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Raw Presser reportedly acquired by Wingreens Farms INR1 billion

Wingreens Farms has reportedly acquired the popular juice brand Raw Pressery. The acquisition is said to have taken place at a reduced value than the company's earlier valuation. Reports in October 2020 suggested that Raw Pressery was to be acquired for INR1.5 to 2 billion. The company is now valued at INR1-1.1 billion after it witnessed a severe downturn in business.

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Sensex falls, Bajaj Auto surges upon weekend closing

BSE Sensex closed on the weekend at 48,878 after losing 746 points. The index fell to a low of 48,835 due to a loss of 790 points during the day. Bajaj Auto, HUL, and TCS were the top gainers, while Axis Bank, SBI, ICICI Bank, and IndusInd Bank witnessed a bad day in the market. Nifty50, on the other hand, closed at 14,372 after losing 218 points.

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Gold prices continue to rise amid firm global market trend

Data by Indian Bullion and Jewellers Association showed that on 21 January, closing rate without GST for gold(purity 999) was INR49,659, while the same for gold(purity-995) is INR49,460. Gold contracts for February delivery on Multi Commodity Exchange traded higher by INR77 or 0.16% at INR49,611 per 10 grams. Indian Rupee also added INR0.06 to settle at a near five-month high of INR72.99 against US Dollar.

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India projects positive outlook for 2021, firm's hiring demand increases

India's hiring demand will increase as companies are planning to expand their headcounts in 2021 despite Coronavirus pandemic. The Michael Page India's 'Talent Trends 2021 Report' added that pandemic led to a fall in hiring activities by 18% in 2020. With vaccination drive, India projects a positive outlook for 2021, 60% of employers survey intend to increase salaries while 55% of companies planning to give out bonuses.

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Mubadala and Egypt sign agreement for oil and gas exploration

Egyptian Petroleum and Mineral Resources Minister, Eng. Tariq Al-Mulla signed concession agreement with Mubadala Petroleum for oil and gas exploration in Red Sea Block 4. The block covers an estimated 3084 sq. Km area, owned by South Valley Egyptian Petroleum Holding Company. After the signing, Mubadala Petroleum will hold 27% participating interest in Block 4, which is operated by Shell with a 63% participating interest.

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Zomato gets USD500 million in fresh funding as it nears IPO debut

Online food ordering platform Zomato is set to wrap up a USD500 million investment, which will value the company at USD5.5 billion. The fundraising will include a mix of primary cash infusion of USD250 million, and same amount by sale of shares by Ant Group. Zomato is now expected to have USD1 billion in cash after the latest funding as it comes closer to its public market debut.

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India: RBI to withdraw INR100, 10, and 5 notes by March-April

Reserve Bank of India (RBI) will withdraw the old series of INR100, 10, and 5 notes by March or April 2021, said Assistant General Manager B Mahesh. The notes will eventually go out of circulation, he added. Mahesh also mentioned the curious case of INR10 coin, which is still not accepted by many traders and businessmen even after ten years of its introduction, giving banks and RBI a headache.

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India: Consumers burn as fuel prices hit new highs

Petrol prices touched a new high in Mumbai and Delhi after oil firms raised prices by INR.24-.25. Petrol prices rose to INR85.45 per litre and Diesel prices rose to INR75.63 per litre in Delhi. Petrol prices in Mumbai, Chennai, and Kolkata are INR92.04, INR88.07, and INR86.87 per litre respectively. Delhi petrol prices are highest ever, while diesel touched record highs in Mumbai.

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Sensex, Nifty fall at opening session, in line with Asian bourses

BSE benchmark Sensex fell 152.69 points or 0.31% to 49,472.07 in early trade on Friday. Nifty also recorded a fall of 0.37% or 54.35 points to 14,590.35 in opening trade. Indian markets followed cues from Asian shares, which broadly traded lower on Friday afternoon, a day after hitting record highs. Foreign investors remained net buyers in the capital market, purchasing shares worth INR16.14 billion a day before.

