PremiumWall Street was mostly in red on Friday but eeked out some gain towards the end. Asian market had a mixed morning with the Nikkei trading in the flat-to-negative zone, Shanghai in green, and Hong Kong starting lower. SBI on Thursday slashed India's FY23 growth forecast to 6.8% on way-below Q1 numbers
Bitcoin price continued to hover around $20,000 as the world's largest and most popular cryptocurrency was trading about a per cent lower at $20,026. The global crypto market cap today was back above the $1 trillion mark, even as it was flat in the last 24 hours at $1.02 trillion, as per CoinGecko. (Full Report)
Country's largest insurer LIC intends to raise its market share in non-participating insurance products as well as diversify the channel mix, a top company official said.
Having a market share of 65 per cent, the state-owned life insurer offers 17 individual participating products, 17 individual non-participating products, 11 group products and 7 products with rider benefits.
Non-participating life insurance products do not offer any bonuses or add-ons such as dividends to the policyholders. A pure term life insurance policy is the non-participating product offering a fixed cover against payment of the policy premium. (PTI)
Celestial Biolabs stock will be in focus as they declare their June quarterly report today. (Full Story)
Airtel Africa has set its sights on beating the continent’s No.1 telecom operator MTN to become its top telco, more than a decade after exploring—and abandoning—a merger plan with the company. In his first interaction with the Indian media, Airtel Africa managing director and chief executive Olusegun Ogunsanya said the telco, which operates in 14 countries, has captured the top spot in four and is No. 2 in nine others. Ogunsanya also spoke of the company’s drive for profitability and cost reduction. (Full Story)
India's services exports increased by 20.2% year-on-year to USD 23.26 billion in July, according to Reserve Bank data released on Thursday.
The July exports were, however, lower than USD 25.29 billion in June this fiscal.
As per the monthly data on India's international trade in services for July 2022, the imports rose 22.3% to USD 13.92 billion in July. In June, the imports stood at USD 15.76 billion.
The exports during April-July 2022-23 stood at 94.75 billion, and the imports totalled USD 58.94 billion during the period. (PTI)
Adani Enterprises, flagship of the diversified Adani Group, will be included in the benchmark Nifty 50 index. Shree Cement will be dropped . The changes will be effective from September 30, 2022 . Shree Cement will be dropped . The changes will be effective from September 30, 2022. (Full Story)
India's urban unemployment rate fell to 7.6 per cent in April-June 2022 quarter, the lowest in four years, as per the Periodic Labour Force Survey (PLFS) conducted by the National Statistical Office (NSO).
The unemployment rate in urban areas for persons of age 15 years and above stood at 12.6 per cent in April-June 2021 quarter. It has declined consistently in the past four quarters.
The urban unemployment rate fell to 9.8 per cent in July-September 2021 quarter. It fell to 8.7 per cent in October-December 2021 period and fell further to 8.2 per cent in January-March 2022 quarter.
In the first quarter of the current financial year, the urban unemployment rate fell to 7.6 per cent, registering a decline for the fourth straight quarter. This is the lowest unemployment rate in India since the launch of the Periodic Labour Force Survey. (ANI)
Large restaurant chains that rushed to open cloud kitchens and double down on virtual first brands in the pandemic said they are focusing more on their dine-in business and prioritizing deliveries via existing stores.
There has been a slump in delivery demand, with dining-out opening up, said some restaurant chain executives. (Full Story)
Asian shares were mixed and the dollar stood tall on Friday ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns.
MSCI's broadest index of Asia-Pacific shares outside Japan remained largely unchanged in early Asia trade, but was headed for its worst weekly performance in seven with a drop of 3%, as rising expectations of hawkish global rate hikes hit risky assets.
Japan's Nikkei and Chinese bluechips were mostly unchanged, Hong Kong's Hang Seng index eased 0.2% and South Korea gained 0.5%.
All eyes are now on U.S. August nonfarm payroll data due on Friday. (Reuters)
Japan's biggest steelmaker Nippon Steel Corp plans to almost double crude steel output capacity at its India's Hazira plant to secure more of the growing market, an executive said.
Nippon Steel and ArcelorMittal jointly bought India's bankrupt Essar Steel in 2019, now called AM/NS India, and have been considering expanding the venture. (Full Story)
The fate of Tuticorin-headquartered Tamilnad Mercantile Bank Ltd’s (TMB’s) upcoming initial public offering (IPO) is in the hands of Securities Appellate Tribunal (SAT) as minority shareholders of the bank have approached the tribunal against the public offer.
The fate of Tuticorin-headquartered Tamilnad Mercantile Bank Ltd’s (TMB’s) upcoming initial public offering (IPO) is in the hands of Securities Appellate Tribunal (SAT) as minority shareholders of the bank have approached the tribunal against the public offer. (Full Report)
Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5% earlier for FY2023, citing "the way below GDP numbers for the first quarter".
The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5%, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8% expansion in the first three months of FY23, negating the robust show by the services sector.
Consensus forecast was 15-16.7% of which the RBI made the highest forecast of 16.7%.
SBI group chief economic adviser Soumya Kanti Ghosh had also forecast a 15.7% growth for the first quarter. (PTI)
A late burst of buying erased some of the stock market’s losses Thursday, leaving indexes mixed on Wall Street though still on pace to end lower for the week.
The S&P 500 rose 0.3% after having been down 1.3% earlier in the day. The benchmark index's positive turn in the last 10 minutes of trading ended a four-day losing streak.
The Dow Jones Industrial Average also bounced back from an early slide to finish with a 0.5% gain, while the tech-heavy Nasdaq composite fell 0.3%. Several measures of small and mid-size companies also lost ground, including the Russell 2000, which closed 1.2% lower.
The mixed finish for stocks comes as traders look ahead to the Labor Department's latest monthly job market snapshot Friday. The Federal Reserve will consider the August update on job and wage growth as it determines further interest rate hikes in its bid to slow the economy enough to bring down inflation. (AP)
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