PremiumNikkei closed higher on Monday with technology stocks boosting the market. Europe also opened in green in the morning despite hints at another interest rate hike. Markets in China, Hong Kong and South Korea are closed today for holidays.
Indian benchmark indices remained solid throughout the day on Monday and ended with a gain of 0.5% and crossed psychological benchmarks. Sensex jumped 321 points to close above 60,000, at 60,115, whereas Nifty crossed 17,900 to close at 17,936, a gain of 103 points.
All indices remained green throughout the day and IT, Media, Consumer Durable and Realty surged more than any other indices.
Among stocks, Adani Ports surged more than 3%, whereas Tech Mahindra, Axis Bank, Divi's Laboratories and Titan added 2%. Coal India slipped 2% and Shree Cement dropped 1%. HDFC and Bajaj Finserv also ended in the red.
The government on Monday evening will release the keenly-watched factory output data for the month of July.
Tokyo stocks also closed higher on Monday with gains by tech shares boosting the market as investors await US inflation data. The benchmark Nikkei 225 index gained 1.16%, or 327.36 points.
China, Hong Kong and Korean markets remain closed for the autumn festival.
European shares opened higher on Monday as banks advanced for a third straight session on bets of more big interest rate hikes by the European Central Bank (ECB).
With major companies and businesses including start-ups now opting for co-working, the share of co-working spaces across the top 7 cities post COVID-19 stood at 20 per cent in H1 2022 in comparison to 6% in same period of 2021, shows data compiled by Anarock Group.
However, the the share of IT or ITeS sector declined from 49 per cent in H1 2021 to 36 per cent in H2 2022 due to many IT companies are now also preferring flexible spaces to regular office spaces. (Full Story)
Bharti Airtel on Monday announced that its subsidiary Nxtra Data Limited has partnered with Bloom Energy to deploy low environmental impact fuel cell installation at its data centres in Karnataka, reducing carbon emissions through a cleaner, hydrogen ready fuel supply.
Nxtra will be the first data centre company in India to deploy fuel cell technology to reduce carbon emissions at its data centres while unlocking cost and sustainability benefits, Bharti Airtel said in a statement. (ANI)
The government is working on developing electric highways powered by solar energy, that will facilitate the charging of heavy duty trucks and buses, Union road transport and highways minister Nitin Gadkari said on Monday.
Addressing an event organised by the Indo-American Chamber of Commerce (IACC), Gadkari reiterated that the government wants to develop India's public transport system on electricity.
"The government is strongly encouraging solar and wind energy-based charging mechanisms for electric mobility.
"We are also working on developing electric highways, which will be powered by solar energy and this will facilitate charging of heavy duty trucks and buses while running," he said. (PTI)
Shares of Indian Hotels Company Ltd are one of the multibagger stocks that Indian stock market has produced in last one year despite slowdown and inflation concerns. However, the stock is still looking in uptrend. The has hit record high of ₹316.45 apiece on NSE. Indian Hotels share price today opened upside and hit intraday high, which turned out its new life-time high on NSE. This Tata group stock had hit life-time high on Friday session as well. So, the multibagger Tata groups tock has climbed to record high on second successive session.
In 5 trade sessions last week, Indian Hotels share price hit new life-time high on Monday, Wednesday and Friday session that means the stock hit record high on 3 out of 5 sessions. Adding today's session in it, this multibagger Tata group stock has climbed to record high on 4 out of 6 straight sessions. (Full Report)
BUY BSOFT CMP: 337 TRGT: 375 SL: 320
The stock has maintained a decent bottom near 305 levels and currently has indicated a decent pullback to improve the bias and also to move past the descending trendline resistance level of 333 to strengthen the trend. We anticipate for further upward move with the RSI also getting stronger and is on the rise. With the chart looking attractive and having immense upside potential, we suggest and recommend a buy in this stock for an upside target of 375 keeping a stop loss of 320
India may need up to 28 gigawatts of new coal-fired power plants by 2032 to meet power demand that is expected to more than double from the current 404.1 GW, a government advisory body said, signalling more increases in coal use by the world's third-largest greenhouse gas emitter.
