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Episode 273

Business News at 05:30 pm on 5th December 2022

Listen to the latest business and finance news by the Financial Express where today we talk about the share market, Air India leasing 12 more aircrafts, and food security being top agenda in G20, among other things. We will also talk about the stepping down of Vodafone head and new airport inauguration at Goa by PM Modi.

Today’s Latest Business News at 05:30 pm on 5th December 2022.

[Disclaimer: This transcript is auto-generated]
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Let’s begin with the share market – Indian benchmark index BSE Sensex closed the session mildly in the negative territory, while NSE Nifty closed marginally in the green after a volatile session of trade, as select heavyweights such as Reliance Industries, Infosys and Bharti Airtel dropped sharply. The BSE Sensex ended down 33 points at 62,834, and the NSE Nifty 50 closed 5 points higher, reclaiming the 18,700 level. The NSE Nifty MidCap 100 closed up 0.23%, while the Nifty SmallCap 100 index ended up 0.43%. The sectoral indices, meanwhile, were mixed. Nifty Metal and Nifty PSU Banks soared in trade, gaining over 1.2% intraday while Nifty IT and Nifty Auto were the biggest sectoral laggards.

Moving on – Air India on Monday said it will lease 12 more aircraft comprising both A320 neo and Boeing 777, which are expected to be inducted in its existing fleet in the first half of 2023. The new planes will be deployed on the airline’s short, medium and long-haul international routes, Air India said in a statement. Air India said it has leased 42 aircraft since its privatisation in January this year. Of the 12 new leased planes, six are wide-body Boeing 777-300ER, while the remaining six are narrow-body Airbus A320 neo, as per the statement. The airline had in September this year announced that it will be adding 30 leased aircraft — 21 A320, 4 A321 and 5 B777-200LR in its fleet over a 15-months period, amid its plan to have 30 per cent share in both domestic and international markets.

In another development – Food security has been deliberated upon as one of the priority agendas of the G20 summit hosted by India. India has begun its year-long presidency of the Group of 20 this week. Taking over India’s presidency of the G20 offers a unique opportunity to champion the cause and create a success story around resilient and equitable food systems. India’s presidency is coming at a time when the world’s most powerful leaders are divided due to the escalation of global tension. The world is still recovering from the fragility of the food supply chain exposed by the outbreak of the Covid-19 Pandemic. The ten months-long Ukraine-Russia war further added to the food supply crisis. The Indian Presidency is coming at a time when it is playing its part in “healing, hope, and harmony” by promoting a human-centric vision of “One Earth, One Family, and One Future”.

Meanwhile – Nick Read will step down as head of Vodafone by the end of the year and be replaced on an interim basis by his finance director, bringing an end to a four-year tenure marked by a near halving of its share price. Read led the former mobile telecoms market leader through the pandemic and also sold assets to increase its focus on Europe and Africa while spinning off its towers infrastructure business into a separate unit. Despite the changes Vodafone’s shares have remained in the doldrums. They are down more than 40% since Read took over in October 2018, trading at the same level as two decades ago. Only last month Vodafone cut its full-year outlook, citing soaring energy costs and deteriorating performance in its big European markets of Germany, Italy and Spain.

In other developments – Goa CM Pramod Sawant on Monday said Prime Minister Narendra Modi will inaugurate the first phase of the international airport at Mopa and various other projects on December 11 during his visit to the coastal state. The airport at Mopa in North Goa, being built at a cost of Rs 2,870 crore, will be the second facility in the state in addition to the existing airport at Dabolim. The airport will have the capacity to handle 44 lakh passengers per annum in the first phase and it will go up to one crore passengers per annum after the completion of the entire project.

Lastly – With metaverse-based applications expected to create their breakthrough in different sectors, it seems that the play-to-earn gaming zone is expected to benefit for the long-term. From a monetisation perspective, metaverse-oriented GameFi, which is an integration between gaming and decentralised finance, carries the potential to redefine gaming and blockchain industries. According to DappRadar, a decentralised applications platform, blockchain-backed gaming projects clocked $156 million through utilisation of investments and partnerships in September, 2022. Insights from market analysis have shown that metaverse’s influence on P2E gaming can help enhance its immersiveness, and also help users spend their net income generated on digital assets-based investments. As stated by Blockchain Council, a blockchain research and development-based platform, metaverse-induced P2E gaming has the capacity to offer high-end security, transparency, and a fair gaming experience.

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Business News at 05:30 pm on 5th December 2022