Rise With Profit: US Job Openings Rise, Lok Sabha Passes Banking Bill, Godrej Properties' Fundraise | Podcast

This is the daily morning update from NDTV Profit and I’m Alex Mathew. Here’s everything you need to know at the start of the day.

South Korea plunged into political turmoil overnight after its President Yoon Suk Yeol declared martial law. He did this ostensibly to counter what he called anti-state forces among his opponents, but then lifted it hours later after lawmakers rejected the move and protesters gathered outside parliament.

All of that had an impact on the financial markets in that country. The South Korean won plummeted to the lowest in two years against the dollar. That’s almost ensured that the currency will rank at the bottom of the list of major Asian currencies against the dollar. And the Kospi, as of this morning, was trading lower by 1.6%. It is also one of the worst performing equity indices in Asia this year.

In other major international news, job openings in the US rose in October, while layoffs fell by the most in a year and a half. That suggested the continued cooling of the labour market there. The report from the Job Openings and Labour Turnover Survey, or JOLTS as it is called, also indicated that companies are hesitant to hire more workers.

US stocks ended mixed—the Dow fell 0.2%, while the S&P 500 closed flat and the Nasdaq rose 0.4%.

Also, keep an eye on crude prices—the US has put additional sanctions on Iran, targeting 35 entities and vessels that it says are part of a shadow fleet of vessels transporting Iranian petroleum to foreign markets, according to reports. As a result, brent crude spiked to close to $74 dollars, a day ahead of the OPEC+ meeting, which is expected to result in a delay in production increases by about a quarter.

In news back home, the Lok Sabha on Tuesday passed 19 amendments in The Banking Laws (Amendment) Bill 2024 in a bid to improve banking governance and enhance investors' protection.

Finance Minister Nirmala Sitharaman said the amendments seek to improve on governance standards, provide consistency in reporting, ensure better protection for depositors and investors, improve audits in public sector banks, and increase the tenure of directors other than chairpersons and whole-time directors in cooperative banks.

In corporate news, Godrej Properties Ltd. has raised Rs 6,000 crore through the qualified institutional placement route, according to an exchange filing. The fundraise, which is the largest QIP by an Indian real estate developer, was oversubscribed four times.

Swiggy Ltd. should be one to watch today after its loss widened to Rs 626 crore in the second quarter of the current financial year, compared with a loss of Rs 611 crore in the year-ago period. Food delivery saw 4% sequential growth, while out-of-home consumption saw a growth of 28%. Quick commerce grew 31% and supply-chain and distribution grew 14%.

The Securities and Exchange Board of India has come out with a fresh set of proposals for the audit process for stock brokers. The proposed framework is going to be technology driven and will identify several deficiencies in the existing audit system. The markets regulator has invited public comments on these proposals until Dec. 26, 2024.

And finally, India has emerged as the most targeted nation globally for mobile malware attacks, surpassing the United States and Canada, according to the Zscaler ThreatLabz 2024 Mobile, IoT, and OT Threat Report. With a startling 28% of the world's total mobile malware incidents occurring in India between June 2023 and May 2024, the country has moved up from its previous third-place ranking.

Markets Correct Thrice A Year On Average, Says This Market Watcher

Concert-onomics: Bank Of Baroda Projects Spending Push Of Rs 1,600–2,000 Crore

For Jaguar, Blue And Pink Is The New Black

Mark Mobius Defends Adani Group On US DoJ Indictment, Says Matter To Fade Away With Trump's Return