Top headlines: Contradiction in auto sale nos; Pfizer vaccine shows promise

From retail auto sales contradicting robust wholesale numbers to 15th Finance Commission submitting report to President, here are the top headlines

Fragile recovery: Retail auto sales contradict robust wholesale numbers

Soon after major automakers reported high sales numbers for October, dealers have cautioned against any exuberance. With declining retail sales contradicting the robust wholesale numbers, there’s an air of suspicion around the recovery narrative in the auto space. Auto sales are a barometer of the country’s economy and record high sales reported by manufacturers had raised hopes of the festive season pushing consumer demand severely hit by the lockdown. Read More

Pfizer's early data shows Covid-19 vaccine is more than 90% effective

The drug maker Pfizer announced on Monday that an early analysis of its coronavirus vaccine trial suggested the vaccine was robustly effective in preventing Covid-19, a promising development as the world has waited anxiously for any positive news about a pandemic that has killed more than 1.2 million people. Pfizer, which developed the vaccine with the German drugmaker BioNTech, released only sparse details from its clinical trial, based on the first formal review of the data by an outside panel of experts. Read More

IPL final on strong wicket as advertisers bet on record viewership

Advertisers have always leveraged the popularity of cricket. The 2020 edition of the Indian Premier League (IPL) is no different. Conversations with multiple media buyers and planners indicate that there is no last-minute ad inventory left to be sold for the final match on Tuesday, marking a shift from a time-tested strategy followed by most broadcasters of high-impact sporting properties. Typically, around 5-7 per cent of ad inventory is left for the final four matches of the IPL every year for last-minute advertisers wishing to mark their territory. Read More

Fireworks on D-Street: Sensex rises 704 points, Nifty settles at 12,461

India’s benchmark indices logged their new all-time highs on Monday amid continued optimism around the US election results. The Sensex closed at 42,597, up 704 points, or 1.7 per cent, while the Nifty rose 197 points, or 1.6 per cent, to end at 12,461, extending the 5 per cent-plus gains posted last week. It took both the indices 206 trading sessions to surpass their previous highs, made on January 14, a surprise recovery considering the economic damage caused by the Covid-19 pandemic and the free fall seen in March. Read More

15th FC submits report to President, keeps tax devolution to states at 41%

The 15th Finance Commission (FC) has recommended that the states be given 41 per cent of the divisible tax pool of the Centre during the period 2021-22 to 2025-26, sources said. The 15th FC, led by former revenue secretary and parliamentarian N K Singh, submitted its final report to President Ram Nath Kovind on Monday. It had also recommended the same percentage of devolution in its interim report for 2020-21. Read More

Godfrey Phillips board to meet today as KK Modi family fight intensifies

The board meeting of tobacco company Godfrey Phillips India on Tuesday is expected to discuss a crucial report of the independent directors at a time when a board director, Ruchir Modi, has raised serious allegations about “mismanagement” by his relatives. Modi has complained to the Ministry of Corporate Affairs about various matters, including the appointment of his grandmother, Bina Modi, as president and managing director in what he says is a flagrant violation of statutory provisions. Read More

Uber India plans to expand footprint, take auto rental business global

Buoyed by the success in the uptake of auto-ridership during the pandemic, Uber India is refocusing its strategy by expanding this to all cities it serves with taxis. It is also looking at replicating its auto-rental business model, which it launched in India recently, in other emerging countries in a big way. Of the 89 cities in which Uber is currently present and operates, 38 offer Uber Auto —the latest editions being Agartala, Vizag, Vijaywada, Lucknow, Gwalior, Jabalpur, etc, said Prabhjeet Singh, president, Uber India and South Asia. Read More

Centre sets ambitious highway targets, but few firms can deliver

As the Union government sets out to fix targets for the highways sector, there are few large players that can deliver as required. Even if companies engaged in executing infrastructure projects have the financial heft to see them through, they are far behind their international peers. An official in the know said: “There are few players that can undertake build-operate-transfer (BOT) projects and 25-28 mid-sized firms to build hybrid-annuity projects. Read More

RBI lifts all curbs on Equitas Small Finance Bank a week after its IPO

The Reserve Bank of India (RBI) has lifted all restrictions imposed on Equitas Small Finance Bank (SFB) a year ago, the lender said on Monday, a week after it went public. Later in the day, the SFB said it saw a 108 per cent jump in net profit at Rs 103 crore in Q2 against Rs 49 crore in Q2FY19. Net interest income was Rs 461 crore against Rs 351 crore in Q2FY20, growth of 32 per cent YoY. Read More