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Home / Markets / Live Blog /  Indices end flat, Nifty retains 17,500 mark; Metal shines; IT drags

Indices end flat, Nifty retains 17,500 mark; Metal shines; IT drags

Stock Market Today: Inflation in Focus (MINT_PRINT)Premium
Stock Market Today: Inflation in Focus (MINT_PRINT)

  • Share Market Close: Indian benchmark indices ended on a flat note on Wednesday. Sensex lost 35 points, whereas Nifty gained 10 points. L&T, Tata Steel and ICICI gained, whereas NTPC and Bajaj Finance stocks were in the red. Markets remained cautious ahead of US inflation data.

Stocks overall ended in a loss in Asia on Wednesday following a Wall Street retreat on Tuesday. This was mostly due to the caution ahead of US inflation data that will shape investor expectations for further Federal Reserve interest-rate hikes. 

10 Aug 2022, 03:43:05 PM IST

Indices ended flat on Wednesday. Sensex was down 35 points but Nifty managed to be in green with a gain of 10 points.  

Benchmark indices played in the flat territory in today's session. Sensex was slightly down at close shedding 35 points to end at 58,817 points. Nifty managed to retain its 17,500 mark and closed 10 points higher at 17,534 points.

The Metal index rallied and ended with a gain of more than 1.5%. Hindalco and Tata Steel stocks led the rally in this index. Bharati Airtel and ICICI Bank stocks also featured among prominent gainers.

IT and Realty indices lost ground in today's session. NTPC and Bajaj Finance ended in red, down more than 2%.

Asian stocks closed in red tracking Tuesday's Wall Street retreat. Japan's Nikkei fell on Wednesday dragged down by chip-related shares. The Nikkei share average closed 0.65% lower.

Chinese stocks also joined the global retreat with Hang Seng Index shedding 1.96% and the Shanghai Composite Index sinking 0.54%.

European stock markets dropped at the open on Wednesday. Investors are cautious as they await US inflation data that could influence the Federal Reserve's tightening path.

Sensex Close
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Sensex Close
10 Aug 2022, 03:07:11 PM IST

Tata Steel makes a late rally, gains 2%

Tata Steel
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Tata Steel
10 Aug 2022, 03:05:24 PM IST

Reliance unveils brand name of cricket franchises in UAE, South Africa

The owner of the cricket team Mumbai Indians Reliance Industries on Wednesday unveiled the name and brand identity of the two new franchises which will be joining the Mumbai Indians family.

The two teams, MI Emirates in UAE's International League T20 and MI Cape Town in Cricket South Africa T20 League will adorn the iconic blue and gold of the team. These names were chosen as they call out the specific regions from where the teams will be based, it said in a statement.

10 Aug 2022, 03:04:06 PM IST

Apparel retailers’ revenues to soar past pre-pandemic levels this fiscal: Crisil

Apparel retailers could see their revenues soar past pre-pandemic levels of FY20, growing at a healthy 21-23% in the current fiscal, according to ratings firm Crisil.

“A combination of strong same-store sales, new store launches and higher contribution from online channels will sew 21-23% revenue growth for apparel retailers this fiscal, or 500 basis points (bps) more than the pre-pandemic (fiscal 2020) level, despite elevated inflation impacting discretionary demand," the agency said in a note on apparel retailers on Wednesday. (Full Report)

10 Aug 2022, 02:51:50 PM IST

ABB India’s profit surges 115% in Apr-Jun, revenue jumps 44%

The momentum in infrastructure development across the country has helped global engineering and infra services firm ABB India report a 44% growth in revenue in the quarter ended June.The robust growth in the topline lifted the company’s net profit by 115% to 147 crore during this period.

The company, which follows the calendar year for reporting financials, saw its revenue jump to 2053 crore in the April-June quarter as against revenue of 1,425 crore in the same period last year. (Full Report)

10 Aug 2022, 02:36:07 PM IST

Metal index shines, adds 1.5%; most stocks in green

Metal
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Metal
10 Aug 2022, 02:22:08 PM IST

REC gets shareholders' nod to issue bonus share

State-owned REC has received shareholders' approval for the proposal to issue 65.83 crore bonus shares, utilising capital reserves of 658.30 crore.

