Home / Markets / Live Blog /  Sensex ends above 59k, Nifty adds 87 pts; Bank, Auto, Metal shine; IT drags

Sensex ends above 59k, Nifty adds 87 pts; Bank, Auto, Metal shine; IT drags

Stock Market Today: Inflation will be the priority for central banks (PTI)Premium
Stock Market Today: Inflation will be the priority for central banks (PTI)

  • Share Market Close: Indices ended a volatile day in the positive territory with a gain of around 0.5%. Sensex and Nifty managed to clear the milestones of 59,000 and 17,500 in today's session. M&M, Eicher Motors, and Bajaj Finserv stocks made healthy gains.

Fears that central bank efforts to tame inflation through interest-rate hikes and a weakening global economy dragged the Asian market. Europe opened lower but was mostly in the flat territory but a rise in fuel price is keeping the traders on edge.

23 Aug 2022, 03:45:51 PM IST

Indices end in green after a late rally. Sensex adds around 250 points and Nifty around 90.

Indian benchmark indices witnessed a volatile day but a late rally ensured a gain of 0.5% in today's session. Sensex regained the 59,000 mark and added 257 points to close at 59,031. Nifty managed to end the day at 17,577, which is a gain of 87 points.

IT stocks had a rough day and declined by more than a per cent. All IT stocks ended in red but TCS, Infosys, Tech Mahindra, and HCL Tech lost more than a per cent. Hindustan Lever also saw a decline.

Among indices that withstood the volatility, Bank, Auto and Metal featured prominently. M&M shined among stocks with a gain of 4%. Eicher Motors, Titan and Bajaj Finserv also ended in the green.

In Asia, Japan's Nikkei fell for a fourth straight session on Tuesday, while airlines and retailers jumped on the news about a possible easing of border rules on Covid. The Nikkei closed 1.19% lower.

China stocks also closed lower as investors feared that recent measures were not sufficient to turn around the property sector. The Shanghai Composite Index edged 0.1% lower and the Hang Seng Index declined 0.8%.

European shares extended losses on Tuesday as investors waited for a key set of economic data to gauge the health of businesses in a hyperinflationary environment while fretting about soaring energy prices and a weak economic outlook.

Sensex at Close
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Sensex at Close
23 Aug 2022, 03:15:59 PM IST

India's crude oil production falls 3.76% in July

India's crude oil production stood at 2453.19 thousand metric tonnes (TMT) in July 2022, which is 3.76 per cent lower than the production of July 2021 and 5.57 per cent down when compared with the target for the month, according to the official data released on Tuesday.

Cumulative crude oil production during April-July, 2022 was 9912.42 TMT, which is 2.17 per cent lower than the target for the period and 0.50 per cent lower than production during the corresponding period of last year, according to data released by the Ministry of Petroleum & Natural Gas. (ANI)

23 Aug 2022, 03:04:44 PM IST

Almost all sectoral indices are in green except IT and Media. Auto and Metal shine

Sectoral Indices
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Sectoral Indices
23 Aug 2022, 02:57:15 PM IST

FMCG company announces final dividend of ₹65 per share dividend

With a market valuation of Rs. 46,871.84 crore, Procter & Gamble Hygiene & Healthcare Ltd. is a large-cap corporation that operates in the FMCG industry. For the fiscal year ended on June 30, 2022, the company's board of directors has recommended a final dividend of 650% at a face value of 10 or 65 per share. (Full Report)

23 Aug 2022, 02:27:18 PM IST

Ruchira Papers' board to consider bonus issue next week; shares jump

Shares of Ruchira Papers Ltd jumped more than 8% to 122 apiece on the BSE in Tuesday's afternoon deals after the company informed that its board will meet next week on Tuesday, August 30, 2022 to consider the issue of bonus shares of the company to its shareholders. (Full Report)

23 Aug 2022, 02:09:02 PM IST

NHPC, BEL ink pact to set up solar equipment manufacturing facility

NHPC on Tuesday signed an initial pact with Bharat Electronics Ltd (BEL) to set up a large capacity solar equipment manufacturing facility.

