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Top of the Morning: ☕ Market meltdown

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Top of the Morning: ☕ Market meltdown 1
Tuesday, 23 Nov 2021
Top of the morning

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A series of bad news over the long weekend reignited a selloff in Indian stocks, sending benchmark indices down nearly 2% on Monday, the biggest decline in seven months. Investor confidence in Indian stocks snapped as Reliance Industries Ltd scrapped a plan to sell a $15 billion stake in its oil-to-chemicals unit to Saudi Aramco, the government repealed farm laws, and shares of one of India’s hottest startups, Paytm, continued their slide since the company’s market debut. The selloff was seen across sectors, except metals, with the majority of the sectors plunging between 2% and 4%. The series of setbacks come amid stocks worldwide feeling the heat of inflationary pressures, raising concerns that the US central bank may raise interest rates faster than expected amid a resurgence of covid cases in Europe.

Top of the Morning: ☕ Market meltdown 2

Scroll down for top stories of the day. Airtel announced a tariff hike pointing to a likely truce in the long and bitter price war among telcos, and hundreds of thousands of salesmen representing consumer giants are facing an existential threat due to JioMart. Also, don’t miss the views piece pitching for a data revolution to battle climate change, and a long-read around the bad boy of Indian private banking, Rana Kapoor.

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Market Watch
What’s up?

BSE Sensex

Top of the Morning: ☕ Market meltdown 7 58,465.89 (-1.96%)

NIFTY

Top of the Morning: ☕ Market meltdown 7 17,416.5 (-1.96%)

Dollar/Rupee

Top of the Morning: ☕ Market meltdown 9 ₹74.39 (+0.16%)

Gold

Top of the Morning: ☕ Market meltdown 7 ₹48,683 (-0.3%)

Crude oil

Top of the Morning: ☕ Market meltdown 7 ₹5,660 (-0.16%)

Bitcoin

Top of the Morning: ☕ Market meltdown 7 ₹46,48,191 (-3.01%)

*As of 6.30 PM 22 November; MCX, CoinDCX

The main stuff

Airtel hikes rates, Jio, Voda Idea may follow suit

Bharti Airtel on Monday raised pre-paid mobile tariffs by as much as 25%, lifting investor sentiment hurt by a bruising price war with Vodafone Idea Ltd and Reliance Jio Infocomm Ltd. Analysts said Airtel’s step is an indication that the five-year-long tariff war initiated by Reliance Jio Infocomm’s entry into the sector in 2016 may finally be coming to an end with Aditya Birla Group’s Vodafone Idea and Jio also planning to raise tariffs, reports Anirudh Laskar. Read more.

Retail depositors of PMC Bank to be repaid in full over 10 years

All retail depositors of Punjab and Maharashtra Cooperative (PMC) Bank will be fully repaid in tranches over 10 years, according to a Reserve Bank of India scheme released on Monday. However, deposits up to ₹5 lakh, which are insured by the Deposit Insurance and Credit Guarantee Corp. will be repaid earlier, as soon as the corporation releases the funds. Shayan Ghosh has the details. Read more.

Salesmen hit as RIL targets kirana stores

India has around 450,000 traditional distributors, who have legions of salespeople to service every corner of the vast nation, including 600,000 villages. They typically earn a margin of 3-5% on product prices and mostly take orders physically once a week. But Reliance’s model throws a wrench in that supply chain: the mom-and-pop stores, known as ‘kiranas’, can order goods on JioMart Partner with deliveries promised within 24 hours. That means hundreds of thousands of salesmen representing consumer giants like Reckitt, Unilever and Colgate-Palmolive, face an existential threat to their business. Read more.

Rana’s shadow over Yes Bank-Dish tussle (premium)

Top of the Morning: ☕ Market meltdown 16

The over two-month-long tussle between Yes Bank Ltd and Dish TV India Ltd has now taken yet another dramatic turn with the introduction of a new villain into the mix: the bad boy of Indian private banking, Rana Kapoor. Essel Group chairman Subhash Chandra has alleged that Kapoor, the disgraced former boss of Yes Bank, had threatened to call back loans totalling ₹3,300 crore made to his group unless he agreed to merge Dish TV with Videocon D2H back in 2016. Varun Sood has the details. Read more.

Paytm’s dismal listing hits rival Mobikwik’s shares in unlisted market

Paytm’s lacklustre listing and its continued underperformance have dented investor sentiment for its smaller unlisted rival MobiKwik, according to traders who specialize in trading shares of unlisted companies. MobiKwik’s stock was trading at a peak of `1,350 a share ahead of the opening of Paytm’s IPO earlier this month but are now trading at `900, a nearly 33% plunge from their peak, reports Ravindra Sonavane. Read more.

