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Home / Markets / Live Blog /  Sensex sheds 500 points, Nifty ends below 16,500; Infosys, Unilever tank

Sensex sheds 500 points, Nifty ends below 16,500; Infosys, Unilever tank

Stock Market Today: Another volatile ahead (Abhijit Bhatlekar/Mint)Premium
Stock Market Today: Another volatile ahead (Abhijit Bhatlekar/Mint)

  • Share Market Close: Indian benchmark indices tanked 0.9% with the Nifty going below the psychological mark of 16,500 and Sensex closing at 55,268. Bajaj finance twin stocks gained but all the broad indices closed in the red.

Asian stocks had a mixed day with Chinese indices ending in green but the Nikkei closing in red for the second day in a row as investors brace for another sharp interest rate hike by the Federal Reserve this week to combat inflation. The European market opened on a cautious note.

26 Jul 2022, 03:42:28 PM IST

Benchmark indices tank on Tuesday as Sensex and Nifty lost around a percent. Sensex and Nifty were down around 500 and 150 points, respectively.

Indian benchmark indices ended on a negative note for the second day in a row shedding around 0.9%. Sensex ended at 55,268 points which was around 500 points lower than Monday. Meanwhile, the Nifty sank 150 points to end at 16,483 points.

All broad indices except Media ended in red with IT, Auto, and health sector stocks sinking the most. Infosys, Axis Bank and Hindustan Unilever lost around 3% in today's session, whereas Bajaj Finserv gained 5% following the news of a proposed stock split.

Asian markets had a mixed day. Chinese stocks jumped following the boost in sentiment around tech stocks earnings and the report the country would set up a fund to help property developers. Hong Kong's Hang Seng Index was 1.48% higher and Shanghai Composite Index also widened gains to a rise of 0.8% and closed at 3,277.

Japan's Nikkei registered a small decline on Tuesday, while the broader Topix was flat, as investors kept to the sidelines ahead of Wednesday's U.S. Federal Reserve meeting. The Nikkei closed 0.16% lower, its second straight daily drop.

European stocks were flat on Tuesday as a slide in retailers and Swiss bank UBS offset a rally in oil stocks and Unilever, which rose after an upbeat sales forecast.

Sensex stocks at close
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Sensex stocks at close
26 Jul 2022, 03:25:14 PM IST

Bitcoin Sinks to One-Week Low as Another Fed Rate Increase Looms

Bitcoin sank to a one-week low, buffeted by investor skittishness ahead of a looming Federal Reserve interest-rate hike and amid harsher regulatory scrutiny of the cryptocurrency sector.

The largest token dropped as much as 5.9% on Tuesday and was trading at around $21,100 as of 10:26 a.m. in London. The MVIS CryptoCompare Digital Assets 100 gauge shed more than 4%. Equity markets were mixed, with Chinese stocks gaining while most European benchmarks slipped.

26 Jul 2022, 03:17:16 PM IST

Media Index in green towards the end of the session. Sun TV gains 5%.

Media Index
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Media Index
26 Jul 2022, 03:14:17 PM IST

Infosys employees get salary hikes, may increase hiring target

Although, the employees' salary hikes and net hiring may lead to a further spike in cost which is likely to impact the company's margin in the near term, however, it believes the move will bring down its attrition rate which rose by 70 basis points sequentially in the quarter ending June 30, 2022 (Q1FY23). Infosys has already made the highest hiring in Q1 compared to its peers like TCS, Wipro, and HCL Tech. (Full Report)

26 Jul 2022, 03:03:06 PM IST

Gold falls ₹28; silver declines ₹203

Gold in the national capital on Tuesday fell by 28 to 51,192 per 10 grams, according to HDFC Securities.

In the previous trade, the yellow metal finished at 51,220 per 10 grams. Silver also declined by 203 to 55,297 per kg from 55,500 per kg in the previous trade.

26 Jul 2022, 02:45:08 PM IST

Prabhudas Lilladher views on Asian Paints after Quaretr 1 result

Amnish Aggarwal, Director - Research at Prabhudas Lilladher said, “ APNT has given strong beat on numbers led by high double digit volume growth. We expect margins to recover from 2HFY23, however APNT might settle for margins lower than historicals given expected entry of Grasim in Paints. We remain positive on APNT, however re-rating looks unlikely given premium valuations and likely disruption due to entry of a large player."

