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Sensex ends above 60k; Nifty adds 100 pts; Bajaj twins shine

Stock market today: Markets to keep an eye on tightening monetary policy (MINT)Premium
Stock market today: Markets to keep an eye on tightening monetary policy (MINT)

  • Share Market Close: Indices ended the day on a bright note with Sensex and Nifty managing to cross the psychological barrier of 60,000 and 17,900, respectively. Sensex closed around 420 points up, while Nifty added 100 points. PSU Bank, IT and Media indices led the rally on Wednesday.

Asian traders kept aside the worries of darkening economic outlook amid high inflation and tightening monetary policy and surged on Wednesday. Nikkei closed at a 7-month high, while China and Hong Kong stocks added 0.5%. European stocks were trading flat with the UK hitting double-digit inflation for the first time in 40 years.

17 Aug 2022, 03:51:02 PM IST

Indices at a 4-month high with Sensex gaining 418 points and Nifty 100 on Wednesday

Indian benchmark indices jumped to reach a 4-month high on Wednesday with Sensex breaching the 60,000 mark. Sensex added 418 points to finish at 60,260. Nifty breached the 17,900 mark to close at 17,926, a gain of 100 points.

Twin Bajaj financial stocks (Bajaj Finserv and Bajaj Finance) led the rally and surged by 6% and 3%, respectively. Bharti Airtel, Tech Mahindra and NTPC also made decent gains. M&M and Apollo Hospitals dragged throughout the day and closed 1% down.

Among indices, the PSU Bank index shined with a gain of 2%. IT and Media also surged more than a per cent each. Auto was the only index to close in the red.

Asian market had a reasonably good day tracking Tuesday's Wall Street gains. Tokyo stocks closed higher on Wednesday with investors emboldened by a cheaper yen. The benchmark Nikkei 225 index gained 1.23% to close at a 7-month high of 29,222.

China and Hong Kong stocks ended in positive territories on rising hopes that the Chinese government would prop up the ailing property sector. Shanghai Composite Index and Hang Seng Index climbed around 0.5%.

European shares remained flat amid persisting recession fears, with investors eyeing growth and inflation data due this week. The UK market remained subdued as inflation hit double digits for the first time in 40 years.

Sensex at Close
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Sensex at Close
17 Aug 2022, 03:23:39 PM IST

GIC Housing Finance to issue 3-month CP -traders

GIC Housing Finance Ltd plans to raise funds selling commercial papers maturing in three months, three merchant bankers said on Wednesday.

The housing finance company will offer a yield of 6.28% on this issue, and it has received commitments worth around 1.50 billion rupees ($18.88 million), the bankers said.

The notes are rated A1+ by ICRA and will mature on Nov. 18. (Reuters)

17 Aug 2022, 03:18:44 PM IST

Market Comments by Anand Rathi Shares & Stock Brokers

Narendra Solanki - head fundamental research- investment services, Anand Rathi Shares & Stock Brokers on markets: Indian markets opened on positive note following positive overall Asian markets following better-than-expected export figures in Japan. During the afternoon session, the sentiments continued to remain optimistic and markets further added to the strength with buying seen in Banks, Financials, IT and consumer Durables.

 

17 Aug 2022, 03:15:06 PM IST

Brent crude hits fresh 6-month low amid slowdown worries

Crude oil prices continued to trade on a subdued note on Wednesday with Brent futures touching fresh lows amid concerns over a global economic slowdown.

Demand concerns, China’s virus spread and prospect of higher supply from Iran amid progress in US-Iran talks weighed on the crude price, analysts said. (Full Report)

17 Aug 2022, 03:07:40 PM IST

Govt projects record foodgrain production, lower wheat output in 2021-22 crop year

India's wheat production is projected to have declined nearly 3 per cent to 106.84 million tonnes while the overall foodgrain production is estimated to have touched record 315.72 million tonnes in the 2021-22 crop year. The wheat production is estimated to have declined due to heatwave that resulted in shrivelled grains in the northern states of Punjab and Haryana.

