Morning Alert..
COP27: Biofuels and green H2 to power India's low-carbon growth
With a seven-point agenda, the Indian government for the first time has submitted its Long-Term Low Emission Development Strategy (LT-LDES) at the Conference of Parties (COP27) in Egypt. The agenda focuses on low-carbon electricity and transport systems, energy-efficient urban infrastructure, low-emission industrial systems, carbon mitigation technologies, enhanced forest cover, and economic and financial aspects of low-carbon development. Leading the Indian delegation, Minister for Environment, Forest and Climate Change Bhupender Yadav submitted the strategy to the United Nations Framework Convention on Climate Change (UNFCCC) on Monday. “This strategy is the product of extensive consultations inside the government and with other stakeholders. The two themes of climate justice and sustainable lifestyles are emphasised in our strategy, alongside the UNFCCC principles of equity and common but differentiated responsibilities and respective capabilities,” Yadav said.
Retail inflation eases to 6.77% in October, lowest in three months
India’s retail inflation softened to a three-month low at 6.77 per cent in October from 7.41 per cent in September as food prices declined substantially. The easing in price pressure may turn the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) less hawkish when it meets next month even though a pause in the ongoing rate hike cycle is unlikely. The data released by the National Statistical Office on Monday showed food inflation eased to 7.01 per cent from 8.6 per cent in September due to a decline in prices of vegetables, fruit, pulses, and edible oil. Services inflation, which includes items like health, education, transport and communication, recreation and personal care, eased to a 29-month low at 5.9 per cent. Reacting to the latest inflation numbers, the finance ministry said the measures taken by the government to rationalise tariff structures of major inputs to augment domestic supplies helped to keep cost-push inflation in consumer items in control.
Market regulator Sebi plans to streamline disclosure framework
The Securities and Exchange Board of India (Sebi) has plans to give a fillip to disclosure requirements to encourage better information symmetry at listed firms. Under the current regulations, companies need to disclose any event such as acquisition, merger, demerger, restructuring, or sale of any unit which will have an impact on the business. In its consultation paper dated November 12, Sebi has proposed new thresholds for so-called ‘material disclosures’. Under this, if an event is expected to impact at least 2 per cent of a company’s turnover, 2 per cent of net worth, or 5 per cent of the three-year-average profit or loss after tax will be seen as ‘material disclosure’. The need for quantifying a material event has been felt as many entities have purportedly not been disclosing such events on the ground that they are not considered material by them, according to their materiality policy.
Commodity play
Gold – Rs 52249/10gm, Silver – Rs 61327/kg, Brcrude – Rs 7109/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 700/kg.
Corporate News
Sebi approves Adani's open offer for 26% additional stake in NDTV.
Paytm on path to profitability; Oct loan disbursement up 387% YoY: CEO.
Biocon Q2 results: Net profit declines 10% to Rs 168 crore, revenue up 26%.
SGX Nifty indicates a positive start to Indian markets trading at 18437 levels up by 0.32% or 59.5 points. Dow Jones was down by 0.63% at end. Other than American markets all other major Indices are trading in green.
Sector in focus – Metals, Pharma, Banks & FMCG.
