Business

Loans against shares is an excellent option for investors as it enables them to meet their short-term financial needs without putting their long-term plans at risk...
Details
Category: Business

Write comment (100 Comments)


ICICI Bank Q1 FY22 Outcomes: ICICI Bank reported a 78 percent rise in net earnings to ₹ ₹ 4,616 crore on a standalone basis for the April-June quarter in the fiscal year 2021-22, compared ₹to ₹...
Details
Category: Business

Write comment (92 Comments)

Forex Reserves: The country's foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, RBI data showed....
Details
Category: Business

Write comment (96 Comments)


Asian shares had a hard time to rally on Monday as super-strong US corporate earnings sucked funds out of emerging markets and into Wall Street ...
Details
Category: Business

Write comment (91 Comments)

President Ram Nath Kovind is the first customer of the SBI branch and was handed over his passbook today, soon after opening his account, according to a statement by the Rashtrapati Bhavan....
Details
Category: Business

Write comment (92 Comments)


Berkshire Hathaway Inc-backed Paytm, hospitality company Oyo Hotels and ride-hailing firm Ola, both backed by SoftBank, are among other start-ups set to enter markets ... Food shipment company Zomato surged 65.8 per cent in its stock exchange debut.Food shipment company Zomato rose 65.8 percent in its stock exchange debut on Friday, giving the startup an assessment of Rs 98,849 crore and setting the phase for other domestic startups that are waiting in the wings with listing strategies of their own.The 13-year-old company comes from the very first generation of huge home grown start-ups in the nation to go public effectively on Indian bourses. Zomato is certainly a big occasion for the start-up community, and for the other innovation business that are waiting to come to the capital market, said Siddhartha Khemka, head of retail research study, broking - circulation at Motilal Oswal Financial Services.Berkshire Hathaway Inc-backed Paytm, hospitality business Oyo Hotels and ride-hailing firm Ola, both backed by SoftBank, are among other startups set to get in markets.Like U.S.-based DoorDash Inc, Zomato is generally a food delivery app, having partnered with about 390,000 dining establishments and cafes in 525 cities. It also permits customers to book tables for dining-in, write food evaluations and upload photos.Zomato's opening price of Rs 116, a 53 per cent premium to the offer price of Rs 76, was the 2nd finest entertainer amongst listings of at least $500 million, after Power Grid Corp, which gained 73 per cent at open on its first trading day in 2007. Like the majority of other start-ups, the Gurugram-based company is yet to earn a profit. It has said it will utilize the money raised from its listing to better its delivery infrastructure and acquire more users. The business takes on SoftBank-backed Swiggy and Amazon.com's food shipment service.Long Term GoalsThirty-eight years of age creator Deepinder Goyal, an engineer from the prestigious Indian Institute of Technology in Delhi, said the remarkable action to our IPO gives us the self-confidence that the world has plenty of investors who value the magnitude of financial investments we are making, and take a long term view of our organization. Experts agreed, hailing the success of the IPO as a testimony to changing cravings by investors and a capability to support risk-taking. The market is revealing some maturity by attempting to understand and value such business which are non-traditional, both in terms of the business that they do and in regards to the financials they use, Motilal Oswal's Khemka said.China's Ant Group holds a 16.53 percent stake in Zomato, while its leading shareholder with an 18.55 percent stake is online innovation company Information Edge (India). Zomato's listing follows other internet-based shipment start-ups such as DoorDash and Deliveroo. While DoorDash had an effective launching late in 2015, Deliveroo tumbled in March. Zomato does not included the luggage that dragged at the UK firm's debut, stated Danni Hewson, a monetary analyst with British investment platform AJ Bell. Growth is essential here. Zomato may not be profitable but it is growing tremendously and is enviably placed to keep that momentum.
Details
Category: Business

Write comment (99 Comments)

Reliance Industries reported net profit of Rs 12,273 crore in the quarter ended June 30, 2021, marking a decline of 7.25 per cent from the same quarter last year...
Details
Category: Business

Write comment (98 Comments)

The chairman of India's largest company by market value Reliance Industries Ltd said bold economic reforms helped GDP of $ 266 billion in 1991 grow by over ten times....
Details
Category: Business

Write comment (98 Comments)

Green hydrogen, derived from water electrolysis using renewable energy such as solar or wind, will replace carbon-emitting fuels used in the refinery to process crude oil into value-added products,......
Details
Category: Business