Releasing the fourth advance estimate for the 2021-22 crop year, the Union agriculture ministry on Wednesday said a record output is also estimated for rice, maize, gram, pulses, rapeseed and mustard, oilseeds and sugarcane. The crop year 2021-22 was from July 2021 to June 2022.

The country's overall foodgrain production is estimated to be record 315.72 million tonnes in the crop year that ended in June 2022, according to the ministry. (PTI)

17 Aug 2022, 02:51:27 PM IST

Euro-zone economy grew less than estimated in second quarter

The euro-area economy grew slightly less than initially estimated in the second quarter as signs continue to emerge that momentum is unraveling.

Output rose 0.6% from the previous three months between April and June, compared with a preliminary reading of 0.7%, Eurostat said Wednesday. Employment, meanwhile, climbed 0.3% during that period.

While the data still suggest Europe’s economy was on a relatively firm footing coming into the summer, analysts worry that energy shortages will drive record inflation higher still, tipping the continent into a recession. A downturn lasting two quarters is now more likely than not, according to a Bloomberg survey, which puts the probability at 60%. (Bloomberg)

17 Aug 2022, 02:50:23 PM IST

India's Akasa Air to add one aircraft every two weeks

Akasa Air said on Wednesday it will keep adding one new aircraft every two weeks after India's newest budget carrier received its third aircraft which will be put into operation on the Mumbai-Bengaluru route shortly. (Reuters)

17 Aug 2022, 02:25:29 PM IST

CCPA fines Flipkart for allowing sale of substandard domestic pressure cookers on its platform

The Central Consumer Protection Authority (CCPA) on Wednesday said it has imposed a penalty of 1,00,000 on e-commerce player Flipkart for allowing the sale of substandard domestic pressure cookers on its platform. Speaking to PTI, CCPA Chief Commissioner Nidhi Khare said a penalty of 1,00,000 has been imposed on Flipkart for allowing the sale of substandard pressure cookers on its e-commerce platform and violating the rights of consumers.

Flipkart has also been directed to notify consumers of all 598 pressure cookers sold on its platform, recall the pressure cookers and reimburse money to the consumers, she said. (PTI)

17 Aug 2022, 02:24:40 PM IST

Nifty FMCG index rises to a record high. Experts recommend buy on these stocks

Following fast approaching festive season and ease in commodity prices, Nifty FMCG index has climbed to life-time high of 43,326.65 levels. Nifty FMCG index today opened upside and went on to climb to its life-time high of 43,326.65 mark, logging more than half per cent rise on Wednesday trade session.

Nifty FMCG index has been rising due to ease in commodity prices and fast approaching festival season, believe experts. (Full Report)

17 Aug 2022, 02:09:52 PM IST

FPIs stock holding slips 14% to USD 523 bn in Jun quarter: Report

The value of the foreign portfolio investors (FPI) holdings in the domestic equities dropped 14 per cent to USD 523 billion in the three months ended June 2022 from the preceding quarter, according to a Morningstar report.

This was the third consecutive quarterly decline in the value of FPIs' investments in Indian equities.

Foreign investors were cautious since the start of the year and it intensified as the year progressed, following the influence of worrying trends in both global and domestic markets. (PTI)

17 Aug 2022, 01:55:32 PM IST

Appliance maker jumps as Jhunjhunwala’s firm buys stake

Shares of Singer India Ltd. have jumped about 40% in two days after the investment firm founded by late billionaire Rakesh Jhunjhunwala purchased a stake in the tiny appliance maker.

Jhunjhunwala’s Rare Investments acquired 8% of Singer India as Retail Holdings NV pared its holding, exchange data showed Tuesday. With the stock surge, the New Delhi-based manufacturer of sewing machines, washers and other products is now valued at more than $50 million.

