Indices jump 1.3%; Sensex ends above 57,500, Nifty 17,100; Metal index shines

Asian shares mostly ended in red on Friday with Nikkei ending almost flat. European stock markets advanced at the start of trading Friday, but the news of the German economy shrinking despite an expanding Eurozone might weigh on the market.

29 Jul 2022, 03:44:44 PM IST

Indices rally to end the week on a high note. Sensex gained 700 points whereas Nifty was up 230 points.

Benchmark indices rallied for the third day in a row to end the week strongly. Both Sensex and Nifty crossed the psychological thresholds of 57,000 and 17,000, respectively. Sensex gained 712 points to finish the week at 57,570 points and Nifty closed at 17,156 which is a gain of 229 points.

Tata Steel and Sun Pharma were the top performers in today’s session and were up 7% and 5%, respectively. Dr Reddy’s Laboratories and PNB stocks closed 4% down. The Metal index rallied the most followed by the Consumer Durables. PSU Bank was the only index which ended in red in today’s session.

Asian shares mostly closed in red on Friday with Nikkei ending almost flat. Chinese shares sank after leaders acknowledged the official 5.5% growth target for this year won’t be met. Hong Kong’s Hang Seng index dropped around 2.5% and the Shanghai Composite index declined 1% in Friday’s session.

European stock markets advanced at the start of trading Friday. London’s benchmark FTSE 100 index and Frankfurt’s DAX index grew in the morning.

The euro-zone economy expanded by more than three times the amount economists expected. But, despite the upside surprise, Germany — Europe’s No. 1 economy — stagnated, highlighting persistent difficulties.

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Sensex Close
29 Jul 2022, 03:25:44 PM IST

Gold gains ₹255; silver zooms ₹1,610

Gold prices rose by 255 to 51,783 per 10 grams in the national capital in line with strong global cues, according to HDFC Securities.

The precious metal had closed at 51,528 per 10 grams in the previous trade.

Silver also surged by 1,610 to 58,387 per kg from 56,777 per kg in the previous trade.

29 Jul 2022, 03:25:04 PM IST

Mining engineers body raises concern over 50% export duty on low-grade iron ore

The Goa chapter of Mining Engineers Association of India has urged the central government to withdraw the 50% export duty imposed on iron ore of low grade, with iron content below 58%. The association’s said that the imposition of export duty will have far-reaching ramifications not only on the iron ore mining industry in Goa, but across the country. (Full Report)

29 Jul 2022, 03:19:51 PM IST

Emami Q1 PAT down 7% at ₹73 crore

Homegrown FMCG firm Emami Ltd on Friday reported 6.55% decline in June quarter profit after tax (PAT) at 72.69 crore.

The company had posted a PAT of 77.79 crore in April-June 2021-22, Emami said in a regulatory filing.

Revenue from operations was up 17.75% to 778.29 crore in the quarter.

Total expenses were at 604.97 crore as against 491.24 crore.

29 Jul 2022, 03:03:47 PM IST

India received highest ever FDI inflow in FY 2021-22

India received its highest ever Foreign Direct Investment (FDI) inflow of 6,31,050 crore in Financial Year 2021-22 said Som Parkash, Minister of State in the Ministry of Commerce and Industry.

The FDI Equity inflow in manufacturing sectors has increased to 1,58,332 crore in the financial year 2021-22 from 89,766 crore in the previous year, making it an increase of 76 per cent.

Foreign direct investment (FDI) is a type of investment wherein an investor from one country establishes or significantly influences a business entity in another economy.