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Budget 21-22: Government may not offer tax benefits this time

Madan Sabnavis, Chief Economist of Care Ratings said that government’s main task in budget 2021 will be to move from 8% fiscal deficit to nearly 3%. He stated that everyone is expecting a reduction in taxes, but government may not be able to offer it. He also explained that bank recapitalisation is required in public sector banks owned by government.

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Amazon ties up with Startup India to boost e-commerce exports

Amazon has partnered with Startup India, a Government of India organisation, to launch an accelerator programme to help early-stage startups go international. The programme called 'Propel' is part of Amazon’s Global Selling programme. It will look to identify 10 early-stage consumer product startups in India, mentor them and help them build successful export businesses.

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Sensex ends record breaking day with minor decline

BSE Sensex closed at 49,624.76 points today, down by 167.36 or -0.34%, after crossing the mark of 50,000 points for the first time. Sensex fell 785 points to 49,399 points after reaching a record high. Nifty50, on the other hand, ended the day at 14,590, 54.35 points or 0.37% lower. ONGC, Bharti Airtel, State Bank of India, and IndusInd Bank were the top losers with a decline of 2-4%.

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European, Asian markets rally amid investor optimism

European stocks advanced amid investor optimism over the stimulus package announced by US President Joe Bidem. The pan-European STOXX 600 index rose 0.4%. Leisure, travel, tech and auto stocks led the rally. Analysts said the rise could also be due to market optimism over a mammoth relief budget proposed by the Biden administration. Chinese blue-chips and Asian shares also advanced during the day.

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Dollar decline pushes gold to two-week high

Gold prices hit a two-week high on Thursday following a decline in US dollar. Spot gold went up by 0.1% at USD1,873.36 per ounce while US gold futures gained 0.3% to touch USD1,871.70. The precious metal is expected to rally further as investors are upbeat about new US President Joe Biden’s $1.9 trillion stimulus plan to offset economic damage caused by the COVID-19 pandemic.

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Sensex makes history as it crosses 50,000 mark, with 300 points gain

Domestic equity market benchmark Sensex was trading at fresh record highs in today's opening session. The index crossed 50,050 mark with over 306 points or 0.62%. Nifty, on other hand, crossed crucial 14,700, gaining 90 points. Bajaj Finance, Bajaj Finserv, HCL Tech, IndusInd Bank, Bajaj-Auto, Ultratech Cement were among the top performers.

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Nasdaq hits record high ahead of Joe Biden inauguration

US stocks opened near record highs on 20 January, as Joe Biden prepared to take oath as US President. The Nasdaq Composite rose 218 points, or 1.66%, to an all-time high of 13,415 at 3:53 pm GMT. Global indices also reacted positively with a marginal to moderate rise in most indexes. Hopes of a massive stimulus package from the Biden administration also boosted investor confidence.

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Crude oil prices rise ahead of Biden inauguration

Crude oil price edged further higher on 20 January ahead of US President-elect Joe Biden's inauguration. Traders and investors hoped for the incoming administration going ahead with a large stimulus. A good cashflow could significantly improve oil demand and drawdown crude stocks. US West Texas Intermediate (WTI) crude futures climbed or 0.7% to USD53.35 a barrel while Brent crude futures rose 0.6% to USD56.25 a barrel.

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India: Gold price closes at INR48,480 per 10 grams in the national capital

With a rise of INR198, Gold on Tuesday closed at INR48,480 per 10 grams in Delhi. HDFC Securities stated the prices surged due to rally in international precious metal prices. On 20 January, the price for gold of purity-999 and purity-995 was INR49,141 and INR48,944 respectively, confirmed Indian Bullion and Jewellers Association. Silver, on the other hand, closed at INR65,801 per kg, on Tuesday.

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Petrol, diesel prices unchanged in major cities

After touching new highs in the previous session, petrol and diesel prices remained unchanged in major Indian cities on 20 January. Fuel prices in India are revised daily in line with benchmark international price and foreign exchange rates. When fuel prices had last touched a record high on 4 October 2018, the government had cut excise duty to ease inflationary pressure.

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India: Amid rally in international prices, gold continues to rise

Gold prices continued to rise in India on back of a rally in international prices of precious metals. Prices rose marginally on 19 January as speculators created fresh positions on a firm spot demand. In the international market, both gold and silver were quoting gains on a larger scale. According to analysts, precious metal prices may continue to rise as US presidential transition takes place.

