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Sensex tanks 650 pts, Nifty ends sub 17,750; Bank, Pharma Auto lag

Stock Market Today: Uncertainty over rate hikes prevail (Photo: Mint)Premium
Stock Market Today: Uncertainty over rate hikes prevail (Photo: Mint)

  • Share Market Close: Indices ended the day in deep red as uncertainty about the pace of future rate hikes loomed. Sensex and Nifty lost more than a per cent on Friday and almost all indices closed in the red. Adani Ports and a few IT stocks made decent gains.

Despite Wall Street ending in green on Thursday, uncertainty over the pace of interest rate hikes kept Asian and European traders on their toes on Friday. Indian stocks lost more than a per cent but other Asian stocks had mostly a flat day. Europe also lost ground in the morning trade. 

19 Aug 2022, 03:46:18 PM IST

Sensex ends below 59,600, and Nifty around 17,750, ceding more than a per cent.

Indian benchmark indices snapped the green run on Friday and lost more than a percentage. Sensex slipped below the psychological mark of 60,000 and ended the week at 59,646, down 651 points. Nifty slipped almost 200 points to close at 17,758.

Almost all indices ended in red with Pharma, Health Sector, Realty and Autos leading the race to the bottom. IT index though ended flat.

Adani Ports shined on an otherwise depressing day and surged more than 4%. L&T, Infosys and TCS also ended in the green.

On the red side, IndusInd Bank slipped 4%. Bajaj Twins, SBI Bank and Tata Steel also featured among of stocks that sank today.

Other markets in Asia also remained cautious. Chinese stocks had a mixed day on Friday as concerns over rising COVID-19 cases and a sluggish economic recovery lingered. However, real estate shined on expectations that authorities would support the sector.

Shanghai Composite Index closed the day 0.6% down, while Hang Seng closed flat with a gain of around 0.05%.

Tokyo's benchmark Nikkei index closed nearly flat on Friday, with investors gravitating towards profit-taking but also cheered by a weaker yen. The Nikkei 225 index inched down 0.04%.

European stock indexes fell on Friday after German producer prices saw their biggest rise on record.

Traders remain worried about a global economic slowdown and the pace of interest rate hikes by various central banks.

Sensex at Close
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Sensex at Close
19 Aug 2022, 03:20:28 PM IST

Commercial vehicle industry may witness 12-15% growth in FY23: Report

The commercial vehicle industry is likely to witness a growth (in volume) of 12-15% in the current fiscal year in the country, rating agency ICRA said in a report. Until June this year, the commercial vehicle industry has registered a growth of 112% on a yearly basis in wholesale sales. (Full Report)

19 Aug 2022, 03:19:24 PM IST

Rajasthan accounted for highest share in cost of projects sanctioned by banks in FY22: RBI article

Rajasthan accounted for the highest share in the total cost of projects sanctioned by banks and financial institutions in 2021-22, retaining the top place for two consecutive years, as per an article published in RBI bulletin.

Rajasthan was followed by Uttar Pradesh and Gujarat.

"State-wise data reveals that during 2021-22, more than half (56.4 per cent) of the projects were taken up in five states, viz., Rajasthan, Uttar Pradesh, Gujarat, Maharashtra and Tamil Nadu," said the article titled 'Private Corporate Investment: Growth in 2021-22 and Outlook for 2022-23'.  (PTI)

19 Aug 2022, 03:03:11 PM IST

IRCTC shares surge on data monetisation buzz. Company issues clarification

IRCTC share price has been in uptrend for last two days, rallying around 12 per cent in last two sessions. The Indian Railways' PSU stock on Thursday surged from 671.65 apiece levels to 714.15 levels. This rally got extended on Friday and the stock touched intraday high of 752.75 levels logging around 5 per cent intraday gain on Friday session. So, the IRCTC share price has ascended from 671.65 to 752.75 apiece levels in last two session, logging near 12 per cent rise in this small time. (Full Report)

19 Aug 2022, 03:01:34 PM IST

Sebi eases norms on AIF, VCF investments in overseas firms; drops India connection clause

Capital markets regulator Sebi has allowed India registered Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) to invest in foreign entities without having an India connection.

