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Home / Markets / Live Blog /  Sensex soars above 59,300, Nifty ends beyond 17,650; Bank, IT shine

Sensex soars above 59,300, Nifty ends beyond 17,650; Bank, IT shine

Stock Market Today: Inflation worries ease (PTI)Premium
Stock Market Today: Inflation worries ease (PTI)

  • Share Market Close: Benchmark indices rallied on Thursday welcoming the positive inflation data. Sensex added more than 500 points, while Nifty gained 120 points. All the indices but FMCG, Auto and Media ended in the green. Axis, Bajaj Finance, HDFC, and Tech Mahindra were among the top gainers. Tata Consumer was down.

Stocks in Asia tracked Wednesday's Wall Street rally after softer-than-expected US inflation data stoked speculation Fed could pivot to a slower pace of interest-rate hikes. However, Fed soon poured water into the speculation and officials said that further interest rate hikes might be warranted. European stocks started the day in green but were trading flat soon.

11 Aug 2022, 03:42:31 PM IST

Indices jumped on Thursday with Sensex adding more than 500 points and Nifty 120. 

Indian benchmark indices bounced back handsomely on Thursday on the back of some encouraging inflation figures. Sensex gained more than 500 points to cross the 59,000 mark and finish at 59,332. Nifty crossed the 17,650 figure to end at 17,659, which is a 124-point surge.

IT and Bank/Financial sector stocks led the rally. Axis Bank, Bajaj Finance, Wipro, ICICI, Tech Mahindra, and HDFC were among the prominent gainers. FMCG and Media indices dragged with Tata Consumer shedding more than 2%.

Asian stocks tracked Wednesday's Wall Street gains and ended on a high note as softer-than-expected US inflation data prompted bets of less aggressive rate hikes from the Federal Reserve.

Nikkei was closed due to a Japanese holiday. China's index closed higher on Thursday, posting its biggest jump in more than 3 months. The Hang Seng index rose 2.4%, while Shanghai Composite Index gained 1.6%.

However, European stocks gave up on early gains the morning after Federal Reserve officials commented that they remained resolute on the need for further interest-rate hikes.

Fed officials stressed more rate increases are coming. They also signalled investors should rethink expectations of cuts next year to shore up economic growth. The comment is going to affect the European and Wall Street performance on Thursday.

Sensex at Close
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Sensex at Close
11 Aug 2022, 03:12:04 PM IST

India's coal production rises by 11.37% to 60.42 MT in July

The overall coal production in the country rose by 11.37% to 60.42 million tonnes (MT) in July 2022 as compared to 54.25 MT recorded in the same month last year, according to the official data released on Thursday by the Ministry of Coal.

During July this year, Coal India Ltd (CIL), Singareni Collieries Company Ltd (SCCL) and captive mines/others clocked a growth of 11.12% and 44.37% by producing 47.33 MT and 9.80 MT coal, respectively.

11 Aug 2022, 03:11:18 PM IST

Air India to operate 24 additional domestic flights from Aug 20

Air India on Thursday said it will operate 24 additional domestic flights from August 20 onwards.

"The additional 24 flights include two new frequencies from Delhi to Mumbai, Bengaluru and Ahmedabad, and from Mumbai to Chennai and Hyderabad, as well as one new frequency on the Mumbai-Bengaluru route and Ahmedabad-Pune route," the airline said in a statement.

Air India MD and CEO Campbell Wilson said, "Over the past six months, Air India has been working closely with our partners to return aircraft to service, and we are delighted that this effort is now bearing fruit."

11 Aug 2022, 02:59:33 PM IST

Media index drags, sheds a percent

Media
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Media
11 Aug 2022, 02:42:39 PM IST

Rising mortgage rates pose near-term challenges to housing demand momentum: DLF Chairman

Realty major DLF's Chairman Rajiv Singh has said rising mortgage rates could pose "near-term" challenges to demand momentum in the housing sector but the company expects no major adverse impact.

He noted that the residential segment has witnessed structural recovery on strong demand and the credible players are gaining market share.

In his address to the company's shareholders at the 57th AGM held on Wednesday, Singh said: "The residential segment exhibited a strong structural recovery over the last two years, well supported by tailwinds of the fundamental demand drivers".

