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2 December 2023 : Financial News


Source: Economic Times, “Today’s ePaper”, 02 December 2023.
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Table of Contents

For the Economy a Strong Third Quarter on Cards

India’s economy is poised for a robust third quarter, indicated by high-frequency indicators from July-September. This shows sustained economic growth.

Bulls set New Records on One-Way D Street

Indian equity markets reached new highs, outperforming Asian counterparts, driven by economic growth, softer energy prices, and strong fund inflows.

RBI BoE Ink MoU on CCIL Clear Decks for Bond Trade

The Reserve Bank of India and the Bank of England signed an MoU for oversight of Clearing Corp of India Ltd, facilitating trade in Indian sovereign bonds.

PM Modi Proposes to Host COP33 in India

India offered to host the 2028 UN climate meet (COP33), as announced by PM Modi at the COP28 in Dubai, highlighting India’s commitment to climate action.

More Indians may Spend New Year Holidays Abroad

There is an expected increase in Indians traveling abroad for the Christmas-New Year season, driven by cheaper fares, better connectivity, and easier entry requirements.

Top Court Refers its ‘Automatic Vacation of Stay Orders After 6 Months’ Ruling to Constitution Bench

The Supreme Court referred its 2018 ruling on automatic vacation of stay orders after six months to a Constitution bench for further deliberation.

Something Constructive Happening: Centre to SC in Raghav Chadha Case

The Indian government informed the Supreme Court of constructive developments in the case related to the indefinite suspension of AAP MP Raghav Chadha.

Women Candidates & Winners in 5 States

Recent elections in five Indian states saw the highest proportion of women candidates yet, though their representation remains low.

Pak Bangladesh Borders to be Secured in 2 Years: Amit Shah

India’s Home Minister Amit Shah announced plans to secure the Pakistan and Bangladesh borders completely within the next two years.

IT Rules on Fake News: HC verdict on Jan 5

The Bombay High Court will announce its verdict on challenges against the IT Rules on fake news on January 5, 2024.

Stubble Burning: NGT Orders Action Plan

The National Green Tribunal directed Punjab and Haryana to formulate a plan to address stubble burning, emphasizing preparations for remedial action.

Indo-Pacific Disputes Can get Out of Control: Navy Chief

India’s Navy Chief warned that disputes in the Indo-Pacific region could escalate into conflicts, emphasizing India’s strategic role in the Indian Ocean Region.

Efforts to Bring back Veterans from Qatar

The Indian government is making concerted efforts to repatriate eight former naval personnel from Qatar who have been sentenced to death by a Qatari court.

LeT Militant Killed in J&K’s Pulwama, Weapons Seized

Indian security forces neutralized a Lashkar-e-Taiba militant in Pulwama, Kashmir, and confiscated weapons, highlighting ongoing anti-terror operations.

Bomb Scare in 28 Bengaluru Schools; Police Calls it a Hoax

Bengaluru schools received bomb threats, causing panic. However, the police investigated and declared these threats to be a hoax, assuring safety.

TCS Ex-CEO Gopinathan Joins IIT-B as Head of Entrepreneurship

Rajesh Gopinathan, former CEO of Tata Consultancy Services, has been appointed as the head of entrepreneurship at the Indian Institute of Technology, Bombay.

Databricks Offers ₹2cr+ to IIT-Roorkee Student

A student from IIT-Roorkee received a lucrative offer exceeding ₹2 crores from Databricks, highlighting the demand for top engineering talent.

Appario Retail FY23 Revenue Falls 8%

Appario Retail reported an 8% drop in revenue for the fiscal year 2023, reflecting a slowdown in Amazon India’s e-commerce marketplace.

‘Cannot Save a Burning Planet with Fire Hose of Fossil Fuels’

UN Secretary General Antonio Guterres emphasized at COP28 that abandoning fossil fuels is essential for curbing global warming.

World Bank Raises Climate Spending to $40 B, up 45%

The World Bank increased its annual financing for climate-related projects by 45%, committing to $40 billion by 2025.

UAE Launches $30-Billion Climate Fund for Developing Countries

The UAE announced a $30 billion fund focused on climate projects in developing countries, aiming to stimulate $250 billion in investments by 2030.

Russian Crude Imports Fall 4% in Nov

India’s imports of Russian crude oil decreased by 4% in November, part of a broader decline in crude imports by India.

HUL Appoints Ex-revenue Secy Tarun Bajaj as Ind Director

Hindustan Unilever Limited appointed former revenue secretary Tarun Bajaj as an independent director on its board.

India Awaits Global Body Call on 6 GHz Amid Sino-US Battle

India is observing the global debate between the US and China over the 6 GHz spectrum, with implications for its telecom sector.

PV & Two-wheeler Sales Grow in Nov on Festive Demand

Sales of passenger vehicles and two-wheelers in India saw growth in November, driven by festive demand.