Write comment (92 Comments)


Asian shares had a hard time to rally on Monday as super-strong US corporate earnings drew funds out of emerging markets and into Wall Street ...
Details
Category: Business

Write comment (92 Comments)

The mobile and broadband operator, which has roped in Goldman Sachs as principal of the programme, said the buy-backs will start on July 26 and end by Nov. 17....
Details
Category: Business

Write comment (99 Comments)

Zomato Share Price Today: Zomato ended the first day of trade eight per cent above the listing price and had a market capitalization of Rs 98,221 crore, upon closing....
Details
Category: Business

Write comment (98 Comments)

On July 24, an indent was placed in Chakradharpur division under South Eastern Railway to transport 200 metric tonnes of LMO to Benapole, Bangladesh....
Details
Category: Business

Write comment (93 Comments)


Fuel and Diesel Rate Today in India: In the national capital, petrol costs were consistent at Rs 101.84 per litre and diesel rates were the same at Rs 89.87 per litre ...
Details
Category: Business

Write comment (95 Comments)


Tesla, which aims to start sales in India this year, said in a letter to ministries and the country's leading think-tank Niti Aayog that slashing taxes on imports of completely put together electric automobiles to... While lower tasks would give Tesla a better opportunity to check the marketTesla Inc has actually written to Indian ministries seeking a huge decrease in import responsibilities on electrical vehicles (EVs), a relocation it states will improve demand and create revenue for the federal government, two sources with knowledge of the matter said.Its pitch, however, is most likely to deal with resistance from Prime Minister Narendra Modi's administration which has championed high import taxes for lots of markets in a quote to improve regional manufacturing.Other high-end car manufacturers in India have also lobbied the government in the past to decrease taxes on imported vehicles but have actually had little success due to opposition from rivals with domestic operations.Tesla, which aims to start sales in India this year, stated in a letter to ministries and the nation's leading think-tank Niti Aayog that slashing federal taxes on imports of completely assembled electric cars and trucks to 40 per cent would be more appropriate, according to the sources.That compares with present rates of 60 per cent for automobiles priced listed below $40,000 and 100 percent for those above $40,000. The argument is that at 40 percent import responsibility, electric cars can become more budget-friendly however the threshold is still high enough to compel companies to produce locally if need picks up, one of the sources said. The sources decreased to be determined as the letter has actually not been made public.According to Tesla's U.S. website, only one model - the Design 3 Standard Range Plus - is priced below $40,000. Tesla and Niti Aayog did not react to an email seeking comment. Ministries that Tesla wrote to included the transportation and heavy industries ministries, which did not right away react to a request for comment.The market for premium EVs, certainly for electrical cars and trucks in general, is still very much in its infancy with automobiles far too expensive for the typical consumer and extremely little charging facilities in place.Just 5,000 of the 2.4 million automobiles offered in India last year were electric and most were priced below $28,000. Daimler's Mercedes Benz began selling its EQC high-end EV in India in 2015 for $136,000, and Audi released three electric SUVs today with sticker tags that start at around $133,000. While lower duties would provide Tesla a better chance to test the market, its strategy to start sales in India does not depend upon a modification in government policy, both sources said.Tesla registered a local company in India in January and has ramped up local hiring while also searching for showroom space.Transport minister Nitin Gadkari informed Reuters in March that India would be willing to use rewards to ensure Tesla's expense of production in the country is less than that in China, but only if it makes locally.
Details
Category: Business

Write comment (94 Comments)

Central excise duty on petrol has almost doubled and gone up by 88 per cent in the last six years while diesel excise duty has gone up by three times....
Details
Category: Business

Write comment (95 Comments)


Yes Bank Q1 Outcomes: The net earnings of Rs 207 crore signed up in the very first quarter of the current fiscal is the greatest quarterly revenue for the bank considering that December 2018 ...
Details
Category: Business

Write comment (91 Comments)


