PremiumInvestors are eager for definitive signs that inflation is on the wane and the central bank can finally ease back on its rate hikes. All eyes will be on US jobs data scheduled to be released today. A strong jobs report could give Fed more reasons to keep its focus intact on inflation.
The Reserve Bank of India has approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years with effect from October 6, 2022.
Earlier in July this year, the alternate Board of the private sector lender had recommended to the Reserve Bank of India for its approval, the appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank for a period of three years.
"We would like to inform that RBI vide its letter dated October 6, 2022, has approved the appointment of Prashant Kumar as the MD &CEO of the Bank for a period of three years effective from today i.e. October 6, 2022," Yes Bank said in a regulatory filing on Thursday. (PTI)
Gold prices jumped by ₹497 to ₹52,220 per 10 grams in the national capital on Thursday amid a global rally in the metal and depreciation in the rupee, according to HDFC Securities.
In the previous trade, the precious metal had settled at ₹51,723 per 10 grams.
Silver, however, slipped by ₹80 to ₹61,605 per kg from ₹61,685 per kg.
The rupee depreciated 4 paise to 81.66 against the US dollar in early trade on Thursday amid a high volatility as rising crude oil prices weighed on the local unit. (PTI)
HR solutions company Quess Corp Ltd, will divest its stake in the digital risk and compliance services company, Simpliance Technologies Private Limited (Simpliance) to Aparajitha Corporate Services (Aparajitha) an HR compliance services company and its affiliates.
The deal is valued at an enterprise value of ₹120 crores, on a cash and debt free basis, subject to closing adjustments and fulfilment of conditions set out in the transaction document. (Read More)
The World Bank on Thursday lowered its FY23 growth forecast for India by one percentage point to 6.5% from its June estimate in line with its downward revision for entire South Asia’s growth.
The multilateral agency lowered the regional growth to an average of 5.8% this year, a downward revision of one percentage point from the forecast it made in June, against a 7.8% growth in the year before when most countries were rebounding from the pandemic slump. (Read More)
The Securities and Exchange Board of India (Sebi) on Thursday cancelled the licence of Brickwork Ratings, prohibited it from taking up new clients and directed it to wind up operations in six months, in the toughest regulatory action against any credit rating firm. The Sebi action followed successive lapses in the ratings of several issuers, including Welspun, IDFC First, Adani Rail.
The Sebi order listed various violations by Brickwork, including failure to document meetings with the management, lack of independent analysis of financial projections given by companies, delay in recognizing defaults and conflict of interest. Mint was the first to report on 12 October 2021 that the regulator has decided to revoke the licence of the Bengaluru-based company promoted by Canara Bank. (Read More)
The country's FMCG industry continued to face challenges of retail inflation and slowdown in rural areas in the second quarter but expects demand to improve in the second half of this fiscal.
Leading makers such as Marico, Godrej Consumer Products Ltd (GCPL) and Dabur in their quarterly updates said demand across categories in the industry continued to remain soft during the second quarter on account of continued impact on unprecedented inflation.
However, the companies expect that in the remaining two quarters of the fiscal, moderating inflation and the festive season should support consumption growth in the second half.
"With the moderation in inflationary pressures due to correction in commodity prices, and the monsoon largely being on track (apart for a few states), we expect consumption to improve in the second half of the year," GCPL said in its quarterly updates.
GCPL, which owns brands such as Good Knight, Hit, Cinthol and Protekt, expects a "mid-single-digit volume drop, with a low single-digit 3-year volume CAGR". (PTI)
The rupee plunged by 55 paise to close at an all-time low of 82.17 against the US currency on Thursday due to a stronger dollar in overseas markets and firm crude oil prices.
The Indian currency for the first time closed below the 82 level against the US greenback as heavy dollar demand from oil importers and growing expectations of a Fed rate hike weighed on the local unit.
At the interbank foreign exchange market, the local currency opened on a positive note at 81.52, but pared all the gains later as the dollar extended gains.
During the day, the local unit witnessed an intra-day high of 81.51 and a low of 82.17 against the greenback. The rupee finally settled at the day's lowest level of 82.17, showing a loss of 55 paise over the previous close. (PTI)
A choppy day of trading ended with stocks broadly lower on Wall Street Thursday, though indexes have managed to hold onto most of their sizeable gains from a big rally at the start of the week.
The S&P 500 fell 1% after having been up 0.4% in the early going. The benchmark index is up 4.4% for the week following its best two-day rally since the spring of 2020.
The selling was widespread, with roughly 80% of the stocks in the S&P 500 ending in the red. The Dow Jones Industrial Average fell 1.1%, while the Nasdaq composite lost 0.7%. The Russell 2000 index of smaller company stocks closed 0.6% lower.
Treasury yields gained ground and put more pressure on stocks. The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, rose to 3.81% from 3.75% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for Federal Reserve action, rose to 4.22% from 4.14% late Monday. (AP)
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