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IRFC IPO subscribed 1.22 times on day two

Indian Railway Finance Corporation (IRFC) initial public offer was subscribed 1.22 times on day two of the bidding process. The issue will conclude today for subscription. Indigo Paints IPO has also opened for subscription today and will close on 22 January 2021. Indian share markets will see a third IPO also this week.

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Jack Ma is back, shutting rumours about him missing

Alibaba founder Jack Ma has finally made his appearance in Public amid rumours that authorities are taking action against him over sparking immense speculation. According to sources, Ma made a virtual appearance at an event addressing scores of teachers. Earlier in October 2020, Jack Ma made critical comments about the state of China's financial industry, saying that China's state-backed banks operated like "pawn shops".

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India plans changes in foreign investment rules for e-commerce

India is planning on revising its foreign investment rules for e-commerce, and the move could compel players to restructure ties with major sellers. India only allows foreign e-commerce players to operate as marketplaces for sellers. Now India might adjust the provisions to prevent arrangements barring players from offering products from sellers in which they have an equity stake.

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Wall street witness high surge as Joe Biden's new administration rise hope

Wall street witness higher stocks as US companies get into high gear and traders turn their focus to the new administration of President-elect Joe Biden. The S&P 500 witnessed a surge of 0.7% in the early going. World markets were mostly seen in green zone on Tuesday as the upcoming change in US raised hopes for more economic support and assertive measures to fight the pandemic.

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Britain calls for USD10.3 billion emergency pandemic support

Under lockdown, Britain calls for another USD10.3 billion as 'emergency government support' saying they can’t rely on finance minister Rishi Sunak to learn if they will get more pandemic support. According to CBI, firms want to ensure of their financial lifelines amid Brexit and second lockdown due to COVID-19. Firms in Britain are making decisions about their jobs and investments.

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Dubai: Consumer Confidence Index level highest since 2017

Dubai's Consumer Confidence Index in Q4 2020 touched the highest rating since Q3 2017. The index reached 142 points in the Q4 2020, higher than 133 and 132 points in Q4 and Q3 2019, respectively. 83% in general and 97% of the UAE nationals expect the economic conditions to further improve in 2021. 74% of the consumers from Dubai feel this is the right time to make a purchase.

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Goldman Sachs posts impressive Q4 results

Goldman Sachs beat analytical expectations for fourth-quarter profit and revenue on strong performance from the firm’s equities traders and investment bankers. The bank posted earnings of USD12.08 a share, beating the USD7.47 estimate. Revenue of USD11.74 billion exceeded expectations by about USD1.75 billion. Shares of the New York-based bank jumped over 2% in premarket trading.

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Petrol prices crosses INR85 mark in Delhi

Delhi witnesses a hike in petrol price recording INR85 mark amid rise in fuel price by 25 paise each per liter on Tuesday. According to a price notification from oil marketing companies, every liter of petrol will now cost INR85.20 in Delhi and diesel will cost INR75.38. State-owned fuel retailers resumed price revisions after a month-long hiatus on 6 January.

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India's digitisation process disrupted due to bank's low profitability: S&P

S&P Global Ratings recent report highlighted that Indian bank's low system profitability and week asset quality poses difficulties in boosting digitisation for state-owned and private-sector banks. Further, India's digital disruption poses a relatively low risk to its top-tier banks, longstanding market position. COVID-19 restrictions have also boosted India's major digital payment Unified Payment Interface (UPI).

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Sensex snaps losses with over 1.5% rise ahead of budget

The S&P BSE Sensex ended 834 points higher at 49,398 while the Nifty50 rose 240 points to settle at 14,521 on 19 January. The indices soared after recording two red sessions. Broader markets also rose in trade with the Nifty Midcap index up 2.3 percent and the Nifty Smallcap index gaining 1.8 percent. All sectors were positive in trade as investors hoped for an industry-friendly budget.

