Business News Live: August service activity grows at fastest pace since pandemic began

11:10 a.m.

August service activity is growing at the fastest rate since the start of the pandemic

India’s service industry in August grew at its fastest pace since March 2020, when the pandemic began with businesses reopening and improving vaccination rates, Reuters said he cited a poll.

The IHS Markit Services Purchasing Managers Index reached 56.7 in August, above the level of 50 which indicates growth. The PMI had been below 50 for three months and was 45.4 in July.

“India’s service sector rebounded in August, as several facilities reopened and customer confidence improved due to increasing immunization coverage,” said Polyanna De Lima, associate director of economics at IHS Markit. Reuters.

“Service providers see a brighter outlook, with companies saying economic recovery could be sustained if restrictions continue to be lifted and further waves of contamination can be avoided.”


Foreign loans of Indian companies jump 60% in July

Indian companies raised more than $ 3.43 billion in foreign markets through external commercial borrowing (ECB) in July this year, a jump of about 60% from a year ago , PTI reported citing RBI data.

Indian companies had borrowed $ 2.15 billion in foreign markets as of July 2020.

Of the total borrowings in July 2021, $ 3.03 billion went through the ECB’s automatic channel, while $ 400 million went through approval.

10:45 a.m.

Sebi Moves Supreme Court Against SAT Order on PNB Housing Finance

Market regulator Sebi brought proceedings before the Supreme Court against the order of the Securities Appeals Tribunal regarding PNB Housing Finance’s 4,000 crore capital raising plan, PTI reported.

On August 9, the panel made up of two members of the Securities Appeal Tribunal (SAT) delivered a mixed verdict, saying there was a difference of opinion among the panel members. PNB Housing Finance is prevented by the SAT from disclosing the results of the shareholder vote on the fundraising plan until further notice.

“It has come to our knowledge that SEBI has filed an appeal with the Supreme Court of India against the SAT order,” PNB Housing Finance said in a regulatory filing.

10:15 a.m.

The CEO and CFO of the scammer Karvy arrested

Karvy Stock Broking Managing Director Rajiv Ranjan Singh and Karvy Financial Director G. Krishna Hari were arrested on the basis of a complaint filed by IndusInd Bank for allegedly embezzling funds collected from banks by pledging the customer securities as collateral, PTI reported.

Police previously arrested President C Parthasarathy on charges of defaulting on a 137 crore loan to IndusInd Bank.

10:00 AM

HDFC Life Insurance to buy Exide Life

HDFC Life Insurance will buy the life insurance unit from battery maker Exide Industries for 6,687 crore, the company said in a regulatory filing.

As part of the deal, HDFC will issue 8.7 crore shares to Exide Industries at 685 per share with the remaining amount as a cash payment of 726 crore. Exide Life will merge with HDFC Life after the acquisition. .

“This is a historic transaction, the first of its kind, in the Indian life insurance space,” HDFC Life Chairman Deepak Parekh said in a statement. “This would improve insurance penetration and further our goal of providing financial protection to a broader customer base.”

9:30 AM

Sensex crosses 58,000 for the first time

Indian benchmark stock indexes continued their record streak. Sensex and Nifty opened a new record, with Sensex hitting the 58,000 mark for the first time.

As of 9:16 am IST, Sensex was up 0.38% to 58,070.12 while Nifty was up 0.36% to 17,296.

9:15 a.m.

Oil drops ahead of US jobs report

Oil prices fell before after strong gains overnight ahead of a highly anticipated monthly U.S. jobs report, Reuters reported.

US West Texas Intermediate (WTI) crude futures slipped 0.3% to $ 69.75 per barrel while Brent Crude fell 0.2% to $ 72.90 per barrel.

The drop was likely due to traders’ positions ahead of the US nonfarm wage report for August, as there are concerns that the consensus may be weaker than expected, said Stephen Innes, managing partner of SPI Asset Management. Rueters.

9:00 a.m.

Asian stocks hold gains

Asian stocks held their gains as global stocks hit record highs, Reuters reported.

The largest MSCI index of Asia-Pacific equities excluding Japan remained stable at the start of the session. Japan’s Nikkei rose 0.38%, Australia 0.3% and Korea 0.61%.

Chinese blue chips fell 0.27% and Hong Kong 0.6%.

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