"...two resolutions as set out in the Postal Ballot Notice dated July 8, 2022, of the Company have been approved by the shareholders with requisite majority," a BSE filing stated.

The company had proposed to issue one new (bonus) share for holding three existing shares to shareholders, as per a postal ballot notice of the REC.

10 Aug 2022, 02:11:31 PM IST

Nitish Kumar takes oath as Bihar CM for eighth time

Nitish Kumar takes oath as Bihar Chief Minister for the eighth time today after the JD(U) leader announced a new "grand alliance" with RJD's Tejashwi Yadav and other opposition parties.

Before taking oath as the chief minister of Bihar, Nitish Kumar called up RJD supremo Lalu Prasad. Prasad welcomed Kumar's decision and conveyed his wishes to him, the RJD chief's daughter and MP Misa Bharti said.

10 Aug 2022, 02:00:26 PM IST

Hindalco reports highest ever quarterly profit in Q1 FY23, up 48%

Hindalco on Wednesday reported an all-time high quarterly consolidated net profit at 4,119 crore, up 48% from the year-ago quarter. The company said the results were driven by an excellent performance by Novelis, and a robust performance by Aluminium Downstream and Copper businesses, supported by operational efficiencies and higher volumes.

10 Aug 2022, 01:47:57 PM IST

Chinese stocks finished sharply lower

Shares in Hong Kong joined a global retreat Wednesday ahead of US inflation data due later in the day, with traders fearing a strong reading could pressure the Federal Reserve to continue with its sharp pace of interest rate hikes.

The Hang Seng Index shed 1.96% or 392.60 points, to 19,610.84.

The Shanghai Composite Index sank 0.54%, or 17.41 points, to 3,230.02, while the Shenzhen Composite Index on China's second exchange fell 0.35%, or 7.66 points, to 2,180.83.

10 Aug 2022, 01:33:47 PM IST

Apollo Hospital adds 2% in today's session

Apollo Hospitals
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Apollo Hospitals
10 Aug 2022, 01:13:32 PM IST

L&T to build natural draught cooling towers for Rawatbhata atomic power project

The Construction arm of Larsen & Toubro (L&T) has secured a significant order from Nuclear Power Corporation of India Limited (NPCIL) for its Heavy Civil Infrastructure (HCI) business to build natural draught cooling towers and a cooling water pump house for Rawatbhata atomic power project, L&T said on Wednesday.

The scope involves constructing natural draught cooling towers, cooling water pump houses, erection and commissioning of cooling water pumps, and large diameter cement mortar lined and coated steel pipe (CMLC), the main medium to transport hot water from the turbine to the cooling towers, Larsen & Toubro said in a statement.

The project is scheduled to be completed in 36 months.

10 Aug 2022, 01:11:55 PM IST

Rapid EV adoption, higher input costs to adversely impact forging, casting industry: AIFI

Increased adoption of electric vehicles will adversely impact the domestic forging and casting industry resulting in reduced capacity utilisation as the number of moving parts in such vehicles are minimal compared to traditional ones, according to AIFI.

The Association of Indian Forging Industry (AIFI) on Wednesday said the industry, which is also grappling with rising input prices, might even face the prospect of 60 per cent of the sectoral players shutting down unless the government focuses on encouraging hybrid vehicles rather than just electric ones.

10 Aug 2022, 12:56:29 PM IST

While the Nifty is trading flat, all the broad market indices are in red at the moment

Broad Market Indices
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Broad Market Indices
10 Aug 2022, 12:50:22 PM IST

European stocks drop at open, before US inflation

European stock markets dropped at the open Wednesday, with all eyes on US inflation data later in the day.

London's benchmark FTSE 100 index fell 0.1 percent to 7,483.52 points.

