Business News Live: Apple may switch to OLED panels for iPhone SE 4

The Department of Telecom has asked unregistered machine-to-machine service providers to register by month-end, as non-registration may lead to disruption of services, an official statement said on Tuesday. As of June 30, there were 5.2 crore M2M cellular mobile connections.
 

State-owned MOIL on Tuesday said its manganese ore production rose 7 per cent to 7.24 lakh tonnes during April-August period of this fiscal. The company in an exchange filing said that it "has achieved production of 7.24 lakh tonnes during first five months of the current financial year (April to August 2024), registering a growth of 7 per cent over CPLY (corresponding period last year)".
 

Finance Minister Nirmala Sitharaman on Tuesday underlined the importance of setting quarterly targets for capex by various ministries and expedite spending in the remaining months of the year. In a review meeting on the budgeted capital expenditure for the Ministry of Road, Transport and Highways (MoRTH) and the Department of Telecom, Sitharaman exhorted the respective ministries to expedite implementation and make up for the June and September quarter targets in December quarter of FY2024-25 itself, the finance ministry said in a statement.
 

The government has proposed to offload a stake of about 6.8 per cent in General Insurance Corp of India (GIC), an exchange filing showed on Tuesday.

The sale will made at a floor price of Rs 395 per share, as per the filing, a 6.3 per cent discount to Tuesday's closing price. The government currently owns more than 85 per cent stake in the insurer.

The Ministry of Labour and Employment on Tuesday said it has initiated the exercise to extend benefits of Pradhan Mantri Awas Yojana (PMAY) to economically vulnerable workers. The ministry has asked the state governments to include migrant workers, building workers, beedi workers, cine workers, non-coal mine workers, contract labourers, and other unorganised workers under the PMAY, a statement said.
 

The initial public offer of Rekha Jhunjhunwala-backed value fashion retailer Baazar Style Retail garnered 40.63 times subscription on the closing day of bidding on Tuesday.

The Rs 835-crore initial share sale received bids for 61,07,33,758 shares against 1,50,30,116 shares on offer, according to data available with the NSE.

 Sweden will scrap its tax on airline tickets from the middle of next year, aiming to reduce prices and boost availability, the government and its Sweden Democrats alliance partner said on Tuesday.

The tax was introduced in 2018 by the then ruling centre-left government. "This will lead to lower prices for travellers and rising demand, boosting the competitiveness of airlines," Sweden Democrats Member of Parliament Linda Lindberg told a joint press conference with the prime minister and cabinet members.

As many as 2.75 lakh telephone numbers have been disconnected and services to 50 entities blocked as part of regulator Trai's massive crackdown against pesky calls and unregistered telmarketers.

The move came after Telecom Regulatory Authority of India (Trai) asked telcos to blacklist and disconnect unregistered telemarketers. In a statement issued on Tuesday, Trai said it has observed a significant rise in spam calls, with more than 7.9 lakh complaints reported against unregistered telemarketers in the first half of 2024.
 

Gold prices slipped Rs 50 to Rs 74,050 per 10 grams in the national capital on Tuesday, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had finished at Rs 74,100 per 10 grams in the previous session on Monday. Silver prices also slumped by Rs 250 to Rs 85,250 per kilogram on Tuesday. It had closed at Rs 85,500 per kg in the previous close.
 

Under the chairmanship of Union Defence Ministry Rajanath Singh, the Defence Acquisition Council (DAC) has approved the capital acquisition proposals amounting to Rs 1,44,716 crore, according to an official announcement.

Under this plan, the government will procure Future Ready Combat Vehicles, Air Defence Fire Control Radars, Dornier-228 aircraft, and Next Generation Fast Patrol & Offshore Patrol Vessels.

With the deadline for review of import management system for laptops and other IT products nearing, the companies which have received authorisations have imported these products worth over $4 billion so far this fiscal, an official said.

These imports stood at $8.4 billion in 2023-24 and most of these imports were coming from China, the official said.
 

Apple will use organic light-emitting diode (OLED) displays for all iPhone models sold in 2025 and afterwards, moving completely away from liquid crystal displays (LCDs), Nikkei business daily said. The planned move will exclude Japan's Sharp Corp and Japan Display from Apple's handset business, Nikkei said.
 