"It is seen that apart from under-construction coal-based capacity of 25 GW, the additional coal-based capacity required till 2031-32 may vary from 17 GW to around 28 GW," the Central Electricity Authority, an advisory body to the federal power ministry, said in a draft plan released last week.
India's annual electricity demand could grow by an average of 7.2% over the five years to March 2027, nearly double the rate of increase in the fiscal years from 2017 to 2022, the plan said. (Reuters)
Citing an example of cell phone industry, he said, "First, custom duties on mobile imports were increased to 20% in April 2018. This immediately increases domestic prices of mobiles, allowing producers to charge Indian customers more. For example, an iPhone 13 pro max is available for under ₹92,500 in Chicago, US, inclusive of taxes while the same model with identical specs costs ₹1,29,000 in India, a markup of nearly 40%".
However, the Production Linked Incentives scheme offers manufacturers a government payment of 6% in the first year for every cell phone they produce in India, down to 4% in the fifth year, provided they meet investment and sales targets, he underlined.
Rajan highlighted that the government will give a 6% subsidy to the manufacturers even if they import all parts from abroad and assemble them in India. "They (manufacturers) get the 6% subsidy on the invoice price," he added, "Even if they go up to the typical 17-25% value added of cell phone manufacturers in India, they get a handsome subsidy of 24% -35%. In addition, states further add to this bounty through state waivers (about 9% of the price), power, land, and capital expenditure subsidies". (Full Report)
After three years of single-digit growth, non-banking financial companies (NBFCs) are expected to see their assets under management (AUM) grow 11-12%--a four-year high--to ₹13 trillion by the end of this fiscal, riding on macroeconomic tailwinds, rating agency Crisil said on Monday.
Disruption in business and economic activity amid Covid-19 had constrained AUM growth to 2-4% in fiscals 2020 and 2021, and to 5% in fiscal 2022. (Full Story)
Shares of Lemon Tree Hotels Ltd surged more than 2% to ₹82 apiece on the BSE in Monday's early trading session. The hotel stock has been in an uptrend since the last few sessions and has turned multibagger by rising about 105% in a year's period, approaching its record high level. (Full Report)
Manish Mehta, national head and sales, marketing & digital business, Kotak Mahindra Asset Management Company
“With an uptick in benchmark index some investors would have booked profits to balance their asset allocation between equity and debt. Investors are also moving from sector funds into diversified equity and dynamic asset allocation funds"
Air India on Monday said it will progressively induct 30 new aircraft, including 5 wide-body Boeing planes, from December this year, as the Tatas-owned airline looks to boost its domestic and international services.
The airline has signed leases and letters of intent for inducting 5 wide-body Boeing and 25 Airbus narrow-body planes over the next 15 months.
"These new aircraft, which will enter service from late 2022, will increase the airline's fleet by over 25 per cent. Not counting the 10 long-grounded narrow-body and 6 wide-body aircraft that have been returned to service in recent months, these new aircraft mark the first major fleet expansion since Air India's acquisition by the Tata Group earlier this year," it said in a release. (PTI)
European shares opened higher on Monday as banks advanced for a third straight session on bets of more big interest rate hikes by the European Central Bank (ECB).
The pan-European STOXX 600 index rose 0.2%, following its first weekly gain in four on Friday.
The banks sector index added 1.1% by 0715 GMT, extending gains since Thursday when the ECB raised its key rates by an unprecedented 75 basis points (bps) and promised further hikes. Several banks expect another 75 bps rate hike in October. (Reuters)
Bacardi Ltd., the Bermuda-based liquor firm, on Monday announced the appointment of Vinay Golikeri as managing director, India & neighbouring countries. Golikeri succeeds Sanjit Randhawa who, after nearly five years in the post, will move to Dubai as director, external affairs, Asia Middle East & Africa and Global Travel Retail, for the company. (Full Story)
The government will on Monday evening release the keenly-watched factory output data for the month of July.