26 Jul 2022, 02:43:06 PM IST

Union Bank Jun qtr net profit up 32 pc at ₹1,558 cr on lower bad loans

Union Bank of India on Tuesday reported a 32 per cent rise in standalone net profit to 1,558.46 crore for the quarter ended June 2022, helped by a fall in bad loans. Its core interest income also rose at a healthy rate.

The bank had posted a standalone net profit of 1,180.98 crore in the year-ago quarter. Its total income during the April-June period rose to 20,991.09 crore against 19,913.64 in the same quarter of 2021-22, Union Bank of India said in a regulatory filing.

26 Jul 2022, 02:42:12 PM IST

Bajaj Auto Q1 results: Net profit climbs 11% to ₹1,173 cr, EBITDA margin dip sequentially

Two-wheeler and three-wheeler giant, Bajaj Auto registered a net profit of 1,173 crore in the quarter ending June 30, 2022 (Q1FY23) compared to 1,061 crore of the same quarter last year - recording a growth of 11%. However, Q1 PAT declined by 20% from 1,469 crore in the preceding quarter. Meanwhile, standalone revenue stood at 8,005 crore in the quarter under review jumping by 8% from 7,386 crore in Q1FY22 and was marginally up from 7,975 crore in Q4FY22.

26 Jul 2022, 02:35:59 PM IST

Dr. Reddy's Laboratories slips by 3% in today's session

Dr. Reddy's
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Dr. Reddy's
26 Jul 2022, 02:22:06 PM IST

Asian Paints Q1 net profit surges 80%, volume growth among highest in last 6 quarters

Asian Paints on Tuesday reported consolidated net profit at 1,036 crore, up over 80% as compared to 574 crore in the same quarter last year. Its revenue surged more than 54% to 8,607 crore as against 5,585 crore year-on-year (YoY). The company said that its volume growth registered during the quarter is one of the highest in the last six quarters. (Full Report)

26 Jul 2022, 02:09:29 PM IST

Tanla announces first quarter FY23 results

Tanla Platforms Limited, India's largest CPaaS provider, today announced its financial results for the first quarter of FY'22-23. Revenue increased by 28% year-over-year to 8,001 million. Gross profit increased by 7% year-over-year to 1,850 million. Gross margin at 23.1%. EBITDA at 1,307 million. EBITDA margin at 16.3%.

26 Jul 2022, 01:50:05 PM IST

Axis Securities on market outlook amidst scare of Fed rate hike

Naveen Kulkarni, chief investment officer, Axis Securities says, "Currently, the markets expect a 75bps hike from the US Fed this week and post that a 50 bps hike in Sept followed by a 25bps hike in November and December to take the Feds Fund rate to 3.25-2.5% by the year-end. These rate hikes are already priced in by the market and any incremental increase this year, apart from the ones mentioned, might be taken negatively by the markets. If the US economy slows down significantly or if commodity prices fall further, there is a possibility that these planned interest rate hikes might not materialize, especially the ones in November and December."

26 Jul 2022, 01:35:13 PM IST

Kerala FM says state staring at financial crisis due to reduced GST funds

Kerala Finance Minister K N Balagopal has written to Union Finance Minister Nirmala Sitharaman claiming that the state is undergoing a financial crisis as it had not received GST compensation to the tune of 12,000 crore.

"The financial health of the state has been seriously affected by a reduction in the revenue deficit grant to the tune of around 7,000 crore this year and loss due to stoppage of GST compensation of around 12,000 crore. In addition, the Ministry of Finance has arbitrarily, in the name of off-budget borrowing made a reduction of approximately Rs,4000 crores in the net borrowing limits of the State. In all the State Government will have to contend with a reduction of 23,000 crore in the financial resources available to it for financing the budget in the current financial year," Balagopa' said in his letter written on July 22.