"A Memorandum of Understanding (MoU) has been signed between NHPC and BEL...for setting up of gigawatt scale vertically integrated solar manufacturing unit," a BSE filing said.

The MoU was signed by Biswajit Basu, Director (Projects), NHPC and Vinay Kumar Katyal, Director (Bangalore Complex), BEL.

State-owned hydro power giant NHPC has an installation base of 7071.2 MW from 24 power stations including two projects in JV mode. (PTI)

23 Aug 2022, 02:08:10 PM IST

Euro slumps to two-decade lows as energy crisis bites

The euro hit a fresh two-decade low on Tuesday, dealt a fresh blow by renewed concern that an energy shock will keep inflation elevated and makes a recession in Europe all but certain.

China's yuan weakened to a two-year low, while sterling briefly touched its weakest since March 2020.

Business activity data from Europe was not as bad as feared, pushing the euro off the 20-year low hit early in the session, at $0.99005. (Reuters)

23 Aug 2022, 01:51:21 PM IST

RBI chief says inflation has peaked, ‘will approach 4% target in steady manner’

Reserve Bank of India Governor Shaktikanta Das seeks to slow India’s inflation to 4% within two years after hitting its peak in the last few months.

“Inflation has peaked and price gains are getting anchored," Das said in an interview with television channel ET Now on Tuesday, adding that the central bank is watching every incoming data and there’s “no room for complacency."

(Full Report)

23 Aug 2022, 01:28:33 PM IST

Metal Index shines as it gains more than 2%, all stocks in green

Metal Index
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Metal Index
23 Aug 2022, 01:26:07 PM IST

Indian EV market to hit annual sales of 17 million units by 2030: Report

India's electric vehicle market is reportedly expected to expand at a compounded annual growth rate of 49 per cent between 2021-2030, with the segment's volumes set to cross annual sales of 17 million by 2030.

The EV industry in India experienced one of the quickest recoveries from the pandemic-induced slowdown in 2020, According to a report by India Energy Storage Alliance. Notably, the electric two-wheeler segment accounted for 50 per cent of the total over 4.67 lakh EV sales in the domestic markets. (Full Report)

23 Aug 2022, 01:06:40 PM IST

European shares extend selloff on soaring energy prices; recession fears

European shares extended losses on Tuesday as investors waited for a key set of economic data to gauge the health of businesses in a hyperinflationary environment, while fretting about soaring energy prices and a weak economic outlook.

The pan-European STOXX600 fell for a third straight session, down 0.2% to hover near one-month lows. Energy was one of the only few sectors in the black, rising 1% as crude prices rose on concerns over tight supply.

Benchmark gas prices in the European Union surged 13% overnight to a record peak, having doubled in just a month to be 14 times higher than the average of the past decade. (Reuters)

23 Aug 2022, 01:05:18 PM IST

India to see 400 mln air travellers in 7-10 years: Scindia

India is expected to see a total of 400 million air travellers in the next 7 to 10 years, Civil Aviation minister Jyotiraditya Scindia said on Tuesday.

He also said there are tremendous growth opportunities for domestic airlines and they are expected to have a fleet of 1,200 planes in five years.

There were around 200 million air passengers, including domestic and international travellers, pre-pandemic and the number is expected to double to 400 million over the next 7 to 10 years, the minister said.

Speaking at a conference organised by industry body Assocham, Scindia said the country is projected to have a total of 220 airports, including heliports and aerodromes, by 2026. (PTI)

23 Aug 2022, 12:42:01 PM IST

Mahindra and Mahindra among highest gainers of the day, adding 3%

Mahindra and Mahindra
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Mahindra and Mahindra
23 Aug 2022, 12:39:59 PM IST

Covid-19: India reports 48 deaths in 24 hours

India reported 8,586 fresh covid infections and 48-related deaths in the last 24 hours, as per an update by the Union health ministry on Tuesday. The country’s active caseload currently stands at 96,506, pushing up the tally of reported cases to 4.43 crore, and deaths to 527,368 since the pandemic hit in March 2020.