In the eurozone, Frankfurt's DAX index retreated 0.4 percent to 13,482.21 points and the Paris CAC 40 shed 0.3 percent to 6,472.54.

10 Aug 2022, 12:37:44 PM IST

How the crude oil price collapse will impact India. 5 Points…

Indian share markets are recovering. Fundamentally strong stocks have started to rise after a prolonged break. It appears that the stock market recovery is here to stay. Now, the one important factor behind the short recovery is falling crude oil prices. Crude oil prices are falling amid fears of a recession, demand-supply dynamics, among other reasons.

Without signs of a big demand recovery, it’s important for you to know the after effects of falling crude prices and how they impact India.

Here are five points to take note of. (Full Details)

10 Aug 2022, 12:15:03 PM IST

Apple supplier Foxconn's Q2 profit up 12% on cloud demand

Apple Inc supplier Foxconn reported on Wednesday a 12% jump in second-quarter net profit, beating market estimates, helped by strong demand for its cloud computing products.

The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter rose to T$33.29 billion from T$29.78 billion a year earlier.

Eleven analysts were expecting on average a profit of T$31.02 billion, according to Refinitiv.

10 Aug 2022, 12:13:21 PM IST

Axis Securities on Aptus Value Housing, Bharti Airtel, City Union Bank, NALCO, PI Industries and V Mart

Aptus Value Housing: BUY with TP at 350

Bharti Airtel: BUY with TP at 900

City Union Bank: BUY with TP at 200

NALCO: HOLD with TP at 85

PI Industries: HOLD with TP at 3500

V Mart: BUY with TP at 3500

 

10 Aug 2022, 12:02:46 PM IST

Noon Update: Indices trading flat on Wednesday, slightly in the red. Sensex is down around 100 points and Nifty 30.  

IT and Media lag, whereas Healthcare and Private Bank indices are in green 

Sensex Noon
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Sensex Noon
10 Aug 2022, 11:51:59 AM IST

JSW Group partners ElectricPe to develop EV charging infra

Business conglomerate JSW Group has collaborated with ElectricPe to develop electric vehicle charging infrastructure across its office network.

This follows the introduction of a green policy by JSW recently to provide incentives for employees to purchase electric vehicles and provide charging infrastructure in its office and plant premises. (Full report)

10 Aug 2022, 11:40:01 AM IST

Tata Chemicals gains nearly 9% on strong Q1 results

Shares of Tata Chemicals gained nearly 9% in morning trade on Wednesday after the company posted strong first-quarter earnings.

Shares of Tata Chemicals opened on a bullish note at 999.95, then gained further ground to touch 1,043, registering a jump of 8.96% over its previous close.

On the NSE, the stock opened at 1,015, then climbed to 1,038.05, higher by 8.47% over its last close.

10 Aug 2022, 11:31:32 AM IST

Jefferies suggests these Indian midcap stocks to buy, hold post Q1 results

Global brokerage Jefferies said in a note that its Indian small and midcaps coverage has posted a mixed Q1FY23 so far as while operating margin was robust in Crompton, V-Guard and Polycab, margins of durables (like Havells, Whirlpool) were below Jefferies estimates. 

Meanwhile, building materials posted sturdy volumes (SI, Finolex, Kajarai Ceramics). While Kajaria Ceramics operating margin improved despite rising gas cost, margin of Supreme Industrie, Finolex Industries was impacted due to sharp PVC volatility. (Full Report)

10 Aug 2022, 11:30:00 AM IST

India RBI's 27-day VRRR to be undersubscribed - traders

Indian money market participants expect the Reserve Bank of India's variable rate reverse repo (VRRR) to be sharply undersubscribed as liquidity surplus dips. RBI is conducting 27-day variable rate reverse repo auction for up to 500 billion rupees ($6.29 billion) on Wednesday, against the maturing amount of 308.84 billion rupees.

