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Top business news of the day | GDP likely to grow at 10% in FY22; Govt aims to privatise few state-owned companies in 2021/22, and more – The Hindu

Bombay Stock Exchange (BSE) in Mumbai. File   | Photo Credit: PTI
Equity benchmark Sensex dropped 314 points on Wednesday tracking losses in index majors Reliance Industries, HDFC twins and Kotak Bank.
The 30-share index ended 314.04 points or 0.52% lower at 60,008.33, extending losses for the second straight day. Similarly, the Nifty fell by 100.55 points or 0.56% to 17,898.65.
The rupee pared initial losses to settle 9 paise higher at 74.28 (provisional) against the U.S. dollar on Wednesday, despite a muted trend in domestic equities.
The government will invite financial bids for privatising as many as many as six CPSEs, including BPCL, BEML and Shipping Corp, by January, a top government official said on Wednesday.
Tuhin Kanta Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM), also invited private players to bid for the CPSEs, which are up for privatisation, along with transfer of management control.
India’s government is aiming to complete the privatisation of five to six state-owned companies, including Bharat Petroleum Corp Ltd, in the current fiscal year, the secretary of the Department of Investment and Public Asset Management said.
Tuhin Kanta Pandey said the government is aiming to close the privatisation of BEML and Shipping Corp of India and to list state-owned Life Insurance Corp on local bourses in the year to March 2022.
The initial public offer of Go Fashion (India) Limited, which owns women’s wear brand Go Colors, was subscribed 1.18 times within hours of opening for subscription on Wednesday.
The ₹1,013.6-crore IPO received bids for 95,49,687 shares against 80,79,491 shares on offer, according to NSE data till 12:42 hours.
India’s economy is moving towards a higher growth trajectory and is likely to grow at around 10% in 2021-22, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Wednesday.
“I am confident that we are on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India.
The trust is also registered under the I-T Act as a charitable trust.
Charitable trusts are liable to pay 18% GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled.
India has slipped to 82nd position in 2021, five places down from 77th rank last year, in a global list that measures business bribery risks.
The list by TRACE, an anti-bribery standard setting organisation, measures business bribery risk in 194 countries, territories, and autonomous and semi-autonomous regions.
According to this year’s data, North Korea, Turkmenistan, Venezuela and Eritrea pose the highest commercial bribery risk, while Denmark, Norway, Finland, Sweden and New Zealand present the lowest.
E-commerce enablement company GoKwik on Wednesday said it has raised ₹112 crore (about $15 million) in funding, led by Sequoia Capital India.
The series A round also saw participation from existing investors Matrix Partners India and RTP Global, a statement said.
Tata Motors’ pact with private equity firm TPG is ‘credit positive’, as it will help the automaker to scale up its electric vehicle business, Moody’s Investors Service, said.
“We estimate that TPG Capital’s $1 billion capital injection into Tata Motors’s (TML, B1 stable) electric vehicle subsidiary, EVCo, will fund half its EV spending in India (Baa3 stable) through March 2026,” Moody’s noted.
Brazil continues to work with the Organization of the Petroleum Exporting Countries (OPEC), but “at the moment” the country has no plans to join the intergovernmental organisation, Bento Albuquerque, Minister of Mines and Energy of Brazil, said.
Brazilian President Jair Bolsonaro said in 2019 he wanted his country to join OPEC.
The world’s biggest cryptocurrency, bitcoin, traded just south of $60,000, after dipping below that level on Tuesday for the first time this month. Bitcoin value has more than doubled since June and it touched a record $69,000 last week.
Ether, the second-biggest cryptocurrency by market value, was down 3.63% at $4,210.67.
SpiceJet has entered into a settlement agreement with Boeing wherein the U.S.-based aerospace firm has agreed to provide certain accommodations and settle the outstanding claims related to the grounding of 737 MAX aircraft and its return to service, the Indian low-cost airline, said.
An Indo-Pacific economic framework could be launched at the start of next year, Gina Raimondo, U.S. Commerce Secretary, said at the Bloomberg New Economy Forum in Singapore.
“We are likely to launch a more formal process in the beginning of next year, which will culminate in a proper economic framework in the region,” Raimondo said.
The Indian rupee depreciated against the U.S. dollar. The domestic unit opened on a weak note at 74.51 against the greenback, registering a decline of 14 paise from the last close. The Indian currency was weighed down by a lacklustre trend in the domestic equity market and firm American dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.16% to 96.06.
The debt-ridden China Evergrande Group has dissolved several units of its online real estate and automobile marketplace, Fangchebao, due to shrinking capital and business.
Earlier this year, Evergrande sold 10% of the company to 17 investors for $2.10 billion. The property developer with over $300 billion debt has been scrambling for funds to pay its many lenders and contractors.
U.S. retail sales surged in October as Americans started their holiday shopping early, giving the world’s largest economy a lift at the start of the fourth quarter.
Retail sales increased 1.7% last month, the largest gain since March, after rising 0.8% in September. Sales soared 16.3% year-on-year in October and are 21.4% above their pre-pandemic level. Retail trade sales were up 1.9% from September 2021, and up 14.8% above last year.
The U.S. dollar touched a four-and-a-half-year high against the yen after data showed U.S. retail sales rose faster-than-expected in October. The greenback hit a high of 114.97 yen in early Asian hours, its strongest since March 2017.
Oil prices dropped after U.S. oil stocks fell more than expected last week, which could heighten pressure on U.S. President Joe Biden to release oil from the Strategic Petroleum Reserve to cap soaring gasoline prices.
Brent crude futures slid 0.9%, to $82.71 per barrel, while U.S. WTI crude futures fell 0.9%, to $80.00 a barrel.
Indian indices opened in red amid mixed global cues. The Sensex opened at 60,179.93 down 142.44 points after falling 396 points in the previous session. Similarly, the Nifty opened at 17,939.35, down 59.85 points.
Asian shares edged lower in the morning trade, as the stocks failed to follow the gains on the Wall Street boosted by better-than-expected U.S. retail data.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.45% edging off Tuesday’s near three-week closing high. In Japan, Nikkei lost 0.45% and Topix slipped 0.51%. South Korea’s Kospi fell 0.97%. Hong Kong’s Hang Seng slid 0.22%.
In U.S., the Dow Jones Industrial Average rose 54.77 points, or 0.15%, to 36,142.22, the S&P 500 added 18.10 point, or 0.39%, to 4,700.90 and the Nasdaq Composite surged 120.01 points, or 0.76%, to 15,973.86.
 
—-  Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)
Printable version | Dec 16, 2021 9:09:25 AM | https://www.thehindu.com/business/business-news-live-markets-update/article37532587.ece
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