- Indian passenger vehicle sales rose for the 4th consecutive month as the demand, need for personal mobility solutions and sustainable income in rural areas continued to boost sales in November. Kia Motors spokesperson said that the customers from tier II, III, and IV markets too are acknowledging the need for personal mobility to maintain personal safety. Volumes at Kia rose to 50% to 21,022 units driven by demand for the newly launched Sonet. Tata Motors sales rose by 26% and Hero MotoCorp sales rose by 14.4% in November. Hyundai Motors saw a growth of 9.4% and the company is expecting more growth in the upcoming months.
- Farmers’ protest is likely to affect the auto sector. Disruptions along the elaborate supply chains that must be neatly sequenced for a smooth production run could sting car and tractor-makers and cripple their vendors.
- Fund Houses are betting more on international investment opportunities. Data from the mutual fund industry showed that the number of folios in schemes that invest overseas has tripled to 4.40 lakh in October 2020 compared to 1.44 lakh a year ago. AUM in the same period rose to Rs.6,482 crore from Rs.2,470 crore.
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- Oil prices drop amid the increase of the global supply of crude oil. Data suggests that the inventories of crude oil rose by 4.1 million barrels compared to the expectations of 2.4 million barrels. Earlier this year, OPEC had imposed production cuts of 7.7 million barrels per day as the pandemic cut into fuel demands. A meeting of OPEC+ was delayed where the production cuts for the following year and rollover would’ve been discussed.
- Lucknow Municipal Corporation is the first civic body in North India to issue bonds under the Atal Mission of Rejuvenation and Urban Transformation (AMRUT). They have raised Rs. 200 Crores by issuing municipal bonds on a private placement basis using the BSE Bond platform. These bonds carry 8.5% interest per annum and have a tenure of 10 years and were oversubscribed by 2.25 times. This new and sophisticated platform for Civic bodies to raise funds and BSE BOND platform has 86% of the total market share of municipal bond issuances.
- Flipkart has shown an 11.88% increase in their Net Total Income for FY2020, which led them to cut down on their bottom line losses. Flipkart managed to cut down their losses by 17.88% this year and are looking to improve their number for FY2021.
- Zoom reported a four times surge in its revenue in the third quarter compared to the same quarter last year. The tech major had earnings of $777.2 million. Zoom’s earnings have quadrupled two quarters in a row and it now eyes on retaining the record jump year on year with the fourth quarter’s profits.
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