Asian markets opened on a mixed note on Monday and U.S. stocks extended their mid-summer rebound on Friday, with the dollar and some longer-term Treasury yields dipping, as Wall Street cheered positive corporate news in spite of increased labour costs and continued inflation.
Pet care industry grows after pandemic; attracts FMCG companies
The pet food market is currently around ₹4,000 crore and expected to grow significantly over the next five years. Mars Petcare and Himalaya Wellness Company, among others, are the two major companies operating in the segment.
Mars Petcare is a division of global confectionary major Mars Inc.
Last week, Nestle India entered into the segment by acquiring the pet foods business from its fellow subsidiary Purina Petcare India for ₹123.5 crore, providing the FMCG major direct access to this fast-growing business in the country.
Earlier this month, another FMCG company Emami announced to invest in a pet-care startup Cannis Lupus Services India, offering Ayurvedic remedies for pets under the brand “Fur Ball Story”.
5G spectrum auction: Bids cross ₹1.50 lakh crore mark; UP East sees renewed interest on Sunday
The auction of 5G spectrum capable of offering ultra-high-speed internet received bids worth ₹1,50,130 crore until Sunday amid a pick-up in demand for radiowaves in the UP East circle, pushing the bidding to theseventh day on Monday.
Seven new rounds of bidding held on the sixth day of auction on Sunday ‘dialled in’ an incremental ₹163 crore, propelling the cumulative spectrum sale beyond the ₹1.50 lakh crore mark.
The auction has fetched provisional bids worth ₹1,50,130 crore in the first six days, according to data released by the telecom department.
Changes to speed up CCI decision making
The Competition Commission of India (CCI) is set to be more agile in deciding cases of anti-competitive behaviour by businesses, with the government planning to give more leeway to the watchdog in the efficient distribution of work as part of proposed amendments to the two-decade-old law.
The Competition (Amendment) Bill, 2022, cleared by the Union cabinet and scheduled to be introduced in Parliament in the monsoon session, proposes to let single members of the watchdog decide on cases rather than a group of three members jointly taking the call, a person familiar with the discussions said. (Full Report)
Gold steadies in Asia after biggest weekly gain since March
Gold steadied in Asia after its biggest weekly gain since March as the market waited for fresh indicators on the state of the global economy and the pace of US interest-rate hikes.
Bullion rose 2.2% last week on speculation that the Federal Reserve will reduce the pace of rate increases as the US economy slows. Still, it ended July down for a fourth consecutive month as it continued to lose out to the dollar as a safe-haven option.
Asia Factory Activity Tumbles on Supply Snarls and Weaker Demand
Purchasing managers’ indexes for South Korea and Taiwan took the biggest hit, according to S&P Global.
South Korea’s July PMI slumped to 49.8 from 51.3 in June, its lowest reading since September 2020. New orders contracted and weakened the most in nearly two years while output volumes slid at the fastest pace for nine months due to shortages of materials and rising costs.
Taiwan’s PMI reading fell to 44.6 from 49.8 while output fell to 40.2 from 45.9 in June. The PMI, output and new orders were at their weakest since May 2020.
PM may open carbon trade platform on 15 August
Prime Minister Narendra Modi may launch a national carbon trading platform on 15 August as India presses ahead with its climate commitments, two people aware of the development said. The government may also come up with guidelines where carbon trading would be obligatory for some sectors.
There are generally two types of carbon market—compliance and voluntary. The Centre’s move would make it a compliance market for some sectors, the people cited above said on the condition of anonymity. (Full Report)
RIL’s retail arm on a hiring overdrive
Reliance Industries Ltd’s retail arm is scouting for as many as 200 senior executives, vice-president level and above, with annual salaries of ₹1 crore or more and thousands of other junior and mid-level executives, recruiters said. Reliance Retail added over 17,000 jobs in the quarter for a total of 379,000, according to its latest earnings announcement
Tokyo shares open slightly higher; China, Hong Kong index in red.
Tokyo stocks edged up in early trade on Monday, extending rallies on Wall Street as traders eyed upcoming corporate earnings. The benchmark Nikkei 225 index gained 0.05%, or 14.52 points, to 27,816.16 at the open, while the broader Topix index added 0.14%, or 2.63 points, to 1,942.94.
Shanghai Composite and Hang Seng index opened in red and were down 0.2% and 1%, respectively.
Big tech, oil extend Wall Street’s mid-summer rebound
U.S. stocks extended their mid-summer rebound on Friday, with the dollar and some longer-term Treasury yields dipping, as Wall Street cheered positive corporate news in spite of increased labour costs and other indicators of continued inflation.
The Dow Jones Industrial Average (.DJI) rose around 1%, the S&P 500 (.SPX) gained about 1.4% and the Nasdaq Composite (.IXIC) added nearly 2%. The S&P 500 and Nasdaq have now posted their biggest monthly percentage gains since 2020.
the App to get 14 days of unlimited access to Mint Premium absolutely free!