Wall 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
Goyal’s US visit next week: To meet US Trade Representative, secretary of commerce
Commerce and Industry Minister Piyush Goyal will hold bilateral meetings with his American counterparts next week in the US to discuss ways to boost trade and investments ties, an official said.
The minister will be on a six-day visit to San Francisco and Los Angeles from September 5.
During the visit, Goyal will participate in the two-day ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF) on September 8 and 9 in Los Angeles, the official said.
He will meet US Trade Representative Katherine Tai and US Secretary of Commerce Gina M Raimondo on the sidelines of the IPEF ministerial meeting. (PTI)
Metal Index bounces back, now is up almost 1%
Lufthansa’s 2 flight cancellations affect 450 passengers; early morning chaos at Delhi airport
Delhi airport witnessed early morning chaos on Friday as nearly 450 passengers were affected after Lufthansa cancelled flights to Munich and Frankfurt due to pilots’ strike.
Lufthansa group, on Thursday, said it has to cancel 800 flights at its hubs in Frankfurt and Munich for Friday due to the strike by pilots.
Sources at the Delhi airport on Friday said, one flight each to Munich and Frankfurt were cancelled by Lufthansa, which impacted nearly 450 passengers.
There was chaos at the airport early in the morning and the affected passengers were later provided refreshments and accomodation, they added. (PTI)
U GRO Capital’s NCD issue offers effective yield of up to 11.01%
Non-banking financial company (NBFC), U GRO Capital Ltd, which focuses on the MSME sector in India, has announced the launch of secured issue of non-convertible debentures (NCDs). The issue is scheduled to open on 5 September, and will remain open for subscription till 22 September. The issue has a base size of ₹50 crore with an option to retain oversubscription up to ₹50 crores, aggregating up to ₹100 crore. (Full Story)
SpiceJet to receive around ₹225 cr next week under credit guarantee scheme
Budget carrier SpiceJet will receive around ₹225 crore next week as part of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme, sources in the airline told ANI.
Launched by the central government as a special scheme in wake of Covid-19 in 2020, the programme intended to provide guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.
Spicejet will use this money to clear statutory dues and other payments to lessors.
Besides, the sources said the airline’s new Chief Financial Officer will join next week. (ANI)
NDTV shares hit upper circuit for 7th straight day; price almost double in a month
Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit on Friday surging to the highest level since 2008 on Adani Group’s offer to acquire the majority stake in the news channel company.
On the BSE, the share price of NDTV started trading at ₹515.10. This is the upper price band of the scrip on the BSE. NDTV’s previous day’s close was ₹490.60. The company’s share price has 5% cap upper and lower band.
On the National Stock Exchange, NDTV shares were trading at ₹519.80, which is 5 per cent higher than the previous day’s close at ₹495.05. (ANI)
India unveils first homemade aircraft carrier, with eye on China
India debuted its first locally made aircraft carrier on Friday, a milestone in government efforts to reduce its dependence on foreign arms and counter China’s growing military assertiveness in the region.
The INS Vikrant, one of the world’s biggest naval vessels at a length of 262 metres (860 feet), will formally enter service after 17 years of construction and tests.
It inherits the name of a retired carrier famed for enforcing a blockade against Pakistan’s naval forces during the 1971 Bangladeshi independence war.
“Today, INS Vikrant has filled the country with a new confidence, and has created a new confidence in the country,” Prime Minister Narendra Modi said at the ship’s commissioning ceremony in southern Kerala state. (AFP)
Ashish Kacholia portfolio: Multibagger specialty chemical stock hits record high, rallies 22% in 5 days
Shares of Fineotex Chemical rallied more than 4% on the BSE to hit record high of ₹331 apiece on the BSE in Friday’s trading session. The specialty chemical stock has been in an upward moment this entire week as it has surged nearly 22% in the past five straight trading sessions. The multibagger specialty chemical stock has rallied over 200% in a year’s period. (Full Report)
Adani Ports is among the highest gainers today, adds almost 2%
Oil gains ahead of OPEC+ meeting; Russian oil price cap looms
Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, though fears of China’s COVID-19 curbs and weak global growth continued to limit gains and a potential cap on the price of Russian exports loomed.
Brent crude futures rose $1.23, or 1.3%, to $93.59 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures advanced $1.25, or 1.4%, to $87.86 a barrel.
Both benchmark contracts slid 3% in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 7%, and WTI was on track to fall about 5% for the week. (Reuters)
Tanla Platforms to consider share buyback next week; stock jumps
Tanla Platforms on Friday informed that its board will meet next week on Thursday, September 8, 2022 to consider the proposal of share buyback of the company. Shares of Tanla Platforms jumped more than 4% to ₹752 apiece on the BSE in afternoon deals after the buyback proposal announcement. (Full Report)
Are Maruti Suzuki’s shares factoring in a rosy scenario on volumes?
Shares of Maruti Suzuki India Ltd., the country’s largest carmaker, were on Friday flirting with the 52-week high of ₹9,233.65 apiece seen on the National Stock Exchange in the previous session. The passenger vehicle (PV) maker benefits from strong demand environment and improving chip supply situation. However, volumes in August declined 6% sequentially to 165,173 units, which significantly lags analysts’ estimates.
Maruti’s declining market share in the PV segment due to its weak presence in the sport utility vehicle (SUV) space has weighed on investor sentiment in the past. In FY22, Maruti’s market share stood at 43%, down from 48% in FY21. (Full Story)
Japan’s Nikkei posts worst weekly loss in 3 months on rate angst
Japan’s Nikkei share average marked its worst week in nearly three months on Friday, while the benchmark ended flat for the day, pulled down by concerns over aggressive interest rate hikes globally, with a weaker yen providing only a smidgen of comfort.
The Nikkei ended 0.04% lower at 27,650.84 and posted a 3.4% weekly decline, its worst loss since mid-June.
The broader Topix fell 0.27% to 1,930.17, after touching a six-week low of 1,926.05 earlier in the session. The index lost 2.5% for this week. (Reuters)
Axis Securities outlook on Auto Index: “Expect further demand recovery in the upcoming quarters”
Axis Securities has issued Auto Monthly Volume Update. It says “We maintain a positive outlook on the sector and expect further demand recovery in the upcoming quarters. For OEMs under our coverage, we expect the following stocks to perform well: Hero Motors in the 2W segment, Maruti Suzuki in the PV segment, and Ashok Leyland in the CV space.”
Noon Update: Indices are trading flat at noon on Friday. Metal index dragged and Auto index made marginal gains
German imports take unexpected dip in July
German exports fell less than expected in July, down 2.1% on the previous month, while imports saw an unexpected dip, falling 1.5%, according to Federal…
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