SGX Nifty indicates a flat start for the Indian indices
The Nifty futures were trading flat around 17,523.50 level on the Singaporean Exchange at 8:20 IST. Asian markets are trading lower tracking weak Us markets.
Data source : Internet
Sugar stocks were in the limelight
Sugar stocks were in the limelight with most sugar stocks making gains of over 10%. The expectation is that domestic as well as global sugar prices would remain firm due to lower inventories. The sugar industry has witnessed a significant reduction in sugar inventory last year. Combine this with more sugarcane being diverted to ethanol and you have the recipe for higher sugar prices. In the current fiscal year, the sugar exports continue to be robust even without the sugar subsidy. Sugar inventories are likely to nearly halve.
Tata Motors to invest Rs.7,500 cr in the CV business
Tata Motors plans to invest Rs.7,500 crore over the next 5 years in the CV business as it seeks to focus on electric vehicles or EVs. Tata Motors is looking at a first-mover advantage in the EV segment in the commercial market. Tata Motors is working on short-range battery-operated vehicles for the last mile. It is also looking at small CV offerings and gas-based fuel-cell electric vehicles. Currently, the other major CV manufacturer, Ashok Leyland, is also scouting for an investor in the EV business. Its focus will be on last-mile delivery.
Metro Brands IPO opens today for the subscription
Metro Brands Limited (MBL), backed by ace investor Rakesh Jhunjhunwala, is floating its maiden public issue on December 10. The IPO will close for subscription on December 14. MBL retails footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi, and J Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.
Data source: Internet
Good news for Paytm: RBI grants scheduled bank status for Paytm Payments Bank
There appears to be some good news for Paytm. RBI has accorded the scheduled bank status to Paytm Payments Bank. This allows Paytm to offer more financial services and products. The new status also allows Paytm Payments Bank to participate in primary auctions, fixed-rate and variable rate repos, and reverse repos. Now Paytm Bank can also participate in the Marginal Standing Facility and partner in state-run financial inclusion schemes. Paytm Bank supports 33.3 crore Paytm Wallets and 2.11 crore merchants.