11 Aug 2022, 02:25:56 PM IST

Spencer's Retail Q1 net loss widens to ₹33.63 crore

RP-Sanjiv Goenka Group arm Spencer's Retail Ltd on Thursday said its consolidated net loss widened to 33.63 crore for the first quarter ended June 30. The company had posted a net loss of 23.55 crore in the April-June period a year ago, Spencer's Retail said in a regulatory filing.

Its revenue from operations increased 12.5% to 621 crore during the quarter under review against 552 crore in the year-ago period.

11 Aug 2022, 02:15:26 PM IST

Auto index slips into red; sheds 0.5%

Auto Index
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Auto Index
11 Aug 2022, 02:11:30 PM IST

REC's bonus shares issue proposal gets shareholders' nod

Public enterprise REC Limited, formerly Rural Electrification Corporation Limited, has received shareholders' approval for the proposal to issue 65.83 crore bonus shares, utilising capital reserves of 658.3 crore.

The company in an exchange filing said that “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." The resolutions were the approval to appoint Vivek Kumar Dewangan as its Chairman and Managing Director and to capitalize the reserves and issue Bonus shares to the shareholders of the company.

11 Aug 2022, 01:57:24 PM IST

Bharat Forge Q1 net profit at ₹160.37 crore

Auto components maker Bharat Forge Ltd on Thursday reported a consolidated net profit of 160.37 crore for the first quarter ended June 30.

The company had posted a consolidated net profit of 152.75 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing.

Its consolidated revenue from operations during the period under review stood at 2,851.46 crore. It was 2,107.68 crore in the year-ago period, it added.

11 Aug 2022, 01:36:12 PM IST

This small-cap chemical stock announces 1:1 bonus share. 

Joining the list of bonus shares in August 2022, the board of directors of Pondy Oxides & Chemicals Limited has announced 1:1 bonus share issue. The small-cap chemical stock board also fixed 14th September 2022 as record date for the purpose of issuance of bonus shares. The bonus share issuance is subject to approval of company shareholders and members of the Annual General Meeting. (Full Report)

11 Aug 2022, 01:16:46 PM IST

‘Worst likely over’ for emerging Asia currencies as Fed hike bets ease

Asia emerging market currencies jump from the open after slower-than-expected US inflation data eased pressure on the Federal Reserve to raise interest rates aggressively.

South Korea’s won led gains, rising as much as 1%, while the Malaysia ringgit advanced 0.4%. The rally came after the Bloomberg Dollar Spot Index slid 1% following the release of the US data on Wednesday. The offshore Chinese yuan appreciated 0.5% on Wednesday as it trades during US hours. (Full report)

11 Aug 2022, 01:03:06 PM IST

Axis Bank leads the stock rally; gains 2.5%

Axis Bank
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Axis Bank
11 Aug 2022, 01:01:33 PM IST

Government imposes anti-dumping duty on electrogalvanized steel

After fighting a long battle of almost a year, American Precoat Specialty, a Noida-based electro galvanized steel producer company has finally won the day after the Government had recently imposed anti-dumping duty on electro galvanized steel. The company filed an application before the Directorate General of Trade Remedies (DGTR) back on December 28, 2021, appealing an investigation of anti-dumping duty, from countries like Korea, Japan and Singapore.

11 Aug 2022, 12:46:18 PM IST

Jagdeep Dhankhar takes oath as 14th Vice President of India

President Droupadi Murmu administered the Oath of Office to the elected Vice-President of India Jagdeep Dhankhar at Rashtrapati Bhavan today. The BJP-led NDA candidate won the election comfortably with 528 votes against Alva's 182. The Vice President is also the ex-officio Chairman of the Rajya Sabha.

11 Aug 2022, 12:45:30 PM IST

J&K Bank aims to achieve business of ₹4 lakh cr in next 5 yrs: MD & CEO Baldev Prakash

Jammu and Kashmir Bank has set a long-term goal of achieving 4,00,000 crore business in the next five years with annual profit of 4,000 crore, a top company official has said.

