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Think Ahead with EZWealth – 02 Nov 2021
[/vc_column_text][vc_separator][vc_single_image image=”68149″ img_size=”full” alignment=”center”][vc_column_text]India pledges new climate crisis goal: Net zero by 2070
India will reach carbon neutrality by 2070, Prime Minister Narendra Modi announced as part of a five-point action plan that included reducing emissions to 50% by 2030, making the boldest pledge on Monday at the COP26 climate summit in Glasgow, where he also urged developed countries to deliver on their promise of climate financing. This is the first time India has committed to net-zero emissions, a target that is particularly hard for developing nations that need to balance commitment to economic growth. India, Modi said, was the only major economy that delivered its Paris Agreement commitments in “letter and spirit”.
“By 2070, India will achieve the target of net-zero emissions,” the PM told more than 120 leaders at the critical talks. He added four more commitments: The country will increase its non-fossil fuel power capacity to 500 gigawatts (GW) by the end of the decade, up from 450GW; half of India’s energy will come from renewable sources by 2030; India’s 2030 carbon intensity goal — measured as carbon dioxide emissions per unit of gross domestic product — will be increased from 35% to 45%; and the country will also strive to produce half of its electricity using renewable energy and cut carbon-dioxide emissions 1 billion tons from business as usual by 2030”, he said.
Steel firms hike prices by up to Rs 3,500 a tonne on input cost pressure
Steel companies have raised prices by Rs 2,000-Rs 3,500 a tonne this month on the back of input cost pressure. After a reprieve between July and September, domestic steel prices started rising in October with an increase of Rs 1,200-1,500 a tonne in the first week for hot rolled coil (HRC), a benchmark for flat steel.
Long steel prices rose by about Rs 3,000 a tonne. Flat steel is typically used in automobiles and domestic appliances and long steel primarily for construction and railways. Some of the major steel producers, however, indicated that there were two rounds of increase last month in flat steel. “Since October, the increase in flat steel has been 6-7% (around Rs. 5000 a tonne) said a producer. For long steel, the increase since last month was 6000-6500 a tonne. The major reason for the increase is a surge in input cost. Since April/May, the increase in input cost is about $250 a tonne. Most of the increase in steel price is led by input cost, said Ranjan Dhan, Chief marketing officer, Arcelor Mittal Nippon Steel India
Elon Musk plans 200K broadband terminals in India by December 2022
Elon Musk’s SpaceX, which incorporated its 100 per cent subsidiary Starlink Satellite Communications Pvt Ltd on Monday, is planning to pilot satellite-based broadband services in 12 underprivileged districts across the country, according to sources in the know.
The company is looking at 200,000 satellite broadband terminals in India by December 2022, of which 80 per cent would be in rural districts, says Sanjay Bhargava, country director, India, at SpaceX. Starlink is working closely with Niti Aayog to bring broadband connectivity to 100 schools (20 in Delhi and the rest in rural districts) as proof of concept in its first tryst with India.
Starlink expects companies – whether small, medium or big – to look at innovative ways to make the service affordable for rural consumers. It is also keenly watching the way the Universal Service Obligation Fund, to which telcos contribute every year, deploys its surplus funds to ensure connectivity to all. The company will be offering the service for around Rs 1 lakh annually while the kit, which includes the dish, modem and cable will cost about Rs. 40,000.
UPI transactions value crosses record $100 billion in October, on track to end FY22 at over $1 trillion
The National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) crossed one more milestone in October, with the value of transactions for the month crossing $100 billion. In rupee terms, the value of transactions stands at Rs 7.71 lakh crore and 421 crore transactions were executed in the month, both at all-time highs. The growth in October was fueled by the shopping spree marking the beginning of the festival season and e-commerce sales. With higher vaccination rates and further relaxation of norms, people also started stepping out for purchases more often in October.
From March to September 2021, the average monthly growth rate of UPI transactions was 5.8 percent. However, month-on-month growth in transaction values in October was close to 18 percent. At this rate, UPI transaction values are on track to cross $1 trillion, a huge milestone for the home-grown payments system, for FY22. Since the beginning of 2021, monthly transaction values have grown by close to 79 percent from Rs 4.31 lakh crore in January. Volumes have seen a jump of over 83 percent from January’s 230 crore. While it took over four years since the launch of UPI in 2016 for monthly transaction values to cross the Rs 3.86 lakh crore mark in October 2020, the number almost than doubled to cross Rs 7 lakh crore this month.
