Stock Market LIVE: Cautious start expected; Asian shares, SGX Nifty in red

Stocks in Asia opened on a weaker note on Thursday as traders assessed the risk of recession in China and the Fed’s minutes signalling ongoing interest-rate hikes but at a slower pace. Wall Street closed in red and Asian markets tracked it and slipped in the morning session.

18 Aug 2022, 08:32:58 AM IST

Cryptocurrency prices today: Bitcoin below $24,000; dogecoin, Shiba Inu plunge up to 9%

Cryptocurrencies prices today fell again, with Bitcoin and Ether both retreating for the fifth consecutive day on Thursday. The world’s largest and most popular cryptocurrency was trading nearly 3% lower at $23,428. The global crypto market cap today was above the $1 trillion mark, even as it was down over 2% in the last 24 hours at $1.17 trillion, as per CoinGecko. (Full Report)

18 Aug 2022, 08:32:14 AM IST

Radhakishan Damani’s DMart eyes fivefold growth despite aggressive expansion by Mukesh Ambani’s Reliance Retail

Indian billionaire Radhakishan Damani’s discount supermarket chain, DMart, plans to boost its store count fivefold as it seeks to grow market share and hold its own against aggressive expansion from the likes of Mukesh Ambani’s Reliance Retail Ltd.

Avenue Supermarts Ltd could scale up the chain known for its knockdown prices on everything from lentils to laundry powder to 1,500 supermarkets from 284. (Full Report)

18 Aug 2022, 08:13:57 AM IST

India eases Russian oil buying in July, boosts Saudi imports -trade

India’s crude oil imports from Russia in July fell for the first time since March along with its overall purchase while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed.

Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand.

India shipped in 877,400 barrels per day (bpd) oil from Russia in July, a decline of about 7.3% from June, with Moscow continuing as its second biggest oil supplier after Iraq. (Reuters)

18 Aug 2022, 08:02:01 AM IST

Razorpay buys Ezetap to tap into offline payments

Razorpay said on Thursday it had bought offline payments firm Ezetap, marking the Sequoia Capital-backed firm’s latest bet on the payments industry in a deal which a source with knowledge of said was worth $150 million.

Razorpay, which is valued at more than $7 billion and offers payment gateway services for online merchants, said in a statement that the acquisition was its biggest to date.

It said the deal would boost efforts to tap the offline market which still accounts for a bulk of electronic payments in India. Ezetap, whose products include point-of-sale machines, processes more than $10 billion in annual transactions in India. (Reuters)

18 Aug 2022, 08:00:49 AM IST

Goldman Sachs, Nomura cut China GDP forecasts as outlook darkens

Goldman Sachs Group Inc. and Nomura Holdings Inc. downgraded their forecasts for China’s economic growth further, with a power supply crunch adding more uncertainty to the outlook.

Goldman Sachs lowered its projection for gross domestic product growth to 3% from 3.3%, citing weaker-than-expected July economic data as well as near-term energy constraints. Nomura slashed its forecast to 2.8% from 3.3%.

China’s slowdown deepened in July as a worsening property slump and Covid lockdowns continued to curb business and consumer activity. The central bank unexpectedly cut interest rates this week to help bolster growth, while local governments are set to sell more bonds to ramp up spending. (Bloomberg)

18 Aug 2022, 07:49:54 AM IST

New RBI rule trims Q1 microloan disbursals

Microfinance companies’ loan disbursal in June quarter fell from the preceding quarter, a phenomenon experts attributed to a recent Reserve Bank of India (RBI) guideline revising risk assessment practices for these lenders. Microlenders must assess the indebtedness of the borrowing household. From 1 April, RBI capped the loan repayment obligation of a household at 50% of monthly income. (Full Report)

18 Aug 2022, 07:44:15 AM IST

Tokyo shares open lower after US losses

Tokyo shares opened lower Thursday following US losses, while investors locked in profits after recent market gains.

The headline Nikkei 225 index fell 0.93% or 273.02 points to 28,949.75 in early trade, while the broader Topix index lost 0.76% or 15.35 points to 1,991.64. (AFP)

18 Aug 2022, 07:33:56 AM IST

Insolvency plea against Future Enterprises filed in NCLT

Debt-ridden Future Enterprises Ltd said an operational creditor of the company has filed a plea before the National Company Law Tribunal to initiate insolvency proceedings against it. Future Enterprises Ltd (FEL), part of the Kishore Biyani-led Future Group, is facing difficulties like other firms of the group.

FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments which were supposed to be transferred to Reliance Retail as part of a 24,713-crore deal announced in August 2020. (Full Report)

18 Aug 2022, 07:32:43 AM IST

Government to curb Big Tech’s data collection

The Centre has started hectic deliberations over regulating Big Tech’s data collection and usage policies after parliamentarians expressed their concerns over the use of data for stifling genuine competition in the market. The ex-ante model of regulation entails a code of conduct for the Big Tech including on data collection and use. (Full Report)

18 Aug 2022, 07:30:57 AM IST

Rupee rises 29 paise to 79.45 against US dollar

The rupee gained 29 paise to settle at 79.45 against the US dollar on Wednesday as heavy buying in domestic equities and persistent foreign capital inflows strengthened investor sentiment.

Besides, softening crude oil prices and easing inflationary pressures supported the domestic unit, forex traders said.

At the interbank forex market, the local unit opened strong at 79.32 against the greenback and witnessed an intra-day high of 79.26 and a low of 79.48. (PTI)

18 Aug 2022, 07:29:52 AM IST

Gold slips ₹53; silver declines ₹256

Gold in the national capital on Wednesday slipped 53 to 52,340 per 10 grams amid a decline in international precious metal prices and rupee appreciation, according to HDFC Securities.

In the previous trade, the yellow metal had closed at 52,393 per 10 grams.

Silver also declined 256 to 57,957 per kg from 58,213 per kg in the previous trade. (PTI)

18 Aug 2022, 07:29:52 AM IST

More than 107 coal mines to be auctioned in near future: Govt

Coal minister Pralhad Joshi on Wednesday said that more than 107 coal mines will be put up for sale in the near future.

The auction of these mines is expected to increase the domestic coal production.

The coal ministry has set a production target of 900 million tonnes for the current fiscal, which includes 700 MT from state-owned Coal India Ltd (CIL).

Joshi, while addressing a function, said that in the last four months CIL has produced around 207 million tonnes of coal, thereby setting a new record, according to a coal ministry statement. (PTI)

18 Aug 2022, 07:29:52 AM IST

Stocks slip on Wall Street, erasing weekly gains for S&P 500

Stocks on Wall Street closed broadly lower Wednesday as drops by big technology companies wiped out the S&P 500′s gains for the week.

The benchmark index fell 0.7%, snapping a three-day winning streak. The Dow Jones Industrial Average fell 0.5% and the tech-heavy Nasdaq slid 1.3%.

Small-company stocks fell more sharply than the rest of the market, pulling the Russell 2000 1.6% lower.

The Federal Reserve has been raising interest rates in order to slow the economy and temper inflation, but investors remain concerned that it could hit the brakes too hard and send the economy into a recession. The Fed in July raised its benchmark interest rate by three-quarters of a point for a second-straight time. (AP)


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