J&K Bank MD & CEO Baldev Prakash said the long-term objectives are backed by well thought out strategies and monitorable execution plans that would be periodically reviewed to ensure achievement of all interim milestones.

Prakash said the bank is also working on short-term goals like fixing monthly targets for each business line.

11 Aug 2022, 12:41:51 PM IST

JMC Projects bags new orders worth ₹1,524 cr in construction, water segments

JMC Projects Limited (JMC) on Thursday said it has secured new orders worth 1,524 crore in construction and water segments.

The orders include an engineering, procurement and construction project for integrated airport development in Asia for 1,012 crore, JMC, a subsidiary of Kalpataru Power Transmission Limited, said in a statement.

It has also bagged water projects worth 370 crore and B&F (Buildings & Factories) projects of 142 crore in India.

11 Aug 2022, 12:33:38 PM IST

Google opposes Facebook-backed proposal for self-regulatory body in India -sources

Google has grave reservations about developing a self-regulatory body for the social media sector in India to hear user complaints, though the proposal has support from Facebook and Twitter, sources with knowledge of the discussions told Reuters.

India in June proposed appointing a government panel to hear complaints from users about content moderation decisions, but has also said it is open to the idea of a self-regulatory body if the industry is willing.

The lack of consensus among the tech giants, however, increases the likelihood of a government panel being formed - a prospect that Meta Platforms Inc's Facebook and Twitter are keen to avoid as they fear government and regulatory overreach in India, the sources said.

11 Aug 2022, 12:11:26 PM IST

Adani Group to invest $5.2 billion to set up alumina refinery in Odisha

Adani Enterprises Ltd. plans to invest $5.2 billion in setting up an alumina refinery in the eastern Indian state of Odisha, as Gautam Adani, Asia’s richest man, adds one more business to his rapidly-expanding empire.

The flagship company of the Adani Group got the approval to build the refinery and a captive power plant in Rayagada for an investment of 416.53 billion rupees ($5.2 billion), according to a Twitter post on Wednesday by the office of the state’s Chief Minister, Naveen Patnaik. The refinery will have an annual capacity of 4 million tons, according to another statement by the local government. (Full Report)

11 Aug 2022, 12:05:19 PM IST

Six merchant bankers in fray for govt's HZL stake sale; to make presentation on Friday

As many as six merchant bankers are vying to handle and manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice.

ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations via video conferencing before the government officials on Friday, highlighting their plans in managing the offer for sale.

The bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12, as per the notice.

11 Aug 2022, 12:03:36 PM IST

Noon Update: Indices soar on back of easing of US inflation worries. Sensex up 520 points and at 59,340, Nifty gains 130 points - at 17,665

IT and Bank stocks surge in today's rally with Tech Mahindra and Axis Bank leading. Tata Consumer contributes to the drag on the FMCG index.

Sensex Noon
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Sensex Noon
11 Aug 2022, 11:49:55 AM IST

HDFC executes rare trade to hedge rate risk

India’s largest mortgage financier used an unusual trade to hedge some of its borrowings against interest rate volatility as it sought to expand its range of tools to manage risk, according to people familiar with the matter. (Full Report)

11 Aug 2022, 11:35:47 AM IST

Coal India shares gain 3% to touch 52-week high on strong Q1 numbers

Shares of Coal India gained over 3% to hit a 52-week high in morning trade on Thursday after the company reported robust June quarter numbers.

On BSE, the stock opened strong at 226.00, then gained further to hit a 52-week high of 226.10, registering a rise of 2.84% over its previous closing price after its June quarter profit almost tripled to 8,832.86 crore.

On the NSE, the stock climbed 3.16% to a 52-week high of 226.80.

11 Aug 2022, 11:25:13 AM IST

Covid-19: India reports 53 deaths in last 24 hours

India reported 16,299 fresh coronavirus infections in the last 24 hours and 53 deaths, according to Union health ministry’s update on Thursday. India’s active caseload currently stands at 1,25,076, with total reported cases over 4.41 crore since the pandemic hit in March 2020. The death toll stands at 5,26,879. (Full Report)

11 Aug 2022, 11:14:05 AM IST

Tata Consumer sheds 1.5% in today's trade

Tata Consumer
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Tata Consumer
11 Aug 2022, 11:08:15 AM IST

Shares of Eicher Motors rise 3% to hit 52-week high on strong Q1 numbers

Shares of Eicher Motors jumped over 3% to hit a 52-week high in morning trade on Thursday after the company posted strong earnings for the quarter ended June 30.

