News Wrap | Sensex & Nifty Up, Zomato & Paytm Slip, Govt May Scrap SGB Scheme | August 22, 2024

Let's start with Asian markets.

(Asian Markets End Higher)
Most markets in the region ended the day higher. Japan's Nikkei gained over half a percent as the purchasing managers' index showed the country's business activity expanded at a faster pace in August. In South Korea, where the central bank kept its key rate unchanged at 3.5 percent, the benchmark index Kospi closed marginally higher. Hong Kong's Hang Seng also gained today, but China's Shanghai Composite ended lower.

(Indian Markets: Marginal Gains)
Back home, Indian equities ended a rangebound session with minor gains. The Sensex was up almost 150 points, closing above 81,000. The Nifty also gained two-tenths of a percent to end the day over 24,800. Of the fifty stocks on the benchmark index, 27 ended the day higher while 23 closed lower. Textile major Grasim Industries and Tata Consumer were the biggest gainers, up 2.5% each.(The Zomato-Paytm Deal)
In stock-specific action, both Zomato and Paytm ended the day lower. Food delivery major Zomato has announced the acquisition of Paytm's entertainment ticketing business, Insider. Zomato plans to integrate the acquired product into its new platform 'District,' which is aimed at consolidating various 'going-out' services for users. Shares of Zomato ended the day down almost a percent, while Paytm's shares slipped three percent.

(SGBs Likely To Be Scrapped)
Shifting focus to the policy space - the Indian government is likely to scrap its Sovereign Gold Bond scheme. According to a CNBC-TV18 report quoting sources, the government is considering this move as it finds these gold bonds 'expensive and complex'. Since its launch in November 2015, the scheme has helped the government raise over ₹72,000 crore via 67 tranches.

(Dabur's Tamil Nadu Manufacturing Unit)
FMCG major Dabur India has announced plans to make its manufacturing debut in South India. The company will set up a 400-crore rupee manufacturing plant in Tamil Nadu's Villupuram district. According to the Memorandum of Understanding signed with the state government, Dabur will invest 135 crore rupees in the first phase, scaling up to 400 crore over five years. Shares of Dabur ended the day two percent higher.

(Scoot Explores India Opportunities)
In aviation news, Singapore's low-cost carrier Scoot is reviewing new opportunities in India. According to a PTI report quoting a senior executive from the airline, Scoot is keen on expanding its network in India, one of its top markets. Scoot, the low-cost arm of Singapore Airlines, currently has direct flights connecting Singapore with six Indian cities. Singapore Airlines already has a tie-up with India's Tata Group for aviation business in India.