26 Jul 2022, 01:33:58 PM IST

2 chemical stocks to buy, accumulate after Q1 results as recommended by Nirmal Bang

Domestic brokerage and research firm Nirmal Bang Institutional Equities is bullish on two chemical stocks after their respective Q1FY23 results - which are Navin Fluorine International (NFL) and Tatva Chintan Pharma Chem and has Buy and Accumulate ratings on the stocks respectively. (Full Report)

26 Jul 2022, 01:15:44 PM IST

Discussion on price rise in Parliament once FM Sitharaman recovers from Covid

Parliamentary Affairs Minister Pralhad Joshi on Tuesday assured that a discussion on price rise will take in Parliament once Finance Minister Nirmala Sitharaman, who was down with Covid19, returned in a day or two.

"Then, we'll have a discussion," Joshi said.

The minister said that inflation in India is contained as compared to many other countries.

26 Jul 2022, 01:15:08 PM IST

India M&A Volume to Rise Amid IPO Market Slowdown, JPMorgan Says

Mergers and acquisitions have become an important solution for investors facing a slowdown in India’s equity capital markets, according to JPMorgan Chase & Co.

“India is a super important market for sovereign funds, private equity and global pension funds, who are taking an increasingly important role in the number of M&A transactions that are currently happening," Kaustubh Kulkarni, vice chairman for APAC, investment banking India head and Southeast Asia co-head, said in a Bloomberg Television interview on Tuesday.

26 Jul 2022, 12:57:17 PM IST

Pharma index lags, down 1%; most stocks sink

Pharma
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Pharma
26 Jul 2022, 12:53:48 PM IST

NASSCOM Foundation supports Nourishing Schools Foundation for building a data hub for adolescent health and nutrition

This program, a joint initiative of NASSCOM Foundation's corporate volunteering program - My Kartavya and Tietoevry, aims at strengthening the NGO ecosystem by mentoring select non-profits to overcome tech challenges for a lasting impact.

Adolescents in India face several nutrition-related challenges and due to a lack of data, their health and nutrition are often overlooked. Through the Social Innovation Catalyst program, NASSCOM Foundation will support Nourishing Schools Foundation in building a Data Hub on adolescent health and nutrition.

26 Jul 2022, 12:43:05 PM IST

Vedanta shares trade ex-dividend, stock rises

Shares of Vedanta rose more than 2% to 243 apiece on the BSE in Tuesday's deals as the stock started trading ex-dividend, a day ahead of its record date for the second interim dividend for the current fiscal year. (Full Report)

26 Jul 2022, 12:30:52 PM IST

Anupam Rasayan - IIFL recommends BUY with target price ₹990/share

IIFL said on Anupam Rasayan, "Overall, ARIL remains focussed on growth. Our estimates assume PAT CAGR of ~35% from FY22 to FY25. However, elevated working capital levels are keeping the RoE subdued. Maintain ‘BUY’ with a revised target price of INR 990/share"

26 Jul 2022, 12:27:25 PM IST

Tokyo's Nikkei ends down ahead of Fed decision

Tokyo's key Nikkei index closed lower on Monday as traders stayed cautious ahead of a key Federal Reserve decision.

The benchmark Nikkei 225 index dipped 0.16%, or 44.04 points, to end at 27,655.21 while the broader Topix index was flat, inching down 0.04 points to 1,943.17.

26 Jul 2022, 12:23:57 PM IST

Infosys to hire 300 Singaporean workers

To support Singapore government's ongoing programmes to create employment opportunities for freshers and mid-career professionals, Infosys has collaborated with Infocomm Media Development Authority of Singapore (IMDA), a statutory board, under the Ministry of Communications and Information, the Bengaluru-headquartered IT services company said.

Infosys will aim to hire technology professionals, mature PMETs (Professionals, Managers, Executives, and Technicians) from tech and non-tech backgrounds, as well as fresh graduates from polytechnics and universities to create a skilled and future-ready workforce in Singapore.

26 Jul 2022, 12:21:58 PM IST

Dolly Khanna buys fresh stake in this smallcap petrochem stock

Amid this volatility, the super investors of India are as busy as they can be. They look for the most undervalued stocks that are poised for long-term growth. Among the investing gurus, one prominent name is Dolly Khanna. According to the latest data, Dolly Khanna has bought an additional stake in a small-cap stock. (Read More)

26 Jul 2022, 12:11:11 PM IST

Oil Slips as Investors Weigh Demand Outlook Ahead of Fed Meet

Oil advanced for a second session as signs of a tight physical crude market offset concerns about an economic slowdown.

