PremiumWall Street stocks closed higher Thursday keeping the major indices on track for their first weekly gain in four weeks. European Central Bank made its largest-ever rate increase to fight inflation. Investors also heard from Fed Chair Jerome Powell who reaffirmed the central bank’s commitment to keeping rates high as long as necessary.
Delta Corp will continue to remain under the F&O ban stock list for the fifth day. The stock will be under the ban for the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)
Auto components maker Samvardhana Motherson International Ltd on Thursday said it will acquire Daimler India Commercial Vehicles' (DICV) frame manufacturing and assembly operations facilities in Chennai.
The company, formerly known as Motherson Sumi Systems Ltd, has signed a strategic agreement, including a long-term deal with DICV for supply of the complete frame assembly as a part of the transaction, Samvardhana Motherson International Ltd (SAMIL) said in a regulatory filing.
At present, SAMIL, through a wholly-owned arm, runs the manufacturing operations of the frame manufacturing facility of DICV but the frame assembly operations are managed by DICV itself in a separate facility, it added. (PTI)
Bitcoin price today rose to continue to trade above the $19,000 level. The world's largest and most popular cryptocurrency was trading more than a per cent higher at $19,408. The global crypto market cap today was back below the $1 trillion mark, as it was up over a per cent in the last 24 hours at $1.03 trillion, as per CoinGecko. (Full Story)
China is stepping up its Covid defenses as a key Communist Party meeting looms, restricting internal travel further as swathes of the country remain under tight lockdowns.
The National Health Commission on Thursday announced a raft of measures that will be in place until the end of next month to fight a virus that shows little sign of slowing. Authorities told citizens to minimize travel during the mid-Autumn festival next week and National Day holidays in October, ordinarily key periods for domestic tourism, and asked local governments to test all residents regularly for Covid regardless of infection levels.
Lockdowns and other mitigation measures have intensified, including in Chengdu, the country’s sixth-largest city with 21 million people, and parts of Guiyang, home to China’s biggest residential compound where some 400,000 people live in 300 buildings. Meanwhile, Beijing is tightening travel restrictions for anyone entering or leaving the capital. (Bloomberg)
Global professional services firm EY said on Thursday it has decided to move forward with partner votes to separate into two distinct, multi-disciplinary organisations.
EY said in a statement that the decision was taken after a strategic review. This is expected to separate its consulting and audit operations in certain jurisdictions into two separate organisations. However, in India, a distinction between audit and non-audit practices already exists with statutory audits being performed by another entity, SRBC & Co LLP. The implications of the global decision for EY’s operations in India is still to be known. (Full Report)
As the festive season kicks in, a survey has revealed that nearly six in 10 urban Indians (58 per cent) interviewed are likely to shop on Diwali while 39 per cent look forward to the big online sales.
According to a survey by global research data and analytics group YouGov, men (62 per cent respondents) are more likely to shop on Diwali than (55 per cent).
When it came to various age groups, adults of over 40 years (62 per cent) are most likely to shop on Diwali compared to the other age groups, it added.
Meanwhile the survey found that two in five (39 per cent) respondents said they look forward to big online sales.
This survey was conducted on a sample of 2,056 urban Indian respondents on YouGov India's online panel in August 2022. (PTI)
People Group, which runs the online matchmaking platform Shaadi.com, plans to go public over the next fiscal, founder and chief executive Anupam Mittal said.
While Shaadi.com founder and CEO Anupam Mittal did not disclose details of his IPO plans, the move comes more than a decade after the company’s initial listing plans for 2009 were deferred. (Full Report)
IndiGo Airlines co-promoter Rakesh Gangwal and his wife on Thursday divested 2.74 per cent stake in the parent company InterGlobe Aviation for ₹2,005 crore through open market transactions.
Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.
Gangwal along with Rahul Bhatia co-founded the low-cost carrier IndiGo airlines.
According to the bulk deal data available with the National Stock Exchange (NSE), Gangwal and his wife Shobha Gangwal sold a total of 1.05 crore shares, amounting to 2.74 per cent stake in the company.
The shares were sold in the range of ₹1,886.47 - ₹1,901.34 apiece, valuing the transaction at ₹2,004.77 crore. (PTI)
After completing the acquisition of soft drink brand Campa, Reliance Retail is looking to add more fast-moving consumer goods brands to its portfolio. The company is expected to sign a joint venture agreement with AJE India, the maker of carbonated beverage brand Big Cola, besides acquiring Indore-based Aakash Namkeen Pvt. Ltd. It is also in talks with several regional and local brands to help them expand their operations. (Full Report)
The Union government on Thursday imposed a 20% duty on rice exports amid concerns of price rise following deficient rainfall in major rice-producing states such as West Bengal, Odisha, Bihar and Uttar Pradesh.
The duty was imposed on paddy, husked (brown) rice and semi-milled rice but not on basmati rice, which accounts for nearly one-fifth of India’s overall rice exports. In 2021-22, India exported over 21 million tonnes of rice. (Full Report)
The European Central Bank hiked interest rates by a historic amount and President Christine Lagarde hinted it could do the same again as part of “several" future moves to escalate officials’ attack against rampant inflation.
Even with a far weaker growth outlook and price increases primarily driven by supply factors, policy makers intensified their aggression with a three-quarter-point increase on Thursday that was an unprecedented monetary-tightening step. The decision matched analyst expectations and brought the deposit rate up to 0.75%.
“If the data on our meeting-by-meeting exercise review suggests that we should take a high hike of our interest rates, we will do so," Lagarde told reporters in Frankfurt. Addressing the question of how many decisions are “several," she said that “it’s probably more than two, including this one, but it’s probably also going to be less than five." (Bloomberg)
Stocks bounced back from a midday stumble and closed higher Thursday, keeping the major indexes on track for their first weekly gain in four weeks.
The S&P 500 closed 0.7% higher, after recovering from a 0.9% slide in the early going. The Dow Jones Industrial Average and the Nasdaq composite each gained 0.6% after making it through their own bumpy ride. The indexes are on pace for a weekly gain after posting losses for the previous three weeks.
Wall Street had its eye on interest rates, as the European Central Bank made its largest-ever rate increase to fight inflation. The move is in line with steps taken by the U.S. Federal Reserve and other central banks.
Investors also heard from Fed Chair Jerome Powell, who reaffirmed the central bank’s commitment to keeping rates high as long as necessary to get inflation under control. (AP)
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