On BSE, the stock opened strong at 3,249 and gained further ground to touch its 52-week high level of 3,260.85, registering a rise of 3.36% over its previous closing price.

On the NSE the stock opened at 3,256.00, then climbed to 3,219.00, up 2.04% over its last close.

11 Aug 2022, 10:59:03 AM IST

PSU Bank index gains more than 2.5%; all stocks in green.

PSU Bank
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PSU Bank
11 Aug 2022, 10:57:48 AM IST

Zerodha faces snag in early trade; issue fixed now

Discount broker Zerodha's customers faced difficulties with the app on Thursday morning.

A company spokesperson said the price was not ticking for a few customers, and the issue has been fixed now.

Some of the affected customers took to social media to complain about the app not working early into trade and shared screenshots of the troubles.

11 Aug 2022, 10:54:27 AM IST

Tech Mahindra leads the rally on Thursday; gains 2.5%

Tech Mahindra
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Tech Mahindra
11 Aug 2022, 10:42:24 AM IST

Allcargo Logistics Q1 PAT rises over two-fold to ₹280 crore in June quarter

Allcargo Logistics has reported over two-fold growth in its consolidated profit after tax (PAT) to 280 crore for the June quarter.

The company had posted a PAT of 106 crore in the first quarter of the previous fiscal, Allcargo said in a release on Thursday.

Its consolidated revenue during the first quarter of FY23 rose 65 per cent to 5,675 crore from 3,449 crore in Q1 FY22, it said.

11 Aug 2022, 10:41:00 AM IST

Go Fashion pushing ahead with expansion; plans to open 120-130 stores every year

Go Fashion (India) Ltd, which owns women's wear brand Go Colors, was pushing ahead with its plan to strengthen its footprint across geographies by adding about 120-130 stores every year, a company official said on Thursday. The company, which owns approximately 8% of the branded women's bottom-wear market, declared its financial results with profit after tax for the April-June quarter at 24.4 crore.

11 Aug 2022, 10:39:56 AM IST

Prabhudas Lilladher recommendations on Sumitomo Chemicals, Hindalco, Zydus, Coal India, Eicher Motors, and S Chand 

Sumitomo Chemical India (SUMICHEM IN): BUY | CMP: Rs475 | TP: Rs510

Hindalco Industries (HNDL IN): ACCUMULATE | CMP: Rs440 | TP: Rs580

Zydus Lifesciences (ZYDUSLIF IN): BUY | CMP: Rs364 | TP: Rs425

Coal India (COAL IN): ACCUMULATE | CMP: Rs220 | TP: Rs255

Eicher Motors (EIM IN): BUY | CMP: Rs3,155 | TP: Rs3,400

S Chand and Company (SCHAND IN): BUY | CMP: Rs137 | TP: Rs185

11 Aug 2022, 10:21:40 AM IST

IndiGo, SpiceJet shares rise as govt lifts cap on flight ticket prices

A day after the civil aviation ministry said it will remove the cap on flight ticket prices which was imposed two years ago due to the coronavirus pandemic, shares of Indian domestic airlines, Spicejet and IndiGo rose today. Shares of IndiGo's parent InterGlobe Aviation Ltd rose as much as 2.3% to 2084.6 while smaller SpiceJet Ltd jumped as much as 7% to 47.9.