Earlier, one of the conditions was that such overseas investments were allowed only in those companies which had an Indian connection. Like, a company has a front office overseas, while having its back office operations in India.

"The requirement of the overseas investee company to have an Indian connection... has been done away with," Sebi has said in a circular. (PTI)

19 Aug 2022, 03:01:01 PM IST

Jet Airways livery: CEO Sanjiv Kapoor says 'Don't fix what is not broken'

Jet Airways CEO Sanjiv Kapoor on 19 August has answered questions related to the new livery of the carrier who is planning to start commercial flight operations in September. Livery is a specific paint scheme comprising logo that is applied on aircraft.

Kapoor on his social media handle wrote that he has been receiving many questions related to the aircraft's new livery. He also said that the date of reveal of the aircraft is not too far. (Full Report)

19 Aug 2022, 02:20:08 PM IST

Realty index among biggest droppers, down more than 2%.

Realty
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Realty
19 Aug 2022, 02:16:28 PM IST

Retail inflation for farm, rural workers rise to 6.6%, 6.82% in July

Retail inflation for farm and rural workers increased to 6.60% and 6.82%, respectively, in July mainly due to higher prices of certain food items.

In June retail inflation for farm and rural workers stood at 6.43 per cent and 6.76 per cent respectively.

"Point-to-point rate of inflation based on the CPI-AL (Consumer Price Index-Agricultural Labourers) and CPI-RL (Consumer Price Index-Rural Labourers) stood at 6.60 per cent and 6.82 per cent in July, 2022 compared to 6.43 per cent & 6.76 per cent respectively in June, 2022 and 3.92 per cent and 4.09 per cent respectively during the corresponding month (July 2021) of the previous year," a labour ministry statement said. (PTI)

19 Aug 2022, 01:59:15 PM IST

Gold futures fall on low demand

Gold prices on Friday fell by 93 to 51,510 per 10 gram in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for October delivery traded lower by 93 or 0.18 per cent at 51,510 per 10 gram in a business turnover of 14,653 lots.

Analysts attributed the fall in gold prices to the trimming of positions by participants.

Globally, gold was trading 0.26 per cent lower at USD 1,753.95 per ounce in New York. (PTI)

19 Aug 2022, 01:41:30 PM IST

Multibagger stock hits upper circuit on four straight session. Do you own?

Despite global economy reeling under the slowdown and inflation concerns, Indian stock market has produced a good number of multibagger stocks in last one year. This includes some penny stocks as well. Integra Essentia share are one of those multibagger penny stocks that is continuously giving stellar return to tis shareholders and it has recently witnessed big spurt in its trade volume as well. This multibagger penny stock has hit upper circuit on all four sessions this week delivering more than 23 per cent weekly gain to its shareholders. (Full Report)

19 Aug 2022, 01:25:37 PM IST

ReNew Power reports ₹10.4 crore loss in April-June

ReNew Power on Friday reported a loss of 10.4 crore in April-June quarter of FY23 due to certain adjustment of one-time expense.

"Net loss for Q1 FY23 (April-June 2022) was 104 million (USD 1 million or 10.4 crore) compared to a net profit of 425 million (USD 5 million or 42.5 crore) for Q1 FY22 (April-June 2021)," a company statement said.

The company explained that the net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the balance sheet of 2,531 million (USD 32 million or 253.1 crore) for the refinancing of dollar bonds with lower cost rupee debt.

19 Aug 2022, 01:24:48 PM IST

Jubilant Foodworks bullish about medium-term market potential in India

Jubilant Foodworks, Domino's Pizza master franchisee for Indian operations, has accelerated its pace of network expansion in the country and is bullish about its medium-term market potential in India.

"The company's present assessment of the medium-term market potential in India is 3,000 stores. Accordingly, the company has systematically strengthened its business development capabilities and as a result, has now significantly accelerated the pace of network expansion...," according to the company's latest annual report.