West Texas Intermediate futures climbed above $98 a barrel amid a broader rally in commodities after gaining 2.1% on Monday. Time spreads are indicating scarce supply, and Morgan Stanley said the market remains tight, although the investment bank trimmed its crude oil price forecasts this year and into 2023 citing reduced demand projections.

26 Jul 2022, 12:04:12 PM IST

Noon Update: Indices fell second day in a row as IT and Bank stocks drag the market. Sensex down 315 points and Nifty down 100

The twin Bajaj finance shares (Bajaj Finserv and Bajaj Financials) gained the most in today's session, whereas Infosys, Axis Bank, and Dr. Reddy lagged. Overall IT and healthcare stocks remained in the red throughout the day.

Noon Update
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Noon Update
26 Jul 2022, 11:56:24 AM IST

Ashishkumar Chauhan quits as BSE chief; committee to manage affairs for interim period

Ashishkumar Chauhan has resigned as Managing Director and CEO of BSE and has been relieved of his roles and responsibilities at the exchange, the bourse said.

Chauhan will be joining rival National Stock Exchange (NSE) as Managing Director and Chief Executive Officer (CEO).

He was part of the founding team of NSE but left it in 2000 for various roles at Reliance Industries group, before returning to the stock exchange arena as deputy CEO of BSE in 2009 and then as CEO in 2012.

26 Jul 2022, 11:44:48 AM IST

OneWeb-Eutelsat merger a significant development: Sunil Bharti Mittal

Eutelsat and key OneWeb shareholders sign a Memorandum of Understanding with a view to combining Eutelsat and OneWeb in an all-share transaction. Eutelsat shareholders and OneWeb shareholders would each hold 50% of the Eutelsat shares. (Full Report)

26 Jul 2022, 11:26:39 AM IST

Bajaj Finserv gains 3% ahead of the proposal for a stock split of company's equity shares.

Bajaj Finserv
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Bajaj Finserv
26 Jul 2022, 11:23:17 AM IST

Panattoni, a Global Leader in Industrial and Logistics Real Estate Development, debuts in Asia with its first operations in India

Panattoni India is led by Managing Director, Sandeep Chanda, formerly head of strategy & acquisitions at Embassy Industrial Parks.

The company plans to introduce its 'open book' transparent business model of partnering with global institutional investors to facilitate the deployment of capital in direct investments in the fast-expanding Indian industrial and warehouse market.

26 Jul 2022, 11:14:16 AM IST

Ant Group executives no longer part of Alibaba Partnership after China crackdown

Following the Chinese regulatory crackdown, Ant Group executives are no longer part of Alibaba Partnership, Alibaba's annual report released on 26 July showed. Alibaba Group has amended its partnership terms and now it allows only Alibaba employees to be part of the partnership. (Full Report)

26 Jul 2022, 10:57:49 AM IST

Realty index down 1%. Most stocks in red.

Realty
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Realty
26 Jul 2022, 10:55:38 AM IST

96 per cent of the Indian Businesses are focusing on Sustainable Travel: SAP Concur Survey

A new study by SAP Concur, a provider for integrated travel, expense and invoice management solutions has discovered that while managing corporate travel 96 per cent of all businesses across India say their companies are actively focusing on sustainability. This widespread determination to be environmentally sustainable has been revealed in new research released ahead of World Environment Day.

The SAP Concur APAC Sustainability Survey was conducted by Consulting Group - Asia Insight, polling 648 senior and mid-level managers in corporate travel, finance, HR, procurement, and sustainability across Australia, China, India, Malaysia, Singapore, and South Korea. There were 110 respondents from India.

26 Jul 2022, 10:43:59 AM IST

Adani says never slowed, walked away from investing in India

Richest Indian Gautam Adani on Tuesday said his ports-to-energy conglomerate has never slowed or walked away from making investments in India as the group's growth is aligned with the country's growth story.

