Monday, November 30

Day: October 14, 2020

Tata Steel BSL Q2 results: Posts net profit of Rs 341.71 cr
Stock News

Tata Steel BSL Q2 results: Posts net profit of Rs 341.71 cr

NEW DELHI: Tata Steel BSL on Wednesday posted a consolidated net profit of Rs 341.71 crore for the quarter ended September 2020, helped by higher income. The company had reported a loss of Rs 243.97 crore during the same period a year-ago, Tata Steel BSL said in a BSE filing.During July-September 2020, its total income jumped to Rs 5,545.35 crore, from Rs 4,567.98 crore in the year-ago quarter.Total expenses climbed to Rs 5,203.33 crore as compared to Rs 4,811.95 crore earlier.In May 2018, debt-laden Bhushan Steel Ltd (BSL) was acquired by Tata Steel through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL) in insolvency proceedings. It was later renamed as Tata Steel BSL.Credit: Stocks-Markets-Economic Times
NZD/USD bulls capped into early Asia a risk sentiment drops
Forex

NZD/USD bulls capped into early Asia a risk sentiment drops

NZD/USD bulls losing their grip due to risk-off tones elsewhere and RBNZ dovishness. RBNZ preparing for negative rates was “not a bluff” and that banks are ready for it'.NZD/USD is entering early Asia following a bid despite the lack of risk appetite on Wall Street.At the time of writing, NZD/USD is trading at 0.6656 between a range of 0.6643 and 0.6682.All three major benchmarks were reeling on Wednesday due to the lack of traction on a new fiscal stimulus package and the relentless spread of coronavirus.Treasury Secretary Steven Mnuchin made comments that a deal would not likely be made before the vote.The statement has added to fragile sentiment as the market's concerns for the spread of virus have ramped up this week."At this point getting something done before ...
Stocks fall after Mnuchin throws cold water on hope for a stimulus deal before election
Business news

Stocks fall after Mnuchin throws cold water on hope for a stimulus deal before election

Stocks fell for a second day on Wednesday after comments from Treasury Secretary Steven Mnuchin dampened expectations of a coronavirus stimulus deal being reached before the Nov. 3 presidential election.The Dow Jones Industrial Average was down 87 points, or 0.3%. Earlier in the day, the Dow fell more than 200 points. The S&P 500 traded 0.4% lower and the Nasdaq Composite slid 0.5%.Mnuchin said around midday that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.Mnuchin's comments came after the White House recently proposed $1.8 trillion for an aid package, which House Speaker Nancy Pelosi said "falls significantly sh...
Blockchain health apps privatize COVID-19 data but security is a concern
Crypto News

Blockchain health apps privatize COVID-19 data but security is a concern

New procedures are being implemented as the world slowly begins to reopen amid the ongoing COVID-19 pandemic. While temperature checks and mandatory face masks have become the new normal, the world is also witnessing the rise of digital health apps, or “health passports.”Many of these applications serve as a solution to trace individuals’ whereabouts or to store COVID-19 test results, which can then be presented to officials during travel or gatherings to show proof-of-health. While innovative, privacy and regulatory concerns have been expressed with digital solutions designed to trace contact or store user data via smartphones.Blockchain ensures privacyIn order to solve this problem, IBM Watson Health — a data, analytics and technology partner for the health industry — has launche...
IMF’s Georgieva: Countries must continue essential measures to ensure durable recovery
Forex

IMF’s Georgieva: Countries must continue essential measures to ensure durable recovery

Countries must continue essential measures to ensure to protect lives and livelihoods to ensure a durable recovery, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Wednesday, as reported by Reuters.Additional takeaways"Halting support to households and firms too early could risk serious, self-inflicted harm."Public investment, especially in green projects and digital infrastructure, has the potential to create millions of new jobs, boosting productivity and income.""Calling for urgent action now, including more grants, concessional credit and debt relief, to help low-income countries address heavy debt burdens.""IMF has reached $280 billion in lending commitments, has mobilized additional $21 billion in zero-interest loans, considering addi...
Sebi levies fine on Osian Industries for failing to redress investors’ complaints
Stock News