29 Jul 2022, 02:45:13 PM IST

HDFC Q1 net profit rises 22%; to invest up to ₹2,000 crore in HDFC Life via preferential issue

Housing Development Finance Corporation (HDFC) on Friday reported a 22% rise in its standalone net profit at 3,669 crore for the first quarter ended Q1 FY23 as compared to 3,001 crore in the same quarter last year. (Full Report)

29 Jul 2022, 02:41:18 PM IST

Prabhudas Lilladher on Dr. Reddy’s, Jubilant, IndusInd and JK Lakshmi Cement

Dr. Reddy’s Laboratory: BUY

JK Lakshmi Cement: ACCUMULATE

IndusInd Bank: BUY

Jubilant Foodworks: ACCUMULATE


29 Jul 2022, 02:31:26 PM IST

PSU Bank is the only index in red, down 1%. PNB down almost 4%.

PSU Bank

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PSU Bank
29 Jul 2022, 02:25:56 PM IST

Ashok Leyland Q1 profit at ₹96 crore

Commercial vehicles maker Ashok Leyland on Friday reported a consolidated net profit of 96 crore for June quarter 2022-23 riding on higher sales. The company had incurred a net loss of 324 crore in the same period last fiscal year, Ashok Leyland said in a regulatory filing. Revenue from operations more than doubled to 8,470 crore in the quarter from 4,088 crore in April-June period a year ago, it added.

29 Jul 2022, 02:11:19 PM IST

Swiggy to allow permanent work-from-anywhere

On-demand convenience platform Swiggy on Friday said it will allow permanent work-from-anywhere for a majority of its employees.

Going forward, corporate, central business functions and technology teams will continue to work remotely, the company said in a statement.

They will converge once in every quarter at their base location for a week to promote in-person bonding, it added.

However, employees who are in “partner-facing roles” are required to work from the office for a few days a week from their base locations, it added.

29 Jul 2022, 02:10:36 PM IST

Amazon Shows It Can Generate Sales While Slowing Spending Inc. showed its e-commerce and cloud-computing businesses can churn out revenue even as consumers worry about inflation and the company gets serious about curtailing expenses. Investors sent shares up more than 12% in pre-market trading on Friday.

Amazon reported second-quarter sales Thursday that topped analysts’ estimates and gave a revenue forecast for as much as 17% growth in the current period.

While he focuses on rekindling sales, Chief Executive Officer Andy Jassy is determined to unwind a pandemic-era expansion that saddled Amazon with a surfeit of warehouse space and too many employees. Fulfillment expenses increased 14% to $20.3 billion, virtually the same as the previous three-month period, and less than analysts predicted. At the same time, the former Amazon Web Services leader will spend money on the profitable market-leading cloud unit to take advantage of the potential for growth.

29 Jul 2022, 02:08:46 PM IST

Sun Pharma gains 5% in today’s session after a strong quarterly report 

India’s largest drugmaker Sun Pharmaceutical Industries on Friday reported a net profit of 2,061 crore for the quarter ending 30 June, 2022 (Q1FY23), beating average profit estimate of 1,718 crore based on a survey of analysts by Bloomberg. Buoyed by sales of its specialty treatments in the US, total revenue from operations increased 10.73 % year-on-year (YoY) to 10,761.76 crore. Excluding Covid products sales for Q1 last year, overall sales are up by about 14%. Shares of the company were trading at 5.02% higher at 939.75 apiece on the NSE today.

Sun Pharma

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Sun Pharma
29 Jul 2022, 01:46:12 PM IST

Saurabh Mukherjea’s chemical stock pick surges 18% after rise in Q1 revenue

One of the mid-cap stocks in Saurabh Mukherjea’s Little Champ portfolio stocks, GMM Pfaudler shares have surged more than 18 per cent in morning session today. GMM Pfaudler share price today opened upside and went on to hit intraday high of 1,594.50 apiece levels on NSE, logging around 18 per cent rise from its Thursday close price of 1,343.30 per share. The stock has zoomed after the company reported rise in Q1 revenue and margins in its quarterly results announced on Thursday. (Full Report)

29 Jul 2022, 01:35:01 PM IST

More Oil Middlemen Muscle in to Supply India with Russian Crude

India is set to get more channels to buy cheap Russian oil, with a new wave of smaller, international traders muscling into its vast market by offering barrels shunned by rivals after the invasion of Ukraine.

