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Home / Markets / Live Blog /  Indices end in green; Sensex up 100 pts; Financial Service drags; IT shines

Indices end in green; Sensex up 100 pts; Financial Service drags; IT shines

Stock Market Today: Inflation remain in focus for central banksPremium
Stock Market Today: Inflation remain in focus for central banks

  • Share Market Close: Benchmark indices ended on a flat note on Friday with the Financial Services index dragging the market. Sensex added 105 points and Nifty 35 to close the day in the green. Tech Mahindra and Adani Port gained in today's session, whereas M&M and Ultratech Cement closed in the red.

Asian market brushed aside the hawkish comments from ECB and Fed and ended in green in today's session. Japan and China markets rallied with impressive gains on Friday. The European market is also trading in the green on Friday morning.

09 Sep 2022, 03:45:34 PM IST

Indices trimmed impressive gains made in the morning session to close with only marginal gains. Sensex added 105 points and Nifty 35 on Friday.

Indian benchmark ended the day flat with marginal gains. The market started on a very bright note with Sensex crossing the 60,000 mark and Nifty jumping above 17,900. But the market trimmed the gains and by the end of the day went flat.

Sensex gained 105 points to close at 59,793, whereas Nifty gained 35 points to end at 17,833.

IT stocks had a stellar day and gained more than 2%. Tech Mahindra and Infosys led the IT rally and gained 3% and 2%, respectively. IndusInd Bank and Adani Ports also ended in green with decent gains.

Among laggards, Ultratech Cement, M&M and HDFC Life featured prominently. Financial Sector and Realty indices remained under pressure on Friday.

Asian market mostly ended in the green even as investors were processing remarks from policymakers on aggressive rate hikes to tame inflation.

Japanese stocks gained on Friday building on a rally from the previous day with Nikkei share average closing 0.53% higher. The Nikkei gained 2.04% in total this week, mostly because of a 2.315% rally on Thursday.

China's stocks saw their biggest intraday gain in a month as modest inflation data and expectations of further policy support raised investors' mood.

The Shanghai Composite Index gained 0.8% and the Hang Seng Index rose 2.7%.

European shares edged higher on Friday with banks extending gains a day after the ECB reinforced its fight against inflation while higher metal prices supported mining stocks.

Sensex at Close
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Sensex at Close
09 Sep 2022, 03:17:38 PM IST

HDFC Securities' top picks: 2 stocks to buy over next 2-3 quarters

Domestic brokerage and research firm HDFC Securities has suggested two stocks that investors can look to buy that are from banking and capital goods sectors. The top stock picks are Karur Vysya Bank Ltd and Kirloskar Pneumatic Co Ltd over the next 2-3 quarters.HDFC Securities' top picks: 2 stocks to buy over next 2-3 quarters. (Read More)

09 Sep 2022, 03:16:43 PM IST

China stocks jump most in 1 month on modest CPI data, stimulus hopes

China's blue-chip stocks on Friday saw their biggest intraday gain in a month, as modest inflation data and expectations of further policy support prompted investors to look past tightened COVID-19 measures.

** The blue-chip CSI 300 Index added 1.4% at close, and the Shanghai Composite Index gained 0.8%.

** The Hang Seng Index rose 2.7%, while the Hang Seng China Enterprises Index jumped 3%.

** For the week, the CSI 300 Index added 1.7%, jumping the most in 11 weeks, while the Hang Seng Index slipped 0.5%. (Reuters)

09 Sep 2022, 03:03:04 PM IST

Gold gains ₹62; silver jumps ₹579

Gold in the national capital rose by 62 to 51,131 per 10 grams on Friday amid a jump in international precious metal prices, according to HDFC Securities.

In the previous trade, the yellow metal had closed at 51,069 per 10 grams.

Silver also jumped by 579 to 55,540 per kg from 54,961 in the previous session.

In the international market, gold was trading higher at USD 1,727 per ounce while silver was flat at USD 18.84 per ounce. (PTI)


09 Sep 2022, 02:45:36 PM IST

Mahindra & Mahindra lags; sheds around 1.5% in today's session.

Mahindra & Mahindra
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Mahindra & Mahindra
09 Sep 2022, 02:44:01 PM IST

Emami says e-commerce business contribution doubled in FY22

Packaged consumer goods maker Emami Ltd’s e-commerce revenues doubled and contributed 5.5% to its domestic business in FY22 against 2.8% in the previous year.