The national capital’s active cases total 4,645, Maharashtra has 11,725 cases, Haryana 3,462, Punjab has 16,457 cases, Kerala 7,860 cases, Tamil Nadu 5,842, and Karnataka has 10,541 active cases at present.

23 Aug 2022, 12:27:01 PM IST

Top 3 specialty chemical stocks to buy: Here are Motilal Oswal's picks

Sharing its top stock picks in the specialty chemicals space, domestic brokerage and research firm Motilal Oswal has provided its view on the names on which it has a Buy rating in its coverage universe which include three specialty chemical stocks - Vinati Organics, NOCIL and Galaxy Surfactants. (Full Report)

23 Aug 2022, 12:26:13 PM IST

Japan's Nikkei falls for fourth session amid U.S. rate-hike worries

Japan's Nikkei fell for a fourth straight session on Tuesday, tracking Wall Street's overnight losses ahead of a U.S. Federal Reserve gathering later this week, while airlines and retailers jumped on news about possible easing of border rules on COVID.

The Nikkei closed 1.19% lower at 28,452.75, while the broader Topix slipped 1.06% to 1,971.44. (Reuters)

23 Aug 2022, 12:06:25 PM IST

Adani’s Empire is ‘Deeply Overleveraged,’ CreditSights warns: Bloomberg

Indian billionaire Gautam Adani’s ports-to-power conglomerate is “deeply overleveraged," with the group investing aggressively across existing as well as new businesses, predominantly funded with debt, a Fitch Group unit said in a report Tuesday.

The aggressive expansion pursued by the Adani Group, led by Asia’s richest person, has put pressure on its credit metrics and cash flow, CreditSights said in the report, adding that “in the worst-case scenario" it may spiral into a debt trap and possibly a default.

“We see little evidence of promoter equity capital injections into the group companies, which we feel is needed to reduce leverage in their stretched balance sheets," the agency said, referring to fund infusions from the Adani Group’s founders, known as “promoters" in India. (Bloomberg)

23 Aug 2022, 12:02:38 PM IST

Noon Update: Indices are trading flat amidst high volatility. IT stocks drag the market; Auto, PSU Bank, Pharma and Metal shine 

Infosys, Tech Mahindra and Adani Ports are among the worst performing stocks on Tuesday.

Sensex at Noon
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Sensex at Noon
23 Aug 2022, 11:49:57 AM IST

Midcap and Smallcap indices doing the heavy lifting

Broad Indices
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Broad Indices
23 Aug 2022, 11:47:19 AM IST

Anti-competitive practices: Apple, Google, Netflix, Amazon India execs to depose before Par panel

Top executives of the Indian arms of Apple, Google, Amazon, Netflix and Microsoft are scheduled to depose before a parliamentary panel looking into anti-competitive practices in the digital space later on Tuesday, the committee's chairman Jayant Sinha has said.

The Parliamentary Standing Committee on Finance has been looking into various aspects of competition in the marketplace, especially concerning technology majors.

According to a notice issued by the Lok Sabha Secretariat, the agenda of the meeting is "Oral evidence of the representatives of big tech companies on the subject 'Anti-Competitive' practices by big tech companies." (PTI)

23 Aug 2022, 11:33:52 AM IST

InterGlobe Aviation Ltd, which runs IndiGo, appears to have maintained the momentum in its yields, a measure of pricing

Analysts at Kotak Institutional Equities recently interacted with the airline’s management, where IndiGo had said that yields are much better than what seasonal trends in a weak September quarter (Q2FY23) would imply.

The traction in yields is also supported by steady demand. The average number of daily fliers in August-to-date stood at about 326,000 versus 316,000 in July. (Full Report)

23 Aug 2022, 11:22:31 AM IST

Mark to Market: Nifty IT slips 2%; macro concerns weigh on Indian tech stocks

Shares of Indian IT services providers Infosys Ltd., HCL Technologies Ltd., Wipro Ltd., L&T Infotech, Mpahsis Ltd., and Coforge Ltd, among others, were under pressure on Tuesday, falling 2.0-2.5% each on the National Stock Exchange in opening deals. As a result, Nifty IT saw a similar decline.