State-run refiners such as Indian Oil Corp. are warming to the idea of buying from the lesser-known traders. Refinery officials said they’ve found it easier to work with them, rather than directly with Russian producers, as there’s less bureaucracy that slows negotiations with firms such as Rosneft PJSC.

Companies include Wellbred and Montfort have been marketing Russian oil to Indian buyers, joining the likes of Coral Energy and Everest Energy as more traders emerge to fill the gap left by larger merchants such as Vitol Group, said the officials, who declined to be named. According to their websites, the companies have offices in Switzerland, Dubai and Singapore.

29 Jul 2022, 01:21:14 PM IST

Reforms in drones, space and geospatial sectors opening up new avenues: PM Modi

Prime Minister Narendra Modi on Friday that reforms in drones, space and geospatial sectors are opening up new avenues.

“Removal of angel tax, removal of retrospective tax, and reduction of corporate tax – are encouraging investments and industry. The reforms in drones, space and geospatial sectors are opening up new avenues”, he said.

Addressing the gathering, the Prime Minister congratulated the students on getting their degrees. “Congratulations to all those who are graduating today in Anna University’s 42nd convocation. You would have already built a future for yourselves in your minds. Therefore, today is not only a day of achievements but also of aspirations”, he said.

29 Jul 2022, 01:20:08 PM IST

Production of bio-jet fuel in the works, says Gadkari

Union minister for road transport and highways Nitin Gadkari on Thursday said that India is working on the production of bio-aviation fuel with ethanol mix, which would lower costs for airlines.

Speaking at the Mint Mobility Conclave, the minister noted that the aviation sector is going through difficult times amid steep fuel costs, and 75% of the cost of airlines now go towards fuel costs. (Full Report)

29 Jul 2022, 12:58:24 PM IST

Climate finance: Govt says India has exposed exaggerated claims by developed countries

India has been taking the lead in raising the issue of climate finance and its efforts have exposed exaggerated claims by developed countries that the goal of mobilising USD 100 billion per year to help developing countries is close to being met, the government has said.

At the 15th Conference of Parties (COP15) of the United Nations Framework Convention on Climate Change (UNFCCC) held in Copenhagen in 2009, developed countries committed to jointly mobilise USD 100 billion (one billion =100 crore) per year by 2020 to address the needs of the developing countries.

At COP21 in Paris, with the developed countries having failed to keep their commitment, it was decided to extend the USD 100 billion per year goal through to 2025.

29 Jul 2022, 12:35:41 PM IST

Chinese shares sink after leaders acknowledge the official 5.5% growth target for this year won’t be met.

Hang Seng is down 2.5% and Shanghai Composite Index is down 0.8%. 

29 Jul 2022, 12:19:25 PM IST

Paytm CEO chases for $1 billion revenue goal, says will hit the mark this fiscal

Digital-payments provider Paytm is set to become India’s first internet company to hit $1 billion in annual revenue by the end of this fiscal year in March, its founder and chief executive officer (CEO) Vijay Shekhar Sharma told Bloomberg in an interview. (Full Report)

29 Jul 2022, 12:07:24 PM IST

Kalpataru Power bags orders worth ₹1,842 crore

Kalpataru Power Transmission Ltd (KPTL) on Friday said the company and its subsidiaries have bagged orders worth 1,842 crore. The orders are for metro rail electrification, composite railway project, Buildings & Factories (B&F) projects and in transmission and distribution (T&D) business in India. Besides, the company has bagged projects overseas in the T&D business, it said in a statement.

29 Jul 2022, 12:02:30 PM IST

Noon Update: Benchmark indices at 3-month with Sensex and Nifty crossing 57,000 and 15,700 mark, respectively, in today’s session

Tata Steel and SBI Life soared by 8% each on Friday, whereas Dr Reddy’s Laboratories was down 3%. Metal stocks led the rally, whereas Pharma and PSU Banks were the only indices in the red.

