2:57 pm
Bihar, Jharkhand, UP emerged as India’s poorest states: NITI Aayog
According to NITI Aayog’s Multidimensional Poverty Index (MPI), Bihar, Jharkhand and Uttar Pradesh have emerged as the poorest states in India.
According to the index, 51.91 per cent of the population of Bihar is poor, followed by Jharkhand with 42.16 per cent, Uttar Pradesh with 37.79 per cent.
Kerala 0.71%, Goa 3.76%, Sikkim 3.82% recorded the lowest poverty all over India and are at the bottom of the index.
2:51 pm
Government captures China Evergrande Soccer Stadium
China Evergrande Group’s football stadium has been acquired by a government body with a view to selling it as the beleaguered developer seeks to cut liabilities.
Evergrande is grappling with more than $300 billion in debt and is also planning to sell the money-losing Guangzhou Football Club.
Construction on the $1.86 billion Guangzhou Evergrande Football Stadium began in April last year for completion by the end of 2022, when it was made the world’s largest football venue by capacity. But the construction stopped due to lack of capital.
2:20 pm
India’s Tata in talks to set up $300 million semiconductor assembly unit
India’s Tata Group is in talks with three states to invest up to $300 million to set up a semiconductor assembly and testing unit, as part of the group’s thrust into high-tech manufacturing.
Tata is in talks with the southern states of Tamil Nadu, Karnataka and Telangana and is looking for land for semiconductor assembly and test plants.
2:13 pm
China asks Didi to delist US over data security
Chinese regulators have asked ride-hailing giant Didi Global Inc to be delisted from the New York Stock Exchange, citing concerns about data security.
China’s tech giant is under intense scrutiny over its anti-monopoly behavior and handling of its vast consumer data.
1:48 pm
Climate activists target Amazon Depot in Britain on ‘Black Friday’
Climate activists targeted 15 Amazon depots across the UK on “Black Friday” as part of a protest against the e-commerce giant, which the Extinction Rebellion group said marks an obsessive overpopulation.
“Black Friday symbolizes an obsession with excessive consumption that does not correspond to a habitable planet,” the group said.
“Amazon and companies like it have capitalized on our desire for convenience and fueled mass consumerism at the expense of the natural world.”
1:43 pm
Italy’s antitrust fines Google, Apple for commercial use of data
Italy’s antitrust regulator has fined Google and Apple $11.23 million each for “offensive practices” involving the commercial use of user data.
The authority said in the statement that the two tech companies did not provide “clear and immediate information” about how their users’ data was collected and used.
1:38 pm
China issues draft rules to control online advertising
China’s market regulator on Friday proposed new rules to oversee the Internet advertising sector and ensure that ads do not affect or mislead users’ normal Internet usage.
China’s State Administration for Market Regulation said on its website that the proposed rules are open for public comment until December 25.
1:30 pm
Investors’ wealth fell by over ₹4.48 lakh crore as the market crashed
Investors’ wealth fell ₹4.48 lakh crore during the day’s trading on Friday, with the BSE benchmark falling 1,488 points to 57,307.08.
The market capitalization of the BSE-listed rose to ₹2,61,18,730.57 crore from ₹4,48,223.31 crore during the day.
Tata Steel, HDFC, IndusInd Bank and Maruti were the biggest laggards, tanking up to 4.2%. BSE Midcap and Smallcap indices were trading lower by up to 2%.
1:25 pm
Government may consider phased construction plan for AC industry: Jain
Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said the government is ready to check imports and extend a phased manufacturing scheme (PMP) for the AC industry to enhance local value addition and employment. With regard to the suggestions given by some of the CEOs present in a round table meeting on 25th November.
He also said that DPIIT will now ensure that all investments under White Goods Production Linked Incentives (PLIs) are approved by Central and State Government authorities on a fast-track basis so that the targets set under PLIs are met in time. but can be achieved.
12:45 pm
Gold rises as new COVID-19 variant spurs safe-haven demand
Gold prices rose as the spread of the newly identified coronavirus variant boosted the metal’s safe-haven appeal.
Spot gold rose 0.6% to $1,798.20 an ounce and US gold futures rose 0.8% to $1,798.30.
The variant spreading in South Africa may have escaped an immune response and has prompted the UK and a growing number of other countries to hastily impose travel restrictions on the African nation.
