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Listen to the latest business news by the Financial Express where we talk about future of the IPOs lined up to the new development in the Elon Musk vs Twitter war. Also on the bulletin is the latest World Bank report on global economy and a troubling development from the overseas that may just be the beginning of the recession worries.

Today’s Latest Business News at 9:30 am on 6th October 2022.

[Disclaimer: This transcript is auto-generated]
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Let’s start with share market updates – Bulls dominated Dalal Street as benchmark indices surged over 2 per cent amid positive global cues. A global rebound in market sentiment propelled domestic equities higher. The S&P BSE Sensex gained 1,277 points, or 2.25 per cent, to settle at 58,065, while Nifty 50 shut shop at 17,274, up 387 points or 2.29 per cent. The index neared 17,300-mark in intra-day deals. All the sectoral indices ended in the green with auto, bank, metal, IT, power and realty up 2-3 percent. The Indian rupee closed 39 paise higher at 81.48 per dollar on Tuesday against previous close of 81.87. IndusInd Bank, Bajaj Finance, TCS, HDFC, Bajaj Finserv, Tata Steel, HDFC Bank, Wipro, L&T, Axis Bank, ITC, SBI, and Infosys were the top Sensex gainers, rising between 2.5 per cent and 5 per cent. On the downside, only PowerGrid, and Dr Reddy’s Labs ended in the red.

Moving on – According to a report by ICRA, an increase in tea prices following global supply issues is likely to offset the impact of increased wage rates in West Bengal and Assam. The increase in wage rates in the current calendar year in North India, Assam and West Bengal, in the current financial year is expected to be nullified by healthy realisations of teas, particularly producers who are focused on producing quality teas. The report noted that in FY22, softening of realisation and increase in wage rates led to a decline in the operating margin of players. The report stated that the ODX tea prices are ruling at an all-time high level on the back of a demand-supply mismatch in the international market due to production disruptions in Sri Lanka. Sri Lanka, the largest exporter of ODX teas globally, witnessed disruptions in production due to the current economic crisis.

In another devlopment – Tata Mutual Fund has launched Tata Nifty Midcap 150 Momentum 50 Index Fund. It is an open-ended scheme tracking NIFTY Midcap 150 Momentum 50 Index. In a statement, Tata MF said that Tata Nifty Midcap 150 Momentum 50 Index Fund aims to provide returns, before expenses, that are commensurate with the performance of NIFTY Midcap 150 Momentum 50 Index, subject to tracking error. Tata Nifty Midcap 150 Momentum 50 Index Fund fund will invest in securities covered by NIFTY Midcap 150 Momentum 50 Index with 95%-100% allocation, debt and money market instruments up to 5% allocation and will be benchmarked against NIFTY Midcap 150 Momentum 50 Index.

Meanwhile – If reports are to be believed, the most popular video sharing and social media platform – YouTube – will soon require a premium subscription to watch 4K videos. As per a report, the platform will be introducing the 4K quality videos as a Premium only feature. YouTube is reported to be testing a feature which would include up to 12 unskippable ads in a row and may limit the video’s quality to 4K. YouTube has not made any such claims officially, however – as reported, several users have posted screenshots of the upcoming initiative on other social media platforms.

In the other news – The government of India has warned Google Chrome users and suggested to update the browser immediately. The Indian Computer Emergency Response Team, or as it is called CERT-IN has detected several loopholes in Google Chrome’s desktop version. CERT-In issued a report saying that the users who are running Chrome versions prior to 106.05249.61 for Mac or Linux and 10.05249.61/62 for Windows are affected. It further adds that the latest vulnerabilities found in Chrome may pave the way for hackers to access your system remotely and run arbitrary code or render the targeted system inoperable.

Moving on – An official statement on Tuesday said that the government has approved Rs 26,000 crore for installation of 25,000 mobile towers in 500 days. According to a telecom ministry spokesperson, financial support for the project will be provided by Universal Services Obligation Fund and it will be implemented by Bharat Broadband Network. The project was announced by Telecom Minister Ashwini Vaishnaw at three-day long Digital India Conference of State IT Ministers that concluded on October 3.

Lastly – Twitter after much anticipation has finally released one of its most awaited features- the Edit button but it isn’t available for all. There are two reasons for this- first the Edit Button is available only for Twitter Blue subscribers and second that the feature is currently rolling out to just three countries- Australia, Canada and New Zealand. Twitter confirmed the availability of the feature via its microblogging platform. In terms of working, Twitter’s Edit button will let users fix typos, hashtags and other issues with a tweet that has already been posted.

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Business News at 09:30 am on 6th October 2022