Tune in now for news, views & cues
ET Daily Rundown (ET Online)
Sensex hits new high, SoftBank loses bets
02:49 Min | November 06, 2019, 5:58 PM IST
The Infosys drama hasn’t ended, Sensex recorded a new high, global markets look optimistic. Tune in to find out more!
TranscriptScript: Poorabi Gaekwad
Hosts: Poorabi Gaekwad, Deepshikha Rahi
Producer: Deepshikha Rahii
The Infosys drama hasn’t ended
Chairman Nandan Nilekani said the company’s processes were very strong.
And that not even God could change the numbers.
Hello, I am Deepshikha Rahi
And I am Poorabi Gaekwad, welcome to the ET Daily Rundown
After a whistleblower informed the company board and the US SEC about Infosys CEO and CFO hiding information to boost revenues, the company has been under investigation.
But Infosys has not received any evidence to corroborate the claims.
Another company in deep waters? Softbank
CEO Masayoshi Son is heavily paying the price for it its bold bets.
SoftBank aggressively backed up many startups, like Uber, and WeWork.
And it did not work out well, as Masayoshi’s net worth fell by 6 billion dollars (!!!)
Meanwhile, Gautam Adani needs more time to buy stakes in Mumbai Airport.
His company has asked for an extension of the deadline for closing the acquisition.
Adani Properties has been aiming to buy Bidvest’s stake in Mumbai International Airport Limited for some time.
But even after Bidvest agreed to sell its stakes to Adani, the latter went to court for an order to make sure the stakes arent sold to anyone else.
A little bullish when you think about it, but the company that owns the Airport also wants these stakes.
So the race is too close to call. But we’ll find out soon enough.
Now for some good news, there has been a slight improvement in global markets, which means we might not be heading for a global slowdown as experts thought before.
At the closing bell today, BSE benchmark Sensex recorded a new high.
And NSE Nifty reclaimed the 11,950 level.
This record came after Sitharaman promised to speed up reforms in the near future. All good news for now.
The US markets as well as Europe are showing positive signs. And while a robust rebound isn’t on the cards, it is an improvement.
Also US and China might sign a trade deal soon, and that could be enough for the world to find its footing.
And now for the bad news, the Diwali sale wasn’t as big as we thought.
It seems more than 90% of storekeepers said the footfall was less than last year.
Many businesses rely on the festive season so that their shelves clear out, but with the current slowdown, it seems hard.
Which is why Fitch Solutions has increased India’s fiscal deficit to 3.6% of the GDP from 3.4%.
Because revenue collection is set to fall,
and the corporate tax cut just came into effect,
The number has been increased.
And it doesn’t seem like fiscal spending is set to reduce, so.
Unless the FinMin comes up with a new plan, we’ll just have to wait.
For more news, views, and cues, log on to economictimes.com