During the financial year 2021-22, Jubilant Foodworks has crossed the 1,500th Domino's store milestone in India, the only Domino’s market outside the USA to have achieved this feat, it said. (PTI)

19 Aug 2022, 01:24:04 PM IST

Crypto prices update: Bitcoin falls by over 6% to $21,969; Ether plunges 5.4%

Top cryptocurrencies on August 19 continue to trade in red with the global crypto market cap declined 5.92 per cent to $1.05 trillion over a day earlier. Over the 24 hours, the total crypto market volume though gained 5.97 per cent and is currently at $72.83 billion, according to coinmarketcap.com. (Full Report)

19 Aug 2022, 01:08:21 PM IST

PSU Bank stocks under tremendous pressure, all stocks in red

PSU Bank
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PSU Bank
19 Aug 2022, 01:06:46 PM IST

Future Enterprises defaults on ₹12.68 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) said it has defaulted on payments of interest of two non-convertible debentures totalling 12.68 crore.

The due date for payment was August 17, 2022, FEL said in a regulatory filing.

"The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on August 17, 2022," it said on Thursday.

The debentures are secured with a coupon rate of 9.60 per cent per annum.

The interest amount was payable for the period between February 16 and August 17, 2022, it said. (PTI)

19 Aug 2022, 12:49:46 PM IST

CEAT aims to make deeper inroads into small towns, eyes 1 lakh outlets in 2-3 yrs:COO Arnab Banerjee

CEAT Ltd plans to expand its tyre sales network in places with population of 5,000-10,000 via its FMCG style of distribution, aiming to double outlets to 1 lakh in two to three years, company COO Arnab Banerjee said on Friday.

The company, which has successfully partnered with kirana store operators, small automobile spare parts sellers and puncture repair shops, feels that it has more or less "saturated" penetration in places with 25,000 population in the country and there is a need to go to even lesser populated areas for its two-wheeler tyres. (PTI)

19 Aug 2022, 12:32:39 PM IST

TVS rallies in electric 2W segment; improves on margin versus peers

TVS Motor Co. Ltd is growing rapidly in the electric vehicle (EV) segment, outperforming listed incumbents. According to Vahan registrations, the automaker’s electric two-wheeler (e-2W), iQube, has clocked registrations of over 3,600 units in August so far, which makes it the third top company in the e-2W segment with 14% market share. (Full Report)

19 Aug 2022, 12:27:41 PM IST

UK retail sales rise unexpectedly in July

British retail sales volumes rose 0.3% on the month in July, figures from the Office for National Statistics showed on Friday.

Economists polled by Reuters had forecast sales would fall 0.2% as consumers felt the hit from soaring inflation.

19 Aug 2022, 12:15:00 PM IST

Adani Power, two other multibagger Adani stocks hit record high today

Three Adani group stocks — Adani Power, Adani Enterprises and Adani Transmission — that have more than doubled shareholders' money in last one year, hit record highs today in early morning deals. All these Adani shares opened with an upside gap today and went on to climb to its life-time high on Friday session. (Full Report)

19 Aug 2022, 12:03:24 PM IST

Noon Update: Indices are under pressure as they slip by almost 0.8% in the morning trade. Sensex is down around 500 points and Nifty 140.

IT and Media are the only indices in green. Banks, Auto and Healtcare stocks are in deep red.

Sensex at Noon
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Sensex at Noon
19 Aug 2022, 11:58:20 AM IST

Tokyo's key Nikkei index inches down at close

Tokyo's benchmark Nikkei index closed nearly flat on Friday, with investors gravitating towards profit-taking but also cheered by a weaker yen.

The Nikkei 225 index inched down 0.04%, or 11.81 points, to end at 28,930.33, while the broader Topix index advanced 0.20%, or 4.02 points, to 1,994.52.

19 Aug 2022, 11:44:52 AM IST

Intercept Pharmaceuticals settles Ocaliva patent litigation case with Dr Reddy's

Intercept Pharmaceuticals Inc has said it entered into a settlement agreement with Dr Reddy's Laboratories resolving the previously disclosed patent litigation to market a generic version of Ocaliva (obeticholic acid) 5 mg and 10 mg tablets in the USA. Ocaliva is used to treat a rare, chronic liver disease known as primary biliary cholangitis. (PTI)

19 Aug 2022, 11:38:20 AM IST

IndusInd Bank lags; down 3%

IndusInd Bank
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IndusInd Bank
19 Aug 2022, 11:20:18 AM IST

SBI Life share price hits record high. What is driving this insurance stock?

