Business News Live: Telangana govt forms panel for Hyderabad Metro Rail bail out

11:55 A.M.

Microsoft to buy back up to $60 billion in shares

Microsoft will buy back up to $60 billion in shares and raise its quarterly dividend by 11%, Reuters reported.

Microsoft said the buyback program has no expiration date and may be terminated at any time, and that it would pay a dividend of $0.62 per share – 6 cents over the previous quarter.

11:35 A.M.

Telangana govt forms panel for Hyderabad Metro Rail bail out

The Telangana government has formed a high-level committee to look into the pros and cons of supporting the loss-making Hyderabad Metro Rail, PTI reported.

L&T, which operates the Hyderabad metro rail had made several requests to the government it seeking support as the metro incurred heavy losses due to the COVID-19 pandemic and lockdown.

The firm’s losses widened to nearly ₹1,767 crore in FY21 from the previous year’s ₹382 crore on account of disruption in the metro rail operations due to low ridership and fall in footfalls at real estate operations.

11:15 A.M.

Ford’s factory workers seek government help to safeguard jobs

Factory workers at Ford plant near Chennai have sought the state government’s help to save their jobs as the carmaker announced it will stop making cars in India, Reuters reported citing workers and union leaders.

Union members said Ford’s decision to stop production will put at risk the livelihoods of more than 2,600 permanent workers and over 1,000 contract staff.

The Centre of Indian Trade Union (CITU), organised a protest against the company’s management and the Indian government earlier in Chennai on Monday.

11:00 A.M.

GST Council may consider bringing petrol, diesel under GST

The GST Council might consider taxing petrol, diesel and other petroleum products under the single national GST regime, PTI reported.

The Council comprises central and state finance ministers will meet in Lucknow on Friday. It is also likely to consider extending the time for duty relief on COVID-19 essentials.

GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).

10:30 A.M.

Rakesh Jhunjhunwala buys 50 lakh Zee Entertainment shares

Rakesh Jhunjhunwala’s Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over ₹225 crore amid the boardroom tussle in Zee.

Rare Enterprises bought 50 lakh shares of the company at ₹220.44 per share through a bulk deal on the National Stock Exchange. While BofA Securities Europe SA purchased 48.65 lakh shares at an average price of ₹236.2 apiece.

Rare Enterprises’ purchase value stood at ₹110.22 crore while that of Bofa Securities Europe SA was ₹114.92 crore.

10:15 A.M.

India needs $8 trillion new greenfield assets to be $5 trillion economy by FY27

India will need $8 trillion (around ₹588 lakh crore) of gross capital formation or new greenfield assets to become a $5 trillion (around ₹368 lakh crore) economy by FY2027, PTI reported citing a Deloitte report.

It added that despite the COVID-19 disruption, FDI inflow into the country provides necessary optimism and display underlying strengths of the Indian economy.

In FY2020-21, FDI inflows (including equity, re-invested earnings, and capital) amounted to a record $81.72 billion, 10% higher than the previous financial year, it said.

9:45 A.M.

Apple launches iPhone 13

Apple launched the iPhone 13 and a new iPad mini at a media event dubbed California Streaming. The tech giant expanded 5G connectivity and revealed faster chips, and camera improvements.

Apple also launched the Watch Series 7, featuring a re-engineered Always-On Retina display that offers nearly 20% more screen area and thinner borders at just 1.7 millimetres — 40% smaller than those on Apple Watch Series 6.

India-based buyers can get iPhone 13 for ₹79,900, iPhone 13 mini for ₹69,900, iPhone 13 Pro for ₹1,19,900 and iPhone 13 Pro Max for ₹1,29,900 from Apple’s online store and authorised re-sellers, beginning at 5.30 pm IST on September 17, with availability beginning September 24. Whereas, Wi-Fi models of iPad mini are available with a starting price of ₹46,900.

9:25 A.M.

Sensex, Nifty open on a cautious note

The Indian equity benchmark indices, Sensex and Nifty opened flat amid mixed global cues. At 9:15, Sensex opened 0.18% higher at 58354.11 and Nifty opened 0.04% higher at 17387.65.

Among sectors, private banks and financial sectors traded lower while auto, media, FMCG and IT saw some buying.

9:15 A.M.

Oil rises after fall in stocks

Oil prices rose after industry data showed a larger than expected fall in crude oil stocks in the U.S. and on expectations that increased vaccine roll-out will spur demand, Reuters reported. 

Brent crude oil rose 0.5% to $73.99 a barrel while U.S. West Texas Intermediate (WTI) also surged 0.5% to $70.90 a barrel.

“The impact of Hurricane Ida was a lot greater than many anticipated and production in the Gulf of Mexico region might struggle to return until Tropical Storm Nicholas is done pushing the region with territorial rain,” Edward Moya, senior analyst at OANDA told Reuters.

9:00 A.M.

Asian shares fall after weak China data

Asian shares fell as weak Chinese economic data raised concerns about slowing global growth, Reuters reported.

Chinese data showed that retail sales missed analyst expectations and grew at the slowest pace since August 2020, and industrial output also rose at a weaker pace from July.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.82%, and Tokyo’s Nikkei was down 0.89%. Following the data, Chinese blue chips fell 0.73% and Hong Kong benchmark shed 0.87%.

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