11 Aug 2022, 10:17:02 AM IST

Theatres expect big films, festive weekend to break Bollywood jinx

With two big films -- Aamir Khan’s Laal Singh Chaddha and Akshay Kumar’s Rakshabandhan--releasing on Thursday, cinemas across India are getting ready for the first full-fledged Independence Day weekend in two years flanked by the Rakhi holiday, giving ample time for families to visit theatres. The two films are running neck-and-neck in screen count and number of shows and are expected to end Bollywood’s dry spell at the box office. (Full Report)

11 Aug 2022, 10:03:38 AM IST

Southern Petrochemicals Industries Corporation reports Q1 PAT at ₹66.85 crore

Southern Petrochemicals Industries Corporation Ltd (SPIC) has reported a profit after tax for the April-June 2023 quarter at 66.85 crore, the company said on Thursday. The Chennai-based agri-nutrient and fertiliser company had reported PAT at 27.68 crore during the corresponding quarter previous year, a company statement said. For the year ending March 31, 2022, the profit after tax stood at 140.43 crore.

11 Aug 2022, 09:50:10 AM IST

Reliance Securities on US CPI: Not sufficient to stop the Federal Reserve from ploughing ahead with more aggressive tightening

Mitul Shah - Head of Research at Reliance Securities said, “The US consumer price index rose by 8.5% YoY in Jul’22, a slower annual increase compared to June, as inflationary pressures eased on the back of lower crude prices. On an annual basis, the CPI decelerated from an increase of 9.1% in Jun’22, reflecting better numbers on monthly as well as annual basis compared to estimates. Though it's an improvement, it's not sufficient to stop the Federal Reserve from ploughing ahead with more aggressive tightening of monetary policy to check inflation. Street appreciated the improvement, though quantum is small but directional decline provided big relief to investors. Moreover, it also lowers the probability of recession ahead. The US markets futures jumped in the range of 1.5-2% in its initial reaction. We expect inflation to cool off gradually on the back of falling crude prices and softening other commodities going ahead. This would support global economies and global equity markets ahead."

11 Aug 2022, 09:37:07 AM IST

Indian Oil shares trade ex-dividend; stock rises

Shares of Indian Oil Corporation (IOC) rose over a per cent to 71 apiece on the BSE in Thursday's opening deals as the stock started trading ex-dividend, a day ahead of the record date for its final dividend that was announced in May this year.

The oil marketing company's board of directors in its meeting held on May 17, 2022 had recommended a final dividend for financial year 2021-22 and the record date for the same has been fixed on Friday, August 12, 2022. (Full Report)

11 Aug 2022, 09:29:59 AM IST

Indian rupee opens higher as U.S. inflation concerns ease

The Indian rupee opened higher against the dollar on Thursday as a decline in the U.S. inflation rate boosted Asian currencies, lifting risk appetite.

The rupee was trading at 79.25 per U.S. dollar by 0333 GMT, up from 79.52 in the previous session.

11 Aug 2022, 09:29:09 AM IST

IT Index off to great start, up 2%; all stocks in green.

IT Index
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IT Index
11 Aug 2022, 09:23:24 AM IST

Indices soar at the starting bell on Thursday, gain more than a percent. Sensex crosses 59,400 mark and Nifty is touching 17,700

Bank/Financial index and IT index are leading the rally in the morning.

Sensex Open
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Sensex Open
11 Aug 2022, 09:13:51 AM IST

Tata Capital Financial accepts bids on 10-year bonds - traders

Tata Capital Financial Services has accepted bids worth 1.88 billion rupees on the sale of bonds maturing in 10 years, two merchant bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 7.95% on this issue, and had invited commitment bids from bankers and investors for the same on Wednesday, they said.

The notes are rated AAA by CRISIL and ICRA and the issue will close for a subscription later this week.

11 Aug 2022, 09:12:20 AM IST

Ashika Stock Broking: Intraday dip towards 17450-17500 need to be hunted for creating long position for the target of 17900.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a hanging man pattern on the daily chart indicating of a possible halt in the rally however higher high low formation remains perfectly in place and has been sustaining decisively above the crucial 17,500 mark reinstating that trend is likely to remain positive. Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-month falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors. Classical theorist can claim that there has been a falling channel breakout and is likely to head higher towards the 17900 levels as it is 80% retracement of entire decline off October 2021 to June low (18600-15200). Thus during the Nifty is likely to witness a gap-up opening while maintaining higher high-low and intraday dip towards 17450-17500 need to be hunted for creating long position for the target of 17900."

