Markets extend gains as sensex soars 613 pts; Nifty settles above 15,100
Equity indices surged for the third straight session on Tuesday powered by gains in auto and financial stocks. The benchmark BSE sensex jumped 613 points or 1.24 per cent to close at 50,193; while the broader NSE Nifty moved 185 points or 1.24 per cent higher to settle at 15,108.
Ongoing consolidation to improve returns in H2 for equities: Report
The ongoing consolidation in equities would improve return prospects during the second half of 2021, an American brokerage said on Tuesday. Leading indicators relating to fundamentals including growth, stability, government policy and RBI policy, and corporate earnings are “generally positive” about equity returns, analysts at Morgan Stanley said.
Economy will do well once vaccination reaches critical mass: Ashima Goyal
India's economy will do well once vaccination reaches a critical mass as pent up demand, global recovery and easy financial conditions will boost activities, RBI's Monetary Policy Committee (MPC) member Ashima Goyal said on Tuesday.
Google rolls out News Showcase in India; to train 50,000 on digital skills
Google on Tuesday said it is rolling out its News Showcase in India with 30 news organisations, a move aimed at incentivising and supporting publishers in the country to curate high-quality content on Google's News and Discover platforms.
Dish TV lenders sell 5.11 crore shares in open market
DTH service provider Dish TV on Tuesday said lenders have invoked 5.11 crore pledged promoters' shares, following which the shareholding of the promoter group firm Direct Media Distribution Ventures Pvt Ltd has come down by 2.78 per cent.
Bharti Airtel shares fall as key revenue metric hit
Shares of Bharti Airtel Ltd fell more than 2% on Tuesday, a day after the Indian telecom operator saw a key revenue metric miss an analyst estimate despite solid subscriber additions and higher data usage during the pandemic.
HSBC sharpens focus of Saudi Arabia investment banking unit
Banking|: Dubai: HSBC Saudi Arabia is sharpening its focus on the investment banking, institutional brokerage and custody needs of its clients with an agreement to transfer its asset management, retail brokerage and retail margin lending businesses to Alawwal Invest, a wholly owned subsidiary of the Saudi British Bank (SABB). “This transaction will allow HSBC Saudi Arabia to focus its resources on its market-leading investment banking, institutional brokerage and custody businesses, which serve domestic as well as international corporate and institutional clients in the Kingdom,” said Stephen Moss, HSBC Group’s Chief Executive for the Middle East, North Africa and Turkey (MENAT) region. The HSBC Group owns 51 per cent of HSBC Saudi Arabia, with 49 per cent owned by SABB. The HSBC Group is the single largest investor in SABB with a 31 per cent shareholding. The transaction is expected to complete during the 2022 Gregorian calendar year (1443H), subject to necessary approvals. HSBC Saudi Arabia provides investment banking services to the full spectrum of corporate and institutional clients in both the private and government sectors, including public companies; private companies and establishments; funds; government agencies; and family businesses and offices. “As the Kingdom of Saudi Arabia marks the five-year anniversary of its Vision 2030 programme, we want to ensure HSBC Saudi Arabia is focused on connecting our corporate and institutional clients to the vast opportunities that arise from one of the world’s most ambitious economic transformation programmes, while ensuring that our current retail and asset management clients will benefit from a transfer into one of the Kingdom’s leading domestic banking platforms,” said Rajiv Shukla, Chief Executive Officer of HSBC Saudi Arabia.
Cairn's Air India lawsuit may not delay selloff plan
Cairn Energy’s move to sue Air India (AI) in a US court to force recovery of the $1.2-billion international arbitration award it won is unlikely to have any impact on the privatisation of the state-run airline, a top government official said on Monday, asserting that all efforts were being made to stick to the deadline of inviting financial bids by September.
Abu Dhabi Ship Building lands its biggest contract ever, of Dh3.5b, from UAE Navy
Markets|: Dubai: Abu Dhabi Ship Building (ADSB) has reeled in a Dh3.5 billion contract from UAE Navy for Falaj 3-class offshore patrol vessels. This is the largest ever contract in ADSB’s history. It will “reinforces the company’s vision of becoming the leading regional shipyard,” the company said in a statement. Khalid Al Breiki, Chairman of ADSB and President – Mission Support at EDGE, said: “This order represents a resounding vote of confidence in ADSB from the MoD (Ministry of Defence) and the UAE Navy. “The contract will provide the company with a platform for sustainable profitable growth, while maintaining strategic national assets that are critical to the defence of the UAE.” ADSB had earlier built the UAE Navy’s Baynunah-class corvettes, the last of which was delivered in 2017. The Falaj-3 class is a versatile offshore patrol vessel for a range of missions. Currently, ADSB operates three main naval programmes: corvettes, offshore patrol vessels and fast patrol boats.
Elon Musk loses world’s second-richest ranking as Tesla dips
On Monday, Tesla Inc’s chief executive officer lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle-maker’s shares fell 2.2%. That was on top of last week’s slump amid a global rout in technology stocks and fresh signs of trouble in its China business.
