BackMint Evening Digest: RBL Bank posts net profit of ₹201 cr in Q1, MPC's Aug meet, Prez polls and more
Read top business news, equity market precursors, and economic and banking news updates from India and across the world for 21 July, 2022
PremiumRBI MPC meeting rescheduled
The Reserve Bank of India today rescheduled its Monetary Policy Meeting to 3-5 August, 2022 due to administrative exigencies. Read more
RBL Bank records Q1 PAT of ₹201 cr, asset quality improves
RBL Bank, formerly known as Ratnakar Bank, posted a net profit of ₹201 crore for the quarter ending June 2022 (Q1FY23) period compared to a net loss of ₹459 crore in the same quarter last year. Read more
Should WHO declare Monkeypox a global emergency?
The World Health Organisation (WHO) is set to convene once again to deliberate on declaring Monkeypox a global crisis. However, some scientists and experts have raised their doubts about it. Read more
HUL to invest ₹700 crore in UP detergent unit by 2025
Hindustan Unilever Limited (HUL) is planning to invest ₹700 crore by 2025 in its new facility in Uttar Pradesh's Sumerpur that has a spray-dried detergent powder plant and a distribution centre. Read more
ED allows Sonia Gandhi to leave after 2 hours of questioning
In the National Herald money laundering case, the Enforcement Directorate (ED) recorded Congress President Sonia Gandhi's statement on July 21 for two hours before ending the session for the day at her request because she is recovering from Covid, according to officials. Read more
Joe Biden's 'I have cancer' comment stuns netizens; White House responds
The US Presidential house has clarified that Biden was referring to a skin cancer treatment before he started his presidency for the country. In his visit to a former coal mine plant in Somerset, Massachusetts, Biden made cancer remarks while talking about the health effects of emissions from oil refineries near his childhood home. Read more
A negative step: Kremlin on calls to declare Russia as a terrorist state
Kremlin spokesman Dmitry Peskov on Thursday said that declaring Russia as a terrorist step would be a “very negative step". Read more
Karnataka, Manipur among top states in Niti Aayog’s India Innovation index
Karnataka, Manipur and Union Territory of Chandigarh topped their respective categories in the third edition of NITI Aayog’s India Innovation Index that was released on Thursday. Read more
Droupadi Murmu ahead of Yashwant Sinha after first round of counting in Prez polls
National Democratic Alliance's (NDA) Droupadi Murmu and Opposition's Yashwant Sinha are in the fray to become the country's 15th president. Read more
Wipro shares trade near 52-week low after disappointing Q1
Shares of Wipro Ltd plunged more than 2% in Thursday's opening deals, trading near its 52-week low level after the company missed analyst estimates for June-quarter profit on Wednesday, as higher employee-related costs pushed up the information technology services firm's overall expenses. Read more
ITC share price crosses ₹300 for first time in 3 years
ITC shares extended its rally on Thursday morning deals and climbed to a three year high. ITC share price today hit a fresh 52-week high of ₹302.20, after hitting the one year-high of ₹299.50 apiece in Wednesday's session when the company's 111th annual general meet (AGM) was underway. Read more
Sensex up 150 points; IndusInd gains 7%
Benchmark indices are in green with Sensex and Nifty up 0.3%. Media, Metal, Pvt Banks up 1%, whereas Kotak, Reliance lag. Wall Street ended the day with gain but investors are still wary about the latest corporate earnings and geopolitical risks in Europe. Read more
Gland Pharma at fresh 52-week low as Q1 marred by multiple headwinds
Gland Pharma Ltd. was plagued by various troubles in the June quarter (Q1FY23) such as supply constraints, shutdown of manufacturing lines and a slowdown in the India business which saw a 72% year-on-year drop in revenue. A shortage of syringes resulted in overall revenue loss of ₹1,650 crore across the US, India and rest of the world (RoW) markets in Q1, while the high base from last year made matters worse. Read more
Rupee's fall extends as currency hits new record low; all focus now on RBI intervention
The rupee continued to weaken and fell 1 paisa to an all-time low of 80.06 on Thursday, tracking losses in most other Asian peers but traders expect dollar-selling intervention by the Reserve Bank of India (RBI) to limit losses. The rupee, that has been hitting fresh lows since the past few sessions, declined to the low level of 80 for the first time on Tuesday. The rupee has lost over 7% of its value in 2022 (YTD). Read more
Gold prices today fall to near 1-year lows. In India, rates dip below ₹50,000
In global markets, gold rates today fell to lowest in nearly a year, buffeted by an elevated US dollar. Prospects of more interest rate hikes by major central banks also weighed on bullion's appeal. Spot gold today fell to $1,691.40, the lowest since August 2021. A stronger US dollar makes greenback-priced bullion more expensive for buyers holding other currencies. Read more
Mint Morning Digest
India’s economic recovery falters as falling rupee, high prices start to bite
India’s economic activity showed early signs of cooling off in June as acute price pressures, rising interest rates, and a falling rupee dampened sentiment after a strong showing the previous month. Read more
Fed to stick to 75 bps hike in July; 40% chance of recession
The U.S. Federal Reserve will opt for another 75 basis point rate hike rather than a larger move at its meeting next week to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40%, a Reuters poll of economists found. Read more
Future Retail to enter insolvency
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday ordered bankruptcy proceedings against debt-ridden Future Retail Ltd and named an interim resolution professional for the Kishore Biyani-led company. Read more
Tuition hub Kota bounces back after covid
Bhadu B. Nagarade is ready with hot idlis and dosas in his food cart at 5am, across the road from Kota’s largest coaching centre, Allen Career Institute’s headquarters. Read more
Polycab India stock needs stable prices and demand revival
The fall in the price of copper and aluminium has weighed on the shares of Polycab India Ltd. The stock is down 22% from its 52-week high of ₹2,820 apiece seen on 22 April. These metals are used in cables and wires. Read more
Will the new KBC campaign draw audiences once more?
Three thought-provoking promotional films have preceded the popular game show Kaun Banega Crorepati (KBC) ready for launch on Sony in August. Though crafted in a lighter vein, the films created a buzz on social media for highlighting the perils of fake news circulated via messaging apps and even by TV news channels. Read more
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