Rising concerns due to weakening of global macroeconomic conditions amid geopolitical turmoil have weighed on IT stocks. Note that Indian IT companies get a large part of their revenues from the US and Europe (Full Story)

23 Aug 2022, 11:15:54 AM IST

Multibagger smallcap stock to consider bonus issue today, shares hit record high

Shares of SecMark Consultancy Ltd rallied nearly 9% to hit a record high level of 227 apiece on the BSE in Tuesday's early deals ahead of the company's board's decision to consider the issue of bonus equity shares. The smallcap stock has jumped about 56% in the last five trading sessions on bonus issue proposal. (Read More)

23 Aug 2022, 11:07:26 AM IST

Demand for luxury homes in India rises after Covid

Luxury housing segment has performed quite well in India post the pandemic, with overall sales rising steeply across the top 7 metros.

Property consultant ANAROCK Research data shows that 14 per cent of the total housing units sold during the first half of 2022 (January-June) were luxury homes. A total of 1.84 lakh housing units were sold in the top seven cities during the period, of which approximately 25,700 were from the luxury segment.

In the same period last year, just 7% were from the luxury segment, the property consultant said. (ANI)

23 Aug 2022, 10:59:53 AM IST

Fearing a labour shortage, e-commerce firms ramp up hiring of delivery workers

India's e-commerce companies are adding delivery personnel at a rapid pace, fearing a labour shortage might cause them to lose out in one of the biggest annual shopping seasons that begins in earnest next month.

The moves come amid a tightening job market - India's unemployment rate fell below 7% in July for the first time since January - and persistently high inflation, complicating the outlook for the industry which has long battled chronically high employee turnover. (Full Report)

23 Aug 2022, 10:48:31 AM IST

Adani Ports sheds more than 3%

Adani Ports
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Adani Ports
23 Aug 2022, 10:46:45 AM IST

China stocks fall as property woes, COVID concerns weigh

Chinese blue chips inched lower on Tuesday, as investors worried that recent support measures were not enough to turn around the country's beleaguered property sector, while rising COVID-19 cases and extended power curbs also dented sentiment.

** The CSI300 Index had slipped 0.2% by the end of the morning session, while the Shanghai Composite Index was up 0.2% after dropping as much as 0.5%.

** The Hang Seng Index declined 0.5%, and the Hang Seng China Enterprises Index lost 0.4%.

** Real estate developers lost 1.4%, after closing almost flat in the previous session, even as China cut its benchmark lending rate and lowered the mortgage reference. (Reuters)

23 Aug 2022, 10:45:26 AM IST

India bond yields rise tracking U.S. peers, inflation in focus

Indian government bond yields rose on Tuesday after the 10-year U.S. Treasury yield crossed the 3% mark to hit a five-week high, with market participants also fretting about persistent inflationary headwinds.

Traders are also awaiting debt supply from states, which are scheduled to raise 68 billion rupees ($851.35 million) through the sale of 10-year to 24-year bonds. The size of funds, however, is less than half of 152 billion rupees they were expected to raise.

The benchmark 10-year government bond yield was at 7.2960% as of 0505 GMT. The yield has risen 9 basis points in last three sessions and ended at 7.2702% on Monday. (Reuters)

23 Aug 2022, 10:30:08 AM IST

IT stocks shed almost 1.5% on Tuesday, all stocks in red.

IT index
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IT index
23 Aug 2022, 10:09:33 AM IST

Apple plans to make iPhone 14 in India: reports

Apple Inc plans to start manufacturing iPhone 14 in India about two months after the product's initial release out of China, Bloomberg News reported on Tuesday.