10 Aug 2022, 11:12:56 AM IST

Bajaj Finance down 2.5%

Bajaj Finance
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Bajaj Finance
10 Aug 2022, 11:11:29 AM IST

Global mergers and acquisitions to come under the scrutiny of CCI if the parties meet a specified customer base in India

Global mergers and acquisitions are set to come under the scrutiny of the Competition Commission of India (CCI) if the parties meet a specified customer base in India that the antitrust regulator will specify after public consultations, CCI chairperson Ashok Kumar Gupta said in an interview. Specifying a customer base in India for scrutinizing global transactions relevant to the Indian market is part of the government’s efforts to revamp competition regulation in a digital economy. In his first interview after the tabling of the Competition (Amendment) Bill in Parliament last week, Gupta explained how the proposed merger regulations, revamped leniency provisions and a ‘settlement and commitment’ scheme will change the regulatory landscape for businesses. (Full Report)

10 Aug 2022, 10:52:17 AM IST

Prabhudas Lilladher recommendations on IGL, MGL, Indoco, Fortis, City Union Bank, and Affle

Indraprastha Gas (IGL IN): BUY | CMP: Rs359 | TP: Rs576

Indoco Remedies (INDR IN): BUY | CMP: Rs396 | TP: Rs430

Fortis Healthcare (FORH IN): BUY | CMP: Rs269 | TP: Rs330

City Union Bank (CUBK IN): BUY | CMP: Rs163 | TP: Rs190

Mahanagar Gas (MAHGL IN): BUY | CMP: Rs818 | TP: Rs1,103

Affle (India) (AFFLE IN): BUY | CMP: Rs1,106 | TP: Rs1,403

10 Aug 2022, 10:43:03 AM IST

Bharti Airtel shares climb after strong Q1 earnings

The share price of telecom firm Bharti Airtel rose on Wednesday after the company announced an impressive 466 per cent year-on-year surge in its net profit for the first quarter of the current financial year.

Bharti Airtel's share was trading 0.67 per cent higher at 709.05 on the BSE at 9.48 am. The scrip started the day sharply higher at 719 against its previous session's close at 704.35.

However, the scrip pared the initial gains and fell to a low of 706.

10 Aug 2022, 10:42:08 AM IST

PM Modi to dedicate to nation 2G ethanol plant in Panipat

rime Minister Narendra Modi on Wednesday will dedicate to the nation a second generation (2G) ethanol plant built at an estimated cost of 900 crore in Haryana's Panipat via video conferencing.

The 2G ethanol plant has been built at an estimated cost of over 900 crore by the Indian Oil Corporation Ltd (IOCL) and is located close to the Panipat Refinery, said an official statement.

Based on indigenous technology, the project will utilise about two lakh tonnes of rice straw annually to generate around three crore litres of ethanol annually, it said.

10 Aug 2022, 10:24:02 AM IST

Lower levels of 17400-17350 might provide support to the market: Ashika Stock Broking

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bull candle on the daily chart breaching past the crucial resistance zone of 17500 indicating that positive biasness to continue and more upside is awaited. However, momentum oscillators are witnessing overbought levels, but no signs of exhaustion can be seen yet, the indicator though has flattened during the period. On the downside, the psychological level of 17,000 which further coincides with the 200dma would be the immediate short-term trend deciding level for the market. On the upside, one can eventually expect Nifty to head towards 17900 levels as it is 80% retracement of entire decline off October 2021 to June low (18600-15200). Thus, any temporary breather should not be construed as negative instead buy on dips strategy should remain in focus. During the day, Nifty is likely to open on a slight negative note, however, lower levels of 17400-17350 might provide support to the market.

10 Aug 2022, 10:14:41 AM IST

Rupee rises 11 paise to 79.52 against US dollar in early trade

The rupee appreciated by 11 paise to 79.52 against the US dollar in opening trade on Wednesday, tracking easing crude oil prices and foreign fund inflows.

Forex traders said sideways USD/INR trades are likely ahead of crucial US inflation data.

At the interbank foreign exchange, the rupee opened at 79.59 against the US dollar and touched 79.52 in initial deals, registering a rise of 11 paise over the last close.

