Mint Mid Day Digest: Nifty hits 16K mark, LIC shares, gold rates today, and more
PremiumRead top business news, equity market precursors, and economic and banking news updates from India and across the world for 5 July, 2022
Nifty hits 16,000 for first time in a month; Sensex up 600 points
Nifty hit the 16,000 level for the first time since 10 June, while Sensex jumped 550 points amid positive Asian cues on Tuesday. Read more
India services growth in June fastest in more than 11 years: PMI survey
India's dominant services sector expanded at the fastest pace in over 11 years in June amid improvements in demand conditions, according to a private survey. But inflation remained a concern as prices charged rose at the sharpest rate in almost five years, the survey showed. Read more
LIC fixes record date for its dividend payment
While unveiling its first earnings post listing, India's biggest insurer and largest domestic financial investor Life Insurance Corporation of India also announced a dividend of ₹1.50 per share with a face value of ₹10 each, which is subject to shareholders’ approval at its upcoming annual general meeting (AGM). Read more
Gold prices today rise to over 2-month highs, silver rates jump
Gold rates in India continued their recent uptrend with futures on MCX hitting over two-month high of ₹52261 per 10 gram, up 0.2% from previous close. Silver futures rose 0.5% to ₹58,780. Despite inflation and growth worries, gold has been under pressure in the past few months amid rate hikes by central banks to tame runaway inflation. Read more
LIC shares: Motilal Oswal initiates coverage with 'Buy' tag
Life Insurance Corporation (LIC) has maintained its market leadership position in the life insurance industry underpinned by its strong brand, vast distribution, and superior customer-connect despite the advent of a large number of private players. Read more
Mint Morning Digest
Stocks, US Futures advance amid tariff speculation
Most Asian stocks rose Tuesday along with US equity futures amid speculation the Biden administration could scrap some Trump-era tariffs on Chinese consumer goods. Read more
Trading dries up on India crypto exchanges as new tax kicks in
Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Read more
Trade deficit at a record in June amid rupee slump
India’s trade deficit widened to a record in June, adding further pressure on the Indian currency, which has hit new lows against the dollar in the past weeks. Read more
Market regulator shifts focus to monitoring AIFs
The Securities and Exchange Board of India (Sebi) is often criticised for failing to enforce regulations on alternative investment funds (AIFs) with consistency. However, a recent Sebi order indicates a change in approach and shows that perhaps monitoring, investigation, and enforcement with regard to such funds is increasing. Read more
New norms disallow service fees at eateries
The government on Monday dealt a blow to restaurateurs across the country with the Central Consumer Protection Authority (CCPA) disallowing them from adding a service charge to food bills. Read more
NSE’s international exchange finds few takers for US stocks
NSE International Exchange, or NSE IFSC Ltd, offers trading in 50 popular US stocks such as Apple, Amazon, and Tesla. Yet, investors don’t seem impressed—none of the scrips has witnessed active trading over the past few sessions, data from the company’s website showed. Read more
Crypto startups are betting on rewards, cashbacks, ETFs
Cryptocurrency and investment startups are betting on cashbacks, rewards, fixed interest investment schemes and exchange-traded funds (ETFs) to keep trading volumes from falling drastically as the government enforces its new tax deducted at source (TDS) rule.The government had announced a 1% TDS on crypto transactions effective 1 July. Read more