Bombay Stock Exchange (BSE), located in Mumbai. Archive | Image source: PTI

The trade agency AISTA said on Tuesday that in the current 2021-22 marketing year, sugar mills had exported 939,000 tons of sweeteners before the first week of December.

The sugar sales year runs from October to September. According to AISTA data, from October 1st to December 6th, 2021, sugar factories exported a total of 9,39,435 tons of sugar. The highest export transaction is the sugar factory in Maharashtra.

Sebi amended the company's equity delisting rules after the public offering as part of its efforts to make M&A transactions for listed companies more convenient.

Under the new framework, promoters or acquirers need to disclose their intention to delist through an initial public announcement. If the acquirer wishes to delist the target company, the acquirer must provide a higher delisting price and an appropriate premium on the public offering price.

Shivalik Small Finance Bank (SSFB) launched a loan product for digital gold in cooperation with the financial technology company Indiagold on Tuesday.

SSFB said in a statement that digital gold is an affordable medium that can be owned and saved with gold without the need for physical handling and storage of assets.

SSFB stated that customers can obtain digital gold loans of up to 60,000 rupees from their gold assets, with a monthly interest of only 1%, without the hassle of branch visits, minimal documents, instant transfers and zero processing fees.

HP launched a new gaming laptop HP OMEN 16, equipped with a 16.1-inch screen, equipped with the 11th generation Intel Core processor. Some parts of the new OMEN equipment are made of marine plastics that are recycled post-consumer, including recycled aluminum stamped covers.

HP OMEN 16 laptops start at Rs 139,999 and can be purchased in HP Global Stores, HP Online Stores, and other large retail and online stores.

The European Union's antitrust regulators are investigating Microsoft's $16 billion acquisition of transcription technology company Nuance Communications Inc, asking customers and competitors to list their concerns.

The transcription technology sold by Nuance is popular among doctors and call centers who want to take notes automatically. Analysts believe that this transaction enhances Microsoft's influence in the healthcare market and brings new voice and medical data to it to train artificial intelligence products in health, voice and biometric security.

The Russian oil producer said that the country’s largest oil company, Indian Oil Company (IOC), has renewed an agreement to purchase up to 2 million tons of crude oil from Rosneft in 2022.

The International Olympic Committee signed an agreement with Rosneft in February 2020 to import up to 2 million tons of oil through the port of Novorossiysk.

India has bundled up Russia’s supply to the United States to diversify its oil import basket, thereby reducing its dependence on the Middle East to meet its oil needs.

Welspun One Logistics Parks (WOLP) acquired 40 acres of land near Bangalore to build a large-scale storage facility of approximately 1 million square feet and invested Rs 3 billion to provide services for the Bangalore Metropolitan Area (BMR).

This is the first of six projects in the Memorandum of Understanding (MoU) signed between the company and the node agency of the Tamil Nadu government to establish a storage facility in the area.

Welspun One stated in a press release that the implementation of these projects under the Memorandum of Understanding may bring about 25 billion rupees in direct investment to the state.

The biotechnology specialty Biocon has signed an agreement with the Saudi Arabia-based pharmaceutical company Tabuk Pharmaceutical Manufacturing Company to commercialize selected specialty products in the Middle East.

Tabuk Pharmaceuticals will hold the marketing license for Biocon's selected specialty products and will be responsible for registration, import and promotion in Saudi Arabia and other Middle Eastern countries.

As part of the transaction, Biocon will develop and manufacture these products, and Tabuk will commercialize them.

As rising domestic stocks and a weaker U.S. dollar in overseas markets boosted investor sentiment, the rupee exchange rate against the U.S. dollar rose 15 paise to 75.30 at the opening.

The rupee opened strong at 75.31 in early trading, and the exchange rate against the US dollar rose slightly to 75.30, up 15 paisa from the previous close. On the previous trading day, the exchange rate of the rupee against the U.S. dollar closed at 75.45.

The U.S. dollar index, which measures the strength of the U.S. dollar against a basket of six currencies, fell 0.09% to 96.24.

Pharmacy retail chain MedPlus Health Services has set a price range of 780-796 rupees per share for its initial stock sale of 1,398 crore rupees.

The three-day initial public offering (IPO) will start public subscription on December 13, and the bidding for anchor investors will begin on December 10. The IPO includes a new issuance of 6 billion shares worth of shares and a total of up to 798.30 crore equity by the promoters and existing shareholders of the Offer Offer (OFS).

The company has reduced the OFS scale from Rs 1,038.71 crore to Rs 798.30 crore.

Metro Brands Ltd, a shoe retailer backed by Rakesh Jhunjhunwala, has set a price range of 485-500 rupees per share for its 1,368 crore initial stock sale.

According to the company, the initial public offering (IPO) will be publicly subscribed on December 10, and the bidding for anchor investors will begin on December 9.

The initial share sale included a newly issued share worth 2.95 billion rupees and an offer by promoters and other shareholders to sell 2.14 million shares.

India's benchmark stock indexes Sensex and Nifty opened strong on positive global cues. At 9:17 IST, Sensex rose 448.32 points or 0.79% to 57,195.46, and Nifty rose 135.50 points or 0.80% to 17,047.80.

Asian stock markets rose due to the easing of concerns about the impact of Omicron variants and the rise in the Chinese market after the Central Bank of China eased monetary policy.

MSCI's broadest index in the Asia-Pacific region outside of Japan rose 0.6%, and Australia's S&P/ASX200 index rose 0.5%.

Japan's Nikkei Index rose 1.1%, while China's CSI 300 Index rose 0.7%. Hong Kong's Hang Seng Index also rose 1.3% after the central bank released US$188 billion in liquidity through easing policies.

As concerns about the impact of the Omicron variant on global fuel demand have eased, and Iran’s nuclear negotiations have encountered obstacles, the restoration of Iran’s crude oil supply has been delayed and oil prices have risen. 

Brent crude oil futures rose 0.5% to US$73.42 per barrel, and US West Texas Intermediate crude oil rose 0.6% to US$69.92 per barrel. 

Oil prices were hit hard last week, after people feared that restrictions would appear to curb the spread of the new coronavirus, which would hit global economic growth and oil demand. There are concerns that the vaccine may be less effective on the new variant Omicron.

RateGain Travel Technologies' IPO began accepting subscriptions today. Economists and market participants said that the Reserve Bank of India may delay raising its main lending rate because the central bank has adopted a cautious tone in the spread of the Omicron coronavirus variant. 

----Edited by John Xavier

(From Reuters, PTI and other news organizations.)

Printable version | December 7, 2021 3:34:12 PM | https://www.thehindu.com/business/business-news-live-oil-extends-gains-on-easing-omicron-fears/article37877557 .ece

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