With RBI’s policy statement due today, the central bank is widely expected to pat on key rates as the Omicron variant poses risks to India’s recovery. In a Mint poll of bankers and economists, 60% of the respondents expect the RBI to keep the reverse repo rate at 3.35%. 40% expect 15-20 bps growth
Hyundai India plans to invest Rs 4,000 cr to improve EV business
About Hyundai Motor India Limited plans to invest 4,000 crore under the ambitious plan to introduce half a dozen electric vehicles (EVs) in the country by 2028, said Seon Seob Kim, the company’s managing director and chief executive.
Kim said Hyundai aims to introduce the first of the six vehicles next year, which are likely to be a sport-utility vehicle (SUV) model, to capitalize on the growing demand for SUVs in the domestic market.
Kim said India’s second-largest passenger vehicle maker is in talks to encourage South Korean and Chinese battery makers to set up assembly units in the country.
He said the company is in talks with six private and government companies in India to boost vehicle charging infrastructure and ease a major concern among EV buyers.
SGX Nifty up
SGX Nifty futures were trading up nearly 0.6% at 17,326 in early deals on the Singapore Exchange, indicating a positive opening for the Indian benchmark.
Asian stocks track US peers higher as virus fears ease
Asian stocks rose after technology stocks took US equities to their biggest rally in nine months as traders bet that the Omicron Covid variant will not halt a global recovery. The Treasury Yield crossed an advance.
Equity benchmarks rose in Japan, South Korea and Australia. Shares in Hong Kong and China were up marginally. US futures rose higher after both the S&P 500 and Nasdaq 100 posted their biggest gains since March. Volatility gauges retreated as the CBO Volatility Index slipped.
Japan’s Topix Index was up 0.6%, Australia’s S&P/ASX 200 Index was up 0.9%, the Kospi Index was up 1.1%, the Hang Seng Index was stable and the Shanghai Composite Index was little changed.
Overnight, Wall Street’s main indices ended the session with strong gains as investors shrugged off some worry about the latest virus version and investors piled into technology stocks that boosted the Nasdaq.
Intel’s announcement of plans to take its self-driving car unit Mobileye public in the United States next year has propelled its shares sharply and delighted chip investors. The Philadelphia SE Semiconductor Index rose more than 5% on Tuesday after hitting a nearly one-month low.
Investors were also reassured by some positive news about the Omicron version of COVID-19, which helped them avoid risk last week.
The S&P 500 closed 95.17 points, or 2.07%, higher at 4,686.84, while the Nasdaq Composite rose 455.72 points, or 2.99%, to 15,680.87. The Dow Jones Industrial Average rose 492.21 points, or 1.42%, to 35,719.24.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,