Amazon is set to invest Rs 1431 Cr in Future Retail Group making it able to control the FRGs assets worth RS 30000 Cr 100%. Pre covid Future Groups suffered losses which grew deep in lockdown making company a defaulter for payment of RS 10000 Cr.
GST council is about to tighten all the registration process for GST, required changes will also be done in the GST Act to curb the issuance of fake invoices which were reported to increase. The aim is to reduce fraudulent practices.
India has reported lowest number of COVID cases in the period of 4 months, the recovery rate is reported to be more than 90% as the country is still fighting against the deadly virus.
China’s factory output grew to a record nine months level high of 6.9% in November while Indian manufacturing unit barely grew. This is seen when all the investors are ready to move their initial stages from China to India. Indian industry saw a deep shrinkage of 57.3% due to pandemic. The retail inflation also saw a rise to 7.61% in October. The IIP is also flat at 0.2% while prices are soaring.
Morderna Inc on Monday concluded to have a vaccine which proves to be of 94.5 % efficacy from the trials data making it second US company to report successful rates in the vaccine development. Some minor adverses were reported which were rarely long- lasting or severe. The vaccine can be kept in a conventional freezer for upto 6 months resulting in resolving logistics problem.
Country’s biggest fuel retailer BPCL saw a range of multiple stake buyers. Majority investors like Reliance Industries, UKs BP plc and Total of France did not put a bid despite of having plans of investment in the Country’s market
The BRICS is about to hold it’s summit on Tuesday as focus to counteract on terrison, have cooperation on sectors like trade, health and energy and find ways to reduce impact of COVID. The like minded economy summit is to held while tensions continue in India- China borders. The summit is hosted by Russia under the theme ‘Global Stability’ and all prime ministers are invited to attend the summit virtually.
India’s leading stock exchanges and market for equities remained shut in view of Public Holiday on Monday and are to resume trading from 17th November 2020 Tuesday.
Indian Stock market has seen large amount of recoveries post COVID pandemic by hitting new records, attracting many brokerage investments inside the country globally.