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Global stocks fall as COVID-19 worries outweigh recovery hopes

Global stock markets fell as rising COVID-19 cases offset investor hopes of a speedy economic recovery. Stocks on STOXX 600 index traded 0.1% lower, and Europe’s 50 biggest stocks were down 0.3%. Germany’s DAX was flat while France’s CAC 40 index fell 0.1% and Japan’s Nikkei slipped 1% and away from a 30-year high.

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Hero Motors acquires strategic stake in US-based Hewland Engineering

Hero Motors company has announced that it has acquired strategic stake in Hewland Engineering, a UK-based transmission design technology firm. The acquisition was made for an undisclosed amount, and will enable HMC to create a single source entity to create high-quality transmission products. It will also give HMC access to Hewland’s motorsport customer base in UK.

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DONE DONE DONE

UAE financial markets posted decent gains on 19 January amid increased transactions that crossed the AED1 billion mark. Abu Dhabi Securities Exchange (ADX) closed about 4 percent higher than the last session at 5,489 points while Dubai's main stocks index edged up 1.15 percent to 2,726 points. A total of 7,748 deals were conducted worth around AED1.04 bn over 358 mn shares in both bourses.

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Masdar signs MoU with Abu Dhabi to support green hydrogen economy plan

Masdar senior executives signed an MoU with 6 Abu Dhabi’s departments for a green hydrogen economy plan. The virtual ceremony was held at the UAE capital before ADSW where Abu Dhabi Department of Energy, Etihad Airways, Lufthansa Group, Khalifa University of Science and Technology, Siemens Energy, and Marubeni Corporation joined forces. The action is aimed to establish a sustainable urban development community.

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PBS's latest report on exports from Pakistan shows surge in recent times

Pakistan Bureau of Statistics recorded a 4.98% increase in exports from the country during first half of the current fiscal year (2020-21). Also, the exports during July-Dec 2020 were recorded at USD12.098 billion against the exports of USD11.524 billion during July-Dec in 2019. The imports also increased from USD4.020 billion in Dec 2019 to USD5.035 billion in December 2020, showing a growth of 25.25%.

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Sensex rises 500 points, Nifty tops 14,400 mark

Sensex rose 485.97 points or 1% higher at 49,050.24 on Tuesday early trade, while NSE Nifty surged 134.05 points or 0.94% to 14,415.35. Bajaj Finance was top gainer in Sensex, recording a 2% rise, and ITC and HDFC Bank lagged behind. US fiscal stimulus and global bankers’ persistently soft monetary policies and weak dollar could help FPI flow in markets.

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China reports GDP growth of 6.5% in Q4 despite Coronavirus

China's economy grew at a faster-than-expected pace in the fourth quarter of last year amid Coronavirus pandemic. The National Bureau of Statistics data showed that Gross Domestic Product (GDP) expanded 6.5% in fourth quarter compared to 4.9% in third quarter. GDP grew 2.3% in 2020, making China the only economy in world to avoid contraction and struggle because of COVID-19.

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Delhi: Petrol price at all-time high after 25 paisa hike

Petrol price in Delhi is INR84.95 per liter amid a three-day hiatus state-owned fuel retailer plod their prices. According to price notification from oil marketing companies, petrol and diesel prices were hiked by 25 paise per litre in Delhi, all-time high. The rise is primarily on account of Saudi Arabia's decision on one-sided production to support oil prices on COVID-19 pandemic-affected demand reduction.

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Amid weak global cues, Indian indices fall for 2nd straight session

The S&P BSE Sensex and NSE Nifty 50 indexes fell for second straight session on 18 January on the back of broad-based selling pressure. The 30-share BSE index ended 0.96 percent lower at 48,564.27 while the broader NSE Nifty tumbled 1.06 percent to 14,281.30. Investors are booking profits after a record-breaking streak ahead of Union Budget presentation on 1 February, analysts said.

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IRFC IPO opens today with INR25-26 per equity share

Indian Railway Finance Corporation's (IRFC) IPO of INR46.3 billion opened today. The IPO, which is scheduled for closure on 20 January, with a price band of INR25-26 per equity share. In April 2017, the Union Cabinet of India approved the listing of five different railway companies, including IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd, and Indian Railway Catering and Tourism Corp.