Sensex Noon

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Sensex Noon
29 Jul 2022, 11:47:44 AM IST

India, China ministers at summit as Chinese ship heads to Sri Lanka

Indian and Chinese foreign ministers were to attend a regional conference in Uzbekistan on Friday, a day after New Delhi expressed concern over a Chinese survey ship’s planned visit to a strategic port in India’s southern neighbour Sri Lanka.

New Delhi worries that the Chinese-built and leased Hambantota port will be used by China as a military base in India’s backyard. The $1.5 billion port is near the main shipping route from Asia to Europe.

29 Jul 2022, 11:45:54 AM IST

Metal index leads the rally, up 4%. All stocks in green.


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29 Jul 2022, 11:30:21 AM IST

Telecom has space for more players: Ashwini Vaishnaw

India’s telecom market has the potential to attract new players since the government has undertaken significant reforms to improve the financial health of the sector, communications minister Ashwini Vaishnaw said.

The Indian telecom industry has shrunk from more than a dozen players about a decade ago to three—Reliance Jio, Bharti Airtel and Vodafone Idea—besides public sector units BSNL and MTNL. (Full Report).

29 Jul 2022, 11:28:35 AM IST

TVS Motor maintains its balance in Q1 despite a bumpy ride

TVS Motor Co. Ltd faced the odds and reported a steady performance in the June quarter of FY23. While auto companies so far have reported a drop in their Ebitda (earnings before interest, tax, depreciation and amortization) margins, TVS has bucked the trend.

TVS expects slight inflation in Q2, but from Q3, it sees input costs trending flat to lower. On the demand front, the upcoming festival season and recovery in rural markets augur well. (Full Report)

29 Jul 2022, 11:27:13 AM IST

France Resumes Growth as Europe Frets on Recession: GDP Update

France’s economy returned to growth with faster expansion than expected, putting it on a firmer footing as surging inflation and the risk of a Russian energy cuttoff threaten to tip Europe into a recession.

After a surprise contraction at the start of 2022, gross domestic product rose by 0.5% in the three months through June, more than the 0.2% median estimate in a Bloomberg survey of analysts.

But trade accounted for most of the surprise, with consumer spending falling for a second straight quarter.

29 Jul 2022, 11:09:59 AM IST

World Bank says no new plans for financing for Sri Lanka

The World Bank does not plan to offer new financing to Sri Lanka until an adequate macroeconomic policy framework is in place, it said in a statement on Thursday.

The World Bank stressed that Sri Lanka needs to enact structural reforms that focus on economic stabilization and address the root structural causes that led to the crisis.

29 Jul 2022, 11:09:28 AM IST

SBI Life gains 9% post strong quarterly results on Thursday

SBI Life

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SBI Life
29 Jul 2022, 10:57:40 AM IST

Shree Cement investors don’t have much to look forward to

For investors in Shree Cement Ltd stock, there is no respite in sight from input cost pressures. Due to a spike in power & fuel costs, its operating margins declined by around 1,000 basis points (bps) year-on-year in the first quarter of FY23.

Although the entire cement industry is battling cost inflation, despite better realisations, Shree Cement’s operating performance was lower than consensus estimate. (Full Report)

29 Jul 2022, 10:46:14 AM IST

Glenmark Pharma arm gets final USFDA nod for birth control capsule

Glenmark Pharmaceuticals Ltd on Friday said its US arm has received final approval from the US health regulator for its generic Norethindrone Acetate and Ethinyl Estradiol Capsules and Ferrous Fumarate birth control capsules.

The approval granted by the US Food & Drug Administration (USFDA) to Glenmark Pharmaceuticals Inc is for Norethindrone Acetate and Ethinyl Estradiol Capsules and Ferrous Fumarate Capsules of strength 1 mg/20 mcg, the company said in a statement.

It is the generic version of Taytulla capsules of Allergan Pharmaceuticals International Ltd, it added.