The factory output measured in terms of Index of Industrial Production (IIP) grew 12.3 per cent in June this year, remaining in double digit for second month in a row due to base effect.
Industrial production grew by 13 per cent in August last year. Thereafter, the IIP growth remained below 4.4 per cent (in September) and touched the lowest level of 1 per cent in November as well as December last year.
The IIP growth was 2 per cent in January, 1.2 per cent in February and 2.2 per cent in March.
The industrial output growth picked pace at 6.7 per cent in April, the first month of current fiscal year 2022-23 and touched double digit at 19.6 per cent in May 2022. (PTI)
All sectoral indices are in the green with IT and Media leading the charts
Operating conditions for steel manufacturers have deteriorated with a further fall in steel prices and rising coking coal prices. The demand environment continues to remain muted. Domestic hot-rolled coil prices fell by Rs700 per tonne week-on-week to Rs55,200 per tonne, said a report by Nomura Financial Advisory and Securities (India) dated 12 September quoting SteelMint. They further added that the average price in September so far is 3% below the average seen in August.
Indian producers can capitalize on the opportunities in the export markets against the backdrop of the ongoing energy crisis in Europe.
Tokyo stocks closed higher on Monday with gains by tech shares boosting the market as investors await US inflation data.
The benchmark Nikkei 225 index gained 1.16%, or 327.36 points, to end at 28,542.11, while the broader Topix index rose 0.75%, or 14.69 points, to 1,980.22. (AFP)
here are demands to extend production linked incentive (PLI) scheme to more sectors such as certain electronic components, pharma and medical devices, and discussions are underway in the government on these proposals, a senior government official said.
Discussions are also going on to bring PLI scheme for toys, furniture, bicycles and containers.
The objective of the scheme is to make domestic manufacturing globally competitive, create global champions in manufacturing, boost exports and create jobs.
The government last year rolled out the scheme with an outlay of about ₹2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, textiles, advanced chemistry cell (ACC) and speciality steel. (PTI)
Adani Group's open offer for a 26% stake each in Ambuja/ACC ended on September 9. With these stocks surging beyond the open offer price over the past fortnight, only 2.2% of ACC and 0.04% of Ambuja holdings were tendered by minority holders.
With the acquisition process largely behind, global brokerage Jefferies believes the group's (and investor) focus should now shift to cement business strategy going forward, pace of turnaround on efficiencies and growth outlook. The brokerage has Buy rating on ACC whereas Hold rating on Ambuja Cements shares. (Full Report)
Shares of Mahindra Lifespace Developers touched its 52-week high in the morning trade on Monday after the realty firm said it is looking to acquire a few land parcels this fiscal to build housing projects.
Shares of the company opened at ₹541.95 on Monday, then gained 2.37 per cent to touch ₹550.40, its 52-week high level on the BSE.
Similar movement was seen on the NSE as well. The stock opened at ₹539 and later touched its 52-week high of ₹539.30 apiece.
The company's Managing Director and Chief Executive Officer Arvind Subramanian has said it is looking to acquire new land parcels for business expansion in three focus cities -- Mumbai Metropolitan Region (MMR), Pune and Bengaluru. (PTI)
Global crude oil prices fell in early deals on Monday in anticipation of interest rate hikes by the US Federal Reserve and European Central Bank to tame rising inflation. Demand concerns as China reimposes covid curbs amid holidays also weighed on prices.
Around 10am, the November Brent contract on the Intercontinental Exchange was at $91.55 per barrel, down 1.39% from its previous close. The October contract of West Texas Intermediate (WTI) fell 1.6% to $85.40 a barrel. (Full Report)
The euro jumped to a more than three-week peak versus the dollar on Monday, and sterling rose to the highest this month as European Central Bank officials pushed the case for further aggressive monetary tightening.