12:20 pm
India needs a national disaster pool to protect against natural disaster risks: SBI
As the incidence and severity of natural disasters is increasing year after year, a report by SBI has called for the creation of a National Disaster Pool to address natural disaster risk.
A total of 100 crore people have been affected since 2001 and around 83,000 people have lost their lives due to these calamities. State Bank of India (SBI) in a note said that if the loss is adjusted with current prices, it amounts to Rs 13 lakh crore or 6% of GDP.
12:05 pm
Tega Industries has fixed the IPO price band at ₹443-453/share
Tega Industries, a manufacturer of consumables for the mining industry, has fixed a price band of ₹443-453 per share for its initial share-sale of ₹619 crore.
The three-day initial public offering (IPO) that will open on December 1 and end on December 3, is purely an offer for sale of 1,36,69,478 equity shares by the promoters and existing shareholder.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15 percent for non-institutional investors and 35 percent for retail investors.
11:30 am
Energy Exchange shareholders approve bonus issue
Indian Energy Exchange (IEX) has received shareholders’ approval for issue of bonus shares and increase in authorized share capital. The board approved an issue of bonus shares in which the shareholders would get two bonus shares for every share held by them.
The bonus shares “will be issued to the eligible members of the company in the ratio of two new fully paid-up equity shares. The amount exceeding 59,91,13,022 out of the free reserve and capital redemption reserve of the company as on March 31, 2021,” the company said in a statement. said in the filing.
11:10 am
Inventory of Tarsan Products shared with about 6% profit
The shares of life sciences company Tarson Products are listed with a premium of around 6% against its issue price of ₹662.
The stock listed at ₹700, up 5.74% over the issue price on BSE and jumped further 22.05% to ₹808. On NSE, it got listed at ₹682 with a premium of 3.02%.
The Rs 1,023.84 crore IPO of Tarson Products Ltd got subscribed 77.49 times earlier this month. Its price range was ₹635-662 per share.
10:50 am
Rupee slips to 74.68 against US dollar
The Indian rupee fell 16 paise to 74.68 against the US dollar in early trade on negative domestic equity market and a firm US dollar.
The rupee opened on a weak note at 74.60 and lost further ground to touch 74.68 against the US dollar. The rupee had closed at 74.52 on Thursday.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.05% to 96.72.
10:15 am
Godrej to develop 1.5 million sq ft housing project in Bengaluru
Realty firm Godrej Properties has bought a 16-acre parcel of land in Bengaluru to develop around 1.5 million square feet of salable area, compromising primarily residential properties as it seeks to expand business in major cities.
Though the company did not disclose the deal price or the name of the seller, it said the 16-acre land is located in the micro-market of Sarjapur.
9:30 am
market update | Sensex, Nifty open lower
Indian equity benchmark indices, Sensex and Nifty opened on a negative note amid weak Asian markets. At 9:16 IST, Sensex was down 722.43 points or 1.23% at 58,072.66 and Nifty was down 233.90 points or 1.28% at 17,312.40.
Asian stocks fell the most in two months as the detection of a new and possibly vaccine-resistant coronavirus variant prompted investors to flee to the safe haven.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3%, and Japan’s Nikkei fell 2.5%. US crude futures fell nearly 2% amid fresh demand fears.
Scientists said the version found in South Africa may be able to evade an immune response and, according to British officials, is the most important version ever found that can resist vaccines.
9:15 am
Oil fell on concerns of rising surplus
Oil prices fell more than 1% on concerns of rising global supply surpluses in the first quarter following a coordinated release of crude reserves by major consumers.
Brent crude futures fell 1.2% to $81.26 a barrel and US West Texas Intermediate (WTI) crude fell 1.7% to $77.04 a barrel.
According to an OPEC source, the US plan to release millions of barrels of oil from strategic reserves in coordination with other large consuming countries is likely to boost supplies in the coming months.
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Reliance Industries and Saudi Aramco have scrapped a deal for the kingdom’s oil giant to buy a stake in the Indian conglomerate’s oil-to-chemicals business over valuation concerns. The Asian Development Bank (ADB) has approved a $1.5 billion loan to the Indian government to buy COVID-19 vaccines.
, Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)