President Trump tests positive for COVID-19: US futures sink
US President Donald Trump announced that he and the first lady have tested positive for coronavirus. This led to US stock index futures sinking almost 2 per cent, and creating more uncertainty in the equity markets, as the presidential election is 5 weeks away.
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Mazagon Dock’s IPO subscribed 157 times on the final day
The initial public offering of Mazagon Dock Shipbuilders Limited (MDL), a public sector enterprise listed in 2020, closed on Thursday. With the issue subscribed more than 157 times, it was an overwhelming response from investors. The shipyard received a ‘Miniratna’ status in 2006 and is now selling a 15.17% stake. The shares were being offered at a price band of Rs 135-145 per share.
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India’s exports rise 5.27% in September
After showing a decline of 6 months, India’s exports grew by 5.25 per cent year-on-year to $27.4 billion in the month of September. Notably, the trade deficit during the month has narrowed to $2.91 billion as compared to $11.67 billion in the same period in 2019. This shows how the country registered a positive growth in exports of commodities such as iron ore (109.52%), rice (92.44%), to name a few.
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India launches anti-dumping probe against two Chinese products
The Directorate General of Trade Remedies, the Commerce Ministry’s investigation arm, has initiated a probe against the alleged dumping of two Chinese products- ‘Hydroflurocarbon (HFC) Blends’ and ‘Decor Paper’. The applications filed by SRF Ltd and ITC have stated that dumping of these products in the Indian market has impacted respective industries.
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Rating agencies sees surge in downgrades amid pandemic
Rating agencies Crisil and Icra have reported a surge in downgrades (reduction in position, quality or status), in the first half of the fiscal year as businesses have come to a standstill due to the Covid-19 pandemic.It is expected that credit quality pressure would continue in the second half as well.
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NSE fined Rs 6 crore for investing in six firms without approval
SEBI has imposed a fine of Rs 6 crore on the National Stock Exchange (NSE) for investing in six companies between 1999 and 2016, without its approval. Power Exchange India (PXIL) and Computer Age Management Systems (CAMS) are two of the six firms that have received notices from the regulatory body.
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Tesla to enter the Indian market in 2021: Elon Musk
Tesla CEO Elon Musk on Friday suggested that US carmaker Tesla will be introduced in India next year. Reports state that the company’s R&D centre will be set up in Bengaluru.
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RIL fibre arm to raise Rs 40,000 crore through InVIT
Reliance Industries Limited is planning to raise Rs 40,000 crore by monetising its fibre optic network assets via an infrastructure investment trust structure (InVIT). Digital Fibre Infrastructure Trust (DFIT) owns 51% of an InVIT, and will raise the required funds through issuing private placements to investors and by way of debt.
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NABARD disburses Rs 12,298 crore under Swachh Bharat Mission
The National Bank for Agriculture and Rural Development has stated that it has disbursed an amount of Rs 12,298 crore so far, under the Swachh Bharat Mission- Gramin for the construction of 3.29 crore household toilets. The bank has launched a nationwide sanitation literacy campaign in honor of Mahatma Gandhi’s 150th birth anniversary.
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One piece of hardware malfunction shuts $6 trillion Tokyo Stock Exchange
The Tokyo Stock exchange suffered a hardware problem and subsequent failure to switch to a backup. This resulted in a shutdown of trading for an entire day at the exchange on Thursday. This is reported as the longest shutdown since the exchange was converted to an electronic trading system in 1999.
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