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Indices end in green with marginal gains; Energy, Metal shine; IT, Pharma drag

Stock Market Today: Fed rate hike strategy will play in traders' minds. (PTI)Premium
Stock Market Today: Fed rate hike strategy will play in traders' minds. (PTI)

  • Share Market Close: India's benchmark indices ended with gains amidst mixed global cues as caution prevailed on Fed's interest hike rate strategy. Sensex added 130 points and Nifty 39 on Friday. ONGC and NTPC rose, while Divi's Labs and Apollo Hospitals lost ground.

Stocks in Asia traded on a mixed note on Friday following a jump in Treasury yields amid ongoing uncertainty about how far the Feds will tweak the interest rates to control inflation. Japan's Nikkei ended at a seven-month high on Friday after a holiday on Thursday but other Asian markets had a more muted day.

12 Aug 2022, 03:45:26 PM IST

Indices end with gains after being in the flat territory for most of the day. Sensex closed at 59,462 and Nifty at 17,698 points.

Indian benchmark indices closed the day with decent gains after remaining in the flat territory for most of the day. Sensex played around the 59,500 mark but ended at 59,462 with a 130-point jump. Nifty ended at 17,698 points, which is a gain of 39 points.

Pharma, Healthcare, and IT dragged the market and lost more than a per cent each, whereas Oil and Gas gained more than 2%. Metal also ended with a decent surge.

Among stocks, NTPC, ONGC and Tata Steel made healthy gains, but Divi's Laboratories tanked by more than 5%. Apollo Hospitals and Infosys also featured in the list of prominent laggards.

Asian peers had a mixed day. Japan's benchmark stock index ended at a seven-month high on Friday led by tech heavyweights. The Nikkei share average jumped 2.62%.

Chinese stocks had a mixed with Hong Kong stocks ending the week on a positive note on Friday, extending the previous day's rally. The Hang Seng Index added 0.46%. The Shanghai Composite Index edged down 0.15%.

European shares eked out gains on Friday at the open after Sanofi and GSK led a rebound in healthcare stocks.

Traders grow hopeful a drop in inflation could allow the Federal Reserve to ease back on its interest rate hikes. This is despite a few Fed officials stressing the need of taming inflation.

Sensex at Close
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Sensex at Close
12 Aug 2022, 03:23:32 PM IST

Nifty's earnings revision ratio is a bearer of bad news

India Inc's latest earnings have not instilled a lot of confidence among equity investors, consequently, earnings downgrades continue.

An analysis by BofA Securities Ltd. shows that as of July 2022, the Street has revised Nifty's FY23/24 earnings down by -2.4%/-1.8% month-on-month and -2.5%/-2.2% year-to-date. Concerns about subdued global growth due to the looming threat of a recession does not paint a very encouraging picture of earnings outlook. (Full Report)

12 Aug 2022, 03:01:14 PM IST

Grasim Industries Q1 profit up 13% to ₹2,759 crore

Aditya Birla Group firm Grasim Industries Ltd on Friday reported 12.7% increase in consolidated net profit at 2,758.75 crore for the quarter ended June 30, 2022.

The company had posted a net profit of 2,447.97 crore for April-June 2021-22, Grasim Industries said in a regulatory filing.

Revenue from operations was up 40.77% at 28,041.54 crore during the quarter under review as against 19,919.40 crore in the year-ago period.

Total expenses were at 24,393.95 crore as against 16,853.28 crore.

12 Aug 2022, 02:41:55 PM IST

Zomato shares surge 35% this month. Should you chase now? What experts say

Zomato shares have been in uptrend after hitting its new 52-week low of 40.60 apiece on NSE last month. This food platform stock has risen from around 46.80 to 63.10 apiece levels in August 2022, logging around 35 per cent rise this month. (Full Report)

12 Aug 2022, 02:39:57 PM IST

UK Economy Shrinks For First Time Since Covid Lockdown

The UK economy shrank in the second quarter for the first time since the pandemic, driven by a decline in spending by households and on fighting the coronavirus.

