Economic News Live – The Hindu


Global demand for pressurized jet fuel

Global jet fuel markets have remained under pressure as more countries have expanded border restrictions to keep the Omicron variant at bay.

According to the International Energy Agency, demand for jet fuel is expected to grow from 50,000 barrels per day to 5.9 million barrels per day in the fourth quarter.

“The real risk of the new variant is (…) the re-imposition of more widespread flight restrictions during the winter and a further significant reduction in the current global demand for jet fuel by around 6 million barrels per day,” said declared the energy consultancy firm FGE.


Anand Rathi Wealth IPO at 660 crores

Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, will open its initial public offering (IPO) of 660 crore on December 2 with a price range of 530 to 550 per share.

The three-day IPO will be entirely an offer to sell shares of 1.2 crore by existing promoters and shareholders. Investors can bid on a minimum of 27 shares and in multiples thereafter.


EdTech Adda247 platform raises around $ 20 million

The EdTech Adda247 platform has raised around $ 20 million (around 150 crore) in a Series B funding round led by WestBridge Capital. Existing investors, such as Info Edge, Asha Impact and JM Financials also participated.

The final injection of funds will be used to optimize technology, products and hire senior executives. The company offers products such as live video lessons, on-demand video lessons, mock tests, and government exam-focused books.


Omicron variant poses risks to global growth and inflation: rating agencies

The Omicron variant of the coronavirus could hurt global growth while pushing up prices, rating agencies Fitch Ratings and Moody’s Investors Service have said.

The Omicron variant poses risks to global growth and inflation, especially since it comes during a time of already stretched supply chains, high inflation and labor market shortages, Moody’s noted. .

Fitch said he believes another large and synchronized global slowdown, like the one seen in the first half of 2020, is highly unlikely, but rising inflation will complicate macroeconomic responses if the new variant takes hold.


Reliance Capital shares drop 5%

Reliance Capital shares fell 5% to its lower circuit limit of 18.10, a day after Reserve Bank replaced the board of directors of the company promoted by Anil Ambani.

The Reserve Bank will soon initiate bankruptcy proceedings against the debt-ridden NBFC due to defaults and serious governance issues.


Go Fashion shares list with nearly 91% premium

The Go Fashion share listed with a premium of nearly 91% at 1316 against its issue price of 690. On the NSE, the stock debuted at 1,310 yen, climbing to 89.85%.

The initial public offering of Go Fashion (India) Limited, owner of the women’s clothing brand Go Colors, was subscribed 135.46 times last week.

10:46 am

The rupee wins against the US dollarr

The Indian rupee appreciated against the US dollar at the start of trading after dipping to close at a five-week low in the previous session. The domestic unit opened on a strong note at 74.91, then advanced to 74.86 against the greenback, recording a rise of 21 paise.

The Indian currency was boosted by positive domestic actions and a weak US dollar in overseas markets. Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.21% to 96.14.

10:21 am

Major retailer IKEA profits soar

Ingka Group, owner of most IKEA stores worldwide, reported a jump in annual profits thanks to record demand for home furniture. Its 12-month operating income up to August was up 31% to € 1.9 billion.

Sales rose 6%, exceeding pre-pandemic levels, with online sales accounting for 30% of total sales, up from 18% the year before.


Oil prices go up

Oil prices rose, extending a rebound from last week’s drop on rising expectations by major producers to suspend plans to add 4,000,000 barrels per day of supply in January.

Brent crude futures gained 0.6% to $ 73.91 per barrel, while US WTI crude futures jumped 1% to $ 70.68 per barrel. Oil fell about 12% on Friday, along with other markets, fearing the Omicron could trigger further lockdowns and dent global growth.

9:46 am

Star Health raises 3,217 crores ahead of IPO

Star Health and Allied Insurance Company raised around 3,217 crore yen from key investors ahead of its initial public offering (IPO).

The IPO includes a new issue of shares worth 2,000 crore and an offer to sell up to 58,324,225 shares by existing promoters and shareholders. At the high end of the price range, the initial share sale is expected to hit 7,249.18 crore.

9:39 a.m.

Chinese factory activity increases in November

Chinese factory activity increased in November, increasing for the first time in three months as soaring commodity prices and power rationing eased.

The official manufacturing purchasing managers index (PMI) rose to 50.1 in November from 49.2 the previous month.


Indian indices increase in a mixed global context

Indian indices opened flat amid mixed global indices and rose early in trading. As of 9:21 am, the Sensex was up 413.9 or 0.72% to 57,674.48, while Nifty was up to 17,178.95, up 125 points or 0.73%.

On Monday, the 30-stock Sensex closed 153.43 points or 0.27% higher at 57,260.58. Likewise, the NSE Nifty gained 27.50 points or 0.16% to close at 17,053.95.

9:00 a.m.

Asian stock markets rebound

Asian stock indices were trading mostly in the green as investors grew cautiously optimistic that the new Omicron variant might not cause widespread global economic disruption.

The largest MSCI index for Asia-Pacific stocks outside of Japan was 0.52% higher. In Japan, Nikkei gained 0.76% and Topix added 1.06%. The South Korean Kospi was trading down 1.08%. Hong Kong’s Hang Seng Index lost 1.13%.

In the United States, markets have reacted positively to news from President Joe Biden that further blockages due to the variant were not an option at this time. The Dow Jones Industrial Average rose 0.68% to 35,135.94, the S&P 500 rose 1.32% to 4,655.27 and the Nasdaq Composite surged 1.88% to 15,782.83.

—- Edited by John Xavier

(With contributions from Reuters, PTI, and other news agencies.)

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