12:50 pm
Diesel, petrol at all-time high at record high
Petrol and diesel prices touched near record highs across the country after a hike of 25 paise and 30 paise per liter respectively. PTI informed of.
According to the price notification of the state-owned fuel retailers, the price of petrol went up to Rs 101.64 per liter in Delhi and Rs 107.71 per liter in Mumbai.
Diesel prices increased to Rs 89.87 in Delhi and Rs 97.52 per liter in Mumbai. Prices vary from state to state depending on the incidence of local taxes.
12:45 pm
China’s electric car makers make their move on Europe
China’s electric carmakers are foraying into Europe, hoping to catch the traditional auto giants from the cold and seize a piece of the supercharged market in the continent’s move towards zero emissions, Reuters informed of.
Among a small group of challengers, Nio Inc. launched its ES8 electric SUV in Oslo on Thursday – the first outside China for a company that’s almost unheard of in Europe, even though it costs around $57 billion.
Other brands unfamiliar to many Europeans that have started or plan to sell cars on the continent include Aves, BYD’s Tang, SAIC’s MG, Dongfeng’s Woyah and Great Wall’s ORA.
12:30 pm
Global IPOs slow in third quarter after frantic start to 2021
Initial public offerings (IPOs) globally slowed from its previous frenetic pace in the third quarter of 2021, but the number of listings in the first nine months of the year was still the highest since the dotcom bubble of 2000, Reuters informed of.
The IPO in the third quarter raised about $94.6 billion in total, down 26.3% from the second quarter as activity cooled due to a summer slump and US investigations into Chinese listings, just days after its New York IPO by Diddy Global. Following Beijing’s action on Inc.
More than 2,000 IPOs have raised a combined $421 billion year-over-year globally, a record high, as private companies rush to garner the rising valuations of their publicly listed peers. This was more than double the income raised during the same period last year.
11:55 am
ABB launches world’s fastest electric car charger
ABB has launched the world’s fastest electric car charger as it moves forward with plans to close the business, which could be valued at nearly $3 billion. Reuters informed of.
The Swiss engineering company said its new Terra 360 modular charger can charge up to four vehicles at once and fully charge any electric car in 15 minutes.
The device, which can deliver a range of 100 km in less than 3 minutes, will be available in Europe and the United States by the end of the year. Latin America and Asia Pacific are reasons to follow
2022.
11:35 am
Indian Overseas Bank shares jump 20%
Shares of Indian Overseas Bank jumped 20% after the Reserve Bank removed it from the Prompt Corrective Action Framework (PCAF), PTI informed of.
The stock climbed 20% to Rs 24.60 on BSE and 19.80% to Rs 24.50 on NSE.
The Reserve Bank on Wednesday removed Indian Overseas Bank from the Prompt Corrective Action Framework (PCAF), following reforms in various parameters and a written commitment that the state-owned lender will adhere to the minimum capital norms.
11:15 am
Meesho raises $570 million in funding, valuation reaches $4.9 billion
Social commerce platform Meesho has raised $570 million (about Rs 4,235.2 crore) in funding led by Fidelity Management and Research Company and B Capital Group. PTI informed of.
Recent funding has helped the company more than double its valuation to $4.9 billion in less than five months. Existing investors – Prosus Ventures, SoftBank Vision Fund 2 and Facebook – also participated in the round, a statement said.
In April, Meesho had raised $300 million (about Rs 2,201.7 crore) in a funding round from SoftBank Vision Fund 2 and others, raising its valuation to $2.1 billion. So far, the company has raised over USD 1 billion.
11:10 am
Rupee falls 22 paise to 74.36 against US dollar
The Indian rupee on Thursday lost 22 paise to close at 74.36 against the US dollar in early trade amid sluggishness in domestic stock markets. PTI informed of.
The rupee opened on a weak note at 74.28, and fell to 74.36 against the dollar, registering a fall of 22 paise from the previous close.
In the previous session, the rupee had closed at 74.14 against the US dollar on Wednesday.
