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Indices end flat, Sensex adds 59 pts; Grasim, NTPC, JSW Steel surged

Stock market today: Fed Chair speech in focus (MINT)Premium
Stock market today: Fed Chair speech in focus (MINT)

  • Share Market Close: Benchmark indices started strongly but pared most of the gains to end flat. Sensex added 59 points and Nifty 36 in today's session. Metal and Consumer Durable ended strongly but FMCG and Private Bank lagged. Syrma SGS made a strong debut.

Markets were cautious on Friday awaiting Jerome Powell’s keynote for clues on how much further the Fed put brakes on the economy to tame inflation. Asian markets started on a strong note but had a mixed ending with Shanghai in the red but Hong Kong and Tokyo closing in the green.

26 Aug 2022, 03:54:02 PM IST

Indices ended flat after being comfortably green for most of the day. Sensex gained 59 points and Nifty 36

Indian benchmark indices once again seesawed today but ended with minor gains. Sensex was up 500 points in intraday trading but settled for a gain of 59 points to end at 58,833. Nifty saw a bump of 36 points to close at 17,559.

Grasim, NTPC, Adani Ports, and JSW Steel surged around 3%, whereas Eicher Motors shed more than 3%. IndusInd Bank and Bharti Airtel also witnessed their share prices fall.

Among indices, Metal and Consumer Durable gained more than a per cent. FMCG, Private Bank, Media and Realty lagged.

Syrma SGS Technology got listed on BSE and NSE today at a strong 19% premium. The share price opened on BSE at 262 and went on to further ascend to its intraday high of 295 a piece.

Asian markets had a mixed day as cautious investors awaited the speech by Federal Reserve Chair Jerome Powell for fresh clues about the path of U.S. monetary policy tightening.

China stocks closed lower on Friday as COVID-19 outbreaks and property woes kept investor sentiment subdued, with energy suppliers and chipmakers leading the decline. Shanghai Composite Index closed 0.3% lower.

Hong Kong shares rose with Hang Seng Index adding roughly 1%.

Japanese shares ended slightly higher on Friday after erasing some of their earlier gains. The Nikkei share average ended up 0.57%, well off the morning session's high.

European shares inched higher on Friday as a tech-fuelled Wall Street rally overnight lifted European peers.

Sensex at Close
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Sensex at Close
26 Aug 2022, 03:20:51 PM IST

NDTV shares hit upper circuit for 3rd day in a row on Adani Group's stake purchase

Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit for the third consecutive day on Friday after Adani Group announced that it would acquire a majority stake in the news channel company.

On the BSE the share price of NDTV opened at 423.85, the upper circuit limit. This is five per cent higher when compared with its previous day's close at 403.70.

However, the scrip witnessed some selling pressure in the early morning trade. It fell to a low of 397.30 in the intra-day. (ANI)

26 Aug 2022, 03:06:53 PM IST

India's biggest alcohol company halts some whiskey sales

One of Hina Nagarajan’s first moves at the helm of liquor giant Diageo Plc’s Indian arm is a standoff with government officials over price caps that have already cost the company almost $9 million in sales, and some say might backfire. United Spirits Ltd. has halted whiskey sales in a number of states yet to budge on price caps despite rising inflation. (Full Story)

26 Aug 2022, 02:48:16 PM IST

India becomes second biggest smartwatch market, pips China in Q2 2022: Report

India surpassed China to become the second biggest smartwatch market in the world for the first time in the June quarter, according to a Counterpoint Research report. Smartwatch shipments in India grew 347% year-on-year (YoY) during the quarter, while the global market grew at just 13% YoY, the UK-based market research firm said.

Apple retained the top slot in the global smartwatch market accounting for 29.3% of the overall shipments, followed by Samsung at 9.2% and Huawei at 6.8%. (Read More)

26 Aug 2022, 02:34:57 PM IST

India in talks with Russia over LNG supply resumption, GAIL says

India is in talks with Russia to resume gas supplies under the long-term import deal between Gazprom and GAIL (India) Ltd, the state-run Indian company's chairman said at an annual shareholder meeting on Friday.

