BackMint Evening News: upGrad's big hiring plans, Reliance Brands latest bet and more
Read top business news, equity market and banking news updates from India and across the world for 1 June, 2022
PremiumNavi Finserv NCD issue oversubscribed, to close days ahead of schedule
The NCD issue aims to raise funds for onward lending and financing purposes, diversify borrowing profile and add more retail investors to its portfolio to complement our wide base of Institutional partners, Navi Finserv said. (Read more)
Swine flu outbreak: 3 H1N1 cases detected in Madhya Pradesh's Indore
Two men and a woman, who have been infected with the H1N1 virus, are undergoing treatment at a local hospital and their condition is said to be stable. (Read more)
How overdue fixed deposits (FDs) impact interest rates: Explained
When a fixed deposit account matures, an individual has two options: either withdraw the money and collect the maturity amount or renew the deposit for a desired term. However, if one fails to execute one of the two alternatives, the FD will become overdue. (Read more)
Reliance Brands to buy 40% in Plastic Legno SPA’s toy manufacturing biz in India
Reliance Brands Ltd (RBL) and Plastic Legno SPA have entered a joint venture pact through which RBL will acquire a 40% stake in the European company’s toy manufacturing business in India. (Read more)
upGrad's big hiring plans, defying layoff trend in startups
Bucking the trend of lay-offs in the edtech sector amid funding crunch, upGrad on Wednesday said it is looking to add nearly 3,000 people in the next three months and is close to securing a fresh funding. (Read more)
Mint Afternoon Digest
Property prices in Delhi to go up, transfer duty hiked
Buying property in Delhi is set to get expensive as the unified Municipal Corporation of Delhi has decided to hike transfer duty by 1 per cent on properties priced above ₹25 lakh across the city, Press Trust of India reported citing sources. (Read more)
ICICI Bank, Punjab National Bank, HDFC raise lending rates
Two large banks – ICICI Bank and Punjab National Bank – and mortgage lender Housing Development Finance Corp (HDFC) on Wednesday hiked their lending rates in the range of 5-30 basis points (bps) as lenders adjust pricing of assets in a rising interest rate scenario. (Read more)
May GST collections drop but fourth highest ever
Although the May Goods and Services Tax (GST) revenues came in lower than the record high collection in April at ₹1.68 lakh crore and ₹1.42 lakh crore in March, it is still the fourth highest collection since the rollout of the new indirect tax regime on July 1, 2017. (Read more)
Rakesh Jhunjhunwala cuts stake in Delta Corp
Jhunjhunwala, revered as Indian Warren Buffet, sold 25 lakh shares or 0.9% in the company from 27 May to 31 May. Before the sale, the billionaire investor held 7.1% stake in the company. (Read more)
Sensex ends volatile day 185 points lower but smallcap stocks outperform
Equity benchmarks failed to hold on to early gains and came under selling pressure in a choppy session, with the Sensex tanking 185 points amid mixed trends from global markets. The broader NSE Nifty dipped 61.80 points to 16,522.75. High crude oil prices played the spoilsport. (Read here)
Mint Mid Day Digest
eMudhra shares rise on market debut, list at premium
The initial public offer (IPO) of digital signature certificate provider eMudhra was subscribed 2.72 times. "The growing demand for data privacy, data protection, and digital transformation will help the company grow substantially in the medium to long term. However, the competitive nature of the industry and the rich pricing of the issue make it suitable for long-term investors post listing. Those who applied for listing gains can maintain a stop loss of ₹260," said Santosh Meena, Head of Research, Swastika Investmart Ltd. (Read here)
Gautam Adani latest bet is this multibagger sector
Adani Defence & Aerospace has entered a definitive agreement for acquiring 50 per cent equity stake in agricultural drone startup General Aeronautics for an undisclosed amount. Adani's entry into drone business is seen to be a big boost for the Indian drone market as there are limited listed companies in India that deals in drone business. Read more
Gold prices today fall lowest in 2 weeks, silver rates see big drop