On account of better quarterly numbers expected from insurance companies in the upcoming few quarters and being one of the well-managed life insurance companies, shares of SBI Life climbed to a record high in early morning deals when it made an intraday high of 1,334.70 apiece levels on NSE. However, profit-booking in the counter triggered soon and SBI Life shares are currently quoting around 1,325 apiece levels. (Full report)

19 Aug 2022, 11:14:56 AM IST

Gold imports up 6.4% to USD 13 billion in April-July this fiscal

India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to USD 12.9 billion during April-July this fiscal due to healthy demand, according to government data.

The imports stood at USD 12 billion during the same period a year ago.

In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to USD 2.4 billion, as per the latest data released by the commerce ministry.

Increase in gold and oil imports during the first four months of this fiscal contributed to a record trade deficit of USD 30 billion, against USD 10.63 billion in April-July 2021. (PTI)

19 Aug 2022, 11:00:57 AM IST

Paytm’s CEO Vijay Shekhar faces biggest test: Investors to decide his future

The billionaire founder of Paytm faces a crucial test of investor confidence Friday, when shareholders will decide whether they want him at the helm of a fintech pioneer that made one of the worst debuts in Indian history. 

Vijay Shekhar Sharma’s role as the chief executive officer is among the items to be voted on at the company’s annual general meeting held virtually this afternoon. A proxy advisory firm last week recommended that shareholders replace the founder as CEO, citing concerns about his ability to reverse losses at the payments provider. (Full Report)

19 Aug 2022, 10:36:33 AM IST

Adani Ports jumps 5% in early trading

Adani Ports
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Adani Ports
19 Aug 2022, 10:21:35 AM IST

Reliance Securities Stock in Focus: Blue Star

STOCK IN FOCUS

Blue Star (CMP Rs.1,070)

With the higher earnings growth, better margin profile and improved business visibility over the medium term, we have our BUY rating on BLSTR, with a Target Price of Rs1,475.

Intraday Picks

DLF (PREVIOUS CLOSE: 389) BUY

For today’s trade, long position can be initiated in the range of Rs388- 385 for the target of Rs399 with a strict stop loss of Rs381.

VOLTAS (PREVIOUS CLOSE: 1,045) BUY

For today’s trade, long position can be initiated in the range of Rs1,042- 1,035 for the target of Rs1,069 with a strict stop loss of Rs1019.

NESTLEIND (PREVIOUS CLOSE: 19,558) SELL

For today’s trade, short position can be initiated in the range of Rs19,640- 19,740 for the target of Rs19,100 with a strict stop loss of Rs19,930.

19 Aug 2022, 10:16:26 AM IST

India’s dollar credit market faces its worst drought in 13 years

India’s primary dollar corporate bond market is in the throes of its longest dry spell in 13 years, as a historically weak rupee makes servicing offshore debt unattractive.

India faces the additional challenge of record government issuance competing for investors’ funds, and the currency plummeted to a record low against the dollar. (Full Report)

19 Aug 2022, 10:07:33 AM IST

Chinese banks to trim benchmark loan prime rates on Monday

Chinese banks will likely trim their benchmark loan prime rates Monday for the first time in months to help spur borrowing demand and reverse a sharp slump in consumer and business sentiment.

The one-year loan prime rate -- the de facto benchmark lending rate for banks -- is expected to be cut by 10 basis points to 3.6%, according to all 20 economists polled by Bloomberg. That would be the first reduction in that rate since January.