17 Aug 2022, 01:53:16 PM IST

Why multibagger stock Aarti Drugs surged 12% today

Aarti Drugs shares had ended lower on Tuesday session but after the news of Directorate General of Trade Remedies (DGTR) completing its enquiry after accepting the application of the drug maker company to impose anti-dumping duty on Chinese export of Ofloxacin — popularly known as fluoroquinolone antibiotic. aarti Drugs share price today opened with big upside gap and went on to hit intraday high of 489.95 apiece levels on NSE, logging more than 12 per cent jump from its Tuesday close of 423.15 apiece levels. (Full Report)

17 Aug 2022, 01:33:43 PM IST

Retail businesses continue to report healthy growth over pre-pandemic levels: RAI

Retail businesses across India continued to post healthy growth over pre-pandemic levels, registering an 18 per cent rise in July sales compared to the same month in 2019, Retailers Association of India said on Wednesday.

As per the latest business survey by Retailers Association of India (RAI), the East India region saw the highest year-on-year growth of 25 per cent last month, followed by the south at 21 per cent, north at 16 per cent and west at 10 per cent.

In terms of categories, sports goods clocked the highest growth rate with a 32 per cent increase over July 2019, followed by footwear and furniture & furnishing at 23 per cent each.

Apparel and clothing registered a 22 per cent rise, while quick service restaurants, consumer durables and electronics footwear posted a growth of 17 per cent, according to the survey.

The jewellery category grew by 15 per cent in July this year compared to the same month in 2019, while food and grocery rose 11 per cent. Beauty, wellness and personal care saw the least growth with just a 3 per cent rise. (PTI)

17 Aug 2022, 01:17:02 PM IST

Auto index slips, most stocks in red 

Auto
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Auto
17 Aug 2022, 01:05:01 PM IST

Kotak securities  on Sensex reaching 60,000: Shows belief of the investors in the India growth story

Jaideep Hansraj, MD & CEO of Kotak Securities: Today’s rescaling of the 60000 peaks is a sign of the strength of retail investors in India. It shows the belief of the investors in the India growth story and is another reminder to all of us to be optimistic about India inc.

17 Aug 2022, 12:53:47 PM IST

5G spectrum: Bharti Airtel pays ₹8,312.4 cr to Telecom Dept to clear 4-yr instalment in advance

Private telecom operator Bharati Airtel on 17 August informed that it has paid 8,312.4 crore to the Department of Telecom towards dues for spectrum acquired in the recently concluded 5G auctions. With the payment, the telco has paid four years of 2022 spectrum dues upfront. (Full Report)

17 Aug 2022, 12:52:47 PM IST

Tokyo stocks close higher as yen loses value

Tokyo stocks closed higher on Wednesday with investors emboldened by a cheaper yen and the five-day winning streak notched by the US Dow.

The benchmark Nikkei 225 index gained 1.23%, or 353.86 points, to end at 29,222.77, while the broader Topix index advanced 1.26%, or 25.03 points, to 2,006.99.

The dollar fetched 134.48 yen, against 134.21 yen in New York and around 133 yen in Tokyo on Tuesday. (AFP)

17 Aug 2022, 12:34:51 PM IST

Media index rallies, adds 2%, led by Zee Entertainment which gained 7%

Media Index
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Media Index
17 Aug 2022, 12:32:37 PM IST

UK inflation hits double digits for the first time in 40 years

UK inflation accelerated more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England.

The Consumer Prices Index rose 10.1% in July from a year earlier after a 9.4% gain the month before, the Office for National Statistics said Wednesday. The reading was higher than expected by both the BOE and private-sector economists.

Rising food prices made the biggest contribution to the month’s increase, indicating inflationary pressures are spreading beyond energy. The pound briefly spiked to the day’s high of $1.2143 following the release, before paring gains. (Bloomberg)

17 Aug 2022, 12:15:49 PM IST

Adani Wilmar, IRCTC, HAL among stocks that may get included in Nifty Next 50 Index

Edelweiss Alternative & Quantitative Research has carried out a pre-emptive analysis of the Semi-Annual Index (SAIR) September 2022 Rejig for Nifty indices. The Index provider will officially announce the list in the second half of August 2022.