GAIL, India's largest gas distributor and operator of pipelines, has not received the agreed imports since May and has had to cut supplies to clients as a result.

"There are some immediate issues which we are trying to tackle both at the company level and also at G2G (government to government) level," said GAIL Chairman Manoj Jain, adding that supplies under the Gazprom deal have been hit by the Russia-Ukraine conflict. (Reuters)

26 Aug 2022, 02:18:18 PM IST

India's digital lending rules spark disruption, firms plan pushback

* Booming India digital lending sector faces regulatory tightening

* India wants borrowers to deal with banks, not intermediaries

* Fin-tech firms acting as loan facilitators hit by move

* Rules seen hitting Amazon, Flipkart loan offerings-sources

* Companies plan to lobby Indian central bank on changes-sources

(Reuters)

26 Aug 2022, 02:16:54 PM IST

NTPC gains 3% in today's session

NTPC
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NTPC
26 Aug 2022, 01:56:53 PM IST

Delhivery plans to hire over 75,000 employees for seasonal jobs

Logistics firm Delhivery has announced its plans to hire over 75,000 staff for seasonal jobs over the next one-and-a-half month. The company further said that it has also planned to expand its parcel sortation capacity by 1.5 million shipments per day.

Of the 75,000 jobs, over 10,000 people will be off-roll employees across Delhivery's gateways, warehouses, and last-mile delivery, the company said. (Full Story)

26 Aug 2022, 01:55:20 PM IST

Adani Group gets franchise in Legends League Cricket, name it Gujarat Giants

Adani Group has made another investment in franchise cricket as they named their newly acquired franchise in Legends League Cricket, Gujarat Giants.

Legends League Cricket announced their tie-up with Adani Group to acquire a Franchise team in the League. With this investment, Adani group has made its 2nd investment in Franchise Cricket. Adani Sportsline, a company of Adani Group, recently acquired a team in the UAE T20 league.

Pranav Adani, Director of Adani Enterprises said, "For those of us who have lived through different eras of cricket, nothing stirs our passions like watching our favourites back in action. These are giants of the game and there is no doubt that the spiritual home of Legends League Cricket is in India, in our fantastic cricket stadiums in front of our fantastic crowds. and we call our team of Legends as Gujarat Giants." (ANI)

26 Aug 2022, 01:24:05 PM IST

Tech, miners boost European stocks; German consumer sentiment set to hit a record low

European shares inched higher on Friday as a tech-fuelled Wall Street rally overnight lifted European peers, but sentiment was weighed down by worries about the path for interest rate hikes and rising energy costs.

The pan-European STOXX 600 rose 0.4% and was set to end the week 0.5% lower.

On Friday, miners rose as copper prices gained on hopes that fresh stimulus measures from China would boost demand. (Reuters)

26 Aug 2022, 01:12:18 PM IST

Consumer Durable index gains more than a per cent, Titan leads the pack

Consumer Durables
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Consumer Durables
26 Aug 2022, 01:10:09 PM IST

CMAI welcomes government's latest notification on excluding loose garments from Legal Metrology (Packaged Commodities) Rules

The central government on Thursday issued a vital notification clarifying that Garments or Hosiery products sold in the loose form will not be covered under the provisions of the Legal Metrology (Packaged Commodities) Rules, subject to providing a few details.

Most importantly, the Notification gives a clear definition of a "loose" Garment as one sold loose or open at the point of sale in such manner that the consumer can inspect the products before buying.

CMAI has been representing to the concerned Ministries for years now that Garments by their very nature - these can be seen, touched, felt, and even tried on in most cases - should not be included in the ambit of a "packaged" commodity, where the consumer buys the product in a sealed condition without having the opportunity to see, examine, or test the communicated parameters. (ANI)

26 Aug 2022, 01:04:03 PM IST

Japan's Nikkei ends slightly higher ahead of Powell speech

Japanese shares ended slightly higher on Friday after erasing some of their earlier gains, as cautious investors awaited a speech by Federal Reserve Chair Jerome Powell for fresh clues about the path of U.S. monetary policy tightening.

