News Bulletin and Market Update: 21/10/2021

News Bulletin

▫️ Vodafone Idea accepted 4 year moratorium on spectrum payments, previously offered by the government.

▫️ Singapore arbitration tribunal rejected Future Retail’s plea against Amazon. (This may be negative development for Future Retail and RIL deal).

▫️NTPC threatens to end pact with Tata Power over delays for a 320MW solar project in Rajasthan.

▫️India warned OPEC nations, that high oil prices will hurt global economic recovery.

▫️RBI fined Paytm ₹1 crore and Western Union ₹28 lakhs for non compliance.

▫️BSNL in partnership with Inmarsat, to offer in flight connectivity in India.

▫️ National Asset Reconstruction Company or the so called Bad Bank, can get first of NPA transfers worth ₹90,000 crores by Jan’22.

▫️Jio added 6.49 lakh subscribers, Airtel gained 1.38 lakh subscribers in August and Voda Idea continued to loose its subscribers.

▫️India asked Qatar to deliver 50 shiploads of CNG, that were deferred in 2015 (Petronet LNG in focus).

▫️PM launched much awaited Kushinagar international airport, which will boost UP’s tourism industry.

▫️Coal shortage continued at some of the thermal plants.

▫️Havells Q2 revenue grew 31.6%, while profit dipped 7.3% year-on-year, over high input costs.

▫️ Jubilant Foodwork posted 58% jump in net profit and 36.7% rise in revenue in Q2, on year-on-year basis.

▫️ Corporate India salary hike to be around 9.3% in 2022, from 8% in 2021.

▫️Mindtree COO resigned, citing personal reasons.

▫️IMF cuts Asia Pacific growth forecast by 1.1% to 6.5% for 2021, due to slow vaccination pace.

▫️ Facebook looking to rebrand with new name.

▫️DBS and Standard Chartered Bank bid for Citi Bank’s assets in Asia.

▫️DIIs have sold equities worth $1 billion in last 8 trading sessions.

Market Update

▫️ Indian markets fell for 2nd day in row, as investors dumped overbought stocks. The market correction may be here to stay for few days due to high valuations.

▫️ Sensex ended at 61,260 (-0.74%) and Nifty at 18,267 (-0.83%).

▫️ Market breadth was negative, with 331 advances against 1,502 declines. Nifty Midcap and Smallcap underperformed severely with loss of more than 2%.

▫️All sectoral indices ended in red, except PSU Bank and Media. Metal and Consumer Durables were the top losers.

▫️ Ruppee gained 47 paise to close at 2 week high of 74.88, on weakening dollar.

▫️Gold stood strong above ₹47,500 mark amid festive demand and firm global trend.

▫️Crude oil prices jumped to 7 year high as US inventories dropped and supplies of gasoline fell. WTI Crude was trading at $83.83.

▫️Dow Jones closed strong with gain of 150 points as Federal Reseve noted that the US economy is growing at modest to moderate pace.

▫️ Today morning, US futures are trading flat and Asia is trading mixed. Whereas SGX Nifty is indicating flat opening for Indian markets.

▫️Stocks in Ban: L&TFH, TATAPOWER, SAIL, PNB, IRCTC, ESCORTS, AMARAJABAT, NATIONALUM, IDEA and SUNTV.

This is for educational purposes only!

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