Global cues are mixed on Tuesday morning with US equity markets ending on a high but Asian peers have been trading with losses during the early hours of trade on Tuesday.
Overhangs on the sector’s performance now seem to have reduced and with the preliminary recovery in economic indicators the outlook is now better than where it was a few months back.
Another success story on the coronavirus vaccine front has lifted global equity market sentiment. Sensex and Nifty are near their all-time highs and experts are not ruling out an up move that could see the benchmark indices breach those levels. Global cues are mixed on Tuesday morning with US equity markets ending on a high but Asian peers have been trading with losses during the early hours of trade on Tuesday. Although the long-term outlook for Sensex and Nifty is positive some profit booking has not been ruled out.
Reliance Industries Ltd: Retail arm of Mukesh Ambani’s oil-to-telecom conglomerate RIL has acquired a 96% stake in Urban Ladder for Rs 182 crore. Urban Ladder is an online furniture store.
BPCL: Multiple bids were received by the Government of India for its stake in the country’s second largest fuel retailer BPCL. According to new reports, big wigs like RIL, Saudi Aramco, BP, and Total were not among the bidders. The government is selling its 52.98% stake in BPCL.
Maruti Suzuki: India’s largest automobile manufacturer, Maruti Suzuki’s online dealership has recorded sales of 2 lakh cars. The online initiative of the company covers 1000 dealerships across the country, it was launched two years ago. Nearly 95% of new car sales in India are digitally influenced as per the Google Auto Gear Shift India 2020 Report.
Wipro: IT major Wipro announced that it will deliver managed SoftwareDefined Wide Area Network transformation services to Olympus leveraging Cisco technology. Apart from this, the firm yesterday announced a strategic partnership with SNP Schneider-Neureither & Partner SE.
HDFC AMC: HDFC Mutual Fund’s Board of Directors on Monday approved the appointment of Navneet Munot as the next MD and CEO of HDFC Mutual Funds. Munot will take the command from Milind Barve, the long-time MD and CEO of HDFC Mutual Funds. Navneet Munot is currently the CIO at SBI Mutual Fund.
Coal India: The state owned firm said that it has issued tenders for all 35 mining projects identified for mechanised transportation of dry fuel and setting up coal handling plants and silos for rapid loading at an estimated cost of Rs 12,500 crore. Under mechanised transportation, coal would be moved through piped conveyor belt mode promoting cleaner environment.