Warren Buffett was a late investor in Apple; he bought his first 10 million shares only in May, 2016. He has even regretted it once: "I should have appreciated it earlier." This past February, the Oracle of Omaha called Apple "our third business." That was weeks after Berkshire Hathaway offloaded some $800 million worth of Apple stock. The company still held some 5.5 per cent, making it Apple's second largest shareholder. A rapid rise of 24% in the stock this year has now soared the value of that stake to $91 billion, or 43% of Berkshire's entire stock portfolio. It's never late to invest in a good business.
MARKET CUES: Where do we stand >>>  | Nifty futures on Singapore Exchange traded 51 points higher at 7 am (IST) signalling positive start for Dalal Street. |
| On Tuesday, Nifty missed the 10,800 mark by a whisker and formed an indecisive candle on the daily chart, suggesting that it was in a consolidation mode. |
| Asian stocks opened mixed on Wednesday amid concern over the economic impact of the coronavirus. Stocks saw modest gains in Japan and Hong Kong, slipped in China and Australia, and were little changed in South Korea. |
| S&P500 futures edged higher this morning after negative close overnight. Dow fell nearly 400 points or 1.5%, while the S&P500 slipped 1.1% and the tech-heavy Nasdaq slipped from a record intraday high and closed 0.9% lower. |
| The rupee extended the losses and settled 25 paise lower at 74.93 against the US dollar on Tuesday amid volatile trade in domestic equities. |
| The dollar held on to Tuesday's gains, the yen retreated while the euro and the Swiss franc were little changed on the day. The pound was near three-week highs against both the greenback and the euro. The offshore yuan traded at 7.0245 per dollar. |
| Oil prices eased in early trade on Wednesday as industry data showing a build in US crude stockpiles. Brent crude futures fell 13 cents, or 0.3%, to $42.95 a barrel while WTI crude futures dropped 10 cents, or 0.3%, to $40.52. |
| Domestic gold prices fell by Rs 188 to Rs 48,444 per 10 gm on Wednesday while silver prices plunged by Rs 463 to Rs 48,870 per kg. The MCX price of August gold futures jumped 1.16% to Rs 48,785, while silver September futures soared 0.86% Rs 50,220. In international markets, gold traded within a striking distance of the key $1,800 per ounce level on Tuesday. |
| LOOK WHO'S |  |
Consumer goods bounce back… Sales of consumer goods rebounded in June to levels seen before the lockdown, giving some companies the confidence necessary to forecast single-digit, top-line growth in a quarter expected to have been a washout for other pockets of the economy. Supply chain constraints and operational curbs didn't dent demand, companies said, with some segments of the broader consumer industry likely reporting higher sales than even the year-ago period.
Read More Worst over for job market… The worst seems over for India's job market, CMIE has said, adding that the country is likely to settle at an unemployment rate only slightly higher than that seen before the Covid-induced lockdown. The unemployment rate stood at 7.76% in February, a month before the lockdown. CMIE's latest weekly data showed the unemployment rate rose just 0.1 percentage points in the week ended June 28 to 8.6% and 0.3 percentage points for the week ended July 3 to 8.9%, after falling sharply from 23.5% in May 2020 to 11% in June.
Read More Private lenders offer increments… ICICI Bank has finalised an 8% pay hike for its 80,000 frontline employees despite the economic slowdown. HDFC Bank was the earliest to go ahead with its increments and bonuses. Axis Bank has announced a bonus for 80% of its sub-management-level employees and completed its promotions for the year, but is yet to announce increments. In the wake of the pandemic, RBI has asked banks to go into a capital-conservation mode and asked them to avoid paying dividends. Private lenders Kotak Mahindra Bank, Yes Bank and IDFC First Bank have even announced pay cuts for top managements.
Read More Auto firms to dole out pay hikes… Automobile companies are trying to ensure increments and bonuses are paid this year to keep employee morale high, as the industry battled a deep downturn amid the pandemic. New entrants to the Indian market Kia and MG Motor have already given variable pay and other incentives, while M&M, Hero MotoCorp, Ashok Leyland, TVS Motor, Toyota Kirloskar and Tata Motors are expected to do so in the next month or so.
Read More FM pushes PSUs for capex… Finance minister Nirmala Sitharaman on Tuesday sought to push capital expenditure by the country's top public sector companies, as part of the government's drive to boost investment in the economy and revive growth. She discussed the capex plan of 23 PSUs with their CMDs and secretaries of ministries of petroleum, power, coal, mines and atomic energy. The companies, including IndianOil, NTPC, Coal India, NMDC and SAIL, have been the Centre's go-to entities to not just step up investment but also to milch them at the end of the year by seeking hefty dividends to meet its revenue targets.
Read More | AND WHO'S |  |
Thousands of Indian students in US hit… President Donald Trump's order directing foreign students to leave the US if they are not attending in-person classes will affect thousands of Indians, according to immigration experts, who said the controversial move could trigger a spate of legal challenges. In a statement on Monday, US Immigration & Customs Enforcement said students with non-immigrant visas cannot take a full online course load while remaining in the country.
Read More Templeton shut schemes to get more cash… Franklin Templeton Mutual Fund expects to receive over Rs 6,000 crore in its six shut debt schemes on account of coupon receipts, prepayment by issuers and maturity of papers, said the fund's chief investment officer Santosh Kamath. In an audio message to investors — his first communication after the debt scheme fiasco late in April, Kamath said the schemes will aim to sell the securities in the secondary market at an 'optimal cost', provided market conditions improve.
Read More Govt prods private banks to lend… The finance ministry is prodding private sector banks and non-banking financial companies to step up loan approvals and disbursals to small businesses under a government-guaranteed scheme after it emerged that most lenders, barring HDFC Bank, have been slow off the block. Of the Rs 48,000 crore sanctioned by private players, around Rs 20,000 crore is estimated to have been sanctioned by the country's largest private lender, officials said.
Read More Meanwhile... 99% Indian biz now MSMEs… A change in the definition of micro, small and medium enterprises (MSME) has turned India into a country of small businesses as nearly 99% of the entities now fall under the category based on the twin parameters of investment and turnover. An entity can be classified as a micro enterprise if investment is up to Rs 1 crore and turnover does not exceed Rs 5 crore. The corresponding figures are Rs 10 crore and Rs 50 crore for small and Rs 50 crore and Rs 250 crore for medium enterprises. Sources said numbers with the GST authorities show 99% of the entities have a turnover that fits into the MSME definition.
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