Abu Dhabi oil giant ADNOC awards contracts of Dh1.16b for massive Bu Hasa project
Energy|: Dubai: The Abu Dhabi energy giant ADNOC will invest up to Dh1.16 billion to connect the newly drilled "smart wells" to its main production facilities at Bu Hasa, which will sustain production capacity of 650,000 barrels per day (bpd). Bu Hasa is ADNOC’s largest onshore asset. The engineering, procurement and construction (EPC) contract has been awarded in two packages by a subsidiary, ADNOC Onshore. Package 1 is valued at up to Dh582 million and has been awarded to China Petroleum Pipeline Engineering Co., while Package 2, with a value of up to Dh583.9 million to Robt Stone llc. The duration of the contracts is three years, with the option of a two-year extension. The EPC award follows a competitive tender process and will see over 50 per cent of the combined value of both awards flow back into the UAE economy under ADNOC’s 'in-country value' programme.
Sharjah sees new luxury waterfront residential project on Dh4.5b Maryam Island
Property|: Dubai: Sharjah’s property market is getting its steady flow of new projects – the latest one is a waterfront building in the Al Khan and Al Mamzar districts. The ‘Shams Residences’ on Maryam Island is from Eagle Hills Sharjah, a joint venture between Sharjah Investment and Development Authority (Shurooq) and Eagle Hills. It will feature a 59-unit building and form the second phase of the Dh4.5 billion Maryam Island master-development. Low Ping, CEO of Eagle Hills said: “The launch of Shams Residences marks an important step for us as Maryam Island begins to take shape. The new building is within walking distance of pristine beaches, and is complete with unparalleled views and stunning design, promising residents intimate community living like no other.” A penthous too The eight-storey building features 59 units ranging from studios to three-bedroom apartments. A four-bedroom penthouse has been assigned to the top floor. It was in 2019 that the Shurooq-Eagle Hills alliance was finalized, with the developer taking on major hospitality and residential projects in the emirate. The focus was on creating destinations by transforming some of the older neighbourhoods there. Shams Residences will cover around 6,637 square metres of gross floor area, and will be close to the retail offerings on Maryam Island and the beaches of Mamzar and Al Khan. Sharjah has since the start of the year seen major launches from Arada, which came up with a green-heavy Dh8 billion Masaar community, and also from Majid Al Futtaim.
UAE health insurance premiums up 8% in 2020, even higher than inflation gains: Alvarez & Marsal
Markets|Health|: Dubai: Are you getting the feeling you are paying more on your health insurance? The chances are that you are. Medical insurance premiums in the UAE actually increased by 8 per cent last year – which is higher than the growth in inflation, according to Alvarez & Marsal, the consultancy. This is over and above the increases in recent years. The breakout of COVID-19, ironically, would not have been a factor in the increase in insurance premiums. Much of the COVID-19 related treatment was footed by the local authorities, or was heavily subsidized. Plus, with the nation focused fully on countering the pandemic, for much of last year, fewer people were turning up at hospitals and clinics for consultation. Also, elective surgery and other inpatient procedures were postponed where possible. Against this background, the rise in insurance premiums would come as a big blow to employers, who have to offer compulsory cover for their workforce. Cost challenges "There continues to be a shift in patient demands, as well as an increase in competition and cost pressures," said Dr. Sara Alom Ruiz, Senior Director Healthcare and Life Sciences with A&M's Strategy and Performance Improvement group.
Elon Musk's tweets are costing Tesla CEO's status as 'world's second richest man'
Markets|: New York: Elon Musk's Twitter posts keep sending Bitcoin prices tumbling. His own fortune is heading in the same direction. On Monday, Tesla Inc.'s CEO lost his spot as the world's second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle-maker's shares fell 2.2 per cent. That was on top of last week's slump amid a global rout in technology stocks and fresh signs of trouble in its China business. Musk, who held the top spot in the Bloomberg Billionaires Index as recently as March, now has a fortune of $160.6 billion, down 24 per cent from its January high. The drop follows a turbulent period for Musk, who sent Bitcoin tumbling as much as 15 per cent last week after posting a statement on Twitter that Tesla was no longer accepting the digital currency as payment. He also helped to whipsaw Dogecoin prices after tweeting he's working with developers of the Shiba Inu-themed token to improve transaction efficiencies. Tweet havoc Over the weekend, Musk wreaked havoc again when he seemed to imply that Tesla may sell or has sold its Bitcoin holdings before later clarifying in a tweet Monday that the company had done no such thing. Musk became the world's richest person in January after Tesla's shares surged almost 750 per cent last year amid a boom in technology-driven stocks. Despite reporting record first-quarter profit, the company's shares have since fallen by about a fifth amid a global semiconductor shortage and increasing competition from traditional automakers. Musk's fortune has dropped about $9.1 billion this year, the most among US-based billionaires tracked by Bloomberg's wealth index. Meanwhile, Arnault, 72, has added the most, with his networth climbing by almost $47 billion to $161.2 billion as sales of his firm's luxury goods surge in China and other parts of Asia.