Share Market Updates: Zomato nearly doubled in value in debut, in the very first stock exchange listing of a startup valued at more than $1 billion ... Mid- and small-cap shares ended on a blended note.The Indian equity standards increased for second straight session on Friday led by gains in ITC, ICICI Bank, State Bank of India, Axis Bank and HCL Technologies. For most part of the day, the benchmarks sold a narrow band however buying in banking stocks in late morning deals helped Sensex and Nifty break the rangebound trade. Nevertheless, weak point in index heavyweight Reliance Industries ahead of June quarter incomes capped the advantage for the benchmarks.The Sensex advanced 139 indicate close at 52,975.80 and Nifty 50 index advanced 32 indicate settle at 15,856. Shares of food delivery company Zomato almost doubled in value in launching, in the first stock exchange listing of a start-up valued at more than $1 billion. Zomato shares rose over 80 per cent to strike high of Rs 138.90. 9 of 11 sector evaluates assembled by the National Stock market ended higher led by the Nifty Realty index's over 1 percent gain. Nifty Bank, PSU Bank, Financial Services, Private Bank and FMCG shares also experienced purchasing interest.On the other hand, auto and media indices closed lower.Mid- and small-cap shares ended on a combined note as Nifty Midcap 100 index rose 0.2 percent and Nifty Smallcap 100 index fell 0.5 per cent.ICICI Bank and ITC were among the top Awesome gainers ahead of June quarter earnings due tomorrow. Wipro, SBI Life, Tata Customer Products, HCL Technologies, State Bank of India, Axis Bank, Sun Pharma and Bajaj Finserv likewise rose between 1-2.6 per cent.On the flipside, Tata Motors, Grasim Industries, Adani Ports, Larsen - Toubro, UPL, Indian Oil, Hindustan Unilever, IndusInd Bank and Asian Paints were amongst the losers.
Details
Category: Business

Write comment (90 Comments)

The requirement of periodic renewal of customs brokers and authorised carriers' licences has been removed by CBIC....
Details
Category: Business

Write comment (96 Comments)

Reliance Jio Q1 Results: The revenue from operations stood at Rs 18,952 crore in the April-June quarter, marking a growth of 9.8 per cent, compared to Rs 17,254 crore in the year-ago period...
Details
Category: Business

Write comment (96 Comments)


The July 15-22 survey of 52 economists showed a 3rd consecutive downgrade to the growth outlook for the present fiscal year 2021-22, but also the third such upgrade to the following year ... A different Reuters survey concluded another wave of infections in India was most likely by October.The nation's economic rebound, already weakened in current months, could lose additional momentum as coronavirus variants present the best threat and inflation rises, a Reuters survey of economists found.The newest study results suggest challenging policy choices lie ahead for the Reserve Bank of India, which has currently seen two consecutive months of inflation above the 6 per cent upper limit of the range it tolerates.The RBI stated recently that potential customers for the economy had lightened up and the inflation increase would be temporal, echoing the views of many significant main banks.But the fast spread of the Delta version in some states - and it is becoming dominant all over the world - has raised doubts as the country contends with a destructive wave of COVID-19. The July 15-22 poll of 52 economists revealed a third consecutive downgrade to the development outlook for the current 2021-22, but likewise the 3rd such upgrade to the following year.About two-thirds of financial experts, or 23 of 36, who reacted to an additional concern said infection variants were the most significant risk, while just a handful pointed out high inflation. Resurgence in cases and (any) introduction of fresh variants are noteworthy risks for the economy for the remainder of the year, particularly at a time when vaccination coverage lacks achieving a critical mass, said DBS financial expert Radhika Rao. Reinstatement of motion curbs dangers deepening the damage caused on the informal sector, which contributes to almost half of the national output and utilizes a bulk. Reuters survey graphic on India economic outlookPhoto Credit: ReutersA different Reuters survey of global health experts last month concluded another wave of infections and COVID-19 in India was most likely by October.After contracting in the previous at its fastest annual speed given that records started over 4 years ago - among the worst-hit in Asia, the economy was predicted to expand 9.4% in the existing. The last time the economy grew that rapidly remained in 2010. The most recent agreement projection was a downgrade from 9.8 per cent in the previous poll in May, itself down from 11.0 per cent in April, and somewhat listed below the RBI's most current projection of 9.5 per cent.Asked for their worst-case situation this fiscal year, economic experts supplied a median seven per cent, in a five per cent- 9 per cent range. Development in any case was anticipated to slow to 6.9 percent in fiscal 2022-23. Reuters survey graphic on India financial development, financial policy and inflation outlook -Picture Credit: ReutersInflation LingersAlthough inflation was forecast to ease from 6.3 per cent at the last measure, the agreement was for it to typical above the mid-point of the RBI's medium-term target of 2 per cent-six percent a minimum of up until early 2023. Inflation was predicted to typical 5.5 percent and 4.7 percent in the current fiscal year and next, up from 5 percent and consistent with 4.7 per cent predicted in Might. In the meantime, the RBI is anticipated to keep its policy rates the same as inflation seems coming off a peak.But the agreement pointed to 2 25 basis point walkings each next , taking the repo rate to 4.50 percent by end-March 2023, with 32 economic experts now predicting a minimum of one hike by early that year compared to 24 in the previous poll. Despite the development issues, we think the RBI will ultimately require to act to bottle the inflation genie so as not to lose control. We therefore expect financial policy normalisation to begin reasonably soon, noted Kunal Kundu, India economist at Societe Generale. However, with a third wave of the pandemic appearing to be a certainty, with experts pointing to the less than desirable rate of vaccination, the precise timing of normalisation stays unpredictable.
Details
Category: Business

