Asian markets have opened lower this morning, tracking a weak overnight session on Wall Street. Concerns over global economic growth rise as Covid-19 sees a second wave in the U.S. and Europe while stimulus talks drag on.
Benchmark indices in Japan, Australia and South Korea are declining in early trade. The U.S. Dollar has held gains while oil prices are steady after a fall.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.2% to 11,794 as of 6:55 a.m. The market corrected more than one percent and erased most of last week's gains on October 26. The broader markets too corrected with the Nifty Midcap index falling 1.67 percent and Small-cap down 0.8 percent.
The BSE Sensex slipped 501 points or 1.23 percent to 40,184, while the Nifty50 has broken 11,800 mark, down 151 points or 1.27 percent at 11,779.
Govt mulls extending soft loans to grain-based distilleries for raising ethanol production capacity
In order to boost ethanol production in the country, the government is considering extending subsidized loans to grain-based distilleries also under the ongoing scheme, according to government sources. There is a need to look at other agri-feedstock such as rice, maize, sorghum and barley for making ethanol. Under the scheme, the government has extended twice the interest subvention that comes up to Rs 4,600 crore for a loan amount of Rs 22,000 crore. Oil marketing companies have floated tenders for buying grain-based ethanol from them. When the scheme was launched in 2018, the sources said the government had approved soft loans to sugar mills for augmenting about 195 crore liters of ethanol capacity.
Out of which, 101 crore liters capacity is available for use now and the balance will be ready by 2022.
India’s crude steel output falls 3% to 8.5 MT in September
India's crude steel production fell by 2.9 percent to 8.520 million tonnes (MT) in September 2020, according to the World Steel Association (worldsteel).
The country had produced 8.772 MT of crude steel during the same month last year, the global industry body said in its latest report. "due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month's figures are estimates that may be revised with next month's production update."
Addition: Todays AGM update
1. Bharti Airtel
2. Tata Motors
3. Amara Raja Batteries
4. Castrol India
6. ICICI Prudential Life Insurance Company
7. JM Financial
8. Man Industries
9. Mangalam Organics
10. Nippon Life India Asset Management
11. Sanofi India
12. SKF India
13. Suven Life Sciences
14. VST Industries