11 Aug 2022, 09:04:31 AM IST

Sensex pre-opens with gains; Coal India, IRCTC, Indigo, Tata Consumer, Glenmark, SAIL stocks in focus

Sensex preopen
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Sensex preopen
11 Aug 2022, 08:59:14 AM IST

Oil edges lower as market tightness eases, pipeline restarts

Oil fell as US data on stockpiles and production signaled an easing of market tightness, and a key European pipeline restarted flows.

West Texas Intermediate edged lower after ending 1.6% higher on Wednesday following softer-than-expected US inflation data. US government figures showed that inventories hit the highest since December as local output climbed. In Europe, crude flows from Russia along the southern Druzhba network resumed as a payment dispute was resolved.

11 Aug 2022, 08:53:07 AM IST

Reliance Securities: Stock in Focus for Thursday - Tata Motors

STOCK IN FOCUS

Tata Motors (CMP Rs.476)

In view of expected recovery of JLR’s global business with likely ease on semiconductor supply in subsequent quarters, turn around of PV business post restructuring of domestic business coupled with attractive valuation; we reiterate our BUY rating on TTMT with a SOTP based the Target Price of Rs575, valuing the business at Rs679 and excluding the net debt of Rs104/share.

Intraday Picks

AXIS BANK (PREVIOUS CLOSE: 739) BUY

For today’s trade, long position can be initiated in the range of 730- 735 for the target of Rs.760 with a strict stop loss of 724.

TECHM (PREVIOUS CLOSE: 1055) BUY

For today’s trade, long position can be initiated in the range of 1045-1052 for the target of Rs.1075 with a strict stop loss of 1035.

TITAN (PREVIOUS CLOSE: 2434) SELL

For today’s trade, short position can be initiated in the range of 2455- 2470 for the target of Rs.2410 with a strict stop loss of 2485.

11 Aug 2022, 08:46:20 AM IST

Stocks to Watch: Coal India, IRCTC, Indigo, Tata Consumer, Glenmark, SAIL

Apollo Hospitals, Bharat Forge, Aurobindo Pharma, Bata India, and TPI India will be in focus as they declare their June quarter earnings today. (Full Report)

11 Aug 2022, 08:37:56 AM IST

LIC offloads 2% stake in Mahindra & Mahindra for ₹2,222.49 cr

Life Insurance Corporation (LIC) on Wednesday said it has sold 2% of its shareholding in automaker Mahindra & Mahindra for about 2,222.49 crore.

The shares were sold through open market transactions during the period from December 21, 2020, to August 8, 2022, according to a regulatory filing.

After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430% to 6.421%, it said.

11 Aug 2022, 08:28:12 AM IST

Multibagger pharma stock in focus as it trades ex-dividend today. Details here

Divi's Laboratories shares are one of the multibagger stocks that Indian stock market has produced in recent years. The stock is in focus today as it is going to trade ex-dividend today. The board of directors of the company has recommended a dividend of 30 per equity share to its shareholders for the financial year 2021-22. The pharma company board has fixed 12th August 2022 as 'record date' for dividend payment. (Full Report)

11 Aug 2022, 08:24:10 AM IST

In India, 7.3% of the population owned digital currency in 2021, 7th highest in the world: UN

Over seven per cent of India’s population owns digital currency, according to the UN, which said that the use of cryptocurrency rose globally at an unprecedented rate during the COVID-19 pandemic.

The UN trade and development body UNCTAD said that in 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies.

Ukraine topped the list with 12.7 per cent, followed by Russia (11.9 per cent), Venezuela (10.3 per cent), Singapore (9.4 per cent), Kenya (8.5 per cent) and the US (8.3 per cent).

11 Aug 2022, 08:23:16 AM IST

India bond yields seen steady, inflation in focus

Indian government bond yields are seen mostly steady in opening trades on Thursday as traders await headline retail inflation data as well as fresh supply of notes through weekly debt auction.

During the session, the yield on the 10-year benchmark bond is likely to trade in a 7.28%-7.34% band, a trader with a private bank said. It closed at 7.3101% on Wednesday, and had eased after rising for two previous sessions.

11 Aug 2022, 08:04:30 AM IST

Airfare caps to go from August end as sector revives

The civil aviation ministry on Wednesday removed price bands on airfares with effect from 31 August, freeing airlines from the specified minimum and maximum fares set more than two years ago as the sector recovers.