The Nikkei share average ended up 0.57% at 28,641.38, well off the morning session's high of 28,792.93.

The broader Topix also gave up some of its early gains to close 0.15% higher at 1,979.59. (Reuters)

26 Aug 2022, 12:49:07 PM IST

How bad is China’s slowdown, and how will it impact India?

Much of it is self-inflicted. The Chinese economy has slowed to a crawl, growing at just about 0.4% in the second quarter, as a zero-covid policy has begun to hurt. A crackdown on real estate speculation has further aggravated the economic crisis. It impacts global inflation in a complex form–prices of manufactured goods will rise while pressure on commodity prices will ease.

The Chinese economy will impact global inflation in two ways–prices of manufactured goods will rise while pressure on commodity prices will ease. China, the world’s factory, is also one of the world’s largest consumers of a range of commodities—from oil and steel to wheat and soybean.

China accounts for over 18% of the global GDP—that’s more than the combined GDP of the European Union and stacks up to almost a third of global manufacturing. (Full report)

26 Aug 2022, 12:37:20 PM IST

Indian Hotels on track to achieve 300 hotels mark by 2025

Tata group hospitality firm Indian Hotels Co Ltd on Friday said it is on track to achieve its targetted portfolio of a total of 300 hotels by 2025.

The company currently has 242 hotels, including 61 under development, in total across brands such as the Taj, SeleQtions, Vivanta and Ginger with a combined 29,000 rooms.

Under its 'Ahvaan 2025' strategy, IHCL said it will expand its footprint in relatively untapped destinations such as North East India besides key global markets that have substantial customer crossover with India, through strategic partnerships.

Over the last 24 months, IHCL has rapidly expanded with two hotel signings each month, company Managing Director and CEO Puneet Chhatwal said in a statement. (PTI)

26 Aug 2022, 12:19:55 PM IST

India's GAIL sets 2040 goal for net zero carbon emissions

India's top gas distributor GAIL (India) Ltd has set a 2040 target to achieve net zero carbon emissions from its operations, its chairman Manoj Jain said at an annual shareholders' meeting on Friday.

India, one of the world's biggest greenhouse gas emitters, is aiming to reach net zero emissions by 2070. (Reuters)

26 Aug 2022, 12:11:03 PM IST

Shashi Tharoor led parliamentary panel summons Twitter, IRCTC: Here's why?

The microblogging site Twitter and Indian Railway Catering and Tourism Corporation (IRCTC) have been summoned to appear before the Congress MP Shashi Tharoor-led Parliamentary Standing Committee on Information Technology on Aug 26, 2022. Twitter and the railway ticketing app have been called to discuss concerns over “citizens’ data security and privacy". (Full Story)

26 Aug 2022, 12:07:28 PM IST

Noon Update: Indices remain strong in the first half as Sensex gains 300 points and Nifty 100

Metal, IT and PSU Bank ind

Sensex at Noon
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Sensex at Noon
26 Aug 2022, 11:53:03 AM IST

Titan shines in today's session, gains 3%

Titan
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Titan
26 Aug 2022, 11:32:41 AM IST

Mahindra Lifespace crossing $1 bn m-cap proves firm can survive without black money: Anand Mahindra

Mahindra Group Chairman Anand Mahindra on Friday said the market cap of its realty firm Mahindra Lifespace has crossed USD 1 billion, proving sceptics wrong that the company could not survive without transacting in black money.

The milestone has vindicated the Group's entry into the real estate sector, he said.

Mahindra Lifespace Developers Ltd is the real estate arm of the Mahindra Group. It is listed on stock exchanges.

Shares of Mahindra Lifespace Developers were trading at 519.75 apiece on BSE, up 2.29 per cent at 1128 hrs. The market capitalisation of the company was at 8,032.51 crore. (PTI)

26 Aug 2022, 11:31:23 AM IST

Syrma SGS Technologies shares make strong debut on Dalal Street

Syrma SGS Technologies share has made a strong debut on Dalal Street today. As expected by various market experts, shares of Syrma SGS Technologies have opened on BSE at 262 apiece levels, delivering around 19% listing premium to the allottees.