10 Aug 2022, 10:11:45 AM IST

Imminent HDFC merger overshadows upcoming NIFTY50 index change: ICICI Securities and ICICI Direct report

Upcoming semi-annual changes to the NIFTY50 index wherein Adani Enterprises is likely to replace Shree Cement is dwarfed by the impact of the impending HDFC merger.

The HDFC merger will likely result in an unprecedented ~14% of the NIFTY50 weight (HDFC Ltd plus HDFC Bank) getting replaced by two new incoming stocks with a combined weight of ~1% and the remaining 13% weight getting distributed amongst the existing 48 stocks in the index at that time.

The regular, semi-annual change will likely see Adani Enterprises entering and Shree Cement exiting the NIFTY50 index

10 Aug 2022, 09:58:19 AM IST

India sees rise in Covid-19 case with 16,047 infections; recovery rate at 98.54%

India sees rise in Covid-19 case with 16,047 infections; recovery rate at 98.54%. Earlier on Tuesday, India witnessed a a drop with 12,751 cases. Prior to that, on Monday, the country recorded 16,167 cases, while it had more than 18,000 infections on Sunday and over 19,000 cases on Saturday. (Full Report)

10 Aug 2022, 09:48:13 AM IST

US inflation will likely stay high even as gas prices fall

Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months.

Thanks largely to falling gas prices, the government's inflation report for July, to be released Wednesday morning, is expected to show that prices jumped 8.7% from a year earlier — still a sizzling pace but a slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.

The forecast by economists, if it proves correct, would raise hopes that inflation might have peaked and that the run of punishingly higher prices is beginning to ease slightly.

10 Aug 2022, 09:46:07 AM IST

India's Bajaj Housing Finance to issue 3-year bonds – traders

India's Bajaj Housing Finance Ltd plans to raise at least 100 million rupees ($1.26 million) through a sale of bonds maturing in three years, three merchant bankers said on Wednesday.

The housing finance company has invited bids from from bankers and investors for the same on Thursday, they said.

The notes are rated AAA by CRISIL and the issue will close for subscription on Friday.

10 Aug 2022, 09:32:36 AM IST

Pharma, Healthcare, and FMCG indices gain in early trade; IT drags 

Sectoral Indices
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Sectoral Indices
10 Aug 2022, 09:29:23 AM IST

Syrma share sale to offer cues for IPO fence-sitters

The primary market will offer important cues to IPO-bound companies and investors this week. After a dry patch of more than two months, the first initial public offering will hit the market on 12 August, with Chennai-based engineering firm Syrma SGS Technology set to test investor appetite. (Full Report)

10 Aug 2022, 09:26:31 AM IST

Oil slips as U.S. crude stock piles rise

Oil prices eased on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand, though concerns over supply kept losses in check.

Brent crude futures fell 23 cents, or 0.2%, to $96.08 a barrel at 0323 GMT.

U.S. West Texas Intermediate crude futures declined 28 cents, or 0.3%, to $90.22 a barrel.

10 Aug 2022, 09:25:58 AM IST

Indices open flat. ICICI, Sun Pharma, and Powergrid gains; NTPC down

Sensex Open
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Sensex Open
10 Aug 2022, 09:06:18 AM IST

Elon Musk sells $6.9 billion of Tesla shares, says he was done

Elon Musk sold $6.9 billion of shares in Tesla Inc. according to regulatory filings Tuesday, just months after saying he didn’t plan to sell any more stock in the pioneering electric-car maker.

Tesla’s chief executive officer offloaded about 7.92 million shares on Aug. 5, according to the new filings. The sale comes just four months after the world’s richest person said he had no further plans to sell Tesla shares after disposing of $8.5 billion of stock in the wake of his now-pulled deal to buy Twitter Inc.

Musk, 51, has now sold around $32 billion worth of stock in Tesla over the past 10 months. The disposals started in November after Musk, a prolific Twitter user, polled users of the platform on whether he should trim his stake. The purpose of the latest sales wasn’t immediately clear. (Full Report)

10 Aug 2022, 09:04:25 AM IST

Sensex pre-opens flat. Global cues suggest markets will be on shaky grounds in the morning.

