▫️Bharti Airtel hiked its prepaid tariffs by up to 25%. This will increase the Company’s ARPU close to ₹200 from current 153.
▫️Jerome Powell has been reappointed as Federal Chairman for a term of 4 years.
▫️ Government proposed 15% methanol blending target with Petrol.
▫️ Paytm share price fell by 37% from its issue price, eroding huge amount of investor wealth.
▫️ Govt. to provide massive tax waivers to incentivise coal gasification.
▫️ India’s exports grew by 18% for three weeks of November, led by petroleum products, engineering goods, chemicals and gems and jewellery.
▫️ Fitch expects India’s fiscal deficit target to be better than expected.
▫️ India is considering releasing crude oil strategic reserves, as per US request to bring down the prices.
▫️Jio lost 1.9 crore subscribers and Vodafone lost 10.8 lakh subscribers. While, Airtel added 2.74 lakh subscribers in September.
▫️ NCLAT stayed Competition Commission of India’s order of ₹200 crore penalty on Maruti Suzuki for unfair trade practices.
▫️ China’s Central Bank has signalled easing measures to help the economy’s recovery after a sharp downturn.
▫️US home sales jumped unexpectedly in October.
▫️German Chancellor said, the latest surge in covid infections is worse than anything Germany has experienced so far.
▫️Go Fashion IPO subscribed 135 times.
▫️ICRA estimates domestic 2 wheeler sales in 2021 to be down by 2-4% due to relentless hike in the prices.
▫️All government vehicles may go electric in 3 years.
▫️Marico looks to expand its distribution by reaching out to pharmacies and beauty stores.
▫️ Domestic air passenger traffic grew 27% in October.
Stock Market Update
▫️Indian markets see worst 7 month fall due to flop Paytm IPO, cancellation of RIL-Aramco deal, repel of farm laws, inflationary pressure and earlier than expected rate hikes by US Fed.
▫️Sensex fell 1.96% to close at 58,465. Nifty also ended lower by 1.96% to 17,416.
▫️ Yesterday’s broad based sell of led to major fall in almost all the sectoral indices.
▫️ Market Breadth was negative. On BSE 2,571 stocks ended in red, while 843 stocks ended in green.
▫️Gold prices too ended lower on broad based selling and closed below ₹48,000.
▫️Crude oil prices continued on its falling spree, due to surge in covid cases in Europe and release of oil reserves by Japan. WTI Crude is trading around $76.
▫️Ruppee depreciated by 9 paise to 74.39, due to massive sell of in domestic equities.
▫️US Markets ended flat, today morning US futures are trading flat with positive bias.
▫️Asian markets are trading mixed in the morning. SGX Nifty is down 70 points.