The stock made its debut at 262, a jump of 19.09% from the issue price on the BSE. Later, it zoomed 33.18 per cent to 293.

At the NSE, it opened at 260, a premium of 18.18%. The stock further climbed 33.31 per cent to 293.30. (PIT)

26 Aug 2022, 11:08:20 AM IST

Oil prices rise on fears of output cut by Opec

Crude oil prices rose during the early trade on Friday amid persistent fears of a production cut by Organization of the Petroleum Exporting Countries (Opec) and indications of improving fuel demand.

Around 10.20 am, the October contract of Brent on the Intercontinental Exchange was trading at $100.13 a barrel, higher by 0.80% from its previous close. Similarly, the October contract of West Texas Intermediate (WTI) on the NYMEX rose 0.88% to $93.33 a barrel. (Full Report)

26 Aug 2022, 11:06:49 AM IST

Gensol Engineering bags orders worth ₹153 crore to build 58.8 MW solar projects

Gensol Engineering has bagged orders worth 153.16 crore for building solar power projects with capacity totalling 58.8 MW in August.

In a regulatory filing the company said, it has received purchase orders from clients for the development of solar power projects aggregating to a capacity of around 58.8 MW in Jammu and Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu and Telangana.

The cumulative order value of these projects is pegged at 153.16 crore, it said.

Out of the seven deals closed by Gensol, five are based on a full turn-key EPC (engineering procurement construction) model, while two are Balance of System (BoS) projects, it said. (PTI)

26 Aug 2022, 10:49:21 AM IST

Metal Index gain 2%; nearly all stocks in green

Metal Index
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Metal Index
26 Aug 2022, 10:43:13 AM IST

Angel One commodity outlook for today - Gold, Crude, and Base Metals

Prathamesh Mallya, AVP- research, non-agri commodities, and currencies, Angel One Ltd

Gold: Investors are anticipating clues from Fed Chairman Powell's address at the Jackson Symposium, which will pave the way for the central bank's interest rate hikes.

Crude: We expect crude to trade lower towards 7360 levels, a break of which could prompt the price to move lower to 7220 levels.

Base Metals: Metal prices are likely to stay under pressure ahead of Fed Chairman Powell's speech, which could provide insight into the central bank's position on rate hikes. However, considering the recent developments in China, the downside would be limited.

26 Aug 2022, 10:30:46 AM IST

Adani says NDTV's attempt to prevent share allotment ‘legally untenable’

Adani Enterprises on Friday said the contentions raised by NDTV promoter RRPR Holding Pvt. Ltd are legally untenable and devoid of merit. The company asked it to immediately fulfill the contractual obligation to allot the shares.

RRPR, owned by NDTV founder-promoters Radhika and Prannoy Roy, had resisted the Adani Group’s takeover bid claiming a regulatory order prevents them from transferring the company’s shares. (Full Story)

26 Aug 2022, 10:25:12 AM IST

HDFC Bank to pick around 10% stake in Go Digit Life Insurance

India's largest private sector lender HDFC Bank said it will acquire 9.94% stake in Go Digit Life Insurance.

Currently, Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.

On Thursday, the private lender entered into an "indicative and non-binding term sheet" with Go Digit Life Insurance worth amount between 49.9 crore to 69.9 crore, in two tranches, by subscribing to equity shares of the Company, it said in a regulatory filing to the stock exchanges. (ANI)

26 Aug 2022, 10:21:23 AM IST

India logs 10,256 new Covid-19 infections, active cases near 90,000

India on Friday recorded 10,256 new Covid-19 cases in the past 24 hours, according to Union Health Ministry data. The country's active caseload dropped below 95,000-mark, that is, 90,707 active infections at present.

The daily positivity rate stands at 2.43%, while the weekly positivity rate is 3.02%. The country's active caseload accounts for 0.20% of India's cumulative cases since the onset of global pandemic. (Full Report)

26 Aug 2022, 10:04:39 AM IST

Rupee rises 6 paise to 79.86 against US dollar in early trade

The rupee appreciated 6 paise to 79.86 against the US dollar in opening trade on Friday, driven by foreign fund inflows and a firm trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 79.87 against the dollar and inched higher to touch 79.86, registering a gain of 6 paise over its previous close.