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132% increase in DED trader license to boost Dubai's economy

The DED trader license witnessed a 132% increase in license issues since its launch in 2017 to freelancers residents in Dubai. This report issued by the BRL sector reveals that Marketing Services via social media’ topped the list of activities of licenses until the end of 2020. DED Trader license reflect in Dubai’s economy promoting e-commerce and digital transformation.

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Jordon: 2.5% economic growth possible in 2021 amid COVID-19 pandemic

Jordon’s finance minister stated that 2.5% growth in economy is predicted in 2021 despite COVID-19 lockdown. In 2020, growth contracted by 3% due to fall in tourism, though IMF is forecasting similar magnitude this year as domestic and international trade remains. The country lost its balances due to unemployment soaring to a record 22% owing to bankruptcies and layoffs in the country.

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Sensex falls over 200 points in opening session, Nifty slips below 14,400

Equity benchmark Sensex declined over 200 points in the early trade on Monday as it was trading at 48,831.15. Nifty similarly fell 70.06 points or 0.49% to 14,363.10 with tracking losses in index major Infosys, HDFC, and TCS amid global cues. IndusInd Bank was the top loser in Sensex, dropping around 3% followed by PowerGrid, Maruti, Bajaj Finance, Bajaj Finserv, and ONGC.

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Etisalat, du collaborates with Emaar Properties to maintain telecom service

Etisalat, from Emirates Telecommunication Group Company and, du, from Emirates Integrated Telecommunications Company (EITC) finalises master developer agreements (MDA) with Emaar Properties. Etisalat and du through Taawun infrastructure deployment initiative to cover Emaar’s major project for essential infrastructure. Moreover, telecom services and solutions will be installed and maintained across various sites.

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UK airports to get financial aid from government as COVID-19 rules tighten

UK Aviation Minister Robert Courts declared that government would launch a new support programme this month. The Airport and Ground Operations Support Scheme will support airports in country as COVID-19 rules tighten for international travellers from 18 January. All travellers must carry negative COVID-19 test and be prepared to be quarantined at home for 10 days on arrival.

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Emerging markets offer more fit-for-purpose and cost-efficient solutions

A study has revealed that more than 40% of Americans do not have enough savings to cover a USD400 emergency. On the other hand, as many as 70% of the poorest households in Bangladesh, Costa Rica, and Uganda didn't have savings for rainy days. However, emerging markets offer more fit-for-purpose and cost-efficient solutions, as developed ones fail to pay high fees for various essential services.

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Cryptocurrency platform TRON registers over 19 million users

Blockchain-based decentralised platform TRON has claimed to have clocked over 19 million users till date. Justin Sun, tech entrepreneur and founder of cryptocurrency platform TRON, took to Twitter and shared the same. Currently, TRON price is USD0.02984 whereas one Bitcoin equals to USD35,202. Earlier, Sun denied receiving regulatory notice and called it "baseless claims...by third parties".

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UK aims to increase bilateral trade with Pakistan to USD13.58 million

UK Deputy High Commissioner in Karachi and Trade Director for Pakistan Mike Nithavrianakis expressed wish to increase bilateral trade with Pakistan. They want to extend trade from USD4.07 million to USD13.58 million and achieve mutually beneficial outcomes. He highlighted that about 5,000 firms are working in UAE whereas only 150 companies were in Pakistan.

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Pakistan stock market gives 50% returns after March crash

Pakistan's KSE-100 index gave as much as 50% returns after crashing in March 2020, with experts suggesting the index will soar further in 2021. On Friday, the KSE-100 index fell by 58 points to close at 45,931. The stock market is expected to grow by 25% with energy, banking, steel, cement, and auto sectors performing well.

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India: Petrol, diesel prices remain unchanged for three consecutive days

Petrol and diesel prices remained unchanged today as oil marketing firms decided to wait and watch global price movement before taking the next course of action. Petrol in Delhi was sold at record high level of INR84.70 per litre whereas prices in Mumbai, Chennai, and Kolkata were INR91.32, INR87.40, and INR86.15 per litre, respectively. Meanwhile, diesel prices were static in Delhi, Mumbai, Chennai, and Kolkata.

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