Sensex preopen
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Sensex preopen
10 Aug 2022, 08:57:23 AM IST

Stocks to Watch: Airtel, HCL, Delhivery, IGL, TechM, Tata Chemicals

IRCTC, SAIL, Abbott, Coal India, Glenmark, Eicher Motors, and Tata Consumer will be in focus as they declare their June quarter earnings today. (Full report)

10 Aug 2022, 08:50:33 AM IST

India bond yields seen higher on hawkish rate hike view

Indian government bond yields are expected to move higher in opening trades on Wednesday as sentiment remains bearish with expectation of more rate hikes by the Reserve Bank of India (RBI) in the coming months. The yield on the 10-year benchmark bond is likely to trade in a 7.33%-7.39% band, a trader with a private bank said. It closed at 7.3485% on Monday and has gained 19 basis points in the last two sessions.

10 Aug 2022, 08:49:47 AM IST

JSW Energy arm to buy some renewable assets from Mytrah Energy for ₹10,531 crore

JSW Energy announced on Wednesday that its unit JSW Neo Energy has agreed to buy some renewable energy capacity from Mytrah Energy (India) for about 10,531 crore. It has agreed to acquire a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy comprising of 17 SPVs and 1 Ancillary SPV.

JSW Energy informed that necessary definitive agreements have been signed between the parties and the transaction is subject to receipt of the necessary regulatory and other customary approvals. (Full Story)

10 Aug 2022, 08:31:43 AM IST

Reliance Securities Stock of the Day: BEML

STOCK IN FOCUS

BEML (CMP Rs.1,466)

We have a BUY rating on BEML with a Target Price of Rs2,000.

Intraday Picks

BAJAJ-AUTO (PREVIOUS CLOSE: 4023) SELL

For today’s trade, short position can be initiated in the range of 4050-4080 for the target of Rs.3920 with a strict stop loss of 4120.

DABUR (PREVIOUS CLOSE: 587) BUY

For today’s trade, long position can be initiated in the range of 580- 583 for the target of Rs.597 with a strict stop loss of 578.

SBILIFE (PREVIOUS CLOSE: 1270) SELL

For today’s trade, short position can be initiated in the range of 1280- 1290 for the target of Rs.1235 with a strict stop loss of 1300.

10 Aug 2022, 08:18:09 AM IST

China Consumer Inflation Reaches 2-Year High as Pork Surges

China’s consumer inflation accelerated in July to the highest level in two years, largely due to surging pork costs, while weak consumer demand kept overall price pressures in check.

The consumer price index rose 2.7% last month from a year earlier as pork prices surged 20.2%, National Bureau of Statistics data showed Wednesday. The pickup in CPI was lower than the 2.9% median estimate in a Bloomberg survey of economists and compares with 2.5% growth in June.

Producer price inflation, meanwhile, slowed to 4.2% in July from 6.1% in June as commodity prices weakened.

10 Aug 2022, 08:12:17 AM IST

India passes energy conservation bill

India took another step toward meeting its climate goals Tuesday when lawmakers in parliament’s lower house approved legislation that would require greater use of renewable energy and force industrial polluters to pay a price for the carbon they emit.

The bill sets out a minimum requirement for renewable energy use for corporations and residential buildings. It also grants clean energy users carbon-saving certificates that can be sold or traded and lays out a new energy efficiency standard in homes, which account for 24% of India’s electricity use.

10 Aug 2022, 08:09:08 AM IST

Food inflation eases, but uncertain crops slow wider relief

While the outlook for global crops is improving from the tumultuous weeks after Russia’s attack on Ukraine, the threats of drought, flooding and blistering heat are keeping supplies tight and prices elevated.

Crop futures have retreated to pre-war levels, and the UN’s monthly measure of food prices sank the most since 2008. That’s offering some relief to consumers who have faced rampant food inflation since the start of the pandemic. Still, the war is putting more pressure on farmers from the US to India to replace crop losses and shipments from Ukraine -- a key supplier to poorer nations in the Middle East and Africa.