The greenback idled not far from a two-week low against a basket of peers ahead of key U.S. inflation data this week that might give the Federal Reserve room to slow the pace of rate hikes at its Sept. 21 policy meeting.
The euro leapt as high as $1.0130 early in the Asian day before last trading 0.32% stronger than Friday at $1.0079.
Sterling rose to $1.1681, and was last 0.23% higher at $1.1610. (Reuters)
Indian government bond yields inched up on Monday, as market participants trimmed bond holdings ahead of key inflation data scheduled later in the day.
The benchmark 10-year government bond yield was at 7.1777% as of 0450 GMT. The yield fell six basis points to end at 7.1669% on Friday, posting its biggest such fall in six weeks. The 10-year 7.26% 2032 bond yield was at 7.1343% after closing at 7.1143% on Friday.
"Inflation data would guide the markets, as it could provide some insight on the Reserve Bank of India's likely interest rate action in future," a trader with a state-run bank said. (Reuters)
Shares of PVR and Inox Leisure climbed nearly 5% each on the BSE in Monday's early trading session on Brahmastra boost as the film has crossed the ₹200-crore mark worldwide in has crossed the ₹150 crore-mark in gross box office collection worldwide in the first two days of its release. The stocks have rebounded today after falling sharply on Friday. (Full Report)
Axis Securities - Outlook & Valuation: With NAM’s rising market share and retail segment, we believe the growth will continue as the macroeconomic conditions improve. With the Covid-19 pandemic behind us and the economy reviving to its pre-Covid levels, NAM can now penetrate deeper with its strong distribution network. While rising inflation and interest rate scenarios, volatile markets, and geopolitical pressures are some key challenges for NAM, the long-term prospects of the Indian AMC industry remain intact. This is on account of the industry’s low penetration levels in India vis-à-vis developed countries as well as its play on the financialisation of savings in India. We believe NAM will continue its growth trajectory in the near term by leveraging its robust risk management practices.
Recommendation: We recommend a BUY rating on the stock with a target price of ₹326/share, implying an upside of 10% from the CMP.
The current round of gas crisis in Europe is expected to create a fresh round of inflationary pressures in food and transport prices, said SBI Research in its latest report, adding that the prices of fertilizers and its raw material would remain elevated during the financial year 2022-23.
The galloping gas prices in Europe have made the world pause and catch a breath in mid-August, amidst a war seemingly entering a deceptively 'deadlocked zone' as benchmark gas prices spiked five times their prices at the start of the year (and, almost 14 times their 10 years average prices) with gas supply through Nord Stream1 drying up fast, the report said while describing the overall energy situation.
At the same time, Russian exports to the EU are now down roughly 60 per cent compared to June 2021 and further downward escalation is a reality. Notably, 90 per cent of the gas consumed in the region is imported.
The Eurozone and the UK are currently battling runaway inflation, the SBI Research report said adding that the worst was yet to come. (ANI)
Gold: We expect gold to trade higher towards 50790 levels, a break of which could prompt the price to move higher to 51190 levels.
Crude: We expect crude to trade lower towards 6590 levels, a break of which could prompt the price to move lower to 6450 levels.
Base Metal: We expect copper to trade higher towards 662 levels, a break of which could prompt the price to move higher to 673 levels.
The rupee depreciated by 10 paise to 79.67 against the US dollar in opening trade on Monday, even as the equity market opened on a positive note.
At the interbank foreign exchange market, the rupee opened at 79.66 against the greenback, then fell to 79.67, registering a decline of 10 paise over its last close. In initial deals, the local unit also touched 79.64 against the dollar.