As per the brokerage and research firm, probable inclusions in Nifty Next 50 index may include Adani Wilmer (AWLTD), Indian Railway Catering and Tourism Corporation (IRCTC Ltd), Motherson, Bharat Electronics Ltd (BEL), and Hindustan Aeronautics Ltd (HAL). (Full Report)

17 Aug 2022, 12:14:06 PM IST

Outflows from India-focused offshore funds, ETFs jump to $1.59 billion in Q1

India-focused offshore funds and exchange-traded funds (ETFs), put together, recorded net outflows of $1.59 billion in the three months through June. This was higher than net outflows worth $1.28 billion during the quarter ended 31 March, Morningstar India said in a report. (Full Report)

17 Aug 2022, 12:07:47 PM IST

Teleperformance hires Anish Mukker as the new CEO of India to implement significant expansion plans

17 Aug 2022, 12:04:25 PM IST

Noon Update: Sensex regains the coveted 60,000 mark in today's session, adds 350 points. Nifty is above 17,900 points

Bajaj twin shares (Bajaj Finserv and Bajaj Finance) surged in today's first half along with NTPC. Among indices, Media and Financial Service indices led the race.

Sensex Noon
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Sensex Noon
17 Aug 2022, 11:52:19 AM IST

Covid-19: India reports 9,062 infections, cases below 10k for 2nd consecutive day

India Covid cases stay below 10,000 mark for 2nd consecutive day with 9,062 fresh infections reported on 17 August. With this, the total tally is now at 4,42,86,256.

The number of active cases came down to 1,05,058 which comprises of 0.24% of the total infections, according to Union health ministry data.

The death toll climbed to 5,27,134 with 36 new fatalities, including six reconciled by Kerala, the data updated at 8 am stated. (Full Report)

17 Aug 2022, 11:48:31 AM IST

Elon Musk says he was joking about buying Manchester United

Elon Musk, the world's richest person, said early on Wednesday that he was joking when he tweeted hours previously that he was going to buy currently struggling English football club Manchester United Plc.

"No, this is a long-running joke on Twitter. I'm not buying any sports teams," Musk posted when asked by a user if he was serious about buying the club. "Although, if it were any team, it would be Man U," he added, "they were my fav (sic) team as a kid."

Musk originally tweeted: "I'm buying Manchester United ur (sic) welcome," without offering any details. Some Manchester United fans, disgruntled by their club's declining fortunes of late, had previously urged Musk on Twitter to consider buying the club. (Reuters)

17 Aug 2022, 11:30:40 AM IST

India has never been defensive about its stand on buying Russian oil: EAM Jaishankar

The US and other nations in the world may not appreciate India buying Russian oil, but they have accepted it as New Delhi has not been defensive about its stand but made them realise the obligation the government has to its people amidst "unreasonably high" oil and gas prices, External Affairs Minister S Jaishankar has said.

Jaishankar, who arrived here on Tuesday to attend the 9th India-Thailand Joint Commission Meeting, took part in an event where he met members of the Indian community.

In an interaction with the diaspora, Jaishankar defended India's decision to buy discounted Russian oil amid Moscow's ongoing war with Ukraine, saying many suppliers of India have diverted their supplies to Europe, which is buying less oil from Russia. (PTI)

17 Aug 2022, 11:26:48 AM IST

Specialty chemical stock down 30% from highs. Time to buy/accumulate?

Aarti Industries Limited (AIL) is a leading Indian manufacturer of speciality chemicals and pharmaceuticals with a global footprint. It manufactures chemicals used in the downstream manufacturing of pharmaceuticals, agrochemicals, polymers, additives, surfactants, pigments and dyes. The specialty chemical stock is currently trading down about 30% from its highs. (Full Report)

17 Aug 2022, 11:13:01 AM IST

Bajaj Finserv jumped in today's session, gains around 6%. Bajaj Finance also surged by around 3%.

Bajaj Finserv
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Bajaj Finserv
17 Aug 2022, 11:10:37 AM IST

RSIC plans to set up air cargo complex at Dabok airport in Udaipur

The Rajasthan Small Industries Corporation (RSIC) is planning to set up an air cargo complex at the Dabok airport in Udaipur to facilitate import and export of goods in the next few months.

At present, businessmen based in the lake city of Udaipur and nearby places are required to travel to Ahmedabad or Jaipur for import and export purposes.