Wood panel and tile makers steal the show in Q2

Home decor companies saw robust performance in the September quarter. Pent-up demand, aided by revival in the real estate sector, translated into double-digit volume growth across product categories. However, wood panel makers and tile companies showcased better performance than pipe manufacturers, overtaking the latter on revenue growth and operating metrics, reports Harsha Jethmalani. Read more.

The data revolution that can catalyse our climate battle

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Pushed by climate-conscious institutional investors, companies across the globe are now in a scramble to map their and their suppliers’ carbon footprint. The historical neglect of nature in economics and finance has proven costly. We need to include nature’s bounty in our conception of national wealth and create a framework for green accounting, argues Pramit Bhattacharya. Tracking changes in national per capita wealth would then provide a fair idea of whether we are moving along a sustainable development path. Read more.

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Elsewhere…

Global business news

Top of the Morning: ☕ Market meltdown 21
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Dozens of companies are dotting the skies with satellites, part of a growing bet that buyers on Earth will pay billions of dollars for a more granular view of the planet. Space-data companies, which use satellites to snap photos of Earth, track radio signals and use radar to peer through clouds, raised $5.2 billion last year, up from $1.4 billion in 2015, according to data from PitchBook. Through 10 November, companies had raised another $4.5 billion.

Top of the Morning: ☕ Market meltdown 22

Australia will open its international border to fully vaccinated skilled workers and students from the start of December, potentially easing a labor shortage that has contributed to rising inflation. Australian Prime Minister Scott Morrison said on Monday that the return of eligible visa holders, more than 18 months after the country closed its border in an attempt to slow the spread of Covid-19, was a milestone in the recovery from the pandemic.

Top of the Morning: ☕ Market meltdown 22

Chinese leader Xi Jinping on Monday said his country will not seek dominance over Southeast Asia or bully its smaller neighbours, amid ongoing friction over the South China Sea. Xi made the remarks during a virtual conference with the members of the Association of Southeast Asian Nations, or ASEAN, held to mark the 30th anniversary of relations between China and the grouping.

Top of the Morning: ☕ Market meltdown 25
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Bigger private-market bets, inflation fears and a surge of retirees are putting public retirement funds at risk of a cash crunch that would force them to sell assets at losses to pay pension checks. Cash allocations have dropped to a seven-year low at the funds that manage more than $4.5 trillion in retirement savings for America’s teachers, police and firefighters.

Top of the Morning: ☕ Market meltdown 22

When winning a six-figure bottle of whisky at auction isn’t enough, collectors of fine Scotch can now aspire to something more: William Grant & Sons Ltd’s private clients division. The discreet new division was formed in April but is only now being announced as the family-owned collection of distilleries launches a major drive toward direct selling, aimed specifically at its most prized—and wealthiest—customers.

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News in numbers
7,128

The number of dengue cases reported in Delhi till 20 November, over six times more than what was recorded during the entire season last year.

85%

The percentage of Indians who said they will spend on leisure travel in the next four weeks, according to a global survey by Deloitte Touche Tohmatsu.

44%
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Estimated proportion of diesel and petrol in the consumption of petroleum products in 2030, down from 50% currently, due to higher use of CNG and ethanol.

300 million

Global monthly active users of caller verification platform Truecaller, with over 73% of them coming from India.

145,000

The number of new electric car charging points expected to be installed every year in the UK, following government regulations making it compulsory for new buildings from 2022.

howindialives.com
Chart of the day
Top of the Morning: ☕ Market meltdown 34

Air travel is seeing a revival on the back of ‘revenge travel’ and festive season. Domestic air passenger traffic rose 71% year-on-year in October. However, the numbers were 15% lower (annualized) compared to the same period two years ago. The gap with pre-pandemic levels is closing, though, data compiled by Manjul Paul shows.

LOUNGE RECOMMENDS

Jai Bhim

Top of the Morning: ☕ Market meltdown 35

A powerful and hard-hitting film about police brutality, abuse of power and caste and class hierarchies, Jai Bhim, directed by T.J. Gnanavel, is based on the true story of a tribal woman, Sengani, who hires a young lawyer, Chandru (who later became one of the Madras High Court’s acclaimed judges) to locate her husband who was arrested for a crime he did not commit and disappeared from police custody. It’s a harsh reminder of the reality of custodial violence and the defencelessness of society’s weakest. Read more.

What the fact

Modern cooling

Willis Carrier designed the first modern air-conditioning system in 1902 in response to a publishing firm facing difficulties due to high humidity. The unit was a vapor-compression refrigeration cycle involving a fan, compressor, condenser, and a heat exchanger that supercooled a water spray into a fine mist. Carrier received his first patent in 1906 and set up the Carrier Corporation in 1915.

Contributed by katanasidart_misra

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Written and edited by Sayantan Bera. Produced by Nirmalya Dutta. Send in your feedback to newsletterskatanalivemint.com.

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