PremiumAhead of market opening read top business news, equity market precursors, and economic and banking news updates from India and across the world for 24 June, 2022
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Asian stocks set for steady opening amid bond rally
Stocks are set for a steady open in Asia on Friday amid a global bond rally as escalating fears of an economic downturn lead investors to reassess expectations for inflation and attendant interest-rate hikes. Read more
Sacked fund manager Viresh Joshi sues Axis mutual fund, seeks ₹54 crore
Viresh Joshi, Axis mutual fund’s former dealer and fund manager, has sued the fund house on the charge of wrongful termination. Joshi was sacked by the fund house on 18 May for alleged violation of its ethics and code of conduct, Mint had reported on 16 June. Read more
Consumers trim spending on fuel, clothing: Survey
Urban Indian consumers reduced spending on apparel, fuel, and eating out over the last six months as inflation ate into household budgets, a YouGov survey showed. Read more
Amazon faces uphill battle with Future Retail insolvency, say legal experts
Amazon’s efforts to oppose Bank of India’s move to initiate corporate insolvency resolution proceedings against debt-laden Future Retail Ltd will be an uphill task, experts said. Read more
Bombay HC rejects Dish TV petition against Yes Bank
A question mark hangs over the continuation of Jawahar Goel as chairman of Dish TV India Ltd, with the Bombay high court on Thursday dismissing a promoter entity’s petition seeking to block a crucial Friday vote by Yes Bank to oust Goel as the company’s managing director. Read more
Dalmia Bharat’s expansion plans need demand to be robust
Shares of cement companies have been beaten down because of escalated costs pressures and inadequate price increases. The shares of Dalmia Bharat Ltd are not an exception with the stock falling 32% so far in CY22. The underperforming trend in the shares could persist because of looming near-term margin challenges. Read more
Price hikes inevitable in packed consumer goods: HUL’s Paranjpe
Hindustan Unilever Ltd’s chairman Nitin Paranjpe on Thursday flagged the unprecedented levels of inflation, saying while the company will continue to drive its saving agenda, price hikes will be inevitable. Read more