The company has been working with suppliers to ramp up production in India and shorten the lag in manufacturing new iPhones from the typical six to nine months for previous launches, the report said citing people familiar with the matter. (Reuters)

23 Aug 2022, 10:05:13 AM IST

Angel One advice to traders for today: Stay light on positions and even the stock-specific trades are to be picked very carefully.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Friday’s sharp profit booking was a precursor of some sustainable decline after reaching the psychological mark of 18000. With US markets concluding the week on a weak note, we started the monthly expiry week on a sluggish note. The selling augmented right from the word go to break 17600 first and then eventually drifted below the key point of 17500 towards the end. Banking was the major culprit in this weakness followed by a few capital goods as well as heavyweight IT counters. It also turned out to be a brutal session for the broader market as the NIFTY MIDCAP 50 index concluded with more than a couple of percent cut.

After two months of relentless BULL run, all markets across the globe are undergoing some profit booking now. We are certainly not spared with it. Concerning the previous commentary, Friday’s weak close was an indication of further decline in our markets, which did happen on expected lines. However, we must accept the fact that it’s slightly extended our projected intraday levels. Now, the next cluster of support is visible in the vicinity of 17400 – 17350. It would be interesting to see whether we continue this profit booking mode to test these levels first or slightly oversold market opts for some relief in the coming session. In our sense, the momentum traders should lighten up shorts if we reach this support zone first or aggressive traders can even look to take a punt on the long side there.

On the flip side, 17560 followed by 17650 are to be seen as intraday resistances. We advise traders to stay light on positions and even the stock-specific trades are to be picked very carefully.

23 Aug 2022, 09:50:51 AM IST

Crypto trade growing in Asia, need regulatory frameworks to protect investors: IMF

Digitalization of the payment system can aid in the transition to the environmentally-conscious method of payments and also foster financial inclusion but at the same time crypto assets can pose risks to financial stability, the International Monetary Fund said.

In a blog titled 'Crypto is More in Step With Asia's Equities, Highlighting Need for Regulation' said, the IMF said that few parts of the world have embraced crypto assets like Asia -- where top adopters include individual and institutional investors from India to Vietnam and Thailand - which raises the important issue of the extent of integration of crypto into the financial system in the region. (ANI)

23 Aug 2022, 09:40:07 AM IST

Axis Securities annual analysis on Tata Consultancy Services - HOLD

Axis Securities on TCS: HOLD - Target Price 3650

"The management has guided double-digit growth in FY23 in the backdrop of robust deal wins. However, supply-side constraints may persist which is likely to impact the margins. We recommend a HOLD rating on the stock and assign a 27x P/E multiple to its FY23E earnings of 135.5/share to arrive at a TP of 3,650/share, implying an upside of 8% from the CMP."

23 Aug 2022, 09:25:42 AM IST

Most sectoral indices in green with IT down 2%. Auto and Media indices in green

Sectoral Indices
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Sectoral Indices
23 Aug 2022, 09:21:41 AM IST

Indices in red at open. Sensex and Nifty are down 0.6%

Sensex at Open
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Sensex at Open
23 Aug 2022, 09:09:37 AM IST

Dreamfolks Services IPO: Latest GMP ahead of issue opening for subscription tomorrow

Airport Service aggregator platform Dreamfolks Services Ltd has fixed a price band of 308-326 for its three-day initial public offering (IPO) which will open for public subscription on Wednesday, August 24, 2022 and the issue will conclude on Friday, August 26. The bidding for anchor investors would open on Wednesday. (Full Report)

23 Aug 2022, 09:03:48 AM IST

Sensex drops sharply at preopen, down more than a percent

Sensex at Preopen
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Sensex at Preopen
23 Aug 2022, 08:59:12 AM IST

Reliance Securities Stock in Focus: RITES


RITES (CMP Rs.281)

Considering higher infrastructure spending, healthy order book, monopoly in consulting business (for government projects), healthy return ratios, asset light business model and healthy dividend pay-out, we have a BUY rating on the stock with a Target Price of Rs300.

Intraday Picks


For today’s trade, long position can be initiated in the range of Rs1,576- 1,575 for the target of Rs1,620 with a strict stop loss of Rs1,544.


For today’s trade, short position can be initiated in the range of Rs282- 284 for the target of Rs272 with a strict stop loss of Rs289.


For today’s trade, short position can be initiated in the range of Rs2,424- 2,437 for the target of Rs2,355 with a strict stop loss of Rs2,476.

