PremiumWall Street ended with gains on Wednesday as investors welcomed another batch of encouraging profit reports from U.S. companies. However, a slowdown in China, geopolitical risk in Europe, and the prospect of a US recession are weighing in on the market. Rupee closed above 80 against the dollar for the first time on Wednesday.
Big Bull Rakesh Jhunjhunwala has bought a stake in the auto company Escorts Kubota. Big Bull's name has appeared in the latest shareholding pattern of the company. (Full Report)
RBL Bank, Hindustan Zinc, Mphasis, IDBI, JSW Energy, and PVR will be in focus as they declare their June quarter earnings today. (Full Report)
Oil declined as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles. West Texas Intermediate fell toward $99 a barrel after losing about 1% on Wednesday.
After rallying for most of the first half following Russia’s invasion of Ukraine, oil prices have been dragged lower in recent weeks by fears of recession, central bank tightening, and a broad move by investors away from commodities. Crude futures are on course in July to cap their first back-to-back monthly loss since 2020 despite signs physical markets remain tight.
The Employees' Provident Fund Organisation (EPFO) added 16.82 lakh net subscribers in May 2022, as per the payroll data released by the Ministry of Labour and Employment on Wednesday.
In April, EPFO added 17.08 lakh net subscribers. A year-on-year comparison of payroll data shows an increase of 7.62 lakh net subscribers in May 2022 as compared to the net subscription in the month of May 2021.
As the votes polled in the presidential elections will be counted today, NDA's presidential candidate Droupadi Murmu's hometown, Odisha's Rairangpur has already begun preparations for her victory against Opposition candidate Yashwant Sinha.
If NDA's presidential candidate Draupadi Murmu, who is seen to have a clear edge against Opposition candidate Yashwant Sinha, is elected, she will be the first tribal woman to occupy the top constitutional post in the country. (Full Report)
The Asian Development Bank cut its forecast for gross domestic product growth in developing Asia this year as China’s Covid Zero approach to containing the virus creates ripple effects on regional supply chains and economic development. The bank expects the region to grow 4.6% this year compared to an earlier forecast of 5.2%, according to a report published Thursday.
The bank also slashed the forecast for East Asia -- a region that includes China, Hong Kong, Taiwan and South Korea -- to 3.8% from 4.7%. South Asia’s growth forecast was lowered to 6.5% from 7% for 2022, and to 7.1% from 7.4% for 2023 mainly due to the economic crisis in Sri Lanka and high inflation and associated monetary tightening in India.
The euro hung below a two-week high to the dollar as investors braced for the European Central Bank's first interest rate increase since 2011 and the scheduled reopening of a key Russian gas pipeline later in the day. The single currency also faced pressure from the looming collapse of the Italian government.
Tesla Inc on Wednesday reported a smaller-than-expected drop in quarterly profit as a string of price increases on its electric vehicles (EVs) helped offset production challenges caused by COVID-19 lockdowns in China.
The EV maker posted an adjusted profit of $2.27 per share for the quarter versus analysts' consensus estimates of $1.81. This was down from $3.22 in the preceding quarter.
Its automotive gross margin fell to 27.9%, down from a year earlier and the preceding quarter, amid inflationary pressure.
Tesla does not have a demand problem, but a production problem, Musk told a conference call. He dismissed the idea that global economic problems were hurting interest in Tesla, despite vehicle prices' rising to what he called "embarrassing levels."
Adani Group has approached the country’s largest lender, State Bank of India (SBI), for a ₹14,000 crore loan to build a coal-to-polyvinyl chloride (PVC) plant in Gujarat’s Mundra, two people aware of the development said.
One of the largest project credit proposals in recent months, the loan is even larger than the ₹12,770-crore loan Adani Enterprises arm Navi Mumbai International Airport secured in March. The Gautam Adani-led conglomerate also recently raised ₹6,071 crore for a greenfield copper refinery project at Mundra. (Full Report)
Niti Aayog Chairman Arvind Panagariya on Wednesday informed that the Indian economy which has already grown quite rapidly in the past 17 years, will further stretch out at around 7-8% in the coming couple of decades. (Read More)
The rupee for the first time dropped below the 80 level against the US currency on Wednesday due to strong dollar demand from importers and fiscal slippage concerns. The local unit closed at a record low of 80.05 to a dollar, showing a net loss of 13 paise over the previous close.
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. India’s rupee fell past 80 to a dollar as foreign investors pulled out money amid monetary policy tightening by the Federal Reserve. (Full Report)
Tokyo stocks opened slightly lower Thursday as investors locked in profits after recent gains and ahead of a Bank of Japan policy decision later in the day. The benchmark Nikkei 225 index slipped 0.04%, or 11.38 points, to 27,668.88, while the broader Topix index fell 0.25%, or 4.47 points, to 1,941.97.
The S&P 500 rose 0.6%, tacking more onto its big gains from a day earlier when the benchmark index soared 2.8%, its best day in weeks. The Dow Jones Industrial Average managed a modest 0.2% gain after recovering from a midafternoon pullback. The Nasdaq composite climbed 1.6%.
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