Economists are more divided on the five-year LPR, a reference for mortgage costs. The median estimate is for a 10-basis point reduction to 4.35%, though seven of the 20 economists expect that rate to be trimmed by an even larger margin of 15 points. Lenders last reduced the long-term loan rate in May by 15 basis points, a record. (Bloomberg)

19 Aug 2022, 10:06:20 AM IST

Angel One and Ashika Stock Broking views on Nifty

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd.: On the technical front, Nifty formed a small positive candle on the daily chart and is close to challenge the life time high. The trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 has been breached and is trading comfortably above it. Against such backdrop one can expect that the present rally to extend further immediately towards 18100-18150 levels. Likewise support base has now shifted higher to 17,500 to 17,550 range (gap support). 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. Thus, during the day Nifty is likely to open on a slight negative note, however overall outlook is positive hence, intraday dip towards 17,800-17,850 can be the buying opportunity for target of 18,100.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: The weakness in the global market led to a mild start in Indian equities, wherein the benchmark index opened lower on the weekly expiry session. Soon after, the bulls grabbed the opportunity and made a modest recovery in the index, but the correction got triggered again at the higher levels. Amidst the intense tug of war throughout the day, the bulls retaliated firmly and levitated the index to day’s high. The winning streak continued for the eighth consecutive session, wherein the Nifty concluded the day with a mere gain of 0.07 percent and settled a tad above the 17950 level.

We allude to our previous commentary on not being complacent, as the index has seen a strong vertical movement in the past couple of weeks. However, the undertone is expected to remain upbeat till it sustains above the 17500 odd zone, but some tentativeness could be sensed as the index approached near the psychological mark of 18000. On the technical front, 18000-18150 is seen as the immediate hurdle for the bulls, while 17830-17765 is the immediate support. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the near period.

Going forward, many stock-specific adjustments are likely to continue and are likely to provide substantial trading opportunities. Hence, traders are advised to have a stock-centric approach and stay abreast with global and domestic developments on a regular basis.

19 Aug 2022, 09:44:26 AM IST

Rupee falls 12 paise to 79.76 against US dollar in early trade

The rupee depreciated 12 paise to 79.76 against the US dollar in opening trade on Friday, tracking the strength of the American currency in the overseas market.

At the interbank foreign exchange, the rupee opened at 79.75 against the US dollar, then fell to 79.76, registering a decline of 12 paise over the last close.

On Thursday, the rupee depreciated 19 paise to close at 79.64 against the US dollar. (PTI)

19 Aug 2022, 09:35:49 AM IST

IT index gains 1% in initial trading; all stocks in green

IT Index
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IT Index
19 Aug 2022, 09:25:53 AM IST

BPCL stock in focus as share trades ex-dividend today. Do you own?

Bharat Petroleum Corporation Ltd or BPCL is going to trade ex-dividend today as board of directors of the PSU company has fixed 22nd August 2022 as record date for final dividend payment. The board of the state-owned oil company has announced a final dividend of 6 per equity share for FY22. This final dividend is in addition to the two interim dividends of 5 each paid in November 2021 and February 2022. So, total dividend paid by the oil PSU in the financial year 2021-22 is 16 ( 5 + 5 + 6) leading to its current annual dividend yield of around 4.60 per cent. (Full Report)

19 Aug 2022, 09:22:39 AM IST

Indices open flat. Sensex and Nifty marginally up at open. ONGC and M&M rise.

Sensex at Open
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Sensex at Open
19 Aug 2022, 09:15:46 AM IST

DVC planning foray into retail power distribution

Damodar Valley Corporation (DVC) which is engaged in commercial and industrial power distribution is contemplating to foray into retail distribution, an official said on Thursday.

DVC has received a proposal from Jharkhand's Giridih district in this regard.

"We are going to appoint a consultancy firm to look into all aspects of how power will be distributed to the common domestic consumer. But it will take two years to commence the distribution of electricity," DVC chairman Ram Naresh Singh said at an MCCI session. (PTI)

19 Aug 2022, 09:03:34 AM IST

Sensex is flat at preopen session. Reliance, ONGC, BPCL, SpiceJet stocks are in focus today.

Sensex at Preopen
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Sensex at Preopen
19 Aug 2022, 09:02:30 AM IST

Stocks to Watch: ONGC, Reliance, SpiceJet, ITC, BPCL

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

19 Aug 2022, 08:47:21 AM IST

Oil set for weekly loss as traders weigh slowdown, US demand

Oil is heading for a weekly loss as investors weigh concerns over an economic slowdown against signs of improving US demand.