23 Aug 2022, 08:58:12 AM IST

Byju’s to settle Blackstone dues for Aakash deal in September

Edtech unicorn Byju’s is likely to settle dues of $180 million to Aakash Educational Services shareholder Blackstone Inc. by September-end, two people in the know said. Around $220 million has been paid to Blackstone, with $180 million pending. (Full Report)

23 Aug 2022, 08:55:13 AM IST

Ashika Stock Broking: Nifty is likely to continue with its profit booking activity

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed yet another bearish candle on the daily time frame due to profit booking from the psychological mark of 18000, hence there are indications that Nifty might be on the verge of reversing. Second consecutive day of selling in the market was broad-based. Now if Nifty defends the 17,300 level in the coming session, then there could be some consolidation, but a break of the said support level can drag the index down towards 17,000. Momentum oscillator MACD, also gave a sell signal on the daily charts. On the upside until and unless Nifty provides a decisive close above the gap area of 17690-17710, positive momentum in the market is likely to be deficient. Thus, during the day, Nifty is likely to witness a negative opening amid weak global cues and is likely to continue with its profit booking activity. Hence after a negative opening, intraday pullback towards 17600-17685 can be utilised for creating short position for the target of 17350.

23 Aug 2022, 08:50:04 AM IST

Tata Chemicals stock continues to be under F&O ban on NSE

Only one stock has been put under the ban for trade on Tuesday, August 23, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The counter has been put on ban under the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Chemical stock Tata Chemicals continues to be part of F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day.

23 Aug 2022, 08:45:45 AM IST

Indian rupee may open flat; RBI support counted on amid risk aversion

The Indian rupee was set to open flat against the dollar on Tuesday amid a weak risk appetite and on expectations that the Reserve Bank of India would step in to prevent the local unit from touching a new record low.

The rupee is expected to trade around 79.85-79.88, compared with 79.8675 in the previous session. The local unit has fallen for three straight sessions and is within the spitting distance of its lifetime low of 80.0650 hit last month.

The rupee remains in a downtrend, but the momentum on the downside will likely only build once rupee makes a new record low, a trader at a Mumbai-based bank said. (Reuters)

23 Aug 2022, 08:39:27 AM IST

Stocks to Watch: Infosys, TVS Electronics, TCS, Gillette India, NTPC

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

23 Aug 2022, 08:31:34 AM IST

India bond yields seen up as 10-year U.S. yield tops 3%

Indian government bond yields are seen opening higher on Tuesday, as the 10-year U.S. Treasury yield crossed 3%, with supplies of state debt expected to further restrain appetite.

The benchmark 10-year government bond yield is likely to hover in a 7.25%-7.30% band, a trader with a private bank said. The yield has risen 9 basis points in last three sessions and ended at 7.2702% on Monday.

"There may be some selling pressure tracking U.S. Treasuries, but the benchmark bond yield should remain supported at around 7.30% levels," the trader said. (Reuters)

23 Aug 2022, 08:30:10 AM IST

Fears over Fed, tremors in Taiwan rattle markets

Stock markets plunged around 1.5% on Monday, erasing 3.9 trillion of investor wealth, as a stronger dollar, fears of hawkishness at the US Fed’s Jackson Hole symposium, and tensions over Taiwan prompted investors to sell stocks.

Foreign institutional investors (FIIs) turned net sellers for the first time this month, offloading shares worth a provisional 454 crore, according to BSE data. (Full Report)

23 Aug 2022, 08:04:49 AM IST

RBI likely to slow down pace of rate hikes, may raise rates by 0.25% in Sept: Deutsche Bank

The Reserve Bank's rate setting panel is likely to opt for slowing down the pace of hikes and increase the repo rate by 0.25 per cent in September, Deutsche Bank said on Monday.