Sumitomo Mitsui Financial Group (SMFG) India Credit, one of the leading non-banking financial companies, is eyeing assets under management (AUM) to be Rs 60,000 crore by the end of the current financial year 2024-25. A statement by the company on Tuesday said that in the last fiscal, the total AUM was Rs 45,000 crore. 
 

Indian shares ended little changed near record highs on Tuesday, as investors awaited crucial data from the United States that is expected to decide the extent of a rate cut this month.

The NSE Nifty 50 and the BSE Sensex ended flat at 25,279.85 and 82,555.44 points, respectively.

The Nifty 50 rose 4.7 per cent in a thirteen-session rally, its longest ever, until Monday. Both benchmarks hit lifetime highs in the previous session.

Reserve Bank Deputy Governor Michael Debabrata Patra on Tuesday said domestic saving has largely financed the investment needs of the economy and will remain the top net lender in coming decades. In a keynote address at the Financing 3.0 Summit: Preparing for Viksit Bharat organised by the Confederation of Indian Industries (CII) here, the deputy governor said that recently, the net financial savings of households has almost halved from 2020-21 levels due to behavioural changes in the form of unwinding of prudential savings accumulated during the pandemic and shifting from financial assets to physical assets like housing.
 

Entod Pharmaceuticals on Tuesday said it has received approval from the Drug Controller General of India (DCGI) to market eye drops for the treatment of presbyopia. The Mumbai-based drugmaker has received a final approval for PresVu eye drops and plans to introduce it in the domestic market in the first week of October.
 

A recovery in aerospace and defence stocks lifted UK's main index on Tuesday, while investors braced themselves for a slew of global key economic data that could shape bets on the pace of potential rate cuts from major central banks this month.

The blue-chip FTSE 100 index was up 0.2% as of 0715 GMT, after kicking off September on a dull note, while the domestically-focused mid-cap FTSE 250 edged up 0.1%.

Click here to read more.

On Tuesday, the shares of the top shipbuilding companies recorded a strong positive momentum against the flat tone of broader markets on the hope of positive developments from the Defence Ministry’s Defence Acquisition Council (DAC) which is likely to meet on today, September 3. 

Read the full story here. 

Russia's trade with India is booming and bilateral payments are proceeding smoothly without the glitches that have been hampering trade with other countries, Anatoly Popov, deputy CEO of Russia's largest lender, Sberbank, told Reuters.

Sberbank handles payments for up to 70 per cent of all Russian exports to India. Russia's trade with India nearly doubled to $65 billion in 2023, with the south Asian country becoming a major importer of Russian oil after the imposition of Western sanctions on Moscow in 2022 over the conflict in Ukraine.

Click here to read more.

The Indian economy is projected to grow at 7 per cent in the current financial year on the back of recovery in the agriculture sector and rural demand.

According to the World Bank Report released on Tuesday, India's growth continues to be strong despite a challenging global environment.'

Click here to read the full report.

United States Vice President Kamala Harris became the latest to join the opposition against the $15 billion deal for US Steel, proposed by Nippon Steel of Japan, citing the need to retain the iconic steelmaker in US hands. Comments from the vice president have brought more political hurdles toward the Japanese company.

On a stop in Pittsburgh, the Democratic presidential nominee said, "US Steel should be American-owned and American-operated," an applause-raucous comment. She will take one position and place it directly onto the same page as the United Steelworkers union by making such a statement, her opposition having come since the deal was announced last December. The Pittsburgh-based union has cited national security concerns, the likely negative impact on American jobs, and called into question assurances by Nippon Steel not to lay off workers or shut down plants.

Click here to read more.

A proposal for exempting health insurance policies from the 18 per cent GST would result in a big revenue loss to the government, probably causing a loss of Rs 3,500 crore annually to the exchequer. This estimate came from a senior official involved in the Fitment Committee, which is presently considering the proposal ahead of the GST Council meeting scheduled for September 9.

Click here to read the full report.

The Securities and Exchanges Board of India's investigation into insider trading and manipulation of markets have risen manifold in the financial year 2023-24. According to SEBI's recent annual report, the regulator took up 175 cases of insider trading-a sharp increase from 85 such cases in the previous fiscal. Investigations into market manipulation and price rigging have gone up to 160 in FY24 from 54 in FY23.

Click here to read the full report.
 