Gross domestic product fell 0.1% after an 0.8% gain in the first quarter, the Office for National Statistics said Friday. A decline in Covid testing and vaccinations as well as slower retail sales and the first drop in household consumption in more than a year were the biggest drivers. Manufacturing also fell. (Bloomberg)

12 Aug 2022, 02:26:58 PM IST

Elan Group buys 7.65 acre land in Gurugram from Ambience group for over ₹200 crore

Realty firm Elan Group has acquired 7.65-acre land from Ambience group in Gurugram for over 200 crore to develop a commercial project as part of its expansion plan, according to sources.

The company will develop about one million square feet area on this land parcel -- located at Sector 82 in Gurugram -- comprising office, retail, service apartments and a hotel.

As per the sources, the total consideration of over 200 crore includes statutory dues to the government and take over of some debt. (PTI)

12 Aug 2022, 02:14:13 PM IST

Bank of Maharashtra tops list of PSU lenders in Q1 loan, deposit growth

Bank of Maharashtra (BoM) has emerged as the top performer among the public sector lenders in terms of loan and deposit growth in percentage terms during the first quarter of 2022-23.

The Pune-headquartered lender recorded a 27.10% increase in gross advances to 1,40,561 crore at the end of June 2022, according to published quarterly numbers of the public sector banks (PSBs).

It was followed by the Indian Overseas Bank and Bank of Baroda with 16.43% and 15.73% rise in advances growth, respectively.

12 Aug 2022, 01:55:12 PM IST

Oil and Gas index shines, adds 2%, with IGL and ONGC leading the race

Oil and Gas
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Oil and Gas
12 Aug 2022, 01:35:25 PM IST

India's palm oil imports fall in July as soy oil jumps to record high

India's palm oil imports in July fell 10% from a month ago, as refiners ramped up purchases of rival soyoil to take advantage of New Delhi's move to allow duty-free imports of the vegetable oil to calm all-time high prices, a trade body said on Friday.

Higher soyoil purchases by the world's biggest edible oil importer will support U.S. soyoil prices, but will dent rival palm oil's share in Indian buying and force Malaysian and Indonesian sellers to offer discounts to regain the market share, traders said. (Reuters)

12 Aug 2022, 01:20:25 PM IST

Bank of Baroda sets 7.39% coupon on infra bonds – traders

India's Bank of Baroda has set 7.39% coupon on its infrastructure bonds maturing in seven years, three merchant bankers said on Friday.

The state-run lender had invited coupon and commitment bids from bankers and investors for the same and has accepted bids worth 10 billion rupees ($125.51 million), the sources said.

The bonds are rated AAA by ICRA and India Ratings and the issue will close for subscription on Aug. 17. (Reuters)

12 Aug 2022, 01:15:39 PM IST

FMCG stock to decide on bonus shares soon. Do you own?

Microcap FMCG company, M Lakhamsi Industries Ltd is soon going to announce bonus shares for its shareholders. The board of directors of the company is expected to consider bonus share issue in their scheduled meeting on 13th August 2022. The company board will also consider approval to its Q1 financial results in this meeting scheduled on above mentioned date.

12 Aug 2022, 01:10:41 PM IST

European shares eke out gains at open as healthcare stocks rebound

European shares eked out gains on Friday at the open after Sanofi and GSK led a rebound in healthcare stocks, with the main STOXX 600 index set for weekly gains.

Sanofi rose 1.6% and GSK added 3.0% after a heavy selloff in the previous session on growing worries about U.S. litigation focused on a heartburn drug that contained a probable carcinogen. (Reuters)

12 Aug 2022, 12:45:38 PM IST

Ashika Stock Broking: Intraday dip towards 17500-17540 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 small negative candle with a gap up opening on the daily chart. the trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 will be the immediate resistance zone on the higher side which is around 17,700 to 17,750, likewise support base has now shifted higher to 17,350 to 17,300 range. Hence one can expect a range-bound action in the market. 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-months 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 day Nifty is likely to open flat to slightly negative though positive bias is likely to remain and intraday dip towards 17500-17540 need to be hunted for creating long position for the target of 17900.