The maker of Navratna, Kesh King and Fair and Handsome personal care brands is “increasingly" looking at D2C and e-B2B segments. “We have launched D2C websites for Zandu, Kesh King and BoroPlus. Your Company launched and marketed a range of e-commerce-specific products and digital first brands like Onion Range under Kesh King, Gold and Therapy range under Navratna and more than 20 healthcare products under the Zanducare D2C platform in FY 22," R.S. Goenka, chairman, Emami, said during the company’s 39th annual general meeting held in Kolkata on 9 September. (Full Report)

09 Sep 2022, 02:27:41 PM IST

Banks lift European shares on ECB rate hike

European shares edged higher on Friday, with banks extending gains a day after the European Central Bank reinforced its fight against inflation with a rate hike, while higher metal prices supported mining stocks.

The pan-European STOXX 600 index was up 0.6% by 0718 GMT, with banks climbing 1.3%. Miners rose nearly 3%, as prices of London copper were set for their best weekly gain in six against a softer dollar.

The ECB delivered an unprecedented 75-basis-point interest rate hike on Thursday, in its clearest signal yet that it is not backing down against soaring inflation.

Investors looked forward to a meeting by energy ministers from European Union countries later in the day, where they will figure out solutions from a long list of possible measures to shield citizens from sky-high energy prices as winter approaches. (Reuters)


09 Sep 2022, 02:24:31 PM IST

Multibagger chemical stock hits upper circuit on record date of bonus shares

Jyoti Resin share price has been in uptrend ahead of issuance of bonus shares. The dividend paying stock has hit upper circuit today, which is its record date for bonus shares as well. The board of directors of Jyoti Resins and Adhesives Ltd had fixed record date for bonus shares issue on 9th September 2022. On Thursday, this chemical stock had traded ex-bonus and it had hit upper circuit on yesterday as well.

Jyoti Resins shares are one of the multibagger stocks that Indian stock market has produced in 2022. In year-to-date (YTD) time, this stock has risen from around 373 to 1528 apiece levels, ascending to the tune of near 300 per cent in this time. In last one year, this multibagger chemical stock has risen from around 280 to 1528 apiece levels, logging around 450 per cent rise in this period. In last five years, this multibagger stock has surged from around 26 to 1528 apiece levels, appreciating to the tune of 5,750 per cent in this period. While hitting the upper circuit today, this multibagger chemical stock has climbed to new life-time high of 1528.80 apiece on BSE. (Full Report)

09 Sep 2022, 01:58:30 PM IST

Harsha Engineers IPO to open next week. GMP, price band, other key details you need to know

The initial public offering (IPO) of Harsha Engineers International, manufacturer of precision bearing cages, will launch next week on Wednesday, September 14, 2022 and conclude on September 17. The company on Friday said it has fixed a price band of 314-330 per share for its 755-crore issue. Harsha Engineers IPO consists of fresh issue of equity shares aggregating to 455 crore and OFS of up to 300 crore. (Full Report)

09 Sep 2022, 01:37:08 PM IST

Japan's Nikkei ends week on a high in hawkish climate

Japanese stocks gained on Friday, building on a rally from the previous day, even as investors digested hawkish remarks from policymakers that firmly established views of aggressive rate hikes to tame inflation.

Japan's Nikkei share average closed 0.53% higher at 28,214.75. The benchmark index started trading 0.5% up and stayed above the psychological barrier of 28,000 throughout the day.

The Nikkei gained 2.04% in total this week, mostly because of a 2.315% rally on Thursday. The index was flat the first two days of the week and lost 0.71% on Wednesday. (Reuters)

09 Sep 2022, 01:36:33 PM IST

Banking stock today hits 52-week high on 5 out of 6 sessions. Do you own?

Bank of Baroda shares have been in uptrend for last three months. Stock price of the state-owned bank has risen from around 90 apiece levels to 141.70 apiece levels, logging around 56 per cent rise in this time. Bank of Baroda share price today opened upside and went on to hit new 52-week high of 141.70 within few minutes of stock market opening bell today. In this course, the banking stock today hit 52-week high on second straight session. It has climbed to new 52-week high today on 5 out of six sessions as the PSU stock has hit new 52-week high on all last six sessions except on 7th September 2022.

09 Sep 2022, 01:23:02 PM IST

Media index drag, drops 0.7%; most stocks in red

Media Index
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Media Index
09 Sep 2022, 01:21:34 PM IST

India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any fresh squeeze on the nation’s power supply.