29 Jul 2022, 10:36:14 AM IST

Apple’s India revenue almost doubles in June 2022 quarter

Technology giant Apple, which recorded 83 billion dollars in revenue for the third quarter ended June 2022, has reported a “near doubling” of revenue in India.

Announcing financial results for its fiscal 2022 third quarter ended June 25, Apple on Thursday said it has achieved a revenue record of USD 83 billion, up 2 per cent year-over-year.

Apple CEO Tim Cook, during an earnings call, said the 83 billion dollar revenue was “better than we expected despite supply constraints, strong foreign exchange headwinds and the impact of our business in Russia”.

29 Jul 2022, 10:24:56 AM IST

Angel One says ‘ the bias remains strongly bullish’

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd said, “Our market had shown a glimpse of some strength during Wednesday’s session and with global market boost, we managed to extend the move beyond the 16900 mark. With yesterday’s strong rally, 17000 is very much in sight now which is also closer to the ‘200-SMA’ level of 17030. Most likely, we would see index hastening towards this junction in the coming session as well and then we’ll have to see whether market participants opts to take some money there or they continue to move towards 17200. In our sense, the bias remains strongly bullish and any decline towards 16830 – 16750 should be used to go long. However having said that, it’s advisable not to get too complacent at this juncture and hence, one needs to follow one step at a time strategy.”

29 Jul 2022, 10:08:01 AM IST

India logged 20,409 new coronavirus infections; active Covid cases decline in country

India logged 20,409 new coronavirus infections pushing the total tally of COVID-19 cases to 4,39,79,730, while the active cases declined to 1,43,988, according to the Union Health Ministry data updated on Friday.

The death toll climbed to 5,26,258 with 32 new fatalities, the data updated at 8 am stated.

The active cases comprise 0.33 per cent of the total infections, while the national COVID-19 recovery rate was recorded at 98.48 per cent, the ministry said.

29 Jul 2022, 10:07:28 AM IST

Multibagger stock of 2022: Small-cap share rallies 45% in 5 sessions. Do you own?

Following trade pattern of capital goods index in recent sessions, shares of Kirloskar Electric Company Ltd have been skyrocketing in recent sessions. The capital goods stock has hit upper circuit in last 5 sessions generating near 45 per cent return for its shareholders. The small-cap stock has been climbing to its 52-week high for last 4 sessions as well. So, the stock is one of the potential multibagger stocks for 2022. (Full Report)

29 Jul 2022, 09:40:13 AM IST

Tata Steel up 4%

Tata Steel

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Tata Steel
29 Jul 2022, 09:37:23 AM IST

Axis Securities gives BUY recommendation on Aarti Drugs, Maruti Suzuki after quarterly results

Aarti Drugs: We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP 435/share.

Maruti Suzuki: The near-term uncertainty of chip shortages shall be offset by tailwinds on account of better product portfolio, lower commodity SUV segment along with existing product upgrades, which should drive the margins to improve in H2FY23. Recommend BUY at target price 9900/share

29 Jul 2022, 09:30:30 AM IST

All sectoral indices are in green except Pharma and PSU banks. Dr. Reddy drags

Sectoral Indices

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Sectoral Indices
29 Jul 2022, 09:25:53 AM IST

Sensex gains 600 points at start. Nifty crosses the 17,000 mark

Bajaj Finserv and Tata Steel were among the top performers in the morning. However, Dr. Reddy Laboratories was down 4%.

Sensex Open

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Sensex Open
29 Jul 2022, 09:05:26 AM IST

India to have around 900 million internet users by 2025: Report

Around 346 million Indians are engaged in online transactions including e-commerce, and digital payments, according to a report published by the Internet and Mobile Association of India (IAMAI). The data revealed that this number is greater than the total US population engaged in digital transactions which is estimated at 331 million.