Speaking at the group's annual shareholders meeting, he said the group is investing USD 70 billion in a new energy business that will turn India from net importer of oil, to an exporter of green hydrogen.

"We have never slowed or walked away from investments in India," he said, adding the group believes its success is based on its alignment with India's growth story.

26 Jul 2022, 10:41:15 AM IST

Crisis-hit Sri Lanka woos foreign oil firms amid fuel shortages

Crisis-hit Sri Lanka invited on Tuesday expressions of interest from oil companies in petroleum-producing nations seeking to import and sell petroleum products as the Indian Ocean island opens its market amid acute fuel shortages.

"An advertisement was published today calling for expression of interest (EOI) for oil companies to import, distribute and sell petroleum products in Sri Lanka," Kanchana Wijesekera, the power and energy minister, said

26 Jul 2022, 10:23:14 AM IST

All broad indices in red

Broad Indices
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Broad Indices
26 Jul 2022, 10:22:08 AM IST

Infosys drags; sheds 3%

Infosys
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Infosys
26 Jul 2022, 10:19:18 AM IST

Angel One Ltd outlook on commodities

Gold: We expect gold to trade higher towards 50970 levels, a break of which could prompt the price to move higher to 51370 levels.


Crude: We expect crude to trade higher towards 7840 levels, a break of which could prompt the price to move higher to 7950 levels.


Base Metal: The upside in metals is likely to remain capped given the anticipation of a 75 basis point rate hike by the US Fed will be a major headwind.

26 Jul 2022, 10:04:48 AM IST

Rupee trades in narrow range against US dollar in early trade

The rupee witnessed a range-bound trading in early trade on Tuesday as firming crude oil prices and concerns about the hawkish US Fed offset the support from the overnight weakness of the American currency.

At the interbank foreign exchange, the rupee opened at 79.73 against the dollar and moved in a narrow range. It touched an early low of 79.79 in initial deals.

On Monday, the rupee rose by 12 paise to close at 79.78 against the US dollar.

26 Jul 2022, 09:58:18 AM IST

As Zomato shares crash for second day, Jefferies says 'great case' to buy

Shares of Zomato extended decline with the stock hitting a new all-time low for the second consecutive day on Tuesday of 44 apiece on the BSE. Zomato shares had fallen to its all-time low on Monday post the ending of the mandatory pre-IPO (Initial Public Offering) shareholders lock-in period on July 23. (Full Report)

26 Jul 2022, 09:55:25 AM IST

EU faces solidarity test over forced cuts in Russian gas fight

Energy ministers from the bloc’s 27 member states will meet on Tuesday to wrangle over backing a proposal from the European Commission. While a political agreement could be reached, there are fears the deal could lack teeth. Many member states are skeptical about making the voluntary target binding, highlighting concerns over the potential impact on local companies and consumers.

The urgency to act increased after Gazprom PJSC announced it will further curb flows through the key Nord Stream pipeline to around 20% of normal capacity from Wednesday. The Russian gas giant said one more turbine is due for maintenance and will be taken out of service, while Germany’s Economy Ministry said it saw “no technical reason" for the reduction.

26 Jul 2022, 09:42:48 AM IST

India reports 14,830 new COVID-19 cases, 36 fatalities

With 14,830 new COVID-19 cases being reported in a day, India's tally of coronavirus infections rose to 4,39,20,451, while the count of active cases has declined to 1,47,512, according to Union Health Ministry data updated on Tuesday.

The death toll due to the disease has climbed to 5,26,110 with 36 new fatalities being recorded, the data updated at 8 am showed.

Active cases now comprise 0.34 per cent of the total infections, while the national COVID-19 recovery rate was recorded at 98.47 per cent, the health ministry said.

26 Jul 2022, 09:31:30 AM IST

Axis Bank shares: Brokerages see up to 40% upside, bullish post Q1 results

Shares of Axis Bank plunged nearly 2% in Tuesday's opening deals to 717 apiece on the BSE after the bank reported Q1FY23 results on Monday post market hours. Axis Bank's net profit nearly doubled to 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans as compared to 2,160 crore in the corresponding quarter of the previous fiscal. (Full Report)

Axis Bank
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Axis Bank
26 Jul 2022, 09:26:14 AM IST

All IT stocks in red. Index down 1%

IT
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IT
26 Jul 2022, 09:23:26 AM IST

Indices sank 0.4% at open with Sensex trading 250 points lower and Nifty 70 points. Bajaj Finserv and Tata Steel had a positive start but most of the stocks are in red.

