BackMint Evening Digest: Forex reserves slip from $600 bln, Gold Bond issue price and more
Mint Afternoon Digest: Read top business news, equity market precursors, and economic and banking news updates from India and across the world for 17 June, 2022
PremiumForex reserves slip from $600 bln mark
India's foreign exchange (forex) reserves extended declined for the second consecutive week ending June 10, 2022. RBI's data on Friday showed that forex reserves have erased the $600 billion mark due to a massive decline in foreign currency assets. All components in the reserves witnessed a drop in the week under review. (Read here)
Sovereign Gold Bond Scheme issue price set at ₹5,091 per gram
The Reserve Bank of India (RBI) on Friday announced the issue price of ₹5,091 per gram of gold in the first tranche of the Sovereign Gold Bond Scheme 2022-23 which is set to open on June 20 for the subscription. The first tranche will be available for subscription till June 24, 2022. (Read here)
RBI expects UPI to register average annualised growth of 50%
The RBI on Friday released 'Payments Vision 2025' for India aiming to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options. During this vision period, RBI aims to achieve a more than 3 times rise in digital payment transactions. UPI system is expected to register average annualised growth of 50% during the period. (Read here)
Centre’s net direct tax receipts at ₹3.39 trillion by mid-June
Central government collected ₹3.39 trillion in net direct taxes by mid-June, Central Board of Direct Taxes (CBDT) said on Friday. Net direct tax collection in FY23 as on 16 June shows a 45% improvement over what was collected in the same time a year before of ₹2.33 trillion, CBDT said in a statement. (Read here)
Mint Afternoon Digest
India likely to impose ceiling on sugar exports
The Indian government is likely to impose a ceiling on sugar exports for the second consecutive year starting this October to ensure ample domestic supplies and keep a cap on local prices. On Friday, the majority of sugar stocks were under selling pressure. (Read here)
EV prices to tally with petrol vehicles: Nitin Gadkari
Union transport and highways minister Nitin Gadkari has said the prices of all electric vehicles (EVs) will be equal to the cost of petrol vehicles in the country within one year. (Read here)
RBI will ensure a soft landing for economy: Governor
Reserve Bank of India's transition to a tighter monetary policy from an ultra-loose phase will be smooth and there won’t be any disruptions, Governor Shaktikanta Das assured today. “We are targeting a soft landing," said the RBI governors. (Read here)
Sensex, Nifty end lower in choppy trade
World stocks headed for their worst week since markets' pandemic meltdown in March 2020 as leading central banks doubled down on tighter policy in an effort to tame inflation, setting investors on edge about future economic growth. (Read here)
Training of first Agniveers to begin in December: Army chief
Amid widespread protests across the country, Indian Army Chief General Manoj Pande on Friday said that the training of the first Agniveers, or the people selected under the Agnipath recruitment scheme would begin in December. (Read here)
Mint Mid-Day Digest
WTO signs landmark deal after nearly a decade
The 164 member countries of the World Trade Organization (WTO) finally sealed a package of trade agreements in the wee hours on Friday in Geneva, with India leading the course. The deals approved at the 12th ministerial conference of the WTO were ground out over days of round-the-clock talks, and is the first major agreement in nine years. Read more
Delta Corp's arm files IPO papers with SEBI
Delta Corp on Thursday informed that the company's wholly-owned subsidiary Deltatech Gaming Limited (DGL) has filed draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO). Read more
Reliance Retail, Jio IPO unlikely to be announced in RIL AGM: JPMorgan
Reliance Industries Ltd (RIL) is unlikely to announce the initial public offerings (IPOs) of Jio and Retail in this year's annual general meeting (AGM), as per global brokerage JPMorgan, as RIL AGM's expectations continue to center on the potential de-merger of the retail and telecom businesses. Read more
Gold rates set for big fall this week, prices dip today
Gold and silver struggled in Indian markets today amid weak global cues for precious metals. On MCX, gold futures were down slightly to ₹50,966 per 10 gram while silver fell to ₹61,431 per kg. Gold prices in India had hit ₹51,800 last Friday. In global markets, gold prices fell today, weighed down by firm US dollar and rising US Treasury yields. Spot gold today dropped 0.7% to $1,844.25 per ounce and were on track for 1.5% loss for this week, the biggest weekly drop since mid-May. Read more
Market share of top 10 listed realty cos in key cities, marginally up in FY22
The performance of listed real estate companies in FY22 was decent backed by robust sales in the March quarter of that financial year. An analysis by Motilal Oswal Financial Services Ltd showed that top 10 listed developers delivered 36%/48% volume/value growth in FY22. This led to a marginal rise of 18% and 22% in market share in value/volume term, respectively, in top four cities. In FY21, these numbers stood at 17% and 20%. Read more
Mint Morning Digest
Stocks set to extend tumble today
Stocks are set to extend a selloff Friday on deepening fears of an economic downturn amid sharply tighter monetary policy around the world to tackle damaging inflation. Read more
RBI allows Mastercard to issue new cards after 11-month gap
The Reserve Bank of India (RBI) has lifted restrictions on global card network Mastercard and allowed it to onboard customers after it demonstrated “satisfactory compliance". RBI had restricted Mastercard from onboarding customers from July last year, citing failure to comply with its data localization norms. Read more
WTO nears landmark global deal after 9 yrs
After a full night of intense negotiations that continued through Thursday, the 164 member countries finally sealed a package deal at the 12th ministerial conference of the World Trade Organisation (WTO) at Geneva with India leading the course. Read more
State-run OMCs plan EV charging corridors
In their bid to contribute to India’s energy and mobility transition, public sector oil marketing companies (OMC) are focusing on setting up electric vehicle (EV) charging corridors along major national highways. Read more
Power demand will continue to rise, 205 GW is new baseline: RK Singh
Electricity demand in India will continue to grow and remain largely above 205 GW going ahead, Union power minister RK Singh said. Speaking at the India Energy Transition Summit 2022 on Thursday, Singh said power demand in the country will not go back to the pre-covid levels of 160 GW. Read more
Crypto assets may lead to losses for insurers
Crypto assets may lead to unexpected losses and opportunities for new forms of insurance coverage from an underwriting perspective, global reinsurer Swiss Re said in a report. Read more
Elon Musk offers billion-user vision but few details to Twitter staff
Tesla chief Elon Musk pitched a vision on Thursday to the Twitter staff of a one-billion-user platform. However, the world's richest man was hazy on potential layoffs, free speech limits and what's next in his chaotic buyout bid. Read more
Agnipath scheme: Govt extends age limit to 23 from 21
Amid protest against the new model for recruitment of soldiers into three armed services, the Centre has decided to increase the upper age limit for recruitment under the "Agnipath" scheme to 23 years from 21 years for the year 2022. Read more
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