12 Aug 2022, 12:43:39 PM IST

Apollo Hospitals sheds more than 3% after a disappointing quarterly results on Thursday

Healthcare chain Apollo Hospitals Enterprise on Thursday reported a 35.33% decline in consolidated net profit at 323.78 crore in the first quarter of FY23 amid higher expenses and marginal revenue growth. Consolidated revenue from operations during the quarter under review stood at 3,795.6 crore as against 3,760.21 crore in the year-ago period, it added.

12 Aug 2022, 12:31:11 PM IST

Axis Securities' recommendation on Coal India, Page Industries, SAIL and Trent

Coal India: BUY with TP at 245

Page Industries: HOLD with TP at Rs. 51,900

SAIL: HOLD with TP at 75

Trent: BUY with TP at 1500

12 Aug 2022, 12:29:14 PM IST

Balaji Speciality Chemicals files papers with Sebi to raise funds via IPO

Balaji Speciality Chemicals has filed preliminary with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO consists of a fresh issue of equity shares worth up to 250 crore and an offer-for-sale (OFS) of up to 2,60,00,000 equity shares by promoters and promoter group entities, according to the draft red herring prospectus (DRHP).

Proceeds worth 68 crore from the fresh issue will be used to repay debt, and 119.5 crore will be spent on working capital requirements, besides general corporate purposes. (PTI)

12 Aug 2022, 12:17:59 PM IST

SC issues notices to Centre, ONGC on appeal of Vedanta Ltd relating to Barmer oil field: PTI

The Supreme Court on Friday sought a response from the Centre on an appeal of Vedanta Ltd against a Delhi High Court verdict related to a production sharing contract (PSC) of Vedanta and the ONGC to produce oil from the Barmer oil field in Rajasthan.

Vedanta Ltd has moved the top court against the March 26 judgement of a division bench of the Delhi High Court setting aside a single judge order directing the Centre to extend till 2030 its PSC with Vedanta Ltd and ONGC to produce oil from the Barmer oil field.

“Issue notice," said a bench comprising Chief Justice N V Ramana and Justice Krishna Murari after hearing brief submissions from senior advocate Harish Salve, appearing for Vedanta Ltd.

Solicitor General Tushar Mehta, appearing for the Centre and the ONGC, said that he accepted the notice and sought four weeks' time for filing the responses.

12 Aug 2022, 12:06:26 PM IST

Nikkei ends at 7-month high on hopes for slower U.S. rate hikes

Japan's benchmark stock index ended at a seven-month high on Friday, led by SoftBank Group and other tech heavyweights, as signs of cooling U.S. inflation raised hopes for smaller Federal Reserve rate hikes and boosted risk appetite.

The Nikkei share average jumped 2.62% to 28,546.98, its highest close since Jan. 12. The index, which posted the sharpest daily gain in three weeks, rose 1.32% for the week in its second straight weekly gain.

12 Aug 2022, 12:03:57 PM IST

Noon Update: Indices trading flat, marginally in green. Metal and Oil & Gas gain the most, IT and Healthcare/Pharma stock slip

Tata Steel and ONGC shine in the first half of Friday, while Apollo Hospital and Divi's Laboratories shed around 3%.

Sensex at Noon
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Sensex at Noon
12 Aug 2022, 11:48:32 AM IST

Metal index gains the most on Friday, nearly all stocks in green

Metal
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Metal
12 Aug 2022, 11:46:33 AM IST

Chemical stock recommends bonus shares. Check record date

While announcing its earnings for the first quarter ended June 2022, Pondy Oxides and Chemicals Ltd on Wednesday had informed that its board at the meeting held on August 10 recommended the issuance of bonus equity shares in the ratio of 1:1, which is subject to the approval of the shareholders, and the board has also fixed the record date for the same.