RSIC, a government of Rajasthan undertaking, had forwarded a proposal to the ministry of civil aviation which has been given in-principle approval and the land for the project has also been identified. (PTI)

17 Aug 2022, 11:09:13 AM IST

Goldman Sees India Bonds Getting Added to JPMorgan Index in 2023

Indian government bonds may be added to a global index next year, triggering passive inflows of about $30 billion that will help the country to finance its current account and fiscal deficits, according to Goldman Sachs Group Inc.

The nation’s sovereign bonds may be added to JPMorgan’s GBI-EM Global Diversified bond index with an initial 10% weightage, analysts Danny Suwanapruti and Santanu Sengupta wrote in a note to clients. India’s $1 trillion sovereign bond market is one of the biggest among emerging markets not to be part of any global index. (Bloomberg)

17 Aug 2022, 10:40:38 AM IST

Why Jefferies believes this Indian multibagger stock is a 'strong investment story'

Global brokerage house Jefferies continues to believe that against a favorable Industry backdrop, Indian Hotels Company Ltd (IHCL), with its leadership position, improving asset mix, margin profile, and healthy balance sheet, is a strong investment story. Jefferies believes Indian Hotels can continue to trade at a premium given it is a strong proxy play to travel recovery. (Full Story)

17 Aug 2022, 10:30:59 AM IST

Ontario Teachers’ to pick up stake in Sahyadri Hospitals from Everstone

The Ontario Teachers’ Pension Plan Board said it has agreed to acquire a significant majority stake in Sahyadri Hospitals chain from the Everstone Group in the Canada-based investor’s first control private equity buyout in India. Everstone and Sahyadri Hospitals’ key management and founders will continue to retain minority stakes in the healthcare firm. (Full Report)

17 Aug 2022, 10:11:53 AM IST

Angel One Technical and Derivatives: Avoiding aggressive bets in the index is advisable, and looking for opportunities in the broader market for a better trading perspective.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: The truncated week has started on an optimistic note, taking cues from the positive global bourses. The benchmark index Nifty50 has seen a decent gap up with the opening bell and carried its positive stature throughout the session. Though in midsession, the index witnessed a bout of correction that firmly got bought into by the sturdy bulls of the D-Street. The secular up-trend extended for another day, wherein the index gained nearly 0.72 percent and settled firmly above the 17800 level.

Technically, the market is in a secular uprun with no sign of any breather. At present, the index is hovering near the weekly sloping trendline, which might be seen as a sign of concern for the bulls. Even the consolidation post a head start could be seen as a sign of tentativeness at the higher grounds. Also, on the oscillator front, the index is ramping over the overbought zone; hence a bout of profit booking should not be ruled out. As far as levels are concerned, 17800-18000 is likely to provide some hurdle for the bulls in the near future. On the contrary, 17550-17600 is expected to cushion any downside correction, followed by the strong base setup near the 17400 odd zone.

Considering the recent price movement, it is inevitable that the undertone for the market is highly bullish, and any intraday dip could be seen as an opportunity to add long positions in the index. Meanwhile, avoiding aggressive bets in the index is advisable, and looking for opportunities in the broader market for a better trading perspective. 

17 Aug 2022, 10:08:28 AM IST

Rupee rises 44 paise to 79.30 against US dollar in early trade

The rupee appreciated 44 paise to 79.30 against the US dollar in the opening trade on Wednesday, mainly on account of foreign fund inflows.

Besides, a positive opening in the domestic equities amid moderating inflationary pressures boosted investor sentiments, according to forex dealers.

At the interbank foreign exchange, the rupee opened sharply up at 79.32 against the dollar, then gained further ground to 79.30, registering a rise of 44 paise over the last close.

In the previous session on Friday, the rupee depreciated 12 paise to close at 79.74 against the US dollar. (PTI)

17 Aug 2022, 09:58:25 AM IST

All Sectoral Indices in green with FMCG and Media leading the race

Sectoral Indices
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Sectoral Indices
17 Aug 2022, 09:56:33 AM IST

Inflation is easing, but global investors are still pessimistic

Global fund managers are no longer apocalyptically bearish, showed the latest survey by BofA Securities. Expectations that inflation and interest rate shocks are beginning to end, seem to be gradually replacing the gloom and doom sentiment with hope. As a result, economic outlook and equity allocation saw some improvement in August from the dire low levels seen in July. 

