Asian shares hit a five-month high on Thursday, as market wagers on ever-more aggressive rate cuts extended a huge rally in US stocks and bonds.The Nikkei is trading 0.7% lower while the Hang Seng index is trading 1.1% higher.US stocks closed slightly higher in languid trading on Wednesday, with little market-moving news to fuel conviction as the S&P 500 hovered just below bull market confirmation.Here’s a table showing how US stocks performed on Wednesday:
Data Source: EquitymasterAt present, the BSE Sensex is trading 320 points higher and NSE Nifty is trading 93 points higher.NTPC and M&M are among the top gainers today.Asian Paints and Britannia on the other hand are among the top losers today.Broader markets are trading higher. The BSE Mid Cap and the BSE Small Cap index is trading higher by 0.3%.Barring realty sector, all other sectoral indices are trading positive, with socks in power sector and finance sector witnessing most buying.The rupee is trading at Rs 83.24 against the US dollar.In commodity markets, gold prices are trading 0.2% higher at Rs 63,805 per 10 grams today.Meanwhile, silver prices are trading flat at Rs 75,683 per 1 kg.
Adani Total Gas to Decarbonise Supply ChainAdani Total Gas Limited (ATGL), the energy and city gas distribution firm of the Adani Group, and Flipkart, on 27 December, announced the signing of a Memorandum of Understanding (MoU) on reducing carbon footprint.As per the MoU, AGTL will collaborate with Flipkart to achieve its objective of reducing carbon footprint in the primary, secondary, and tertiary transfers of goods between sourcing locations, warehouses and customers.The company will provide decarbonising solutions, assisting Flipkart in its transition to cleaner fuel options like as natural gas and the launch of electric vehicles.The press release also states that Adani TotalEnergies E-Mobility Limited (ATEL) will install EV charging infrastructure throughout Flipkart’s pan-India supply chain, including warehouses and logistical facilities.This collaboration will go a long way towards decarbonising the country’s e-commerce logistics market, which accounts for more than 8 million shipments every day.At COP26, India agreed to climate action goals, including lowering the carbon intensity of the economy and reaching the net zero aim.Flipkart is one of the e-commerce players in India who have set net zero ambitions, and decarbonising transportation would help them accomplish these targets.
Zomato Receives Show Cause NoticeFood delivery aggregator Zomato received a show cause notice on 26 December from the Directorate General of GST Intelligence, Pune Zonal Unit.The show cause notice pertains to an alleged tax liability worth Rs 4 bn along with interest and penalty between 29 October 2019 and 31 March 2022. The tax demand has been made under Section 74 (1) of the Central Goods and Services Tax Act, 2017.The tax amount alleged in the notice is based on the sum collected by the company as “delivery charges” from customers on behalf of the delivery partners during the period highlighted above.In response, Zomato said that it is not liable to pay any tax since the “delivery charges” are collected by the company on behalf of the delivery partners.Additionally, the delivery partners have also provided service to the customers and not the company.In response, Zomato said that it is not liable to pay any tax since the “delivery charges” are collected by the company on behalf of the delivery partners. Additionally, the delivery partners have also provided service to the customers and not the company.After a prolonged slowdown in 2022, shares of Zomato have finally started to inch up and are currently trading near their 52-week high.
In August 2023, Zomato was among the top bought stock of domestic fund houses as they bought over 80 million shares.
SBI Hike Deposit RatesWith fierce competition among banks to raise money, the State Bank of India (SBI) has hiked interest rates on retail and bulk deposits up to 0.5% across different maturities, effective Wednesday.The revised rate for the 7-45 days bucket was 3.5%, up from 3%, and for 211 days to less than a year, the new rate is 6%, up from 5.7%.Term deposits up to Rs 20 m are categorised as retail deposits, and those above it are considered bulk deposits.Bank credit is expanding at a much higher pace compared to the rate of deposit mobilisation.While banking system credit rose by 16.4% year-on-year (Y-o-Y), deposits were up by 12.7% as of 2 December, according to Reserve Bank of India data.More By This Author:Sensex Today Rallies 702 Points, Nifty Above 21,600Sensex Today Trades Higher; Energy Stocks ShineSensex Today Ends 230 Points Higher