12 Aug 2022, 11:34:13 AM IST

Paytm slips 6% on questions over CEO reappointment, regulatory fears

Shares of India's digital payments firm Paytm fell 6.2% on Friday, hit by a proxy advisory firm's opposition to reappointment of its chief executive officer and the central bank's guidelines for digital lending apps.

Institutional Investor Advisory Services has said it opposes the reappointment of Vijay Shekhar Sharma as CEO and managing director at the annual general meeting next week.

12 Aug 2022, 11:32:37 AM IST

Page Industries shares hit 52-week high on strong Q1 earnings

Shares of Page Industries hit a 52-week high in morning trade on Friday after the apparel manufacturer reported a multi-fold jump in the first quarter net profit.

Shares of Page Industries opened on a strong note on BSE at 49,799.95, then gained momentum to touch its 52-week high of 50,338.05, registering a jump of 2.47 per cent over its previous close.

The stock witnessed a similar movement on the NSE, where it started at 49,750, and then touched its 52-week high of 50,350, a rise of 2.73 per cent over its last close.

12 Aug 2022, 11:11:44 AM IST

Divi's Laboratories sheds almost 3% in todays' trading

Divi's Laboratories
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Divi's Laboratories
12 Aug 2022, 11:06:39 AM IST

Amit Burman resigns as chairman of Dabur

Fast moving consumer goods company Dabur India Ltd on Friday informed that Amit Burman has resigned as the Chairman of the company. with effect from the close of working hours of August 10, 2022. Though, Burman will continue as Non-Executive Director.

“We wish to inform you that the Board of Directors have on 11th August, 2022, approved following changes in the position of Chairman and Vice Chairman of the company. 1. Acceptance of resignation of Mr. Amit Burman from the post of Chairman of the Board of Directors of the Company with effect from the close of working hours of August 10, 2022," Dabur announced in an exchange filing.

12 Aug 2022, 11:02:49 AM IST

Apple expects to sustain iPhone sales in 2022 as market slows

Apple Inc. has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn.

The tech giant is telling its assemblers to make 90 million of its newest devices, on par with last year, despite deteriorating projections for the smartphone market, according to people with knowledge of the matter. The Cupertino, California-based company still expects to assemble roughly 220 million iPhones in total for 2022, also about level with last year, according to one of the people.

12 Aug 2022, 10:44:14 AM IST

Paytm shares business update for July, loan disbursals up 296% YoY

Paytm on Friday shared its operating performance update for the month of July 2022, in which it said that the company's loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now an annualised run rate of over 25,000 crore in July.

Its loan distribution business scaled to 2.9 million, witnessing a year-on-year (YoY) growth of 296%, while the value of loans disbursed grew 512% from the year-ago quarter to 2,090 crore ($264 million). (Full Report)

12 Aug 2022, 10:39:28 AM IST

ONGC shines in the morning session, gains more than 3.5% 

ONGC
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ONGC
12 Aug 2022, 10:36:07 AM IST

Indian Railways receive 297 proposals from startups under 'StartUps for Railways' initiative

Railway Minister Ashwini Vaishnaw has said that the Indian Railways received 297 proposals from startups under the “StartUps for Railways" initiative which was launched in June this year.

Sharing an update the Railway Minister shared the details in a tweet and wrote,"Railway partners with startups. 297 proposals received to solve 11 problems." He also shared the number of proposals that the Railway Ministry got from the startups for solving the eleven problems. The maximum proposal was received for the broken rail detection system which was 43 and the least was for Headway Improvement System for suburban section interoperable with Indian Railways National ATP system which received four proposals. (Full Report)

12 Aug 2022, 10:14:30 AM IST

Angel One: We are likely to have consolidation in the coming trading session too on the back of the extended weekend.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: The US markets climbed overnight after the easing of the inflation report and yesterday morning too, they extended the lead. This development resulted in a bump up at the opening in our markets, mirroring the SGX NIFTY. It appeared as if we were going to witness a bumper session on weekly expiry. Still, the follow-up was clearly missing as the benchmark index Nifty chose to consolidate in merely 60 points throughout the remaining part of the session. Eventually, the day ended with seven-tenths of percent gains; but convincingly below the opening level.