Most respondents noted that the current sentiment is still too bearish for an immediate reversal in the equity markets and that they remain patient bears. (Full Report)

17 Aug 2022, 09:36:24 AM IST

REC shares trades ex-bonus today; stock rises

Shares of REC Ltd rose to 103 apiece on the BSE in Wednesday's opening deals as the stock started trading ex-bonus, a day ahead of its record date for the bonus shares issue which it had recommended in 1:3 ratio. (Full Report)

17 Aug 2022, 09:33:32 AM IST

Sensex managed to regain the 60,000 mark in morning. NTPC and Hindustan Lever surged at the start of the day.

Sensex at 60k
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Sensex at 60k
17 Aug 2022, 09:22:22 AM IST

Indices remain flat at open with slight gains. Sensex is just above the 59,900 mark.

Sensex at Open
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Sensex at Open
17 Aug 2022, 09:13:30 AM IST

Reliance Securities Stock in Focus: ABB India

STOCK IN FOCUS

ABB India (CMP Rs.2,898)

In the view of a strong capex uptick, execution pick-up, strong earnings growth and parent support from ABB Global, we have a BUY rating with a Target Price of Rs3,325.

Intraday Picks

ASHOKLEY (PREVIOUS CLOSE: 149.50) BUY

For today’s trade, long position can be initiated in the range of Rs148.50-147.50 for the target of Rs153 with a strict stop loss of Rs146.

TATACONSUM (PREVIOUS CLOSE: 780) BUY

For today’s trade, long position can be initiated in the range of Rs776- 772 for the target of Rs804 with a strict stop loss of Rs759.

ZEEL (PREVIOUS CLOSE: 238) SELL

For today’s trade, short position can be initiated in the range of Rs240- 242 for the target of Rs231 with a strict stop loss of Rs246.

 

17 Aug 2022, 09:12:07 AM IST

India rupee seen stronger tracking oil price fall

The Indian rupee is expected to open higher versus the dollar on Wednesday tracking a fall in oil prices that dropped to their lowest level since mid-February amid concerns over global growth outlook.

The rupee, which is set to resume trade after a four-day weekend, is seen opening at 79.25-79.30 per dollar, up from 79.6550 on Friday.

Brent crude futures on Tuesday declined about 3% to slip to near $92 a barrel, on concerns over a potential global economic slowdown while traders awaited clarity on talks to revive a deal that could allow more Iranian oil exports. (Reuters)

17 Aug 2022, 09:09:29 AM IST

Yes Securities recommendations on Voltamp Transformers and Ahluwalia Contracts

Voltamp Transformers Ltd: NEUTRAL with TP at 3046

Ahluwalia Contracts (India) Ltd: NEUTRAL with TP at 466

 

17 Aug 2022, 09:04:30 AM IST

Sensex remains flat at the pre-open session with marginal gain. NTPC, Cipla, and Hindustan Zinc stocks are in focus 

Sensex at Preopen
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Sensex at Preopen
17 Aug 2022, 08:58:36 AM IST

Rakesh Jhunjhunwala's last stock bet? Share rallies 20% in one session

After newsbreak of Rakesh Jhunjhunwala's firm RARE Investment buying stake in Singer India, the sewing stock gave strong upside moves and hit upper circuit on Tuesday session. Singer India share price opened upside on Tuesday and hit intraday high of 69.15 apiece levels — logging 20% rally in single session. As per the information available on BSE website, Rakesh Jhunjhunwala's investment firm RARE Investments has bought stake in Singer India that probably triggered fresh buying in the counter on Tuesday. (Full Report)

17 Aug 2022, 08:50:54 AM IST

Japan's Nikkei surpasses 29,000-mark on Wall Street rally overnight

Japan's Nikkei on Wednesday crossed the 29,000-level for the first time in more than seven months as Wall Street's major indexes rallied overnight after U.S. retailers' robust earnings.