In the previous session, the rupee declined by 6 paise to close at 79.92 against the American currency. (PTI)

26 Aug 2022, 09:52:44 AM IST

Eicher Motors sheds 2.5% in early trading

Eicher Motors
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Eicher Motors
26 Aug 2022, 09:35:40 AM IST

Debt ratio at Adani Green Energy needs ‘watching’

A key financial metric of Adani Green Energy Ltd. is flashing signs of concern as its billionaire owner takes on more debt to become a renewable energy giant.

The Gautam Adani owned company’s debt-to-capital ratio has soared to 95.3%, a level that is on the “higher side" for a private company, according to Sharon Chen, an analyst at Bloomberg Intelligence. The company’s capital expenditure plans and its funding are other factors that need a close watch, Chen added.

“We would be more comfortable looking at a 70% level or up to 80% for a company in a growth phase," she said. “Adani Green warrants watching closely." (Full Story)

26 Aug 2022, 09:26:31 AM IST

All broad market indices are in green, Metal, PSU Bank and IT lead the race 

Broad Market Indices
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Broad Market Indices
26 Aug 2022, 09:24:08 AM IST

Ashika Stock Broking: Dips from here on should be capitalised

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a long bearish candle on the daily chart though the overall market breadth was positive. The market saw long liquidations on the monthly F&O expiry date followed by nervousness ahead of the US Fed Jackson Hole meeting. Hence it seems that the Index is likely to witness a prolong consolidation in the broader range of 18000-17400 wherein stock specific action would prevail. Consequently, the index are in for a cool-off from overbought conditions. Important to note that Nifty has registered a bullish golden crossover (50dma crossing 200dma) indicating of long-term structural bullish development. Hence dips from here on should be capitalised. On the upside, immediate hurdle remains is at 17725 followed by 17835 while on the downside 17450-17480 is likely to act as crucial support during the day. Hence one can initiate buy position at lower levels of 17450-17500 for an upside target of 17775-17800. 

26 Aug 2022, 09:22:15 AM IST

Indices jump at open. Sensex adds 450 points and crosses 59k mark, Nifty above 17,600

Sensex at Open
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Sensex at Open
26 Aug 2022, 09:16:01 AM IST

Reliance Securities Stock in Focus: Crompton Consumer

STOCK IN FOCUS

Crompton Consumer (CMP Rs.410)

We have a BUY rating, with a Target Price of Rs475.

Intraday Picks

DRREDDY (PREVIOUS CLOSE: 4,238) BUY

For today’s trade, long position can be initiated in the range of Rs4,215- 4,195 for the target of Rs4,295 with a strict stop loss of Rs4,155.

BAJFINANCE (PREVIOUS CLOSE: 7,025) SELL

For today’s trade, short position can be initiated in the range of Rs7,130-7,180 for the target of Rs6,900 with a strict stop loss of Rs7,310.

ULTRACEMCO (PREVIOUS CLOSE: 6,475) SELL

For today’s trade, short position can be initiated in the range of Rs6,510- 6,550 for the target of Rs6,320 with a strict stop loss of Rs6,645.

26 Aug 2022, 09:07:49 AM IST

India restricts wheat flour exports to bring down record prices

India's cabinet on Thursday approved a policy to restrict wheat flour exports to calm prices in the local market, the government said in a statement.

New Delhi banned wheat exports in mid-May as a scorching heatwave curtailed output and domestic prices hit a record high. In July India asked traders to secure permission before exporting wheat flour.