We had a muted session on Wednesday and if we exclude the opening gap, yesterday’s session was more lethargic than the previous one (for NIFTY). However, the other high beta heavyweight index, BANKNIFTY had its own plans. Unlike the Nifty, the banking index extended its gains as the day progressed and eventually ended the session almost at the highest point with more than one and half a percent gains. It would be interesting to see the activities in global bourses today; because one more round of buying there would probably provide the much-needed force to surpass yesterday’s high. For the coming session, 17720 followed by 17780 are to be seen as immediate hurdles; whereas on the flip side, 17630 – 17560 are to be treated as intraday supports.

In our sense, we are likely to have consolidation in the coming trading session too on the back of the extended weekend. Hence, as a momentum trader, we would advise traders to lighten up positions at higher levels. One can continue to focus on individual stocks; because the thematic moves are still playing out well in the market.

12 Aug 2022, 10:11:59 AM IST

This chemical stock has more than doubled in three months. Do you own?

Shares of Sree Rayalaseema Hi Strength Hypo Ltd are one of the multibagger stocks in 2022 as the stock has delivered more than 135 per cent return to its shareholders in year-to-date (YTD) time. However, the stock has risen from around 370 to 812 apiece levels in last three months, delivering around 120 per cent return to the positional investors. So, the multibagger stock has doubled shareholders' money in last three months. (Full Story)

12 Aug 2022, 09:54:51 AM IST

Covid-19: India logs 16,561 new cases

India on Friday recorded 16,561 new coronavirus cases, according to the latest Union Health Ministry data. With these additions, the country's overall Covid-19 figures rose to 4,42,23,557 cases and 5,26,928 deaths.

The data showed that active cases currently stands at 1,23,535, now constituting 0.28% of the total infections. The Covid-19 recovery rate stood at 98.53%, the health ministry said, adding the daily positivity rate was 5.44% and the weekly positivity rate was 4.88%. (Full Report)

12 Aug 2022, 09:37:03 AM IST

Syrma SGS Technology IPO opens today: GMP, other details. Should you apply?

Syrma SGS Technology IPO (initial public offering) is opening for subscription today and it will remain open for bidding till 18th August 2022. The public issue worth 840 crore aims to raise 766 crore via fresh issues. The price band of the public issue has been fixed at 209 to 210 per equity share and shares of the Chennai-based engineering and design company are now available in grey market as well. According to market observers, shares of Syrma SGS Technology Ltd are trading at a premium of 20 per equity share. (Full Report)

12 Aug 2022, 09:32:17 AM IST

Most indices in red. IT and Pharma/Healthcare indices lag; Metals and Realty shine at open

Sectoral Indices
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Sectoral Indices
12 Aug 2022, 09:29:26 AM IST

Indian rupee opens tad lower; retail inflation data, flows eyed

The Indian rupee opened marginally lower to the U.S. currency on Friday, as traders awaited the retail inflation data and eyed whether there will be any follow-through dollar demand.

The rupee was trading at 79.6750 per dollar by 0332 GMT, compared to 79.63 in the previous session.

12 Aug 2022, 09:26:37 AM IST

Indices open flat but moving towards the red territory. Apollo Hospitals and Tata Motors lose more than 1.5% at open. ONGC makes gains. 

Sensex at Open
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Sensex at Open
12 Aug 2022, 09:11:14 AM IST

Cryptocurrency prices today: Bitcoin, dogecoin fall while ether, Solana gain. Check latest rates

Cryptocurrency prices today were mixed with Bitcoin trading below the $24,000 mark. The world's largest and most popular cryptocurrency Bitcoin was trading over 2% lower at $23,978. The global crypto market cap today was above the $1 trillion mark, even as it was down nearly 2% in the last 24 hours at $1.19 trillion, as per CoinGecko.

