Read top business news, equity market precursors, and economic and banking news updates from India and across the world for 2 June, 2022
Sensex jumps 437 points after 2-day decline
Benchmarks bounced back on Thursday after a two-day fall, with the Sensex jumping 437 points amid heavy buying in index heavyweight Reliance Industries and positive trends from European markets. Read more
Centre allows small amount of wheat to move out after ban
Since banning wheat exports last month, India has allowed shipments of this item to the tune of 469,202 tonnes. However, the upcoming monsoon may play as a spoilsport going forward. There are about 1.7 million tonnes of wheat lying at ports and the possibility is that looming monsoon rains could damage it. Read more
Tomatoes are the next big risk to Modi’s fight against inflation
Tomato prices are surging in India, putting politicians on notice as vegetables have an unusual history of toppling governments in the country. Read more
Aether Industries shares listing likely tomorrow. What to expect
Shares of specialty chemical firm Aether Industries are expected to list on Friday, June 3, 2022. Its three day initial public offer (IPO) was subscribed 6.26 times by the end of its subscription, helped by a strong interest from institutional buyers. Stock market analysts expect Aether Industries’ shares listing to be moderate. Read more
‘Nerve-wracking’: Delhivery founder on going public amid market meltdown
Sahil Barua, chief executive officer of logistics startup Delhivery Ltd., minces no words about the process of going public in what’s shaping up to be an historic meltdown in the technology industry. “It was nerve-wracking,” said the 37-year-old, who is also a co-founder. Read more
Metal index down 16% in a month. What metal stocks should you buy?
The metal sector was the best performing sectoral index in 2021, however, the rally seems to be over for now as so far in 2022, the Nifty metal index is down by 5% in year-to-date (YTD) terms and 16% in a month. Metal stocks witnessed heavy sell-off last week after the government decided to impose export duties on steel-making raw materials like iron ore and pellets. Read more
RBI repo rate rate hike expected to reach terminal level early in 2023: Reuters Poll
According to a Reuters poll of analysts, the Reserve Bank of India (RBI) will focus on interest rate hikes in the coming months as part of a relatively brief tightening cycle, with the repo rate expected to reach its terminal level early in 2023. Read more
DGCA imposes 10 lakh fine on Vistara
The Directorate General of Civil Aviation (DGCA) has imposed 10 lakh fine on Vistara for letting an improperly-trained pilot land a flight at Indore airport. Read more
Who is Javier Olivan? Spaniard who replaces Sheryl Sandberg as Meta’s next COO
Meta Platforms veteran Javier Olivan is taking over as the company’s chief operating officer (COO). He will replace Sheryl Sandberg. Read more
TCS’ new work policy: The 3E model of hybrid work culture explained
IT firm Tata Consultancy Services(TCS) has shared a perspective on how the hybrid model of work will pan out in the coming days. Read more
Yes Bank hikes MCLR rates
Yes Bank, a private sector lender, has raised its MCLR (Marginal Cost of Funds Based Lending Rate), which is the lowest interest rate below which financial institutions can’t disburse loans to their customers. Read more
Mint Morning Digest
Asia stocks eye jump in yields, hawkish comments: Markets wrap
Stocks in Asia are poised to open steady Thursday as central banks amplify hawkish messages in their quest to rein in inflation and JPMorgan Chase & Co.’s Jamie Dimon sounded alarm bells on the economy. Treasury yields and the dollar advanced. Read more
LIC confident about cleaning up bad debt investments: MD
Ahead of its initial public offering Life Insurance Corp. (LIC) of India had said that it had mark-to-market losses of 6,028 crore on its books relating to debt investments in certain pension and group schemes, which were to be accounted for in its income statement. However, the insurer was confident of resolving the debt investments in time. Read more
Key Facebook force Sheryl Sandberg steps down
Meta’s second most powerful executive Sheryl Sandberg made the shock announcement Wednesday she will leave after a 14-year tenure that included helping steer scandal-prone Facebook to advertising dominance. Read more
Q4 earnings miss estimates as costs eat into margins
Indian companies reported sales gains in the March quarter as they pushed through price hikes but saw their profit margins squeezed because of soaring energy and raw material costs, with smaller companies bearing the brunt of cost increases. Read more
Aadhaar saved over 2 lakh crore by eliminating fake identities: NITI Aayog
On June 1, NITI Aayog Chief Executive Officer (CEO) Amitabh Kant dubbed Aadhaar one of the world’s “most successful” biometric-based identity initiatives. The “bedrock” for the government’s welfare initiatives has saved the government over 2 lakh crore by “eliminating fake and duplicate identities”, he said. Read more
NHPC eyes 2,000 cr revenue in FY23 under monetization pipeline
State-run NHPC Ltd aims to securitize 2,000 crore revenue in the current fiscal, said its chairman and managing director, Abhay Kumar Singh. Read more
SBI aims to accelerate digital agenda, says chairman Khara
State Bank of India (SBI) will undertake an exercise to transform the bank by accelerating its digital agenda, including expanding the scope and reach of the Yono app and using advanced analytics, chairman Dinesh Khara told shareholders in the lender’s 2021-22 annual report. Read more
Why motor insurers don’t cover consequential damages
As per motor insurance regulations, insurers don’t cover consequential damages under a motor insurance policy. This is because the damage is a consequence of a certain action and not the outcome of an uncertain event. Read more
Petrol pumps not to get higher margins
Even as petrol pump dealers seek a revision of dealer margins amid high fuel prices, state-run oil marketing companies (OMC) are unlikely to revise the commission in the near future. Read more
Duplicate shares: SEBI penalises Eicher Motors for flouting rules
Eicher Motors has been fined 10 lakh by the Securities and Exchange Board of India (SEBI) on June 1 for failing to perform due diligence in a case involving the issue of duplicate shares or new certificates. According to an order issued by the capital markets regulator, the corporation must pay the penalties within 45 days. Read more
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