World’s COVID-19 death toll tops 5 million
With nearly two years into the coronavirus pandemic, the world is nearing a grim threshold of 5 million deaths. The World Health Organisation (WHO) recently warned that the pandemic is far from over, calling for a “global coordination” to end it. In a press briefing on October 28, WHO director general Dr Tedros Adhanom Ghebreyesus noted a rise in the global number of Covid-19 cases and deaths, driven by Europe.
According to the John Hopkins University’s resource centre on Covid-19, the world had recorded 4,999,609 deaths as of November 1. The United States has recorded the highest number of fatalities, with 745,832 deaths, followed closely by Brazil, which has recorded 607,824 deaths. India, according to the John Hopkins data, has the third-highest death toll, with 458,186 fatalities. Meanwhile, the United Kingdom has recorded 141,055 deaths so far.[/vc_column_text][vc_column_text css=”.vc_custom_1635827873409{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 0px !important;margin-left: 0px !important;border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;background-color: #e5e5e5 !important;border-left-color: #111111 !important;border-left-style: solid !important;border-right-color: #111111 !important;border-right-style: solid !important;border-top-color: #111111 !important;border-top-style: solid !important;border-bottom-color: #111111 !important;border-bottom-style: solid !important;border-radius: 1px !important;}”]
Stocks in the news
[/vc_column_text][vc_column_text]Results on November 2: Bharti Airtel, HPCL, Sun Pharmaceutical Industries, Bank of India, Godrej Properties, Union Bank of India, Advanced Enzyme Technologies, Bajaj Healthcare, BASF India, Bharat Gears, Bombay Dyeing, Dabur India, Easy Trip Planners, eClerx Services, GE Power India, Gillette India, Indoco Remedies, Jindal Steel & Power, Jyothy Labs, Laxmi Organic Industries, Minda Corporation, MTAR Technologies, NCL Industries, NOCIL, PNB Housing Finance, Prince Pipes and Fittings, Radico Khaitan, R Systems International, Stove Kraft, Trent, and Unichem Laboratories will release September quarter earnings on November 2.
PI Industries: Since Ind Swift Laboratories has not been able to complete several of pre-agreed conditions precedents, the Business Transfer Agreement with Ind Swift stands terminated.
Hero MotoCorp: The company sold 5.48 lakh units in October 2021 against 8.07 lakh units sold in October 2020.
MOIL: The government announced wage revision for company’s workers. The company will be making the arrear payment in one go which will have a financial impact of Rs 218 crore. Total financial impact of the wage revision will be about Rs 87 crore per annum.
Muthoot Finance: RBI cancelled company’s White Label ATMs business licence.
Eicher Motors: Royal Enfield sales fell 44,133 units in October 2021, against 66,891 units in October 2020
Yes Bank: The bank completed the transaction for sale of stake in YES Asset Management and YES Trustee to GPL Finance & Investments.
Parag Milk Foods: The company reported sharply higher consolidated profit at Rs 22.7 crore in Q2FY22 against Rs 15.9 crore in Q2FY21, revenue rose to Rs 532.3 crore from Rs 498.2 crore YoY.
IG Petrochemicals: The company has approved the expansion of Phthalic Anhydride with a capacity of 53,000 MTPA at Taloja.
Salzer Electronics: The company reported higher consolidated profit at Rs 8.03 crore in Q2FY22 against Rs 7.02 crore in Q2FY21, revenue jumped to Rs 200 crore from Rs 155.2 crore YoY.
Burger King India: The company to acquire 83.24 percent stake in PT Sari Burger Indonesia which has 177 restaurants.
Shipping Corporation of India: The company reported higher consolidated profit at Rs 243.01 crore in Q2FY22 against Rs 141.89 crore in Q2FY21, revenue jumped to Rs 1,221.31 crore from Rs 843.21 crore YoY[/vc_column_text][vc_separator][vc_column_text]
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