12 Aug 2022, 09:05:20 AM IST

Stocks to Watch: Oil India, Apollo Hospitals, Glenmark, Trent, Bata India

Godrej Industries, Hero Motorcorp, India Cements, Apollo Tyres, and Bajaj Electricals will be in focus as they declare their June quarter earnings today. (Full Report)

12 Aug 2022, 09:04:11 AM IST

Multibagger stock of 2022: HFC share hits 52-week high after this govt approval

After the union cabinet approval for the continuation of Pradhan Mantri Awas Yojana-Urban (PMAY-U) - “Housing for All" Mission up to 31st December 2024 on Wednesday, housing finance company stocks have given a sharp upside move. In this HFC's stock rally, BSE listed Star Housing Finance Company share price hit 52-week high on Thursday. However, profit-booking triggered in the counter and the scrip ended in red zone.

12 Aug 2022, 09:03:21 AM IST

Sensex preopen in red; Glenmark, Oil India, Apollo Hospitals, Bata India in focus

Sensex at Preopen
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Sensex at Preopen
12 Aug 2022, 08:49:42 AM IST

Oil prices on way to record weekly gain as recession fear eases

Oil prices plunged in early trade on Friday amid uncertainty on the demand outlook based on contrasting perspectives from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA). However, the benchmark contracts were headed for weekly gains as recession fears eased, according to news agency Reuters.

The Brent crude futures fell by 34 cents, or 0.3%, to $99.26 a barrel at 0112 GMT, while U.S. West Texas Intermediate (WTI) crude futures dipped by 34 cents, or 0.3%, to $94.00 a barrel.

12 Aug 2022, 08:34:44 AM IST

Indian bond yields likely to track U.S. peers higher; inflation data in focus

Indian government bond yields might trade marginally higher on Friday, tracking a spike in U.S. peers, although gains may be limited ahead of local retail inflation data.

Market participants also awaited results of the weekly debt auction to gauge investor appetite, although action could be tepid ahead of the long weekend. Indian money markets will be closed on Monday and Tuesday.

The benchmark 10-year government bond yield is likely to trade in a 7.26%-7.31% band until the auction, a trader with a private bank said.

12 Aug 2022, 08:32:04 AM IST

Reliance Securities Stock in Focus: Astral

STOCK IN FOCUS

Astral (CMP Rs.1,979)

In view of the strong all-round growth ahead, rising market share, revival in infrastructure and real estate activities, foray into new segments, we have BUY rating on the stock, with a Target Price of Rs2,215.

Intraday Picks

KOTAKBANK (PREVIOUS CLOSE: 1854) BUY

For today’s trade, long position can be initiated in the range of 1835-1845 for the target of Rs.1885 with a strict stop loss of 1810.

DRREDDY (PREVIOUS CLOSE: 4258) BUY

For today’s trade, long position can be initiated in the range of 4200-4240 for the target of Rs.4400 with a strict stop loss of 4150.

SBILIFE (PREVIOUS CLOSE: 1262) SELL

For today’s trade, short position can be initiated in the range of 1280- 1290 for the target of Rs.1240 with a strict stop loss of 1305.

12 Aug 2022, 08:17:53 AM IST

Rating firms keep watch on IndoStar Q1 earnings

After IndoStar Capital Finance’s statutory auditors raised questions over its ability to continue as a going concern, rating agencies and lenders are keenly awaiting the company’s first quarter results before taking a call on reviewing their credit ratings and loan disbursements, according to two people in the know.

Crisil and Icra put the rating of the NBFC on “watch" with “developing" and negative" implications , respectively, in May, while Care Ratings downgraded its long-term instrument from AA- to A+. (Full Report)

12 Aug 2022, 08:16:26 AM IST

Rise in power demand leads to 17% hike in coal supply to electricity generating plants in July

The supply of coal to electricity generating plants increased by 17.09% to 58.45 million tonnes in July due to rise in power demand, the government data said.