Sensex Open
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Sensex Open
26 Jul 2022, 09:06:46 AM IST

Cryptocurrency prices today: Bitcoin falls to one-week low, other tokens also sink

In cryptocurrencies, Bitcoin price today sank to a one-week low on Tuesday, buffeted by nervousness ahead of a looming Federal Reserve interest-rate hike and amid harsher regulatory scrutiny of the cryptocurrency sector. The cryptocurrency continued to linger near the closely watched $21,000-22,000 price level. (Full Report)

26 Jul 2022, 09:04:49 AM IST

Sensex is in the flat zone at pre-open.  Tech Mahindra, Axis Bank, Tata Steel, GlaxoSmithKline in focus 

Sensex
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Sensex
26 Jul 2022, 08:53:46 AM IST

Axis Securities on Coforge and Persistent Systems

Coforge: We recommend a HOLD rating on the stock and assign a 23x P/E multiple to its FY24E earnings of 171.2/share which gives a TP of 4,000 /share. TP implies an upside of 7% from the CMP.

Persistent Systems: We recommend a BUY rating on the stock and assign a 29x P/E multiple to its FY24E earnings of 143.9/share to arrive at a TP of 4,200/share, indicating an upside potential of 16% from the CMP.

26 Jul 2022, 08:46:38 AM IST

5 graphs show RBI’s inflation-growth tightrope walk

Five months into the Ukraine war, the tricky inflation-growth dynamic is taking a turn again. Slowing commodity prices look set to cool inflation—but not soon, and certainly not enough. Meanwhile, a recession looms, posing a dilemma for central banks. Can the Reserve Bank of India (RBI) still be as aggressive as it had planned to be when it meets next week? (Full Report)

26 Jul 2022, 08:38:03 AM IST

Sterlite Power awaits favourable equity markets for ₹1,250 cr IPO

Vedanta Group unit Sterlite Power Transmission Ltd is waiting for market conditions to turn favourable before it launches a planned initial public offering (IPO) worth 1,250 crore. (Full Report)

26 Jul 2022, 08:36:06 AM IST

Bank fraud declines to ₹3,785 crore in FY22: Bhagwat Karad

The amount involved in frauds reported by banks and select financial institutions based on the date of occurrence of fraud declined significantly from 32,178 crore in 2019-20 to 3,785 crore in 2021-22, Union minister Bhagwat Karad said on Monday.

As per the RBI data, frauds involving the amount of 11,800 crore were detected in 2020-2021, the Minister of State for Finance said in a written reply to the ​Lok Sabha.

26 Jul 2022, 08:24:13 AM IST

Govt taking efforts to enhance coal supply to power plants: Minister

The government is making sustained efforts to enhance coal production and supply of coal to thermal power plants, Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi said on Monday.

In 2022-2023 (April 2022 to June 2022), all-India average gap between the Energy Requirement and Energy Supplied was only one per cent. The gap between energy demand and supply is generally on account of factors other than inadequacy of power availability in the country, e.g. constraints in the distribution network, financial constraints, commercial reasons, forced outage of generating units, etc, the minister said in a written reply to a question in Rajya Sabha.

26 Jul 2022, 08:23:22 AM IST

Russia to cut gas through Nord Stream 1 to 20% of capacity

Russian energy giant Gazprom said Monday that it would further reduce natural gas flows through a major pipeline to Europe to 20% of capacity, citing equipment repairs. The move ramps up fears that Russia may cut off gas as political leverage over the war in Ukraine just as Europe tries to shore up storage for winter.

The Russian state-owned company tweeted that it would reduce “the daily throughput" of the Nord Stream 1 pipeline to Germany to 33 million cubic meters as of Wednesday, saying it was shutting down a turbine for repairs. The head of Germany's network regulator, Klaus Mueller, confirmed that the flow was expected to be cut in half.