West Texas Intermediate futures were steady above $90 a barrel on Friday, down almost 2% for the week after another period of choppy trading. While US gasoline consumption has picked up after pump prices tumbled, fears about weakening economic growth continue to hang over the market.

Oil has given up all of the gains put on after Russia’s invasion of Ukraine and hit the lowest level in more than six months earlier this week before clawing back some losses. Traders are also watching for any progress on the Iranian nuclear deal, which could lead to more crude flows from the OPEC producer. (Bloomberg)

19 Aug 2022, 08:36:25 AM IST

India bond yields may rise ahead of supply, RBI inflation comments weigh

Indian government bond yields are likely to trend higher in early deals on Friday, as investors await fresh supply of debt and the central bank highlighting inflation concerns weighed on sentiment.

The benchmark 10-year government bond yield is likely to trade in a 7.21%-7.27% band until a government debt auction later in the day, a trader with a private bank said. The yield rose 6 basis points on Thursday to end at 7.2421%.

"As feared, the RBI highlighted inflation concerns, further justifying yesterday's rapid upmove in bond yields," the trader said. "The cutoff yield for the new 10-year note will be the driving factor for the day." (Reuters)

19 Aug 2022, 08:27:30 AM IST

Big bang privatisation of banks can be harmful: RBI article

Big bang privatisation of public sector banks can do more harm than good, an RBI article has warned asking the government to take a nuanced approach on the issue.

While private sector banks (PVBs) are more efficient in profit maximisation, their public sector counterparts have done better in promoting financial inclusion, the article in the latest RBI Bulletin said.

"Privatisation is not a new concept, and its pros and cons are well known. From the conventional perspective that privatisation is a panacea for all ills, the economic thinking has come a long way to acknowledge that a more nuanced approach is required while pursuing it," it said.

The gradual approach to privatisation adopted by the government can ensure that a void is not created in fulfilling the social objective of financial inclusion and monetary transmission, it said. (PTI)

19 Aug 2022, 08:26:36 AM IST

With a 5-year CAGR of 101%, multibagger stock fixes record date for dividend

A small-cap company with a market worth of 2,193.30 crore, GRM Overseas Ltd. operates in the fast-moving consumer goods (FMCG) industry. More than 38 countries are marketplaces for the rice produced by the firm, which is also India's third-largest rice exporter. The company, a manufacturer and seller of high-quality basmati rice, has partnered with 1800 retailers worldwide and operates through a network of sales and distribution offices in the UK, USA, and Middle East to serve its customers. The company's Board of Directors has declared an interim dividend of Rs. 0.20 (i.e., 10%) per equity share with a face value of Rs. 2.00 for the fiscal year 2022–23, for which the record date has been fixed. (Full Report)

19 Aug 2022, 08:07:59 AM IST

Tax officials will not summon CEOs, CMDs ‘routinely’

The Central Board of Indirect Taxes and Customs (CBIC) has told field officers to be judicious while exercising their power of issuing summons to senior officials of companies such as chief executive officers, chairman and managing directors and chief financial officers (CFOs), an official order issued late on Wednesday said.

In an instruction issued to senior field officers, CBIC said that the tax authority has noticed that in certain cases, summonses have been issued by field officers to top company officials in a routine manner to call for documents and evidence. The indirect tax authority also flagged that summons have been issued to get records available on the goods and services tax (GST) portal. (Full Report)

19 Aug 2022, 08:07:04 AM IST

Shipping Ministry invites feedback on revised draft Indian Ports Bill

The shipping ministry on Thursday sought stakeholders' feedback on the revised draft of the Indian Ports Bill, which aims to promote ease of doing business by eliminating unnecessary delays and defining responsibilities.

The Bill also seeks to homogenise and streamline the development of the maritime sector.

The proposed Bill will incorporate State Maritime Boards in the national framework, the Ministry of Ports, Shipping and Waterways (MoPSW) said in a statement.

Additionally, the Maritime State Development Council will ensure cooperative federalism where the Centre and state/UT governments will work together towards preparing a progressive road map for the country, it added. (PTI)

19 Aug 2022, 08:05:20 AM IST

Rupee falls 19 paise to 79.64 against US dollar on Thursday

The rupee depreciated 19 paise to close at 79.64 against the US dollar on Thursday as a strong American currency overseas and rebound in crude oil prices weighed on the investor sentiment.