The government in the last few months has taken various measures to ensure adequate availability of coal for power stations.

The total coal dispatch to power utilities stood at 49.92 million tonnes (MT) in July last fiscal, according to provisional data of the coal ministry.

12 Aug 2022, 07:58:11 AM IST

These 2 stocks continue to be part of NSE's F&O ban list

A total of two stocks have been put under the ban for trade on Friday, August 12, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Balrampur Chini and Delta Corp continue to be part of F&O ban list by the stock exchange for Friday, whereas auto stock Escorts has been removed from the stock ban list for today. The NSE updates the list of securities in F&O ban for trade everyday.

12 Aug 2022, 07:56:51 AM IST

India to be fastest growing economy this year: Govt source

Rising inflation rates notwithstanding, India will be the fastest growing economy in the world this year, a top government source said on Thursday.

While inflation continues to be above the comfort zone, the economy has continued on its recovery path, supported by pent-up demand for services and higher industrial output.

The government, the source said, is taking continuous steps and engaging with the RBI to bring down inflation.

Inflation has stayed above the upper tolerance limit of 6 per cent for six straight months.

12 Aug 2022, 07:41:34 AM IST

Rupee falls 37 paise to close at 79.62 against US dollar on Thursday

The rupee depreciated by 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities.

At the interbank foreign exchange market, the local currency opened at 79.22 and saw an intra-day high of 79.22 and a low of 79.94 against the American currency.

It finally ended at 79.62, down 37 paise over its previous close of 79.25.

12 Aug 2022, 07:40:36 AM IST

Gold falls ₹347; silver drops ₹455

Gold in the national capital on Thursday declined 347 to 52,709 per 10 grams amid decline in international yellow metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at 53,056 per 10 grams.

Silver also fell sharply by 455 to 59,103 per kg from 59,558 per kg in the previous trade.

12 Aug 2022, 07:34:03 AM IST

Japan stocks lift dour Asian session

Japan lifted an otherwise cautious Asian stock market session Friday while Treasuries were steady as investors assessed how far the Federal Reserve must jack up interest rates to ensure high inflation keeps cooling.

An Asia-Pacific share gauge rose less than 0.5%, propped up by a catch-up rally in Japan following a holiday there. China and Hong Kong struggled to make progress. US futures fluctuated after the S&P 500 and Nasdaq 100 dipped.

12 Aug 2022, 07:32:23 AM IST

Rains, cooling commodities augur well for economy: Centre

Easing global commodity prices bodes well for the economy and will reflect positively on the current account deficit (CAD) even as the central government keeps a close watch on trends in inflation, especially from the perspective of protecting the interests of the poor and the middle class, a top government official said on Thursday. A promising monsoon means half the battle is won, the person said. (Full Report)

12 Aug 2022, 07:31:31 AM IST

India holds world's highest rate of recognising start-ups per day

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75,000 startups- a milestone which coincides with 75th year of independence. As India celebrates Azadi ka Amrit Mahotsav, the Indian startup ecosystem continues to be fuelled by innovation, enthusiasm, and entrepreneurial spirit. 

Out of the total recognized startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture. An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last 6 years. The fact that about 49% of our startups are from Tier II & Tier III today is a validation of the tremendous potential of our country’s youth. (Full Report)

12 Aug 2022, 07:28:42 AM IST

US stocks end mixed as Wall Street loses momentum

A rally in US stocks petered out Thursday, with markets ending mixed as analysts weighed encouraging inflation news against expectations that the Federal Reserve will continue to raise interest rates. The broad-based S&P 500 closed down 0.1% at 4,207.27. But the Dow Jones Industrial rose 0.1% to end the day at 33,336.67, while the tech-rich Nasdaq Composite Index dropped 0.6% to end at 12,779.91.

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