The ban on wheat exports boosted demand for Indian wheat flour and the country's flour exports jumped 200% during April-July 2022 from a year ago and lifted prices in the local market, the government said. (Reuters)

26 Aug 2022, 09:05:17 AM IST

Sensex preopens in green; Syrma SGS Technology share to be listed today 

Sensex at Preopen
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Sensex at Preopen
26 Aug 2022, 08:58:06 AM IST

Stocks to Watch: Syrma SGS, HDFC Bank, IOC, Titan, LIC

Syrma SGS Technology will make its debut on the bourses today, August 26. The issue price has been fixed at 220 per share. The IPO consisted of a fresh issue of equity shares aggregating to 766 crore and an offer for sale (OFS) of up to 3,369,360 equity shares. (Full Report)

26 Aug 2022, 08:53:45 AM IST

Indian rupee seen flat as traders eye guidance on U.S. rates

The Indian rupee is tipped to open little changed to the dollar on Friday, as traders awaited a speech by Federal Reserve Chair Jerome Powell to see how aggressive the central bank would be in its battle against inflation.

The rupee is expected to open almost at the same level as Thursday's close of 79.88. In the previous three sessions too, the rupee had opened barely changed.

The realised volatility on the local currency, measured in terms of the daily close-to-close over last 10 days, has dropped to a one-month low. (Reuters)

26 Aug 2022, 08:51:05 AM IST

Fed’s Jackson Hole Conference is underway: Here’s what to expect

The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. Here’s what to expect from the two-day conference featuring central bankers from around the world.

Investors will be listening closely for any clues about how the US central bank is thinking about the pace of interest rate increases ahead of its Sept. 20-21 policy meeting, after raising its benchmark rate by three-quarters of a percentage point at each of its last two meetings. (Full Report)

26 Aug 2022, 08:40:40 AM IST

All existing BIS labs need modernization to improve utilization, says minister Goyal

Piyush Goyal, Union Minister for Commerce and Industry has said that all existing Bureau of Indian Standards labs in India need modernization and proper mapping so that the testing facilities could be better utilized.

Delivering his presidential address at the fourth meeting of the Governing Council of Bureau of Indian Standards (BIS) at its headquarter in New Delhi earlier this week, Goyal laid special emphasis on importance of upgradation and integration of laboratory infrastructure.

BIS, the national standard body, gives marking, and quality certification to goods. (ANI)

26 Aug 2022, 08:39:34 AM IST

ICICI Prudential Life keen to re-enter health insurance

Prudential Life said it is keen to re-enter health insurance vertical as there's "nothing new" in the business for the company which had been in the segment for many years till 2016.

Insurance regulator Irdai had in 2016 banned life insurers from selling pure-play health policies that are annually renewed or sold with one-year validity.

Recently, Iradi chairman Debasish Panda hinted at allowing more players into health insurance segment in order to ensure medical cover for every citizen by 2030. However, the Irdai chairman clarified that he is evaluating the pros and cons of allowing life insurers to sell health insurance and that a decision is yet to be taken on the matter. (PTI)

26 Aug 2022, 08:19:24 AM IST

IOC to invest ₹2 tn for net-zero carbon goal

State-run Indian Oil Corp. Ltd (IOC) will invest 2 trillion in phases to achieve the net-zero carbon emission target by 2046, chairman and managing director Shrikant Madhav Vaidya said at the 63rd annual general meeting of the company. (Full Report)

26 Aug 2022, 08:13:56 AM IST

India's gem and jewellery export slightly down at ₹24,913 cr in July 2022

India's gem and jewellery exports have witnessed a marginal decline to 24,913.99 crore (USD 3,129.91 million) in July 2022 as compared to the same month in the previous year, the Gem and Jewellery Export Promotion Council (GJEPC) revealed on Thursday.

In July last year, the gem and jewellery exports stood at 25,157.64 crore (USD 3,375.62 million), GJEPC said in a statement as quoted by news agency PTI. (Full Report)

26 Aug 2022, 07:59:10 AM IST

Gold rallies ₹402 on strong global cues

Gold prices on Thursday rose by 402 to 52,297 per 10 grams amid strong global cues, according to HDFC Securities.

The yellow metal had closed at 51,895 per 10 grams in the previous trade.

Silver also rallied 711 to 56,191 per kg from 55,480 per kg in the previous trade. (PTI)

26 Aug 2022, 07:58:36 AM IST

5G service will be available in most part of the country in 2-3 years: Ashwini Vaishnaw

The high-speed 5G services, which will be available in most part of the country in two-three years, are expected to remain affordable, telecom minister Ashwini Vaishnaw said on Thursday.