The Nikkei share average rose 0.81% to 29,101.33 by the midday break, after rising to 29,153.05, its highest level since Jan. 6.

The broader Topix advanced 0.78% to 1,997.35.

17 Aug 2022, 08:49:56 AM IST

Stocks to Watch: NTPC, Hindustan Zinc, Cipla, Bajaj Hindusthan Sugar

Balrampur Chini Mills, Delta Corp, and Tata Chemicals securities will remain in the ban period for the F&O segment as they have crossed 95% of the market-wide position limit. (Full Report)

17 Aug 2022, 08:34:31 AM IST

ICICI Sec, Axis Cap among 5 bankers to assist govt's 29.5% stake sale in Hindustan Zinc

Five investment bankers including, ICICI Securities, Axis Capital and Citigroup Global Markets, are among the selected to assist the government in offloading its 29.53% residual stake in Hindustan Zinc Ltd (HZL) in tranches. An official on Tuesday said that HDFC Bank and IIFL Securities will act as investment bankers and work with the government and handle the share sale offers. (Full Report)

17 Aug 2022, 08:20:40 AM IST

India bond yields seen lower on weaker oil, easing inflation

Indian government bond yields are likely to trend lower in early deals on Wednesday after a four-day holiday weekend, tracking a fall in oil prices and on easing domestic inflation.

The benchmark 10-year government bond yield is likely to trade in a 7.24%-7.30% band, a trader with a private bank said. The bond yield closed at 7.2894% on Friday. Indian fixed income markets were shut on Monday and Tuesday for holidays.

"Though inflation eased in July, it's largely along the expected lines. The downward move in oil prices bodes well for inflation outlook, which may lead to some rally in bond prices," the trader said. (Reuters)

17 Aug 2022, 08:17:23 AM IST

Cryptocurrency prices today: Bitcoin, ether fall while dogecoin, Shiba Inu surge

Cryptocurrency prices continued to plunge with Bitcoin hovering below the $24,000 level. The world's largest and most popular cryptocurrency was trading over a per cent lower at $23,988. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.2 trillion, as per CoinGecko. (Full Report)

17 Aug 2022, 08:16:39 AM IST

Government receives 38 technical bids for setting up silos at 14 locations

The government on Tuesday said it has received 38 technical bids for setting up silos under the 'hub and spoke model' at 14 locations in six states.

The bids have been received from 15 prospective parties. Technical evaluation is expected to be completed in three-four weeks, the union food ministry said in a statement.

The ministry has proposed to develop a capacity of 111.125 lakh tonne of Hub and Spoke Model Silos at 249 locations across the country.

These silos will be constructed in two modes through implementing agency Food Corporation of India (FCI). One is constructing under the DBFOT (Design, Build, Fund, Own & Transfer) in state-run FCI's land and the other DBFOO (Design, Build, Fund, Own & Operate) in land of concessionaire/other agency. (PTI)

17 Aug 2022, 07:59:25 AM IST

Commercial vehicle sales to cross 4.35 lakh units in FY23, says MD of VECV

Commercial Vehicle (CV) industry is on the recovery path and likely to see sales crossing 4,35,000 units this fiscal amid rise in replacement demand and revival of the bus segment, an industry executive said.

From a peak of 5,77,479 commercial vehicles (having more than 3.5 tonnes capacity) sold in 2018-19, including in export markets, the volumes contracted by more than half to 2,34,299 vehicles in 2020-21 owing to various factors.

In the fiscal year ended March 2020, when the pandemic hit the country, the industry had retailed a total of 3,34,425 units. (PTI)

17 Aug 2022, 07:58:08 AM IST

Elon Musk is buying Manchester United

Elon Musk has declared that he is purchasing Manchester United Plc, a British football team. In a series of tweets, the Tesla CEO asserted that he backed both the right and left halves of the Democratic and Republican parties. Musk is a frequent Twitter user who has a history of trolling the media and making jokes about them. The media pays great attention to what he says. (Read More)

17 Aug 2022, 07:46:18 AM IST

Syrma SGS Technologies IPO: GMP jumps. Should you subscribe?

