Mint Mid Day Digest: Rupee rises against US Dollar, Titan shares surge and more
PremiumRead top business news, equity market precursors, and economic and banking news updates from India and across the world for 7 July, 2022
Rupee rises against US Dollar after RBI move but analysts see no respite ahead for INR
The Indian rupee strengthened today against the US dollar after Reserve Bank of India announced measures to boost foreign-exchange inflows. The rupee rose as much as 0.5% to 78.90 to a dollar and in latest trade was at 78.99 as compared to previous close of 79.30. The Indian currency has weakened nearly 6% this year, putting it on the threshold of 80 per dollar for the first time, as investors seek the safety of dollar amid fears of a potential global recession. Read more
Titan shares surge to one-month high
Shares of Titan surged more than 6% to ₹2,133 apiece on the BSE in Thursday's early deals, hitting one month-high, after the company on Wednesday shared its Q1 business updated which showed that its sales in the April-June quarter were up nearly three-fold on a year-on-year (YoY). Read more
86% Indian travellers plan to travel in the next 12 months
The vast majority of Indian travellers feel comfortable about the country reopening its borders to international travellers. A report released by Dutch-online travel agency Booking.com said Indians, too, are eager to drive and fly for a leisure trip despite some restrictions. Read more
Nykaa to now compete with Page Industries in men's innerwear, shares surge
Shares of Nykaa surged more than 4% to ₹1,455 apiece on the BSE in Thursday's early deals after the company said it has expanded into men’s innerwear and athleisure category with GLOOT. Read more
For Dabur, margin is back to normal but rural demand is yet to pick up
While Dabur India Ltd is relatively better placed in terms of margin pressures when compared to its fast-moving consumer goods (FMCG) peers, its sizeable presence in the rural markets is a snag. The company in its business update for the June quarter (Q1FY23) indicated that elevated levels of inflation weighed on the wallet share for consumer staples and this was seen across both the urban and rural markets. Read more
From Jayshree Ullal to Neerja Sethi: 5 Indian-origin women feature in America’s richest self-made women list
Forbes last month in June released the eighth annual list of America’s richest self-made women and it recorded the country's top female entrepreneurs who have managed to shatter glass ceilings in their respective fields. Tapping into old horizons and new by creating their brands, companies to build their fortunes, they have managed to become America's most successful, richer than ever before. Read more
Mint Morning Digest
Work from home in India: 73% firms plan hybrid working model post Covid-19 pandemic
With several companies experiencing challenges since the outbreak of Covid-19 pandemic, a new survey has shared that 73% of India firms are evaluating if hybrid working arrangements will become a part of their future work model. Notably, over the past two years, several organisations in the country have witnessed the capacity to function well with a work from home set up. Read more
Luxury jewellery brand pays $7.5 million ransom in bitcoin to Russian hackers
Luxury British jeweler Graff Diamonds Corp. paid $7.5 million ransom in Bitcoin to a Russian hacking gang after it leaked data on the jeweler’s high-profile clients, according to a London lawsuit. Read more
Schengen visa delays force change in holiday plans
Long waits for tourist visas to Europe are forcing many Indians to shift to alternative destinations for vacations amid a sharp rebound in travel demand in line with the easing of the pandemic. Read more
Telcos may see slower revenue growth in Q1
The April-June quarter will see slower mobile revenue growth for the telecom sector due to subscriber decline for Bharti Airtel and Vodafone Idea, fewer 4G net additions due to lower smartphone sales and diminishing benefit of the November 2021 tariff hike, analysts said. Read more
Now is the time to learn from investing misconceptions
Investing isn’t about making short term gains but creating the right balance which drives returns in the long term. Let’s take the case of 40-year-old Shivam, who was part of the Great Resignation Wave of 2021, and is now part of the start-up layoffs. Read more
Space startups pin high hopes on upcoming space policy to reach global markets
Indian startups are banking on an upcoming space policy that they hope will spur more partnerships between the public and private sectors and even drive expansions overseas. Read more