The minister, while launching a 5G right of way application portal to facilitate expeditious roll-out of telecom infrastructure, said that mobile services in India are one of the most affordable in the world and he expects the trend to continue for 5G services as well.

"We expect investment of around 2.5-3 lakh crore to come into the industry. 3 lakh crore is a big investment. This is also leading to good employment generation. Our estimate is 5G will reach almost all parts of the country in the next 2-3 years," Vaishnaw said. (PTI)

26 Aug 2022, 07:54:11 AM IST

Government appoints former CEA K Subramanian as Executive Director for India at IMF

Former Chief Economic Adviser KV Subramanian was on Thursday appointed as the Executive Director for India at the International Monetary Fund (IMF), an official order said.

Subramanian's term will begin from November and will continue for a period of three years or until further orders, whichever is earlier, by curtailing the tenure of eminent economist Surjit S Bhalla as ED (India), IMF up to 31 October, 2022. (Full Report)

26 Aug 2022, 07:36:54 AM IST

Tokyo shares open higher on US gains before Powell speech

Tokyo stocks opened higher Friday, lifted by US gains as investors awaited US Federal Reserve Chair Jerome Powell's speech later in the day.

The benchmark Nikkei 225 index added 0.76%, or 216.90 points, to 28,695.91 in early trade, while the broader Topix index rose 0.50%, or 9.93 points, to 1,986.53.

The dollar stood at 136.67 yen, slightly higher from 136.49 yen seen Thursday in New York. (AFP)

26 Aug 2022, 07:35:59 AM IST

Sales of listed private companies rise 41% in Q1: RBI data

Sales of listed non-finance private companies increased by 41 per cent in the quarter ending June 2022 to 14.11 lakh crore, according to Reserve Bank data released on Thursday.

The expansion in sales was 22.3 per cent in January-March 2021-22 quarter and 60.6 per cent in April-June 2021-22 quarter.

The Reserve Bank released data on the performance of the private corporate sector during the first quarter of 2022-23 drawn from abridged quarterly financial results of 2,749 listed non-government non-financial companies.

"Driven by broad based demand expansion across industries, the manufacturing sector recorded impressive sales growth of 41.6 per cent (y-o-y) in Q1:2022-23, which was aided by both volume and price effects," it said. (PTI)

26 Aug 2022, 07:33:59 AM IST

India seeks Byju's reply on reasons for delayed filing of accounts

India sought reasons from Byju’s, the country’s most-valuable startup backed by Tiger Global Management, for not yet filing its audited financial accounts for the year ended March 2021, according to people familiar with the matter.

Earlier this month, the nation’s Ministry of Corporate Affairs sent a letter to Byju’s parent company asking them to explain the seventeen-month delay in filing audited accounts, the people said, asking not to be named as the information is private. (Full Report)

26 Aug 2022, 07:28:11 AM IST

Syrma SGS Technologies share listing today. Experts predict strong debut

Syrma SGS Technologies shares are going to hit Dalal Street today. As per the information available on the official BSE website, Syrma SGS Technologies IPO listing date has been fixed on Friday, 26th August 2022. The BSE website further informs that the equity shares of Syrma SGS Technology Limited shall be listed and admitted to dealings on the BSE and NSE exchange in the list of 'B' group of securities. (Full Story)

26 Aug 2022, 07:27:04 AM IST

Wall Street rallies as countdown to Fed speech nears end

Stocks rallied Thursday as the countdown clicked closer to zero for a highly anticipated speech about interest rates.

The S&P 500 gained 58.35, or 1.4%, to 4,199.12 for its best day in nearly two weeks. Much of the lift came late in the day as traders made moves ahead of Friday morning's speech by Federal Reserve Chair Jerome Powell, which has long been circled on Wall Street's calendar.

The Dow Jones Industrial Average rose 322.55, or 1%, to 33,291.78, and the Nasdaq composite climbed 207.74, or 1.7%, to 12,639.27. All three indexes trimmed their losses for the week, caused by Monday's tumble that was the worst for stocks in months.

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