The market is coming off one of its worst weekly pullbacks after Fed chief Jerome Powell indicated on Friday that the central bank will raise rates into next year as it tries to quell demand and bring down prices for goods and services.
Why investors are not thrilled about RIL’s big AGM announcements
Announcements made by Reliance Industries Ltd. (RIL) on its growth plans at the company’s 45th annual general meeting (AGM) held on Monday has drawn lukewarm response from investors, with shares rising about 0.5% over two days.
As such, the AGM announcements failed to provide meaningful triggers for the stock, even as they make for growth engines in the longer run. Also, given the massive capex plans, there is worry on the impact on free cash flows. (Full Story)
Indian economy can touch USD 20 trillion by 2047: Bibek Debroy
Indian economy’s size will touch USD 20 trillion by 2047 provided the annual average growth is 7-7.5 per cent in the next 25 years, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Tuesday.
Releasing ‘The Competitiveness Roadmap for India@100’, Debroy also said the country’s annual per capita income will be over USD 10,000 if the country grows at an average economic growth rate of 7-7.5 per cent in the next 25 years.
According to him, India will also be among high human development category countries by 2047.
India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation. (PTI)
Bank of India moves NCLT against Future Lifestyle Fashions, files insolvency plea
Public sector lender Bank of India has filed a petition before the National Company Law Tribunal (NCLT), to initiate insolvency proceedings against debt-ridden Future Lifestyle Fashions Ltd (FLFL).
A copy of the petition filed before the NCLT, under Section 7 of the Insolvency and Bankruptcy Code, has been served by the advocate on behalf of Bank of India, FLFL said in a regulatory filing on Monday.
“The company is in the process of taking legal advice in the above matter,” said FLFL. (PTI)
All sectoral indices except Pharma and Healthcare have gained at least 1%. Auto, IT and Banks have surged more than 2%
IRCTC partners with Reliance to deliver food in trains via WhatsApp: All details
The food service of Indian Railway Catering and Tourism Corporation (IRCTC) called Zoop has partnered with Reliance-owned Haptik to provide online food delivery services on trains via the messaging platform WhatsApp. With this latest partnership, passengers can order food via a chatbot on WhatsApp without downloading any app. (Read More)
Government issues show cause notices to weighing instruments makers
The Department of Legal Metrology has issued 63 show cause notices to manufacturers and importers of the weighing and measuring instruments for seeking details of compliance, the Ministry of Consumer Affairs, Food & Public Distribution said on Tuesday.
The notices were issued to manufacturers/ importers/ sellers on e-commerce platforms, seeking details of the approval of model manufacturing, importer, dealer license, and verification of weighing scales, the ministry said in a statement.
It has been observed that some manufacturers/importers of weighing and measuring instruments are selling Person Weighing Machines & Kitchen Scales etc on the e-commerce platforms without complying with the provisions of Law. Such unauthorised sales on e-commerce sites have not only created a deficiency in service to the consumer but have also caused revenue loss to the Government, the ministry said.
HUL to offer grants to Indian startups working on plastic waste solutions
Packaged consumer goods firm Hindustan Unilever Limited (HUL) on Tuesday announced the launch of a programme that will offer grants and mentorship to Indian tech startups working in the area of plastic waste management and circularity.
HUL will give five Indian start-ups up to ₹1.6 crore each through a grant funding and equity investments, along with mentorship and support for scaling their business. (Full Story)
Government may invite financial bids for Shipping Corp sale in March quarter
The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said.
“The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months’ time, after which financial bids will be invited,” the official told PTI.
The financial bids from potential investors are expected in the January-March quarter, the official added.
In May, the board of Shipping Corp had approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL. (PTI)
Japan’s Nikkei recovers from 2-week low as tech stocks gain
Japan’s Nikkei ended more than 1% higher on Tuesday led by technology heavyweights, as the benchmark rebounded from a two-week low hit in the previous session.
The Nikkei share average rose 1.14% to close at 28,195.58, while the broader Topix climbed 1.25% to 1,968.38.
“Wall Street declined overnight but their losses were limited, which underpinned sentiment for the Japanese market,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute. (Reuters)
Noon Update: Indices rebound; Sensex soars 850 points and Nifty 250 points in the first half on Tuesday. Auto and Bank stocks lead the surge.
Among stocks, Bajaj twins (Bajaj Finserv and Bajaj Finance), Maruti and IndusInd Bank led the rally.
India to benefit from investment headwinds in China: SBI Research
India is likely to benefit from a slowdown in investment intentions in China, said SBI Research in its latest report ‘Ecowrap’, adding that it believes the China story may now be facing clear headwinds.
“In fact, we believe the China story may now be facing clear headwinds and India is likely to benefit from such stark realities over the longer term,” SBI Research report titled ‘Frontloading Fed rate hikes and China’s worsening construction bubble: is India enjoying the new ‘TINA’ moment in a checkmate world embracing plus one?’ which is authored by Group Chief Economic Adviser Soumya Kanti Ghosh, said.
Clearly, India seems to be enjoying the “There Is No Alternative” factor, as globally all countries are facing the churn and India seems to be the best-placed jurisdiction in terms of growth and inflation outlook in 2022-23. (ANI)
Tamilnad Mercantile Bank IPO opens next week. Price band and other details here
The IPO of private sector lender Tamilnad Mercantile Bank opens next week. The issue of one of the oldest lenders of the country will open on September 5th and close on September 7th. The price band of the ₹800 crore IPO has been fixed at ₹500 – 525 and the lot size is 28 shares and in multiple thereof. Tuticorin-based Tamilnad Mercantile Bank is one of the oldest private sector banks in the country. (Read More)
Prabhudas Lilladher Pvt Ltd on Reliance Industries: Aggressive growth plans all round – BUY
Prabhudas Lilladher on Reliance Industries: Rating: BUY | CMP: Rs2,598 | TP: Rs3,165
Avishek Datta – research analyst said, “We believe RIL’s business segments are very well positioned to benefit from segment tailwinds, given its solid leadership position and well integrated business structure. Further, the company is best placed to incubate new businesses and pursue inorganic opportunities with its liquid BS. Maintain ‘BUY’ at PT of Rs3,165 (unchanged). Our estimates do not factor projects in new energy and oil to chemicals.”
Realty index gains around 2.5%, all stocks in green
Small cars will stay major part of India mkt: Maruti Suzuki
Maruti Suzuki India Ltd, the country’s largest carmaker, expects the small or entry-level car market to remain a major part of the domestic market and a strong bet for the company despite dwindling sales of such vehicles.
R.C. Bhargava, chairman, Maruti…
Read More: Stock Market LIVE: Sensex soars 1000 pts, Nifty tops 17,600; all indices green