On Friday, the rupee appreciated by 12 paise to close at 79.57 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23 per cent to 108.75. (PTI)
Indegene Pvt Ltd, a technology-led healthcare solutions provider, is planning an initial public offering (IPO) of ₹2,500 crore in an offer for sale (OFS), two people aware of the matter said. Private equity firm Carlyle, an investor in Indegene, is expected to sell its stake in the IPO, the people said on the condition of anonymity. (Full Report)
STOCK IN FOCUS
Infosys (CMP Rs.1,974)
We have a BUY recommendation on INFO with a target price of Rs.1,680, valuing the stock at 24x FY24E earnings.
Intraday Picks
HINDALCO (PREVIOUS CLOSE: 426) BUY
For today’s trade, long position can be initiated in the range of ₹420- 423 for the target of Rs. 436 with a strict stop loss of ₹418.
UPL (PREVIOUS CLOSE: 742) BUY
For today’s trade, long position can be initiated in the range of ₹732- 739 for the target of Rs. 758 with a strict stop loss of ₹727.
APOLLOTYRE (PREVIOUS CLOSE: 274) SELL
For today’s trade, short position can be initiated in the range of ₹276- 279 for the target of Rs.270 with a strict stop loss of ₹282.
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty a long negative candle on the daily chart with a minor lower shadow while ended with a long bull candle on the weekly chart, indicating volatility is likely to rule in the market. However, with positive market breadth one can expect the Index to challenge the psychological level of 18,000. Nifty is likely to head towards 18,300 in September 2022 as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium term perspective. Nifty also has given a conclusive breakout from eight month’s falling channel signalling end of corrective phase and breakout is well supported by sequential improvement in market breadth. Hence during the day index is likely to open on a flat to slight gap up opening and is likely to continue with its positive momentum and challenge 18,000 levels. Thus one can use dips towards 17,775-17,735 for creating long position for the target of 18,300 in near term.
Billionaire Mukesh Ambani's Reliance Industries Ltd can explore reorganisation of the company into three independent entities for different business verticals as it prepares to list subsidiaries and induct next-generation of founding family into key roles, a report said.
This, a report by Kotak Institutional Equities, would help prevent any holding company discount in Reliance as and when its subsidiaries list, prepare for eventual management change and preclude inter-linkages between entities as and when they become independent, listed entities.
India's most valuable company has three distinct businesses -- oil refining and petrochemicals business house in oil-to-chemicals (O2C) unit, digital business including telecom and retail. (PTI)
Harsha Engineers International's initial public offering (IPO) will open for public subscription this week on Wednesday, September 14, 2022 and the issue conclude on September 17. The price band has been fixed at ₹314-330 per share for its ₹755-crore initial share sale. (Full Story)
Foreign investors have pumped in close to ₹5,600 crore into the domestic equity markets in this month so far on expected growth in consumer spending in festive season and better macro fundamentals compared to other emerging markets.
This comes following a net investment of staggering ₹51,200 crore in August and nearly ₹5,000 crore in July, data with depositories showed.
There is a clear trend reversal in FPI (Foreign Portfolio Investment) flows from July onwards since when overseas investors turned buyers in India after nine straight months of massive net outflows, which started in October last year.
Between October 2021 and June 2022, they sold a massive ₹2.46 lakh crore in the India equity markets. (PTI)
Appliances and consumer durable makers are looking for up to 35 per cent growth in sales during this festive season on increasing demand for premium products and price hikes.
Some of the companies, however, are "cautiously optimistic" about the sales of their entry-level mass products in the country's hinterlands.
Companies such as Panasonic, LG, Sony, Samsung, Haier, Godrej Appliances, Voltas, Thomson and BSH Home Appliances expect this festive sale, which started with the onset of Onam in the south, to be better than the last year and even cross the pre-Covid sales volume.