10 Aug 2022, 07:59:06 AM IST

Airlines asked to share PNR details of international passengers with customs authorities

Airlines will have to mandatorily share PNR details of passengers with customs authorities 24 hours prior to departure of international flights, a move which will help prevent law offenders from fleeing the country.

The information, which shall include name, contact details and payment details, will be used by the customs department for improved surveillance and risk assessment of passengers entering or leaving the country, according to a finance ministry notification.

10 Aug 2022, 07:46:54 AM IST

Profit of public sector banks rises 9% to ₹15,306 crore in April-June

All the 12 public sector banks earned a cumulative profit of about 15,306 crore, registering a 9.2% growth annually, despite poor showing by large lenders like SBI and PNB.

During the April-June period of the previous fiscal, state-owned banks recorded a total profit of 14,013 crore, according to quarterly numbers published by public sector lenders.

Of the total 12, three lenders -- State Bank of India (SBI), Punjab National Bank (PNB) and Bank of India -- reported fall in their profits ranging from 7-70 per cent.

10 Aug 2022, 07:43:02 AM IST

Future Lifestyle Fashions to sell identified assets after receiving lenders' nod

Debt-ridden Future Lifestyle Fashions Ltd (FLFL) on 9 August said that its board has considered and approved the proposed sale of certain identified assets of the company.

"Accordingly, based on the recommendation of the Audit Committee, the Board of Directors at its meeting held today have inter-alia considered and approved the proposal to sale, lease, rent or dispose of the Specified Assets or in any other manner as it may deem fit, at a price which shall be at least equal to book value at the relevant point of time, subject to requisite approvals of lenders, debenture holders, shareholders and other contractual approvals, if any," company in a regulatory filing.

10 Aug 2022, 07:34:01 AM IST

Airtel plans pan-India 5G coverage by Mar ‘24

Bharti Airtel will launch its 5G services later this month, and is looking to cover 5,000 towns and cities by March 2024, Gopal Vittal, the company’s chief executive officer and managing director, said in an analysts call on Tuesday. India’s second largest telecom company reported a five-fold jump in net profit in the June quarter.

Airtel will front-load its capital expenditure plans to prioritise the 5G rollout. It will be funded via internal cash flow. “The rapid rollout will see advanced capex on an India basis," Vittal said. The three-year capex will remain at present levels. For FY22, Airtel’s capex was 25,661 crore, up from 24,168 crore in the year ago. (Full Report)

10 Aug 2022, 07:32:40 AM IST

Tokyo shares open lower ahead of US inflation data

Tokyo stocks opened lower on Wednesday, following overnight falls of Wall Street tech shares and with key US inflation data set to be released later in the day.

The benchmark Nikkei 225 index dropped 0.69 percent, or 193.49 points, to 27,806.47 in early trade, while the broader Topix index fell 0.53 percent, or 10.27 points, to 1,926.75.

10 Aug 2022, 07:31:39 AM IST

India’s trade gap with UAE widens as oil imports rise

India’s trade gap with the United Arab Emirates ballooned fourfold in the May-June period, the first two months since the India-UAE free trade agreement came into effect, driven by a jump in oil and gold imports. The country’s trade deficit with the UAE widened to $3.92 billion in the two-month period from $980 million the year earlier.

10 Aug 2022, 07:30:02 AM IST

Wall Street slips as weak earnings hit tech, travel stocks

Stocks on Wall Street extended their recent run of losses Tuesday as investors reviewed disappointing earnings reports and looked ahead to the release of an inflation snapshot closely watched by the Federal Reserve.

The S&P 500 fell 0.4%, marking its fourth consecutive drop. The Dow Jones Industrial Average fell 0.2% and the Nasdaq slid 1.2%.

Technology companies and retailers were the biggest drags on the market, outweighing gains in energy, financials and elsewhere. Bond yields rose broadly.

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