B C Patnaik takes charge as MD of LIC
nsurance behemoth LIC on Friday said B C Patnaik has taken charge as the managing director (MD) of the company, PTI reported.
He was appointed as Managing Director vide a government notification dated July 5, 2021, LIC said in a statement.
Prior to taking charge as MD of LIC, Patnaik was the Secretary General, Council for Insurance Ombudsman, (CIO) Mumbai, it said
India coal crisis brews as power demand surges
Indian utilities are scrambling to secure coal supplies as inventories hit critical lows after a surge in power demand from industries and sluggish imports due to record global prices push power plants to the brink, Reuters reported.
Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data shows, far short of federal guidelines recommending supplies of at least two weeks.
Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas. India is competing against buyers such as China, the world’s largest coal consumer, which is under pressure to ramp up imports amid a severe power crunch.
Piramal Capital & Housing Finance acquires DHFL
Piramal Enterprises said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company, PTI reported.
PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing.
“Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan,” it said.
Nissan reports over three-fold increase in domestic sales in September
Automaker Nissan India said its domestic wholesales rose over three fold to 2,816 units in September, up from 780 units in the same month of last year, PTI reported.
The company said its exports last month stood at 5,900 units, compared with 211 units in September 2020.
In the first half of the current financial year, the automaker said it has achieved domestic wholesales of 18,591 units with a growth of 459 per cent over last year.
Paras Defence lists with over 171% premium
Shares of Paras Defence and Space Technologies made a dream debut and jumped over 171% against its issue price of Rs 175, PTI reported.
The stock listed at Rs 475, a jump of 171.42% from the issue price on BSE. It further soared 185% to Rs 498.75. On NSE, it listed at Rs 469, rallying 168 per cent from the issue price.
The company commanded a market valuation of Rs 1,945.13 crore on the BSE.
India’s power consumption up 1.83% in September
India’s power consumption grew 1.83% in September to 114.49 billion units (BU), showing subdued recovery according to power ministry data, PTI reported.
In the entire month of September last year, the power consumption was 112.43 BU, higher than 107.51 BU in the same month in 2019.
Experts say the recovery in power demand and consumption in September 2021 remained subdued mainly because of heavy rains in the month.
Toyota Kirloskar posts 14% growth in domestic sales
Toyota Kirloskar Motor (TKM) reported 14% growth in its domestic wholesales to 9,284 units in September as compared with same month last year, PTI reported. The carmaker had dispatched 8,116 vehicles in September 2020.
“Demand in the personal mobility segment continues as we step into the festive months. Customer orders have been on a constant rise and we are witnessing a steady growth, ever since the second wave,” TKM Associate General Manager (Sales and Strategic Marketing) V Wiseline Sigamani said in a statement.
Crysta and Fortuner continue to dominate their respective segments, both garnering huge customer interests and orders, he added.
India’s factory activity improved in Sept
India’s factory activity improved last month as a recovery in the economy from the pandemic-induced slump boosted demand and output, according to a private survey, Reuters reported.
That recovery might continue for at least a few months, supported by ultra-easy monetary policy and continued fiscal spending.
A hike in the Reserve Bank of India’s key interest rate looks to be a rare possibility until at least next fiscal year and India’s government said earlier this week it would continue with its borrowing-backed spending to revive the economy.
Rupee slumps 12 paise to 74.35 against US dollar
The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade, tracking strength of the American currency in the overseas market and a muted trend in domestic equities, PTI reported.
At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell further to 74.35, registering a fall of 12 paise over its previous close. On Thursday, the rupee had settled at 74.23 against the US dollar.
Ola Electric raises over $200 million
Ola Electric said it has raised over $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion.
In a statement, the company the funding will strengthen Ola’s Mission Electric which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.
“Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car,” Ola said.
Sensex, Nifty open lower
The Indian benchmark equity indices, Sensex and Nifty opened the October series on a negative note. At 9:17 IST, the Sensex fell 0.67% or 394.26 points to 58732.10 and the Nifty was down 0.62% or 110 points at 17508.20 points.
About 807 shares advanced, 981 declined and 117 remain unchanged.
Oil slips as OPEC+ weighs output boost
Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, Reuters reported.
U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel, though the contract remained on track to post its sixth consecutive week of gains.
Brent crude futures fell 7 cents, or 0.1%, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.
Asian stocks extend global slide
Asian equities followed Wall Street sharply lower as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked, Reuters reported.
Japan’s Nikkei tumbled 1.86%, while the broader Topix slid 1.95%. Australian stocks slumped 2.05% and South Korea’s Kospi lost 1.51%.
An MSCI index of Asia-Pacific stocks dropped 1.07%. Chinese markets are closed for a week from Friday for the Golden Week holiday.