11:00 am
Free trade agreement next frontier in Indo-US ties: USIBC President
A free trade agreement is the next frontier in Indo-US ties, the head of an India-focused trade advocacy group has said, PTI informed of.
At the dinner hosted by Indiaspora, US-India Business Council chairperson and former US diplomat Nisha Desai Biswal said that it is not logical to not have a business architecture between the world’s two largest economies, though its path is fraught with “all kinds of obstacles”. Is.
“The time has come for us to get serious about where the next frontier is in US-India relations. And neither for the United States, nor for India, it is appropriate for the world’s two largest economies to be out of the TPP (Trans-Pacific Partnership) and not have a trade architecture between them, Nisha Desai Biswal said. .
10:45 am
The king of oil bets on batteries
Alex Beard’s thirst for oil is waning.
The former executive of Glencore, once one of the world’s most powerful oil traders, is now raising funds to build a portfolio of strategic battery sites in the United Kingdom to support the renewable energy industry, Reuters informed of.
In his first interview since leaving the commodities giant in 2019, billionaire Beard said that his Adaptogen Capital Investment Fund aims to create storage with at least 500 megawatts (MW) of capacity in power homes when grid supply is low. has planned.
10:20 am
Decision on Bharat Biotech’s covaccine in October: WHO
A decision on Bharat Biotech’s demand for an emergency use list (EUL) for its Covaxin COVID-19 vaccine will be taken in October. PTI Reported citing the World Health Organization.
Bharat Biotech submitted an EOI (Expression of Interest) for its vaccine on 19 April. The latest ‘Status of COVID-19 Vaccines’ guidance document within the WHO EUL/PQ evaluation process dated 29 September on the WHO website states that Bharat Biotech’s decision date for Covaxin is “October 2021”.
The WHO said it began rolling out data for the vaccine on 6 July. Rolling data allows WHO to begin its review immediately, as information continues to come in to accelerate the overall review process.
10:10 am
China’s factory activity decreased for the first time since February 2020
Sugar factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020. AFP informed of.
The Purchasing Managers’ Index (PMI) – a key gauge of manufacturing activity in the world’s second-largest economy – declined from 50.1 to 49.6 in August, the National Bureau of Statistics said. A figure below 50 represents contraction, while above it indicates growth.
A growing power crisis caused by local government restrictions on factories to cut energy use has prompted some major banks to lower their annual growth forecasts for China, while increasing supply chains for global firms such as Apple and Tesla. There are also concerns about the impact. .
9:50 am
Government starts bid evaluation of Air India
The government has started evaluating the financial bids received from the Tata Group and SpiceJet founder for the acquisition of Air India. PTI informed of.
With this, the privatization process of the national flag carrier has moved to the next stage and the financial bids are being evaluated against an undisclosed reserve price. The bid offering a price higher than that benchmark will be accepted.
If successful, it will be Air India’s return to the Tata fold after 67 years.
9:25 am
Sensex, Nifty open flat
Indian equity benchmark indices opened on a flat note, tracking weakness in Asian markets amid mixed global cues.
At 9:16 IST, Sensex was up 0.07% at 59.456.56 and Nifty was up 0.05% at 17,719.40.
9:15 am
Oil declines after surprising gains in US stocks
Oil prices fell after an unexpected increase in inventories in the United States following official data, although recent gains have stabilized prices, Reuters informed of.
Brent crude was down 11 cents at $78.53 a barrel while US oil was down 5 cents at $74.78 a barrel.
The Energy Information Administration (EIA) of the US Department of Energy said on Wednesday that US oil and fuel reserves increased over the past week.
9:00 am
Asian stocks steady with cool returns
There was some calm in Asian stocks after this week’s heavy China-driven losses, though the dollar was at more than a year high against key peers, Reuters informed of.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.06%, a day after Japan’s ruling party elected soft-spoken consensus-maker Fumio Kishida as its new leader and the country’s new prime minister. The Nikkei subsequently declined 0.36%.
Hong Kong shares fell 1% but were balanced by a 1.1% increase in Australia. Chinese blue chips rose 0.5% after published data showed China’s services sector returned to expansion following the COVID-19 outbreak in September.
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