Gold and silver rates today fell sharply in Indian markets as a stronger US dollar put pressure on the yellow metals. On MCX, gold futures were down 0.6% to near two-week low of ₹50,545 per 10 gram while silver dropped 1% to ₹60575 per kg. Read more
Adani group shares hit by selloff amid MSCI index rejig
Some shares part of billionaire Gautam Adani’s conglomerate have taken a beating in recent sessions as investors adjusted their holdings to reflect changes in the composition and weighings in the MSCI India Index, according to an analyst who publishes at Smartkarma. (Read here)
LIC market cap dips below ICICI Bank to 7th spot among top-10 valuable companies
LIC market cap now stands at 7th spot in the list of top 10 most valuable Indian companies. As per the BSE data, LIC ended on Tuesday with a market cap of ₹5,13,273.56 crore whereas ICICI Bank ended with market capitalization of ₹5,22,519.50 crore on Tuesday. Read more
India's factory activity remained strong amid soaring inflation
Manufacturing sector growth in India steadied in May, with new orders and production increasing at similar rates to those registered in April, according to a private survey. Read more
Vodafone Idea issues clarification on reports of Amazon's investment
Vodafone Idea (Vi) on Wednesday issued clarification on reports of the telecom firm being in talks with Amazon, private equity firms (PEs) for ₹20,000 crore investment in the company, saying that there is no proposal currently as reported by the media that is being considered by the board. Read more
Mint Morning Digest
India eyes coal import from Russia, Australia, Indonesia
The government may shortly initiate negotiations with Russia, Australia, Indonesia and South Africa to help state-run Coal India Ltd import coal at a discounted rate as an emergency measure to avoid a fuel shortage for the country’s strained power plants and create buffer stocks. Read more
Asia markets to consolidate on interest rate fears, treasuries drop
Stocks in Asia look set to kick off June lower after ending a month marked by intense volatility as fears of aggressive monetary tightening to fight inflation mounted. Treasury yields and the dollar jumped. Read more
Stagflation risks lower than others: CEA
Chief Economic Adviser (CEA) V. Anantha Nageswaran on Tuesday said that risks of stagflation for India are lower than other countries. Read more
Busting some myths about timing the market
To hedge risks from macro events, one should maintain a balanced portfolio and not get swayed by positioning the portfolio to time a particular macro event. Read more
eMudhra share listing today. Experts predict 'positive' debut
Shares of eMudhra Limited is going to hit the Dalal Street today. As per the information available on BSE website, eMudhra IPO listing date is 1st June 2022. Read more
High prices, Asian markets could blunt EU ban on Russian oil
The European Union’s groundbreaking decision to ban nearly all oil from Russia to punish the country for its invasion of Ukraine is a blow to Moscow’s economy, but its effects may be blunted by rising energy prices and other countries willing to buy some of the petroleum, industry experts say. Read more
‘VI won’t hesitate to lead next round of tariff hikes’
Vodafone Idea Ltd won’t hesitate to lead the next round of tariff hikes, chief executive officer and managing director Ravinder Takkar said, as India’s third-largest telco aims to achieve average revenue per user (Arpu) levels of ₹350-400 over the next three to five years. Read more
Using trademarked words as keywords is infringement: HC
The Delhi High Court recently ruled that using trademarked words registered by someone else as keywords to promote your business is a violation of the rights of the owner of the trademark. Read more
Serious adverse cases post-covid shots just 2,160: Dr. N.K. Arora
India’s top vaccine advisory body came across a total of 2,160 “severe and serious" adverse events after covid-19 vaccination over the last year and a half, accounting for only 2.7% of 80,000 adverse events following immunization (AEFI) cases. Read more
KK dies: A 2-hour live concert, an Instagram post— Hours before singer's death
Well-known Bollywood singer and composer KK (Krishnakumar Kunnath) passed away on Tuesday night in Kolkata. He was 53. Hours before his death KK was performing at a concert at Nazrul Mancha organised by Vivekananda College where he sang for almost an hour. Read more
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