26 Jul 2022, 08:12:06 AM IST

Indiabulls Housing Finance stock under F&O ban on NSE today

Only one stock has been put under the ban for trade on Tuesday, July 26, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The stock 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. (Full Report)

26 Jul 2022, 08:10:00 AM IST

China’s Economy Strengthens in July Despite Housing, Covid Woes

China’s economic recovery gained momentum in July as business activities resumed and confidence improved, despite disruptions from sporadic Covid outbreaks across the country.

That’s the outlook based on Bloomberg’s aggregate index of eight early indicators for this month. The overall gauge was 5, a level indicating the economy is heating up. That was unchanged from June, which was revised up from the neutral level after data showed manufacturing started growing again and services expanded faster than in May.

26 Jul 2022, 07:55:35 AM IST

Stocks to Watch: Tech Mahindra, Axis Bank, Tata Steel, GlaxoSmithKline

Asian Paints, L&T, Bajaj Auto, Tata Power, and Union Bank will be in focus as they declare their June quarter earnings today. (Full Report)

26 Jul 2022, 07:52:33 AM IST

China reports 976 new COVID cases for July 25

China reported 976 new coronavirus cases for July 25, of which 148 were symptomatic and 828 were asymptomatic, the National Health Commission said on Tuesday. That compared with 800 new cases a day earlier - 150 symptomatic and 650 asymptomatic infections, which China counts separately. There were no new deaths, leaving the nation's fatalities at 5,226.

26 Jul 2022, 07:37:59 AM IST

5G spectrum auction starts today: DoT expects to generate ₹1,00,000 crore

Four companies, including Reliance Jio and Bharti Airtel, are scheduled to bid for the 72 GHz of radiowaves that are up for grabs in the 5G spectrum auction, which will start on July 26. On Tuesday, the bidding will begin at 10 am and continue until 6 pm. According to Department of Telecom (DoT) sources, the length of the auction will depend on the actual demand for radiowaves and the tactics used by different bidders. (Full Report)

26 Jul 2022, 07:37:04 AM IST

More than 3 crore income tax return filed so far

Income Tax Department on Monday said that more than 3 crore returns have been filed through e-filing portal till date for the financial year 2021-22.

"More than 3 crore ITRs for AY (Assessment Year) 2022-23 have been filed on e-filing portal till 25th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022. We urge you to file your ITR at the earliest, if not filed as yet," the department said in a tweet.

Over 2.3 crore Income Tax Returns (ITRs) were filed till July 20 for the financial year 2021-22.

26 Jul 2022, 07:35:53 AM IST

India on path to become USD 30 trillion economy in next 30 years: Goyal

India is on the path to become a USD 30 trillion economy in the next 30 years on the back of strong GDP growth, said Commerce Minister Piyush Goyal on Monday. India is currently USD 3-3.5 trillion economy and soon will achieve USD 5 trillion, he said while addressing an event organised Ficci Ladies Organisation.

"As we move to a USD 5 trillion economy...we are well poised on track to aspire to be a USD 30 trillion economy in the next 30 years. It doesn't need any rocket science. All it needs is understanding that the power of our demographic dividend, the youth power and the power of democracy, which India proudly represents," he said.

26 Jul 2022, 07:30:00 AM IST

Mixed cues from Asian markets as Hong Kong starts with a gain 

Hong Kong stocks opened higher Tuesday, with market heavyweight Alibaba boosted by news it will seek a primary listing in the city, which would allow it to be traded by mainland investors. The Hang Seng Index rose 0.55%, or 113.74 points, to 20,676.88. The Shanghai Composite Index added 0.12%, or 3.80 points, to 3,254.19.

 

The benchmark Nikkei 225 index edged up 0.01%, or 3.58 points, to 27,702.83 in early trade

26 Jul 2022, 07:27:45 AM IST

Investors brace for Fed meeting; stocks closed flat on Wall Street

Wall Street capped a choppy day of trading with a mixed finish for stock indexes Monday, as investors brace for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation.

The S&P 500 edged up 0.1% after fluctuating between gains and losses. The Dow Jones Industrial Average rose 0.3%, while the tech-heavy Nasdaq Composite fell 0.4%.

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