Investors remained focused on what U.S. Federal Reserve Chair Jerome Powell might say on Friday about tapering the central bank’s bond-buying program when he speaks at the Jackson Hole symposium. Benchmark 10-year yields gained six basis points to 1.347%. On Wall Street, the Dow Jones Industrial Average rose 0.11% to 35,405.5, the S&P 500 gained 0.22% to 4,496.19 and the Nasdaq Composite added 0.15% to 15,041.86.

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