The dollar inched higher and held close to a two-week high on Tuesday as investors geared up for a slew of economic data, including Friday's U.S. payrolls, that could influence the size of an expected interest rate cut from the Federal Reserve.

The euro was 0.16% lower at $1.1055, not far from the two-week low of $1.1042 it touched in the previous session, while sterling eased 0.17% to $1.3124.

Click here to read more.

Tesla's sales in China logged their best month for the year so far in August, with the U.S. electric vehicle maker benefiting from brisk sales in smaller cities.

Tesla said it sold more than 63,000 cars in the world's biggest auto market last month, a hefty 37% jump from July, but probably still down from August last year when it sold 64,694.

Click here to read more.

Shares of Kaynes Technology soared as much as 8.48 per cent to hit an intraday high of Rs 5,052, following the company's announcement of receiving nod from the Union Cabinet for setting up a semiconductor manufacturing unit. The approval, granted to its wholly owned subsidiary, Kaynes Semicon Pvt Ltd, marks a major milestone in India's growing semiconductor ecosystem.

The Union Cabinet, led by Prime Minister Narendra Modi, gave the nod for establishment of the semiconductor unit in Sanand, Gujarat, with an investment of Rs 3,300 crore. The proposed facility will boast a capacity to produce 60 lakh chips per day, catering to diverse sectors including industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones.

Click here to read the full report.

Shares of renewable energy products maker Premier Energies made a bumper stock market debut on Tuesday, September 3 as the stock opened for trading at Rs 991, rising a whopping 120 per cent from Initial Public Offering price of Rs 450 on the BSE. On the National Stock Exchange, Premier Energies shares opened for trading at Rs 990, marking a rise 120 per cent.

Premier Energies shares were in high demand during the three-day share sale via IPO which ended on August 29 as the IPO was subscribed 75 times. Pie set aside for large investors like banks and financial institutions was booked 212.42 times, pie set aside for non-institutional investors was booked 51 times and pie set aside for retail investors was subscribed 7.44 times.

The Indian equity benchmarks edged lower on Tuesday dragged down by losses in ICICI Bank, Bajaj Finance, Infosys, HCL Technologies and State Bank of India. The Sensex fell as much as 77 points and Nifty 50 index touched an intraday low of 25,257. Meanwhile, the downside was capped on the back of buying interest in HDFC Bank, Reliance Industries and ITC.

As of 9:24 am, the Sensex was down 65 points at 82,505 and Nifty 50 index slipped 11 points to 25,265.

Most of the Asian markets were trading lower with Japan's Nikkei falling 0.31 per cent, Hong Kong's Hang Seng declining 0.6 per cent, China's Shanghai Composite falling 0.27 per cent and South Korea's KOSPI falling 0.12 per cent.
 

India has one of the brightest global economic growth prospects, Chief Economic Advisor V Anantha Nageswaran on Monday said and cautioned against 'financialisation' as India marches to become a developed nation by 2047.

Financialisation refers to the dominance of the role of financial markets in public policy.

Click here to read the full report.

The Indian equity benchmarks are set to open on a flat note as indicated by Nifty futures traded at Gift City in Gandhinagar. Gift Nifty futures fell 0.03 per cent or 6 points to 25,358 amid subdued global cues.

Most of the Asian markets were trading lower with Japan's Nikkei falling 0.31 per cent, Hong Kong's Hang Seng declining 0.6 per cent, China's Shanghai Composite falling 0.27 per cent and South Korea's KOSPI falling 0.12 per cent.

Click here to read the full report.
 

South Korea's consumer inflation slowed in August to the weakest in nearly 3-1/2 years, official data showed on Tuesday, supporting market expectations for an easing of monetary policy as early as next month.  The consumer price index (CPI) rose 2.0% from a year earlier, after gaining 2.6% the previous month, marking the slowest annual rise since March 2021.  It matched the median 2.0% increase tipped in a Reuters survey of economists and the central bank's medium-term inflation target of 2%.

SEBI Chairperson Madhabi Puri Buch has proposed the introduction of a Rs 250 per month systematic investment plan (SIP). 

This initiative, driven by Aditya Birla Sun Life Mutual Fund, aims to make investing more accessible to a larger segment of the Indian population.

Click here to read more.

Good morning and welcome to our rolling coverage of the day. Watch this space for all the latest updates from the stock market and the business world.

For detailed insights, analysis and reports, visit Republic Business.