The IAMAI report titled ‘Internet in India’ stated that the global coronavirus pandemic has witnessed a record increase of 51% from 230 million in 2019 in India, in online transaction in the past two years. (Full Report)

29 Jul 2022, 09:04:12 AM IST

Sensex pre-opens in green, up 0.5%

Sensex preopen

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Sensex preopen
29 Jul 2022, 08:46:00 AM IST

Religare Finvest fund diversion case: Sebi imposes ₹60 crore fine on Singh brothers, 8 others

Capital markets regulator Sebi on Thursday imposed a penalty totalling 60 crore on 10 entities, including Malvinder Mohan Singh and Shivinder Mohan Singh, in a case involving the diversion of funds of Religare Finvest.

In addition, the Singh brothers have been barred from the securities market for three years, or till the recovery of the diverted money along with interest, while other entities have been prohibited for two years.

They have been directed to pay the penalty within 45 days, according to an order passed by the Securities and Exchange Board of India (Sebi).

29 Jul 2022, 08:45:18 AM IST

Gold jumps ₹592; silver rallies ₹1,335 on Thursday

Gold in the national capital on Thursday jumped 592 to 51,750 per 10 grams, amid a rally in international precious metal prices, according to HDFC Securities.

In the previous trade, the yellow metal finished at 51,158 per 10 grams.

Silver also surged by 1,335 to 56,937 per kg from 55,602 per kg in the previous trade.

29 Jul 2022, 08:43:34 AM IST

Amazon posts 2Q loss but revenue tops estimates, stock jumps

Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher.

The Seattle-based e-commerce giant also said it is making progress in controlling some of the excess costs from its massive expansion during the Covid-19 pandemic.

Amazon lost $2.03 billion, or 20 cents per share, in the three-month period ended June 30, driven by a $3.9 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.

29 Jul 2022, 08:33:26 AM IST

PVR Inox merger: How shareholders of this stock may earn 6.7% premium

Shares of multiplex chains PVR and INOX have been surging after the SEBI’s nod for the merger of the two multiplex chains. Both the stocks have surged more than 11% in the last month and market analysts are still bullish on both the stocks as INOX PVR merger would lead to the emergence of the largest multiplex chain in India that will cover more than 80% of the multiplex market in India with around 1500 screens. However, there is a catch for PVR shareholders who can earn around 6.7% from this PVR INOX deal even when there is no movement in both the stocks till the amalgamation process is complete. (Full Report)

29 Jul 2022, 08:30:12 AM IST

Alibaba Selloff Extends Into 3rd Day as Earnings Woes Dominate; drags Hang Seng 1.5%

Shares were down as much as 4.5% in Hong Kong on Friday, among the biggest decliners on the Hang Seng Tech Index. The tech giant is expected to report its first-ever negative quarterly revenue growth next week.

The Hang Seng Tech Index fell as much as 1.5% to trade below its 50-day moving average. Other big decliners included Bilibili Inc. and JD Health International Inc.

29 Jul 2022, 08:18:05 AM IST

India’s first global gold exchange IIBX to allow jewelers import precious metal

India’s first global gold exchange — India International Bullion Exchange (IIBX) — aims to create a regional bullion hub that will allow more jewelers to import the precious metal, Bloomberg reported on 29 July. The exchange is expected to attract dealers, refineries and foreign banks.

The spot exchange will be launched on Friday by Prime Minister Narendra Modi, and trade will be in the form of bullion depository receipts.

29 Jul 2022, 08:16:56 AM IST

OPEC+ meeting on Aug. 3: Oil prices rise on tight supply

Oil prices gained about $1 in early trade on Friday, lifted by supply concerns and a weaker U.S. dollar as attention turns to what OPEC and allies including Russia agree at a meeting next week marking the end of their 2020 output reduction pact. (Full Report)

29 Jul 2022, 08:13:36 AM IST

Asian shares mixed as markets bet on more gradual rate hikes

Asian stocks took their cue on Friday from a late rally on Wall Street, as markets focused on a possible slowdown in the pace of rate hikes rather than a U.S. recession after data showed its economy shrinking for a second straight quarter.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.41%. Japan’s Nikkei share average opened up 0.36%. However, China’s and Hong Kong’s composite went in red after a strong opening. 