Sebi levies fine on Osian Industries for failing to redress investors’ complaints

New Delhi: Markets regulator Sebi on Wednesday levied a monetary penalty on Osian Industries Ltd for failing to redress investors' grievances on Sebi complaints redressal system (SCORES). SCORES is an online complaint redressal system of Sebi through which the complaints received by the regulator are electronically forwarded to the listed company which in turn is required to resolve the same and furnish an action taken report (ATR) in electronic form. "Noticee had not redressed the pending grievances of 41 investors and consequently had not filed the ATR for such pending grievances within the timeline specified by Sebi. Such persistent non-compliance does not inspire confidence of investors in the market, whose protection is Sebi's prime mandate," the regulator said.Here, noticee refer...
Bank of America shares dip as lender, pressured by low rates, misses on third-quarter revenue
Business news

Bank of America shares dip as lender, pressured by low rates, misses on third-quarter revenue

Bank of America shares fell after the lender posted third-quarter results that missed on revenue.The firm said Wednesday that it generated $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv. Profit in the quarter slumped 16% to $4.9 billion, or 51 cents a share, edging out the 49 cent estimate.Shares of the firm dropped 2% in premarket trading.Analysts have long considered Bank of America, with its vast deposit base, as the big bank most sensitive to swings in interest rates. The Federal Reserve has said that it would maintain a zero-rate policy for years in response to the coronavirus pandemic. That squeezes the spread that banks earn by taking in deposits and making loans.Its net interest income fell by 17% from a year earlier t...
Blockchain firm Monerium thinks Europe ‘already has’ a digital euro
Crypto News

Blockchain firm Monerium thinks Europe ‘already has’ a digital euro

Consensys-backed e-money issuer Monerium thinks the route to a digital euro is simpler than the European Central Bank suggests.The fintech, which focuses on bridging fiat money with blockchains by issuing programmable digital cash, published a response to the ECB’s recent public consultation on the digital euro on Oct. 13.In summer 2019, Monerium had become the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for e-money services across the European Economic Area. It provided fiat payment services using the Ethereum blockchain, and later partnered with blockchain protocol Algorand.In its response to the ECB, Monerium argues that all Europe needs to do is to recognize it already has “a proven form of digital euro.”...
Malaysia: Budget 2021 seen focused on economic recovery
Forex

Malaysia: Budget 2021 seen focused on economic recovery

UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting give a preview of the upcoming budget 2021, expected to be published on November 6.Key Quotes“Malaysia’s budget 2021 will be tabled on 6 Nov. This will be the first budget since COVID-19 pandemic and the first budget under the 12th Malaysia Plan (12MP, 2021-25). As such, initiatives in the coming budget will likely be aligned with the 12MP to address both short- and mediumterm issues. The budget aims to revitalise the economy under the 5 th phase of the country’s 6R Economic Recovery Strategy. It will focus on four key areas – 1) caring for the people, 2) steering the economy, 3) enabling sustainable living, and 4) enhancing public service delivery.”“We expect budget 2021 to be expansionary with a projected fiscal ...
Share market update: 27 stocks hit 52-week highs on NSE
Stock News

Share market update: 27 stocks hit 52-week highs on NSE

NEW DELHI: Around 27 stocks rose to touch their 52-week highs on NSE in Wednesday's session. Among the stocks that touched their 52-week highs were 8K Miles Software, Akash Infra-Projects, Bafna Pharmaceuticals, Balaxi Ventures, Dynacons Systems,HCL Technologies, Jindal Stainless, Persistent Systems, Kopran and SBI Cards and Payment Services.Benchmark NSE Nifty index was trading 86.40 points down at 11848.10 on Wednesday on account of selling in frontline bluechip counters.Overall, 10 shares were trading in green in Nifty50 index, while 39 were trading in red.In the Nifty 50 index, Bajaj Finserv, Tata Steel, Bajaj Finance, Titan Company and Bajaj Auto were among top gainers, while Wipro, NTPC, Coal India Ltd, ONGC and Indian Oil Corp were trading in red. The BSE Sensex was trading ...