Stockpiles of the fossil fuel at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days supply, well below required levels of more than three weeks. Coal helps produce about 70% of India’s electricity. (Full Story)

09 Sep 2022, 01:20:23 PM IST

Ashika Global Family Office Services co-founder optimistc on Nifty touching new highs

Amit Jain, Co-founder, Ashika Global Family Office Services: If the Nifty crosses 18,200 after touching the initial hiccup of 18,000, we believe that the Indian Market is going to touch a new high. I have a strong conviction that the Indian Market will touch a new high compared to any other market in the world, be it US, Europe, China or Hang Seng. I think in the world we will be the number one market to touch a new high in the near future.

09 Sep 2022, 01:05:44 PM IST

Shares of these companies decline as India restricts rice exports

Shares of companies dealing in rice such as KRBL, Chaman Lal Setia and LT Foods slumped on Friday after India banned the export of broken rice and curbed shipments of some varieties.

At the time of writing this report, the shares of these three companies fell in the range of 2-5 per cent.

The Centre on Thursday imposed a 20 per cent export duty on non-Basmati rice, except for parboiled rice, to boost domestic supplies amid a fall in area under the paddy crop in the current Kharif season. The export duty will come into force from today.

According to a notification by the revenue department, an export duty of 20 per cent has been imposed on 'rice in the husk (paddy or rough)' and 'husked (brown) rice'. (ANI)

09 Sep 2022, 12:43:44 PM IST

PVR shareholders, creditors to meet on Oct 11 to consider merger with INOX

Multiplex operator PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for the scheme of merger with rival Inox Leisure.

This comes after the Mumbai bench of the National Company Law Tribunal (NCLT) on August 22 directed PVR to call a meeting.

"We wish to inform you that pursuant to the order pronounced on August 22, 2022 and received on September 5, 2022, meetings of equity shareholders will be held through video conferencing or other audio visual means on Tuesday, October 11, 2022, at 11:30 AM," PVR informed exchanges on Thursday.

The meeting of secured creditors of the company will be held physically at PVR's registered office in Mumbai on the same day at 3 PM, it added. (PTI)

09 Sep 2022, 12:42:59 PM IST

Passenger vehicles sales show 21% growth in August with improved chip supply

Industry body Society of Indian Automobile Manufacturers(SIAM) says passenger vehicle wholesales in India witnessed a 21 percent annual growth in the month of August. Reports suggest that the increase in sales could be attributed to improved supplies of semiconductors and festive demand.


The improvement growth in passenger vehicles comes amid the improvement in semiconductor shortage issues as well as anticipation for the upcoming festive season. (Full Report)

09 Sep 2022, 12:17:39 PM IST

Covid-19: India reports 6,000 cases in one day

India lodged 6,093 new covid-19 infections and 31-related deaths in the last 24 hours, the Union health ministry said in an update on Friday.

The country’s active caseload declined to 49,636, with total reported cases, since the onset of the pandemic in early 2020, at more than 4.44 crore. Death toll stood at 528,121. India has administered more than 214.55 crore covid vaccine doses till date. (Full Report)

09 Sep 2022, 12:03:27 PM IST

Noon Update: Indices pare some gains. Sensex is now around 200 points higher and Nifty 60 points

Bank and FMCG indices shine, and Media index drags.

Sensex at Noon
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Sensex at Noon
09 Sep 2022, 11:58:54 AM IST

SBI Life among biggest laggards in today's session, sheds around 0.7%

SBI Life
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SBI Life
09 Sep 2022, 11:45:23 AM IST

Global crude oil prices rise amid volatile trade

International crude oil prices recovered on Friday after opening in the negative territory amid volatile trade. Russia’s threat to halt oil and gas exports to Europe lifted the prices but demand concerns amid renewed lockdowns in China limited gains. (Ful Report)

09 Sep 2022, 11:43:57 AM IST

India, US to soon hold trade policy forum meet

India and the US will "very soon" hold the next ministerial-level meeting of the Trade Policy Forum (TPF) in America to discuss ways for promoting trade and investment between the countries.

India and the US held the 12th TPF in New Delhi on November 23 last year.

The forum is an inter-agency collaboration led by the US Trade Representative (USTR).