29 Jul 2022, 08:00:15 AM IST

Bank credit rises 12.89%; deposit 8.35%: RBI data

Bank credit rose by 12.89% to 122.81 lakh crore and deposits by 8.35% to 168.09 lakh crore in the fortnight ended July 15, showed RBI data released on Thursday.

In the fortnight ended July 16, 2021, advances stood at 108.78 lakh crore and deposits at 155.14 lakh crore, according to the Reserve Bank of India’s (RBI) Scheduled Banks’ Statement of Position in India as on July 15, 2022.

29 Jul 2022, 07:48:54 AM IST

Adani Group plans IPO for NBFC unit

After FMCG subsidiary Adani Wilmar, Asia’s richest man, Gautam Adani is now planning to launch an initial public offering (IPO) of its non-bank lender Adani Capital. The NBFC is planning to raise approximately 1,500 crore ($188 million) through the issue. The IPO is expected to launch in early 2024.

29 Jul 2022, 07:36:35 AM IST

5G spectrum auction stretches to 4th day; bids worth ₹1,49,623 crore received so far

The auction of 5G spectrum for ultra high speed internet services will stretch to the fourth day on Friday, after 16 rounds of bidding conducted so far fetched bids worth 1,49,623 crore.

Billionaire Mukesh Ambani’s Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani’s flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about 10 times faster than 4G and lag-free connectivity.

29 Jul 2022, 07:35:34 AM IST

European gas prices slide as Russian flows steady at low levels

European natural gas prices fell after Russian pipeline flows stabilized, albeit at levels far lower than the continent’s economy needs.

Shipments through the Nord Stream pipeline to Germany, the main gas link to the European Union, remain stable after Gazprom PJSC cut them to 20% of capacity. Deliveries via Ukraine, which initially looked like they might fall, were steady Thursday.

Futures declined 3.1% after surging 33% over the previous six days. On Wednesday they hit their highest level since early March, during the first weeks of Russia’s war in Ukraine. Soaring prices for fuel have been fanning inflation and hurting the continent’s economy.

29 Jul 2022, 07:34:33 AM IST

IMF downgrades Asia Pacific forecast as shocks keep rolling

The International Monetary Fund has lowered its growth forecast for the Asia Pacific region this year to 4.2% — 0.7 percentage point lower than it expected in April, and well below the region’s 6.5% growth in 2021.

The fund also cut its 2023 forecast for the area to 4.5%, down by 0.6 percentage point.

Much of the downgrade reflects the ongoing spillover from shocks including Russia’s invasion of Ukraine, China’s economic slowdown and rising global interest rates.

29 Jul 2022, 07:32:39 AM IST

FMCG volume growth slowed in May as buyers cut spending

Volumes of fast-moving consumer goods grew 4% in the 12 months ended 31 May, down from 7% in the year-ago period, showed data from research firm Kantar Worldpanel, which tracks household consumption.

The deceleration in growth points to a moderation in demand for products, such as shampoos, toilet cleaners and detergents. Consumers had stocked up on the products in the initial months of covid and re-prioritized their shopping baskets as high commodity inflation ate into household budgets, it said. (Full Report)

29 Jul 2022, 07:30:31 AM IST

Rupee rises 22 paise to close at 79.69 against US dollar on Thursday

The rupee appreciated 22 paise to close at 79.69 against the US dollar on Thursday, as a rally in the domestic equities and less hawkish signals from the US Fed triggered risk-on sentiments in the markets.

Fresh foreign capital inflows also supported the domestic unit, forex traders said. However, elevated global crude prices and a strong greenback overseas capped the rupee’s gain, they added.

29 Jul 2022, 07:28:48 AM IST

Wall Street ends up sharply for the second day

U.S. stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1% as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

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