Syrma SGS Technologies IPO (initial public offering) opened for subscription on 12th August 2022 and it will remain open for bidding till 18th August 2022. After two days of bidding, the public issue has been subscribed 0.92 times whereas its retail portion has been subscribed 1.56 times. Meanwhile, premium of Syrma SGS Technologies shares has surged in grey market. According to market observers, Syrma SGS Technologies shares are available at a premium of 40 per share. (Full Report)

17 Aug 2022, 07:44:23 AM IST

Government issues export orders for 8.2 lakh tonne of additional sugar

The government has issued export orders for 8.2 lakh tonne of additional sugar from August 1, and for balance 2.2 lakh tonne of sweetener will be given later this week, according to a senior Food Ministry official.

The government had imposed curbs on sugar exports beyond 100 lakh tonne from June 1 to boost local availability of the commodity and control higher prices.

However, improvement in sugar stocks due to higher production and weak sugar demand in the domestic market led the government to reconsider and allow 12 lakh tonne of additional sugar exports from August 1.

17 Aug 2022, 07:36:52 AM IST

Future Enterprises non-executive director Chandrapraksh Toshniwal resigns

Future Enterprises Ltd on Tuesday said its non-executive director Chandrapraksh Toshniwal has resigned from the board of directors with effect from August 16, 2022 due to occupational and personal commitments.

"After the aforesaid resignation and as per details available, Chandrapraksh Toshniwal holds directorship in Future Lifestyle Fashions Limited, a listed entity," said a regulatory update from Future Enterprises Ltd (FEL).

FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a 24,713 crore deal announced in August 2020. (PTI)

17 Aug 2022, 07:35:22 AM IST

SpiceJet, Maran  agree  on  mediation to settle a protracted share transfer dispute

The Supreme Court on Tuesday said it would consider a joint request for mediation between SpiceJet Ltd and Kalanithi Maran to settle a protracted share transfer dispute. In February 2015, Maran transferred his entire shareholding in SpiceJet to Ajay Singh, the current chairman and managing director of the airline, after the airline nearly went belly up in 2014-15 due to a severe cash crunch. (Full Report)

17 Aug 2022, 07:30:35 AM IST

Oil prices recover from 6-month lows after drop in U.S. stockpiles

Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession.

Brent crude futures rose 13 cents, or 0.1%, to $92.47 a barrel by 0035 GMT. West Texas Intermediate (WTI) crude futures climbed 27 cents, or 0.3%, to $86.80 a barrel. (Reuters)

17 Aug 2022, 07:30:02 AM IST

Tokyo stocks open higher on strong US retail readings

Tokyo stocks opened higher on Wednesday as investors took heart from strong US retail sector reports and worries eased over inflation.

The benchmark Nikkei 225 index was up 0.4%, or 114.52 points, at 28,983.43 in early trade, while the broader Topix index advanced 0.46%, or 9.10 points, to 1,991.06. (AFP)

17 Aug 2022, 07:29:17 AM IST

Adani Logistics to buy Navkar’s inland container depot in Gujarat for ₹835 cr

Adani Logistics Ltd (ALL), a unit of Adani Ports and Special Economic Zone Ltd, on Tuesday said it has signed a definitive agreement to acquire an inland container depot (ICD) from Navkar Corporation Ltd for an enterprise value of 835 crore. The depot‘s private freight terminal is connected to the western direct freight corridor through four rail handling lines. (Full Report)

17 Aug 2022, 07:27:44 AM IST

Wall Street up broadly as big tech dips in cautious trade ahead of fed minutes release

Wall Street registered another broadly higher close on Tuesday even as Big Tech stocks fell in cautious trade ahead of the release of the highly-anticipated minutes of the Federal Reserve's July meeting.

The Dow Jones Industrial Average, which comprises stocks of 30 large US corporations, climbed 0.7% on the day, extending Monday's gain of 1 .5%.

The S&P 500 index, which represents the top 500 US stocks, rose 0.2%, adding to the previous session's advance of 0.4%. (ANI)

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