Sensex gains 2.3% on stimulus package hopes
Infotech and financial stocks surge
Expectations of a stimulus package from the government ahead of the festive season propped up market sentiment as benchmark indices gained more than 2% on Friday after plunging almost 3% a day earlier.
The S&P BSE Sensex gained 835 points, or 2.28%, to 37,388.66. Top gainers included Bajaj Finserv, HCL Technology, Bharti Airtel, IndusInd Bank and L&T. All the stocks in the 30-share Sensex reported gains.
The NSE Nifty 50 also rose 245 points, or 2.26%, to 11,050.
“The equity markets recovered quite a bit of lost ground from the previous day,” Dr. Joseph Thomas, head of research, Emkay Wealth Management, said. “Expectations of a further fiscal package from the government ahead of the festival season is a factor that may endow the markets with some strength.”
Stating that rising volatility was a sign of caution, Nirali Shah, senior research analyst, Samco Securities, said, “The market is now trying to impersonate the grim ground-level realities by reacting sharply to any negative global clues.”
“Markets are expected to remain under pressure in anticipation of immense liquidity being sucked out as long as the IPO party is still on… Investors should be wary of subscribing to IPOs and should look at some only from a listing gains perspective,” Ms. Shah said.
Aurobindo to buy GMR’s KSEZ stake for ₹2.610-cr.
Deal to help GMR Infra reduce its debt
GMR Infrastructure on Friday said the 51% stake it holds in Kakinada SEZ (KSEZ) through a wholly owned subsidiary is being sold to Aurobindo Realty and Infrastructure (ARIPL), in a ₹2,610-crore deal.
As part of the transaction, the 100% equity of Kakinada Gateway Port (KGPL) held by KSEZ will also be transferred to Aurobindo Realty, a GMR Infrastructure release said.
Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is ₹2,610 crore. Of this, ₹1,600 crore would be received on the closing date and the balance in the next 2 to 3 years contingent upon certain milestones. The proceeds will help reduce GMR Group debt.
KSEZ is implementing a port-based special economic zone project at Kakinada in A.P. Kakinada Gateway Port has the concession granted by State government to set up a greenfield commercial port in Kona village in the district, the release said.
‘COVID-19 may spur growth for e-grocers’
Area may be next battleground: study
Online grocery experienced COVID-19 induced tailwinds and the space may witness high growth, according to a report, ‘Online grocery: What brands need to know’, released on Friday.
Driven by the rise in organic adoption during the pandemic, e-grocery has seen a surge in recent months with the gross merchandise value rising about 70% in June compared with January, as per the study jointly conducted by Redseer Consulting and BigBasket, the online grocer.
Online grocery was a $1.9 billion market in 2019, and could likely be the next battleground for growth, expanding to $18 billion-plus by 2024, the study said. It added that e-grocery had been surging and would remain steady for the rest of 2020, to reach more than $3 billion. Hari Menon, co-founder and CEO, BigBasket, said, “The industry saw a 70%+ average recurring revenue jump in the last quarter across categories”.
Ron Paul hospitalized after suffering apparent medical incident during live stream
- Ron Paul was hospitalized Friday after suffering an apparent medical incident on a livestream.
- Paul, 85, was taken to a hospital in Texas for "precautionary reasons," according to Fox News.
- Fox News also reported that Paul was "lucid and optimistic."
- Visit Business Insider's homepage for more stories.
Ron Paul, a former presidential candidate and a pioneering figure in the libertarian movement, was hospitalized Friday after suffering an apparent medical incident during a live stream on his YouTube channel.
Paul, 85, was talking about federal stimulus money when his speech began to slur.
He was hospitalized in Texas for "precautionary reasons," according to Fox News.
Fox News also reported that Paul was "lucid and optimistic."
Google to Block Political Ads After U.S. Election Polls Close
Google will halt election advertising after the polls officially close for the U.S. presidential election, the company said on Friday.
The largest internet company said advertisers will not be able to run ads referencing candidates, the election or its outcome, according to an email viewed by Bloomberg News. The policy, which is designed to block all ads related to the election, also applies to YouTube, the biggest online video service.
Google also said advertisers should expect to wait at least two days for political ads to be approved in the lead up to the election. Axiosreported the new policy earlier.
“Given the likelihood of delayed election results this year, when polls close on November 3, we will pause ads referencing the 2020 election, the candidates or its outcome,” a Google spokeswoman said in a statement. “This is a temporary measure, and we’ll notify advertisers when this policy is lifted.”
Tech platforms are rushing to rewrite policies to ensure that campaign ads or posts do not mislead voters. Earlier this year, U.S. President Donald Trump’s campaign bid successfully to run ads on YouTube’s homepage leading up the election,Bloomberg News reported.
'Talented' police officer shot dead in Croydon station named as Sgt Matt Ratana
A police officer who died after being shot at a station in Croydon,
south London today has been named by as Matiu Ratana, 54.
More to follow.