The US dollar traded strong against other Asian currencies after the minutes from the Federal Reserve meeting hinted that it would pitch for aggressive interest rate hikes ahead to fight inflation.

19 Aug 2022, 07:51:46 AM IST

Gold falls ₹32; silver declines ₹348

Gold in the national capital on Thursday fell 32 to 52,224 per 10 grams, according to HDFC Securities.

In the previous trade, the yellow metal had finished at 52,256 per 10 grams.

Silver also declined 348 to 57,298 per kg from 57,646 per kg in the previous trade. (PTI)

19 Aug 2022, 07:51:08 AM IST

Common charger to raise price of low-end devices, curb export potential: ICEA

Common charger for mobile phones by migrating to only USB type C port will raise the prices for low-end devices by 150 and restrict the export potential of adapters from India, ICEA said on Thursday.

Mobile devices industry body ICEA -- whose members include Apple, Foxconn, Vivo and Lava -- said mobile phone players have already reduced the charging ports to only two types of charging points -- micro USB and USB Type C.

India Cellular and Electronics Association in a presentation to the Ministry of Consumer Affairs has shared that in laptop chargers, there are still 9-10 types of charging port that needs to be reduced in sync with global standards to around two, like the mobile devices industry. (PTI)

19 Aug 2022, 07:43:32 AM IST

SC gives Centre 10 days to reply in pharma freebies case

The Supreme Court on Thursday directed the Centre to file a reply on holding pharmaceutical companies accountable for providing freebies to doctors. This is in response to a Public Interest Litigation (PIL) filed by the Federation of Medical and Sales Representatives Association of India which alleged that pharma companies induced doctors to prescribe their medicines. The Centre has to file their reply in 10 days. The matter will be taken up for hearing on 29 September. (Full Report)

19 Aug 2022, 07:39:49 AM IST

Tokyo stocks opened higher Friday

Tokyo stocks opened higher Friday as investors searched for new cues ahead of next week's annual meeting of central bankers in Jackson Hole, Wyoming.

The benchmark Nikkei 225 index rose 0.58%, or 167.65 points, to 29,109.79 in early trade, while the broader Topix index advanced 0.49%, or 9.78 points, to 2,000.28.

19 Aug 2022, 07:31:08 AM IST

SpiceJet, Credit Suisse AG tell SC they resolved financial dispute

SpiceJet and Swiss firm Credit Suisse AG Thursday told the Supreme Court about the resolution of their financial dispute which led to the withdrawal of an appeal by the low-cost airline against a Madras High Court verdict which had ordered its winding up due to alleged non-payment of dues to the Swiss firm.

"There is a settlement which has taken place on May 23, 2022, as per the consent terms. In view of it, both the parties are satisfied with the settlement and want to withdraw the SLP (special leave petition) filed by the petitioner.

"Accordingly, the application is allowed," an apex court bench comprising Chief Justice N V Ramana and Justices Hima Kohli and C T Ravikumar said in the order. (PTI)

19 Aug 2022, 07:30:33 AM IST

Centre cuts windfall tax on domestic crude

The union government has reduced the windfall tax on sale of locally produced crude oil to 13,000 per tonne.

For the past two weeks, the sale of crude oil produced in India attracted an additional duty of 17,750 per tonne.

Centre has also revised the cess on export of aviation turbine fuel (ATF) to 2 per litre. For the past two weeks, ATF exports did not attract the cess.

The special additional excise duty on export of diesel has been increased from 5 to 6 per litre, and including a cess it would 7 per litre.

19 Aug 2022, 07:28:43 AM IST

Stocks end higher on Wall Street after more choppy trading

Another day of choppy trading on Wall Street ended with modest gains for stocks Thursday and the benchmark S&P 500 barely back into the green for the week.

The S&P 500 rose 0.2% after shifting between small gains and losses for much of the day. It's now up 0.1% for the week.

The Dow Jones Industrial Average managed a 0.1% gain, while the Nasdaq rose 0.2% as technology companies gained ground. (AP)

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