The festive season, which starts from Onam and covers Durga Puja and ends with Diwali, contributes around one-third of the overall annual sales value across categories of the industry, which is estimated to be around ₹75,000 crore. (PTI)
Bitcoin price today rose to trade above the $21,000 level, breaking out of the narrowest trading range in about two years, as a drop in the dollar renewed demand for battered risk assets worldwide. The world's largest and most popular cryptocurrency was trading more than a per cent higher at $21,777. The global crypto market cap today was above the $1 trillion mark, even as it was down over a per cent in the last 24 hours at $1.1 trillion, as per CoinGecko. (Full Story)
Delta Corp and Ambuja Cement will be under the F&O ban list on Monday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: On Monday, despite SGX Nifty indicating a sluggish start, we started the session on a positive note and then continued its northward movement in the initial hour. After surpassing the 17650 mark, the index slipped into a consolidation mode. During the remaining part of the session, we witnessed a slender range with the undertone being strongly bullish. Around mid-week, markets had slightly turbulent moves, but we managed to weather them successfully. In the last couple of sessions, oversold US markets gave a sharp rebound which provided the much-needed trigger for the Nifty to come out of the recent congestion phase. With some hint of profit booking on Friday, the Nifty concluded the week convincingly above 17800 by adding 1.68% to the previous weekly close.
In the last couple of weeks, our domestic markets maintained their sturdy structure, whereas the US bourses were continuing with their declining trend. This development was restricting our key indices to surpass the higher boundary of the consolidation range despite having an inherent strength. The moment global recovery took place, we witnessed a breakout from the sturdy wall of 17700 – 17800. Importantly, the banking space was the major charioteer of this move as we saw the banking index clocking gains over 2.50% and has closed at 10-months highest level. Whenever financial counters contribute to the rally, it needs to be construed as a healthy rally. Moreover, the most laggard heavyweight basket, IT showed some encouraging signs towards the fag end of the week. This provided credence to the move and adds conviction to retest the recent psychological level of 18000 in the coming week itself. If global peers support it, we will not be surprised to see it extending towards 18200 – 18350 levels. Let’s see how things pan out going ahead.
We advise traders to continue with their recent ‘Buy on declines’ strategy and use decline towards the support zone of 17675 – 17500 to add fresh longs. Also, the broader end of the spectrum is clearly on a roll and hence, one should keep focusing on potential movers from the cash segment, which are likely to fetch higher returns.
Unveiling her stock picks for Monday, Vaishali Parekh of Prabhudas Lilladher recommended two stocks — Persistent Systems and IGL — to buy today.
Vaishali Parekh recommendations: Here we list out full details —
1] Persistent Systems: Buy at ₹3393, target ₹3530, stop loss ₹3310
2] IGL: Buy at ₹418, target ₹435, stop loss ₹410. (Full Report)
Billionaire Mukesh Ambani's Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for ₹1,592 crore, the company said in a stock exchange filing.
"Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of ₹1,522 crore and ₹70 crore respectively, aggregating to ₹1,592 crore by way of slump sale on a going concern basis," the firm said.
The deal is subject to approval of the Competitiorn Commission of India (CCI) and the respective lenders of SPL and SPTex.
The acquisition will strengthen the textile manufacturing business of Reliance. (PTI)
Indian consumers expecting retail inflation to cool in tandem with easing wholesale prices are in for disappointment.
That’s because the consumer price index, currently hovering above the central bank’s 2%-6% target band, has shown little correlation with the wholesale measure in the past decade. And if historical trends are any indication, the two indices have had an inverse relationship for the most part of that period, which analysts attribute to the pricing power of most businesses.
As the gap between WPI and CPI narrows, firms will be reluctant to pass on the benefits of falling global commodity prices to retail consumers because they will likely look to recoup their margins, said Rahul Bajoria, an economist with Barclays Bank Plc. (Full Story)
Gautam Adani, chairman of Adani Group and Asia’s richest man, his son Karan and nephew Pranav, will join the boards of two of India’s oldest cement companies, ACC Ltd and Ambuja Cements Ltd, in an overhaul of the top management and board of the two cement makers, two people directly familiar with the matter said.
Some long-serving board members of the two cement makers will step down following the takeover of Holcim India’s ownership in the two firms by Adani Group in a $10.5 billion acquisition, the people said, requesting anonymity.
