Reliance acquires majority stake in US smart mobility firm SkyTran domain-b.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from domain-b.com Daily Mail and Mail on Sunday newspapers.
Gap up opening seen; but FPIs hold the key
March 01, 2021
Investors would closely track bond yields, geopolitical tensions and inflation data for further market direction
Global and Asia-Pacific markets point to a strong opening for Indian markets. SGX Nifty, which is ruling at 14,751, points to at least a 200-point gap-up opening for Nifty. The Nifty March futures on Friday crashed almost 4 per cent to close at 14,578.
Asia Pacific markets too opened with sharp gains. Key markets such as Japan, China, Australia and Hong Kong are up between 1 and 2 per cent.
Foreign fund flows will continue to dictate the market direction, said market experts. In one of the biggest pull-outs in recent times, FPIs on Friday (net) sold shares worth ₹8,295 crore. The market crashed almost 4 per cent.
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Maruti Suzuki vehicle exports cross 20 lakh milestone
Auto giant Maruti Suzuki India (MSI) announced on Saturday, February 27, that the firm has achieved the milestone of 2 million (20 lakh) cumulative product exports. The country s largest automaker crossed the mark after a batch of its products comprising S-Presso, Swift and Vitara Brezza left the Mundra Port in Gujarat for South Africa.
GoAir receives Rs 800 crore credit line from banks
Low cost carrier GoAir, owned by Indian business conglomerate Wadia Group, has reportedly received a Rs 800 crore credit line from banks. The bank credit will help the airline to ease financial strain caused by the COVID-19 pandemic. With the fresh credit line, GoAir will not require to restructure its loans.
March 1, 2021
Mukesh Ambani has yet again displayed his seriousness towards technology but experts believe it might be too soon to call his oil-to-telecom conglomerate “tech-first.”
On Feb. 28, Ambani’s Reliance Industries (RIL) said it had bought an additional stake in skyTran, a US-based company that has developed a technology for running pod taxis, for $26.76 million (Rs196 crore). RIL had first picked up a 12.7% stake in skyTran in 2018 and bought some additional shares of the company in 2019 and 2020. With the recent deal, RIL’s stake in skyTrans stands at 54.5%. All these investments have been done through RIL’s subsidiary Reliance Strategic Business Ventures.