It is the principal trade dialogue between the two countries. It has five focus groups: Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services, and Tariff and Non-Tariff Barriers. (PTI)


09 Sep 2022, 11:15:52 AM IST

PSU Bank index leads the market rally; gains more than 1%

PSU Bank
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PSU Bank
09 Sep 2022, 11:06:50 AM IST

Multibagger Adani Group stock continues to rally, hits fresh all-time high

Shares of Adani Enterprises Ltd continued its rally, and surged over a per cent on the BSE in Friday's early deals to hit a fresh all-time high level of 3,506 apiece. The stock has been on the upward trend as it is going to be included in the benchmark Nifty 50 index this month. (Full Report)

09 Sep 2022, 11:05:13 AM IST

China’s inflation slowdown fuels calls for more policy stimulus

China’s consumer and producer inflation slowed in August as sporadic lockdowns suppressed spending and commodity prices fell, giving policy makers enough room to support the troubled economy if needed.

The consumer price index rose 2.5% from a year earlier, the National Bureau of Statistics said Friday, down from 2.7% in July and weaker than the 2.8% median forecast in a Bloomberg survey of economists. Factory-gate inflation slowed to 2.3% from 4.2% in July, lower than the 3.2% predicted in the survey. (Bloomberg)

09 Sep 2022, 11:03:12 AM IST

Tata Group in talks to join club of iPhone makers

Tata Group is in talks with a Taiwanese supplier to Apple Inc. to establish an electronics manufacturing joint venture in India, seeking to assemble iPhones in the South Asian country.

The discussions with Wistron Corp. are aimed at making Tata a force in technology manufacturing, and the Indian salt-to-software conglomerate wants to tap the Taiwanese company’s expertise in product development, supply chain and assembly, people with knowledge of the matter said. If successful, the pact could make Tata the first Indian company to build iPhones, which are currently mainly assembled by Taiwanese manufacturing giants like Wistron and Foxconn Technology Group in China and India. (Full Report)

09 Sep 2022, 10:32:29 AM IST

Shree Cement continues to be among top gainers for 3rd day, adds 3% today in early trading

Shree Cement
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Shree Cement
09 Sep 2022, 10:30:54 AM IST

Rupee rises 8 paise to 79.61 against US dollar in early trade

The rupee appreciated 8 paise to 79.61 against the US dollar in opening trade on Friday, tracking the dollar's decline versus its major peers and foreign fund inflows.

At the interbank foreign exchange, the domestic unit opened at 79.66 against the dollar, then touched 79.61 in initial deals, registering a gain of 8 paise over its previous close.

On Thursday, The rupee rose by 26 paise to close at a week's high of 79.69 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.72 per cent to 108.92, as markets digested yet more hawkish Fed. (PTI)


09 Sep 2022, 10:29:11 AM IST

Fewer restrictions to boost travel demand

With restrictions on international travel lifted, the leisure and travel industry is expecting a higher influx of international tourists, as well as an increase in domestic travel. Delhi and Mumbai are witnessing an increase in arrival of international tourists.

In the next two quarters, Radisson Hotels expects higher inflow of international travellers for tourist destinations such as Agra and Rajasthan. Zubin Saxena, managing director and vice president of operations, South Asia, Radisson Hotel Group, said the company will see significant growth across most markets it operates in. Inbound tourists should start arriving, in addition to the existing domestic demand, he said, adding people’s travel appetite is growing stronger and businesses in Delhi, Mumbai and Bengaluru will continue to grow on strong occupancies and rates. (Full Report)

09 Sep 2022, 10:08:05 AM IST

Reliance Securities Stock in Focus: Larsen & Toubro

STOCK IN FOCUS

Larsen & Toubro (CMP Rs.1,974)

We have a BUY rating on L&T, with a SOTP-based Target Price of Rs2,125.


Intraday Picks

MUTHOOTFIN (PREVIOUS CLOSE: 1040) BUY

For today’s trade, long position can be initiated in the range of 1025-1035 for the target of Rs. 1060 with a strict stop loss of 1010.

TCS (PREVIOUS CLOSE: 3170) BUY

For today’s trade, long position can be initiated in the range of 3130-3160 for the target of Rs. 3270 with a strict stop loss of 3090.

TITAN (PREVIOUS CLOSE: 2627) SELL

For today’s trade, short position can be initiated in the range of 2640- 2655 for the target of Rs.2590 with a strict stop loss of 2665.

