Mint Morning Digest: Microsoft earnings, F&O ban on NSE, Union Bank and more
Premium- Ahead of market opening read top business news, equity market precursors, and economic and banking news updates from India and across the world for 27 July, 2022
IMF sharply lowers India’s FY23 growth forecast to 7.4%
The International Monetary Fund (IMF) on Tuesday slashed India’s economic growth forecast to 7.4% from 8.2% it estimated in April, citing the economy’s vulnerability to external shocks and rapid monetary policy tightening. Read more
‘No capex cut, Tata Steel is bullish on India prospects’
T.V. Narendran, chief executive officer and managing director of Tata Steel, said the country’s largest steelmaker would not cut its ₹12,000 crore capital spending plan despite fears of a slowdown in demand for the alloy. Read more
Inadequate price hikes hurt profitability of cement makers
Cement producers ACC Ltd, Ambuja Cements and UltraTech have reported a 20-56% drop in their per tonne profitability on a year-on-year (y-o-y) basis, driven by slower pace of product price increases even as cost pressures rose at a faster rate, affecting their June quarter (Q1FY23) performances. Read more
Union Bank solution for bad loan management attracts rival banks
State-run Union Bank of India is looking at a massive push to clean up stressed assets through a bad loan management system that has drawn interest from rival banks, including those in the private sector, chief executive A. Manimekhalai said in an interview. Read more
How to report income from trading in F&O in your I-T returns
The due date to file the income tax return (ITR) for the financial year (FY) 2021-2022 or the assessment year (AY) 2022-23 is around the corner. If you are a trader with income from futures and options (F&O), including intra-day trading, profits from such activity must be disclosed as business income in your returns. Read more
A 3-step plan to thrive in a falling equity market
Indian equity markets are down 10-15% over the last few months. Will they fall further? Unfortunately, historical evidence shows that it is impossible to consistently predict short- term market movements. So, how do we deal with this dilemma? Here is where you can use the ‘preparation approach’ vs the ‘prediction approach’. Read more
Delta Corp added to the list of 2 stocks under F&O ban on NSE
A total of two stocks have been put under the ban for trade on Wednesday, July 27, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they has crossed 95% of the market-wide position limit (MWPL), as per the NSE. Read more
Microsoft earnings miss market expectations due to weak sales
Microsoft reported on July 26 that its profitability for the most recent quarter fell short of forecasts as sluggish demand and supply delays in China had hurt sales of personal computers. The company missed market expectations with a $16.7 billion profit on $51.9 billion in revenue, but topped the same quarter a year earlier. Read more
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