Sensex, Nifty were up over 0.40% on Wednesday. Asian stocks fell Wednesday while Treasuries retained gains amid concerns about a slower recovery from the pandemic and risks for the global economy from elevated inflation.
Shares retreated in Japan, Hong Kong and China, where the economy weakened on steps to curb a Covid-19 outbreak. Beijing’s escalating regulatory overhaul hurt China’s technology sector and Macau casino stocks. U.S. and European futures were steady after the S&P 500 dipped overnight.
Mastercard ban: RBL Bank restarts credit card issuances with rival Visa
Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on Wednesday restarted credit card issuances on rival Visa’s payment network. The Reserve Bank of India had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business. RBL Bank said it signed up with Visa on July 14 itself, and the technology integration was achieved in record time to restart new issuances. Its head for retail business thanked Visa and technology partner Fiserv, and exuded confidence of meeting its target of issuing 12-14 lakh credit cards in FY22.
Tata Consumer Products to join hands with IIMR to strengthen product portfolio in millets
FMCG firm Tata Consumer Products Ltd (TCPL) is planning to join hands with the Indian Institute of Millets Research (IIMR) to unlock the full potential of millets as a healthier and more sustainable alternative to traditional grains. TCPL and IIMR will be signing an MoU to strengthen innovation, enhance consumer experience, and make this ancient Indian grain more mainstream, said a joint statement. The Tata Group firm is the parent company of Soulfull brand, which has a portfolio of millet-based products for kids and adults. (PTI)
Sidbi collaborates with Assam govt for development of MSMEs
The Small Industries Development Bank of India (Sidbi) on Wednesday said it participated in a special event held at the Administrative Staff College, Guwahati, Assam to strengthen the state co-operation. The event was chaired by Himanta Biswa Sarma, chief minister of Assam. During the event the KK Dwivedi, principal secretary, Industries and Commerce, government of Assam presented the expectations of the state on three major themes of startups, cluster development and livelihood and enterprise promotion.
Force Motors share price zooms as Mahindra Thar rival Gurkha unveiled
Force Motors share price today skyrocketed more than 10 per cent in the early morning deals after the auto major unveiled new avatar of Force Gurkha on the social media platform. Auto experts are of the opinion that Force Motors’ Gurkha 2021 variant will give tough competition to Mahindra Thar in the Indian auto market. Market observers believe that current rise in Force Motors share price is completely based on this new auto rivalry buzz. They advised stock market investors to maintain ‘buy on dips’ strategy in the counter for short-term target of ₹1750 apiece. (Read more)
Hindalco’s earnings outlook improves with rising aluminium prices
The stable rise in aluminium prices and disruption in global supply of bauxite have kept investor interest in integrated manufacturers such as Hindalco Ltd high. (Read more)
DMRC gets approval to conduct studies for Noida Airport-Delhi high-speed metro link
The Board of the Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday gave its go ahead to Delhi Metro Rail Corporation (DMRC) for conducting studies for high-speed metro rail links from Noida International Airport to Delhi. These metro rail…