“The boards of ACC and Ambuja Cements are likely to witness the change in their composition on 16 September, following board meetings," one of the two people said. (Full Report)
Rice loading has stopped at Indian ports and nearly one million tonnes of grain are trapped there as buyers refuse to pay the government's new 20% export levy on top of the agreed contract price, five exporters told Reuters on Friday.
India banned exports of broken rice and imposed a 20% duty on exports of various other types on Thursday as the world's biggest exporter of the grain tries to boost local supplies and calm prices after below-average monsoon rainfall curtailed planting. (Full Report)
Asian shares climbed Monday to build on gains made on Wall Street, while the euro advanced as investors weighed the prospect of Europe following the Federal Reserve with more outsized interest-rate hikes.
Japanese and Australian equities climbed about 1% and US futures edged higher after the S&P 500 and Nasdaq 100 snapped three-week losing streaks on Friday. Profitless tech firms, meme shares and Bitcoin all rallied into the end of the week. Markets in China, Hong Kong and South Korea are closed for holidays Monday.
Investors will also be digesting the potential impact of Ukraine’s counter-offensive, after its forces continued their rapid advance in the Kharkiv region, exploiting an extraordinary collapse of Russian defenses. (Bloomberg)
India has demonstrated great resilience in the face of the global energy crisis, said Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, adding that the government's measures to minimize and mitigate the volatility served the purpose.
Speaking about fuel prices at a media event, minister Puri said prices in India have been contained in comparison to an exponential rise in developed countries. Most of the developed nations have witnessed significant inflation rise in gasoline prices - an increase of almost 40% from July 2021 to August 2022.
In India, gasoline prices have been reduced by 2.12%. (ANI)
The overall revenue of Indian Railways at the end of August 2022 was ₹95,486.58 crore, showing an increase of ₹26,271.29 crore or 38 per cent over the corresponding period of last year, an official statement said on Sunday.
The revenue from passenger traffic was ₹25,276.54 crore, an increase of ₹13,574.44 crore (116 per cent) year-on-year.
Passenger traffic also increased compared to last year in both the segments -- reserved and unreserved. The growth from the long distance reserved mail express trains has been sharper than the same in passenger and suburban trains, the Railways said. (PTI)
Yes Bank Ltd is hoping to receive approval from the Reserve Bank of India (RBI) in the next two months for its proposed stake sale to infuse ₹8,898 crore, said chief executive Prashant Kumar.
The regulator’s approval is the only one pending as the bank’s board and shareholders have voted in favour of the stake sale, Kumar said in an interview.
“RBI never gives you a timeline (on approvals), but definitely, as a regulator, they have to do their due diligence processes, which they are doing. It should happen in a month or two," said Kumar. (Full Story)
Share allotment of the public issue of Tamilnad Mercantile Bank Ltd can be announced any time today as tentative Tamilnad Mercantile Bank IPO allotment date is 12th September 2022 i.e. today. After announcement of the share allotment, an applicant would be able to check Tamilnad Mercantile Bank IPO allotment status online by logging in at the official BSE website — bseindia.com or at the website of the official registrar of the IPO. The official registrar of the public offer is Link Intime India Private Ltd and its official website is linkintime.co.in. However, for convenience, an applicant can log in at direct BSE link — bseindia.com/investors/appli_check.aspx or at direct Link Intime web link — linkintime.co.in/MIPO/Ipoallotment.html. (Full Report)
Wall Street added to its recent gains Friday with a broad rally that broke the market's three-week losing streak.
The S&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark index's best week going back to July.
Big gains for technology companies pushed the Nasdaq composite to a 2.1% gain, while the Dow Jones Industrial Average rose 1.2%. Both indexes also notched their first weekly gain in four weeks.
The latest gains punctuated a holiday-shortened week of trading on Wall Street during which the market regained some of the ground it lost after a mid-August slump that wiped away the much of the gains from a mid-summer rally. (AP)
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