09 Sep 2022, 10:02:48 AM IST

Bajaj Finserv bonus shares issue, stock split's record date next week. Key things to know

Bajaj Finserv shares will trade ex-split and ex-bonus next week as the company fixed Wednesday, 14 September 2022 as the 'record date' for the purpose of determining the members, eligible for the sub-division of existing equity shares and issue of bonus equity shares of the company.

While declaring its Q1FY23 results, Bajaj Finserv had said that its board has also approved the proposal of stock split or sub division of equity shares in the ratio of 1:5 as well as gave its nod for the issuance of bonus shares in the ratio of 1:1. (Full Report)

09 Sep 2022, 10:01:42 AM IST

Ashika Stock Broking and Angel One on today's market: Market like to continue its positive momentum

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: Positive market breadth and outperformance of our domestic Index in comparison to its global peers might propel to challenge the psychological level of 18,000. One can expect the Nifty to eventually head towards 18,300 in September 2022 as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. During the day index is likely to open on a positive note amid pullback in global equity market and sharp decline in crude prices and is likely to continue with its positive momentum and challenge 18,000 levels. Hence after a positive opening use intraday dips towards 17,775-17,735 for creating long position for the target of 18,300 in near term.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: We finally managed to close at a 3-week high, which was the recent congestion phase. Importantly, this move is backed by the banking space which has clocked the highest level for the current calendar year. This participation is certainly considered a healthy sign for our market. Going forward, we expect Nifty to continue this northward move towards 17900 – 18000 and then beyond the 18000 mark. On the flip side, if there is no aberration globally, 17700 – 17600 should now act as immediate support. Traders are advised to continue with an optimistic approach and use declines to add fresh longs.

Apart from banking, the other heavyweight space, IT also contributed to yesterday’s rally which has been a laggard for quite some time now. The cement too continued with its dream run as we saw a few smaller names giving a catch-up move to the larger names. One can continue to focus on such thematic movers and also, and the broader market remains the real flavor.

09 Sep 2022, 09:48:27 AM IST

IndusInd Bank shines in today's trading, adds more than 2%

IndusInd Bank
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IndusInd Bank
09 Sep 2022, 09:38:57 AM IST

Russia’s exclusion may pave way for India into global bond index

India has the biggest bond market among emerging economies that’s not covered by global indexes, but bankers say that may change soon, potentially drawing in billions of dollars in inflows. Russia’s recent exclusion is one reason why.

Morgan Stanley expects an announcement that India will be included in JPMorgan & Chase Co.’s emerging markets bond index as early as mid-September with the actual entry in the third quarter next year. Goldman Sachs Group Inc. sees that announcement coming in the fourth quarter this year and inclusion in the second or third quarter in 2023. Both expect India’s weight at 10%, the maximum for a country in the index, and potential inflows of $30 billion from the move. (Full Report)

09 Sep 2022, 09:31:00 AM IST

All sectoral indices in green, Bank, Metal lead the rally

Sectoral Indices
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Sectoral Indices
09 Sep 2022, 09:27:39 AM IST

Sensex gains 300 points and Nifty around 100 points at open on Friday. Bank stocks gain in early trading.

Sensex at Open
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Sensex at Open
09 Sep 2022, 09:14:57 AM IST

Banks jittery as credit growth beats deposits

Bankers are worried about the widening gap between credit and deposit growth, as it is expected to extend further over the next three months, despite festive offers on deposit rates to lure customers. Retail deposits grew by 2.5% since May, while credit growth soared 15%. (Full Report)

09 Sep 2022, 09:07:36 AM IST

Oil suffers fresh blow as demand concerns spur weekly decline

Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.

West Texas Intermediate edged toward $84 a barrel, but is still down more than 3% this week after hitting the lowest since January. There’s concern consumption will take a hit as central banks raise rates and China sticks with its Covid Zero strategy. The dollar’s rally to a record has also been a headwind. (Bloomberg)

09 Sep 2022, 09:04:59 AM IST

Sensex preopens in green with a gain of around 200 points. Vodafone Idea, NTPC, Tata Power in focus

Sensex at Preopen
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Sensex at Preopen
09 Sep 2022, 08:54:32 AM IST

India inflation likely rose in August, snapping 3-month downtrend - Reuters poll

India's retail inflation likely snapped a three-month downward trend in August as food prices surged, a Reuters poll of economists found, which may add pressure on the Reserve Bank of India to hike interest rates more aggressively in coming months.

