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Tata Motors to tap JLR synergy for SUVs
With the Indian passenger vehicles market moving further towards the SUV segment, homegrown auto major Tata Motors NSE 4.37 % is gearing up to cast a wider net in the segment targeting first time buyers to premium-end customers while driving strength from its synergies with JLR, according to a top company official.
Bitcoin slid Tuesday after a bout of volatility highlighted lingering doubts about the durability of the token’s mesmerizing rally. The cryptocurrency fell as much as 11% to below $50,000. At one point Monday the digital currency plunged 17% before paring the worst of the slide. It’s still up some 400% in the past year, a rise that dwarfs other assets.
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Commodity rally helps Australia shares close nearly 1% higher
Australian shares closed nearly 1% firmer on Tuesday, as strength in commodities boosted market expectations of an improved growth outlook and lifted miners and energy stocks. The S&P/ASX 200 index was up 0.9% at 6,839.2 by the close of trade. Participants also kept an eye out for possible changes to the U.S. Federal Reserve’s outlook from Chairman Jerome Powell in his testimonial before the Senate Banking Committee later in the day.
Around 4 stocks fell to touch their 52-week lows on NSE in Tuesday’s session. Among the stocks that touched their 52-week lows were: Akg Exim, Novartis India, Ravinder Heights and Sanwaria Consumer.
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Price as on 23 Feb, 2021 11:53 AM, Click on company names for their live prices.
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Fitch rates Airtel’s proposed fundraise via bonds at ‘BBB-‘
Fitch Ratings has assigned Bharti Airtel’s proposed US dollar-senior unsecured notes a ‘BBB-‘ rating and the telco’s wholly-owned Mauritius arm, Network i2i’s proposed subordinated perpetual notes a ‘BB’ rating. This, even as Fitch estimates Bharti’s Indian wireless Ebitda to rise by around 40%-50% in FY21, led by 25 million subscriber adds and monthly average revenue per user (ARPU) improvement of 10%-12%. It also expect Bharti’s FY21 revenue and overall Ebitda to rise by around 18%-25%, on improvement in the Indian wireless market and continued growth in Africa, despite the pandemic-induced economic slowdown.
Heranba Industries on Tuesday received 13 per cent subscription for its Rs 625 crore IPO in the first 30 minutes of the bidding process. By 10:30 am, the issue had received bids for 9,12,134 shares, which was 13 per cent of the total issue size of 69,81,417 shares.
Adani Enterprises, EdgeConneX form JV to develop data centers in India
Adani Enterprises on Tuesday said it has signed a joint venture (JV) agreement with US’ EdgeConneX to form an equal partnership company to develop and operate data centers throughout India.
China shares eked out gains on Tuesday, as optimism on economic recovery from the Covid-19 pandemic prompted fresh buying in financials and cyclical stocks, while worries over policy tightening continued to weigh on sectors with lofty valuations. The CSI300 index edged up 0.1 per cent to 5,603.68 points by the end of the morning session, while the Shanghai Composite Index gained 0.3 per cent to 3,654.77 points.
Vedanta Resources Ltd. has mandated banks to arrange investor meetings ahead of a potential bond sale, as the firm conducts an open offer for its main listed unit.
Rupee surges 16 paise to 72.33 against US dollar in early trade
The rupee appreciated 16 paise to 72.33 against the US dollar in opening trade on Tuesday tracking positive domestic equities and strong Asian currencies. At the interbank forex market, the domestic unit opened at 72.36 against the US dollar and inched higher to 72.33 against the greenback, registering a rise of 16 paise over its previous close. On Monday, the rupee had settled at 72.49 against the American currency.
Reliance Industries, TCS, Infosys top boosts for Sensex
Kotak Mahindra Bank, Asian Paints top drags
Bond yields are on the rise and, among other factors, they are threatening equity returns. On Monday,…