The central bank has already hiked the repo rate by 1.40 per cent in three consecutive actions since May this year, in response to the uncomfortably high inflation which has been consistently breaching upper end of the tolerance band set by the government to the RBI. (PTI)

23 Aug 2022, 08:03:36 AM IST

Day trading guide for Tuesday: 6 stocks to buy today — 23rd August

In the broader market, the BSE midcap gauge fell by 1.8% and the smallcap index declined 1.2%. The Nifty Bank index was down nearly 2%, dragged by fall in Punjab National Bank (PNB) and Kotak Mahindra Bank shares. (Full Report)

23 Aug 2022, 08:01:48 AM IST

Government notifies overseas investment rules and regulations

Union Ministry of Finance said on Monday the government has notified overseas investment rules and regulations in a bid to further improve the country's standing in the ease of doing business.

In line with the amendment in the Foreign Exchange Management Act 2015, Outward Investments Rules have been framed by the Government of India in consultation with the Reserve Bank.

Presently, the overseas investment by a person resident in India is governed by the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015. (ANI)

23 Aug 2022, 07:51:59 AM IST

Future Retail lenders claim ₹21,058 crore dues under insolvency resolution

Financial creditors to Future Retail Ltd have submitted loan claims to the tune of 21,058 crore under the ongoing insolvency resolution process, showed a document available on the company’s website.

A total of 33 banks have submitted these claims, of which 17,512 crore has already been verified by the resolution professional. Bank of New York Mellon has submitted the largest claim, of 4,670 crore, followed by Bank of Baroda at 2,286 crore, Union Bank of India at 2,002 crore, and Central Bank of India at 1,657 crore, among others.  (Full Report)

23 Aug 2022, 07:40:12 AM IST

Tokyo shares open lower after US falls

Tokyo stocks opened lower Tuesday after jitters over the speed of rate hikes by the US Federal Reserve drove down Wall Street shares overnight.

The benchmark Nikkei 225 index fell 1.00%, or 288.64 points, to 28,505.86 in early trade, while the broader Topix index lost 0.84%, or 16.73 points, to 1,975.86.

The dollar stood at 137.65 yen, up from 137.48 yen on Monday in New York.

Shares came under pressure ahead of this week's symposium of central bankers in Jackson Hole, Wyoming, with investors waiting to see if global monetary policymakers will renew their commitment to interest rate hikes to fight inflation. (AFP)

23 Aug 2022, 07:39:04 AM IST

Ford cuts 3,000 jobs in US, India as it pivots to a software future

Ford Motor Co said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla Inc in the race to develop software-driven electric vehicles.

Ford Chief Executive Jim Farley has been signaling for months that he believed the Dearborn, Mich. automaker had too many people, and that not enough of its workforce had the skills required for success as the auto industry shifts to electric vehicles and digital services. (Full Report)

23 Aug 2022, 07:34:22 AM IST

Infosys reduces average variable pay for June quarter amid margin squeeze

India's second-largest IT services company Infosys has scaled back the average variable payout of employees to about 70 per cent for the June quarter amid margin squeeze and high employee costs, according to sources.

Recently, Wipro held back the variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology. Larger rival Tata Consultancy Sevices has reportedly delayed quarterly variable compensation payout for some employees by a month. (Full Report)

23 Aug 2022, 07:30:22 AM IST

Rupee ends flat at 79.84 against US dollar

The rupee recovered early losses to close flat at 79.84 against the US dollar on Monday amid a strong greenback overseas and massive sell-off in equities.

However, lower crude oil prices supported the local unit, forex dealers said.

At the interbank foreign exchange market, the local currency opened weak at 79.90 and moved in a range of 79.78 to 79.92 during the session. It finally settled unchanged at 79.84 against the US dollar.

23 Aug 2022, 07:29:56 AM IST

Stocks fall broadly on Wall Street, extending market losses

Another broad stock market sell-off on Monday deepened Wall Street's losses from last week, leaving the S&P 500 with its biggest slide since mid-June.

The benchmark index fell 2.1%, nearly doubling its losses from last week, when it broke a four-week winning streak. The Dow Jones Industrial Average slumped 1.9% and the Nasdaq dropped 2.5%.

Technology companies and retailers had some of the heaviest losses. Smaller company stocks also lost ground, pulling the Russell 2000 index 2.1% lower. (AP)

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