Food inflation, which accounts for nearly half the consumer price index (CPI) basket, is expected to have soared as prices of essential crops like wheat, rice and pulses were driven higher by a record heatwave, squeezing household budgets.

While high inflation is a global phenomenon, it is felt acutely in a country like India where millions live in abject poverty. (Reuters)

09 Sep 2022, 08:53:46 AM IST

Rajesh Palviya's stock recommendations: 4 stocks to buy or sell today — Sept 9

Following some recovery in global markets, Indian stock market started the weekly expiry session on a positive note. NSE Nifty went up 174 points and closed at 17,798 levels whereas BSE Sensex ended 1.12 per cent higher at 59,688 levels. Bank Nifty index ended 753 points higher at 40,208 levels. Despite Indian indices breaching the major 17,800 hurdle on Nifty and 40,000 hurdle on Bank Nifty index, some experts are still advising stock specific trade.

To make life easy for stock specific traders, Rajesh Palviya, VP - Technical and Derivative Research at Axis Securities has listed out four stocks to buy today. Those four stocks are LIC Housing, Tech Mahindra, Adani Ports and IOC. (Read More)

09 Sep 2022, 08:48:40 AM IST

Stocks to Watch: HDFC Bank, Indigo, NTPC, Tata Power, Samvardhana Motherson, KRBL, PNC Infratech, Reliance Power, Vodafone Idea, Coal India

Delta Corp will continue to remain under the F&O ban stock list for the fifth day. The stock will be under the ban for the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)

09 Sep 2022, 08:25:57 AM IST

Samvardhana Motherson International to acquire DICV's frame manufacturing, assembly ops facilities

Auto components maker Samvardhana Motherson International Ltd on Thursday said it will acquire Daimler India Commercial Vehicles' (DICV) frame manufacturing and assembly operations facilities in Chennai.

The company, formerly known as Motherson Sumi Systems Ltd, has signed a strategic agreement, including a long-term deal with DICV for supply of the complete frame assembly as a part of the transaction, Samvardhana Motherson International Ltd (SAMIL) said in a regulatory filing.

At present, SAMIL, through a wholly-owned arm, runs the manufacturing operations of the frame manufacturing facility of DICV but the frame assembly operations are managed by DICV itself in a separate facility, it added. (PTI)

09 Sep 2022, 08:25:32 AM IST

Bitcoin, Ether, Solana, other crypto prices continue to trade higher. Check latest rates

Bitcoin price today rose to continue to trade above the $19,000 level. The world's largest and most popular cryptocurrency was trading more than a per cent higher at $19,408. The global crypto market cap today was back below the $1 trillion mark, as it was up over a per cent in the last 24 hours at $1.03 trillion, as per CoinGecko. (Full Story)

09 Sep 2022, 08:15:45 AM IST

China restricts domestic travel as Covid outbreaks grow

China is stepping up its Covid defenses as a key Communist Party meeting looms, restricting internal travel further as swathes of the country remain under tight lockdowns.

The National Health Commission on Thursday announced a raft of measures that will be in place until the end of next month to fight a virus that shows little sign of slowing. Authorities told citizens to minimize travel during the mid-Autumn festival next week and National Day holidays in October, ordinarily key periods for domestic tourism, and asked local governments to test all residents regularly for Covid regardless of infection levels.

Lockdowns and other mitigation measures have intensified, including in Chengdu, the country’s sixth-largest city with 21 million people, and parts of Guiyang, home to China’s biggest residential compound where some 400,000 people live in 300 buildings. Meanwhile, Beijing is tightening travel restrictions for anyone entering or leaving the capital. (Bloomberg)

09 Sep 2022, 08:00:14 AM IST

EY to separate into two distinct, multi-disciplinary organisations

Global professional services firm EY said on Thursday it has decided to move forward with partner votes to separate into two distinct, multi-disciplinary organisations.

EY said in a statement that the decision was taken after a strategic review. This is expected to separate its consulting and audit operations in certain jurisdictions into two separate organisations. However, in India, a distinction between audit and non-audit practices already exists with statutory audits being performed by another entity, SRBC & Co LLP. The implications of the global decision for EY’s operations in India is still to be known. (Full Report)

09 Sep 2022, 07:57:53 AM IST

Over 58% urban Indians likely to shop on Diwali; 39% wait for big online sales: Survey

As the festive season kicks in, a survey has revealed that nearly six in 10 urban Indians (58 per cent) interviewed are likely to shop on Diwali while 39 per cent look forward to the big online sales.