Bharti Telecom Acquires Additional Stake in Airtel for Over Rs8301 crore

Bharti Telecom increased its stake in Bharti Airtel by acquiring additional shares worth over ₹8301 crore.

Raymond Appoints Berjis Desai as Ind Legal Counsel

Textile major Raymond appointed Berjis Desai as senior independent legal counsel to advise its board.

‘Jio Airtel Free Cash Flows to Stay Muted This Fiscal’

Fitch Ratings noted that Reliance Jio and Bharti Airtel’s free cash flows are expected to remain limited this fiscal year.

Hybrids Outsell EVs for Three Months in a Row

In India, hybrid cars outsold electric vehicles for the third consecutive month, indicating a shift in consumer preferences.

JioCinema Switches to Displaying Cumulative Views for Live Sports

JioCinema, a Viacom18-owned streaming platform, changed its metric to display cumulative views for live sporting events.

‘IPL Media Rights Value Could Touch $50B’

IPL chairman Arun Dhumal predicted that the media rights value of the Indian Premier League could reach $50 billion in two decades.

Pulses, Onions to Stay Under the Weather; Near-6% Inflation Seen

Severe weather impacts in India are expected to drive inflation near 6% in the next three months due to rising prices of pulses and onions.

Work Demand Under Rural Jobs Scheme Eases in Nov

Demand for work under India’s Mahatma Gandhi National Rural Employment Guarantee Scheme showed a decrease in November.

SFIO may Launch Probe into Vivo

India’s Ministry of Corporate Affairs is likely to initiate a Serious Fraud Investigation Office probe into smartphone maker Vivo.

Soon Farms to have Sensors to Track Efficient Use of Resources

The Indian government plans to install sensors in farms to monitor the efficient use of resources, as part of its smart farming initiative.

India, US Agree to Strengthen Ties in Critical Technologies

India and the US agreed to enhance cooperation in key sectors like pharmaceuticals, semiconductors, and critical minerals.

GST Collections for Nov Up 15% at ₹1.68 Lakh Cr

India’s Goods and Services Tax collections in November rose 15% year-on-year to ₹1.68 lakh crore, driven by festive demand and compliance.

2023 to be Warmest in 174 Years: IMD

The India Meteorological Department forecasted that 2023 will be the warmest year in 174 years of observational record.

Petrol Sales Rise 7.5% in November; Diesel Sales Fall by Same Margin

Petrol sales in India increased by 7.5% in November, while diesel sales saw a decline of the same percentage, indicating changing fuel consumption patterns.

Chip Away on the Manufacturing Front

The Indian government’s focus on semiconductor manufacturing is intensifying, with announcements of new chip fabrication units and significant investments planned.

Bright Lights of a Global Bright Spot

India’s economy grew by 7.6% in the July-September quarter of 2024, surpassing projections and showcasing its resilience and growth potential.

Satyam’s Raju, 3 Other Entities Told to Pay ₹622 cr Plus Interest

SEBI directed former Satyam Computer Services chairman B. Ramalinga Raju and others to disgorge unlawful gains worth ₹622 crore plus interest.

Public Sector and Auto Stocks Lead Nifty Rally

Public sector undertakings (PSUs) and auto stocks were leading contributors to the Nifty index reaching new highs in the stock market.

Adani Group Plans to Raise $350 Million to Prepay Dec ’24 Bonds

The Adani Group is working on raising $350 million through bonds to refinance a bond due in December 2024.

Kesoram Set to Prepay Around ₹1500-crore High-cost Debt

Kesoram Industries plans to prepay around ₹1500 crore of high-cost debt following its cement business merger with UltraTech Cement.

Over 97% of ₹2000 Notes Returned as of Nov 30: RBI

The Reserve Bank of India reported that 97.26% of the ₹2000 banknotes withdrawn from circulation had been returned as of November 30.

Forex Reserves Jump $2.53 b to $597.93 b

India’s foreign exchange reserves increased by $2.53 billion, reaching $597.93 billion, as reported by the Reserve Bank of India.

Foreign Investors Cutting Bearish Bets Driving Nifty Rally

Foreign portfolio investors’ reduction in bearish bets and market purchases contributed to the surge in India’s Nifty index.

Flair Makes Strong Debut, Ends 10% Below Opening Price

Flair Writing Industries had a strong stock market debut but ended the day 10% below its opening price, still trading 49% above its issue price.

Sheshadri Appointed IDRCL Chair; Incumbent Gupta to Head NARCL

Narayan Seshadri was appointed chairman of India Debt Resolution Co Ltd, while the incumbent, Gupta, will head the National Asset Reconstruction Co Ltd.

SCORES Norms: Sebi Extends Implementation Deadline to April

SEBI extended the deadline for the implementation of the framework for handling complaints through the SCORES platform to April 2024.

Taking All Aboard for a Soft Landing in AI: Vistara CEO

Vistara’s CEO discusses the airline’s strategies for a smooth transition during its merger with Air India, highlighting the importance of employee well-being.

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