A look at the headlines in the sector right now:
- Sensex, Nifty end on a subdued note as metal, FMCG stocks fall: Dr Reddy’s Laboratories, Lupin and Sun Pharma were among the top gainers on both indices.
- Ikea buys 10-acre plot in Gurugram for Rs 842 crore: This is the single largest property auction by Haryana’s development authority.
- Most companies report single-digit growth in domestic car sales in October despite festival season: The manufacturers had seen massive sales last October, thus making the year-on-year growth look less.
- Airtel to invest Rs 25,000 crore in current financial year to expand 4G network: The telecom company also said that it is likely to shut down its 3G network in 3-4 years.
- Do not label India a ‘currency manipulator’, former RBI Governor Raghuram Rajan tells US Treasury: The American body had recently said it would keep a close eye on India’s foreign exchange and macroeconomic policies.
- Facebook says boosting security for users will hit profits even as revenue crosses $10 billion: The total revenue rose 47% year-on-year to $10.33 billion in July-September, beating analysts’ estimate of $9.84 billion.
- State Bank of India brings home loan rate to 8.3%, the lowest in the industry: The new rates will be effective from November 1.