According to a survey by global research data and analytics group YouGov, men (62 per cent respondents) are more likely to shop on Diwali than (55 per cent).

When it came to various age groups, adults of over 40 years (62 per cent) are most likely to shop on Diwali compared to the other age groups, it added.

Meanwhile the survey found that two in five (39 per cent) respondents said they look forward to big online sales.

This survey was conducted on a sample of 2,056 urban Indian respondents on YouGov India's online panel in August 2022. (PTI)

09 Sep 2022, 07:45:07 AM IST

Shaadi.com plans second go at IPO

People Group, which runs the online matchmaking platform Shaadi.com, plans to go public over the next fiscal, founder and chief executive Anupam Mittal said.

While Shaadi.com founder and CEO Anupam Mittal did not disclose details of his IPO plans, the move comes more than a decade after the company’s initial listing plans for 2009 were deferred. (Full Report)

09 Sep 2022, 07:44:01 AM IST

Rakesh Gangwal, wife sell 2.74 pc stake in InterGlobe Aviation for ₹2,005 cr

IndiGo Airlines co-promoter Rakesh Gangwal and his wife on Thursday divested 2.74 per cent stake in the parent company InterGlobe Aviation for 2,005 crore through open market transactions.

Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.

Gangwal along with Rahul Bhatia co-founded the low-cost carrier IndiGo airlines.

According to the bulk deal data available with the National Stock Exchange (NSE), Gangwal and his wife Shobha Gangwal sold a total of 1.05 crore shares, amounting to 2.74 per cent stake in the company.

The shares were sold in the range of 1,886.47 - 1,901.34 apiece, valuing the transaction at 2,004.77 crore. (PTI)

09 Sep 2022, 07:33:17 AM IST

Reliance Retail to invest in Big Cola, Aakash Namkeen

After completing the acquisition of soft drink brand Campa, Reliance Retail is looking to add more fast-moving consumer goods brands to its portfolio. The company is expected to sign a joint venture agreement with AJE India, the maker of carbonated beverage brand Big Cola, besides acquiring Indore-based Aakash Namkeen Pvt. Ltd. It is also in talks with several regional and local brands to help them expand their operations. (Full Report)

09 Sep 2022, 07:31:16 AM IST

Government imposes  20% duty on rice exports amid concerns of price rise

The Union government on Thursday imposed a 20% duty on rice exports amid concerns of price rise following deficient rainfall in major rice-producing states such as West Bengal, Odisha, Bihar and Uttar Pradesh.

The duty was imposed on paddy, husked (brown) rice and semi-milled rice but not on basmati rice, which accounts for nearly one-fifth of India’s overall rice exports. In 2021-22, India exported over 21 million tonnes of rice. (Full Report)

09 Sep 2022, 07:29:34 AM IST

ECB goes big with jumbo hike as Lagarde hints more to come

The European Central Bank hiked interest rates by a historic amount and President Christine Lagarde hinted it could do the same again as part of “several" future moves to escalate officials’ attack against rampant inflation.

Even with a far weaker growth outlook and price increases primarily driven by supply factors, policy makers intensified their aggression with a three-quarter-point increase on Thursday that was an unprecedented monetary-tightening step. The decision matched analyst expectations and brought the deposit rate up to 0.75%.

“If the data on our meeting-by-meeting exercise review suggests that we should take a high hike of our interest rates, we will do so," Lagarde told reporters in Frankfurt. Addressing the question of how many decisions are “several," she said that “it’s probably more than two, including this one, but it’s probably also going to be less than five." (Bloomberg)

09 Sep 2022, 07:28:04 AM IST

Stocks recover from a stumble on Wall Street and end higher

Stocks bounced back from a midday stumble and closed higher Thursday, keeping the major indexes on track for their first weekly gain in four weeks.

The S&P 500 closed 0.7% higher, after recovering from a 0.9% slide in the early going. The Dow Jones Industrial Average and the Nasdaq composite each gained 0.6% after making it through their own bumpy ride. The indexes are on pace for a weekly gain after posting losses for the previous three weeks.

Wall Street had its eye on interest rates, as the European Central Bank made its largest-ever rate increase to fight inflation. The move is in line with steps taken by the U.S. Federal Reserve and other central banks.

Investors also heard from Fed Chair Jerome Powell, who reaffirmed the central bank’s commitment to keeping rates high as long as necessary to get inflation under control. (AP)

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