A ministry order said the decision was taken after reviewing the status of domestic airline operations and passenger demand. Price bands were introduced in May 2020 to protect consumers from a possible skyrocketing of fares when airline operations were gradually restored during the pandemic and to give price stability to the highly competitive industry, which works on thin margins. The floor price was also meant to ensure that people travelled only for essential purposes. The price band was based on the approximate duration of travel.

11 Aug 2022, 08:03:33 AM IST

Retail inflation in India likely eased but remained above the 6%

Retail inflation in India likely eased in July as food and commodity prices cooled but remained above the 6% upper limit of the central bank’s tolerance range for the seventh consecutive month, a Mint survey of 28 economists projected.

The survey’s median estimate showed inflation is expected to slow to 6.78% in July from 7.01% in June, slowing for the third straight month, convincing many economists that inflation has probably peaked. Predictions in the poll ranged from 6.50% to 6.91%. The official inflation data for July will be released on Friday. “While the moderation in inflation levels in May and June—after a peak of 7.8% in April—is partly attributable to base effects, the July print will be primarily driven by a drop in food prices," said Kanika Pasricha, an economist at Standard Chartered Bank. (Full Report)

11 Aug 2022, 07:50:56 AM IST

Rupee rebounds 38 paise to 79.25 against dollar on forex inflows

The rupee on Wednesday rebounded by 38 paise to close at 79.25 against the US currency following foreign fund inflows and a weak greenback in the global markets.

The US dollar index traded lower ahead of the release of US inflation data which was widely expected to be marginally lower than June numbers.

11 Aug 2022, 07:37:01 AM IST

Gold prices fall by ₹60, silver declines ₹575

Gold prices eased by 60 to 52,811 per 10 grams in the national capital on Wednesday in line with losses in the precious metal in the global markets, according to HDFC Securities.

The precious metal had closed at 52,871 per 10 grams in the previous trade.

Silver declined by 575 to 58,985 per kg from 59,560 per kg in the previous trade.

11 Aug 2022, 07:36:10 AM IST

Telcos hunt for tech workers as 5G nears

Hiring for tech roles in the telecom sector is gaining pace as telcos prepare to launch 5G services for consumers and enterprises.

Network engineers, software developers, cloud specialists, data analysts and test engineers are in high demand to support 5G deployment, said Sekhar Garisa, chief executive of Monster India. (Read More)

11 Aug 2022, 07:35:29 AM IST

RBI tightens rules for digital lending

The Reserve Bank of India on Wednesday issued guidelines for digital lending platforms to ensure orderly growth and protect borrowers following complaints that lending apps were charging usurious interest rates, pursuing aggressive recovery practices, and committing fraud and breach of data privacy.

The rules, applicable only to RBI-regulated entities and lending service providers, mandate them to disclose the all-inclusive cost of digital loans to borrowers and bar lenders from automatically increasing credit limits without the borrower’s consent. (Full Report)

11 Aug 2022, 07:29:34 AM IST

Indian companies swapping dollar for Asian currencies to buy Russian coal

Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoiding the U.S. dollar and cutting the risk of breaching Western sanctions against Moscow.

Reuters previously reported on a large Indian coal deal involving the Chinese yuan, but the customs data underline how non-dollar settlements are becoming commonplace.

India has aggressively stepped up purchases of Russian oil and coal since the war in Ukraine began, helping to cushion Moscow from the effects of sanctions and allowing New Delhi to secure raw materials at discounts compared to supplies from other countries.

11 Aug 2022, 07:28:27 AM IST

Wall Street stocks rally, dollar falls on easing inflation

Wall Street equities rallied and the dollar tumbled after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.

Traders priced in a 50 basis points rate hike next month, compared with the 75 bps increase that had been expected before the inflation report.

The Dow Jones Industrial Average ended the session up 535.1 points, or 1.63%, at 33,309.51 while the S&P 500 rose 87.77 points, or 2.13%, to 4,210.24 and the Nasdaq Composite added 360.88 points, or 2.89%, to finish at 12,854.81.

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