Write comment (99 Comments)


More than 600 brands have seen huge reduction in prices after the Centre capped trade margins on pulse oximeter, nebuliser and three other products ... Government has capped trade margin on vital medical gadgets like oximeters and nebulisersMore than 600 brand names have actually seen huge reduction in costs after the Centre topped trade margins on 5 important medical gadgets like pulse oximeter, blood pressure tracking maker, nebuliser, digital thermometer and glucometer, on July 13, 2021. The trade margins have been capped at 70 per cent.The decrease in prices of these important items, which are extensively utilized in treatment of Coronavirus pandemic, will bring long term relief to people in general.The highest reduction in costs by importers has been on pulse oximeters, blood pressure monitoring machines and nebulisers, the Ministry of Chemicals and Fertilisers said in a statement.The revised maximum list price (MRP) reliable from July 20, 2021 on all the brands and specifications has been supplied to all the state drug controllers for strict monitoring and enforcement, it said further.On July 13, 2021, the National Pharmaceuticals Rates Authority (NPPA) had invoked extraordinary powers under the Paragraph 19 of DPCO, 2013, to put a cap on trade margin of the five medical devices.The optimum down revision has actually been reported by an imported brand of pulse oximeter, revealing reduction of Rs 2,95,375 per system, it added.The down revision of MRP has actually been reported by imported and domestic brands across all the categories, the ministry mentioned.
Details
Category: Business

Write comment (98 Comments)


Reliance Industries earnings in retail segment was impacted by the 2nd wave of Covid-19 pandemic ... Jio's average profits per user improved to Rs 138.4 per user per month.The country's most valued business - Reliance Industries - on Friday reported net revenue of Rs 12,273 crore in quarter ended June 30, 2021, marking a decline of 7.25 percent from the exact same quarter in 2015 on the back of boost in overall costs. Reliance Industries total expenses in the quarter leapt 50 per cent each year to Rs 1.31 lakh crore. The oil-to-telecom conglomerate's revenue from operations advanced 58 percent to Rs 1.44 lakh crore compared to Rs 91,238 crore in the year ago period.Reliance Industries profits before interest, tax, depreciation and amortization (EBITDA) also known as the operating earnings can be found in at Rs 27,550 crore up 27.6 per cent.Reliance Industries income in retail sector was impacted by the 2nd wave of Covid-19 pandemic, Reliance Industries said in a stock market filing. The outbreak of corona infection (COVID-19) pandemic worldwide and in India is triggering substantial disturbance and slowdown of financial activity. The Group's operations and profits were impacted due to COVID-19. During the present quarter, there is no significant effect besides in Retail sector, Reliance Industries said.Reliance Retail's net revenue more than doubled to Rs 962 crore while its EBITDA came in at Rs 1,941 crore, up 80 per cent. During the quarter, Reliance Retail opened 123 new stores taking the overall variety of functional shops to 12,803 shops, Reliance Industries said.The company's telecom arm - Reliance Jio reported strong efficiency in the April-June duration as its net profit jumped 45 per cent annually to Rs 3,651 crore on the back almost 10 per cent boost in revenue which was available in at Rs 18,952 crore. Jio's typical income per user (ARPU), a crucial metric to examine the efficiency of a telecom business, improved to Rs 138.4 per user each month from Rs 138.2 in the previous quarter.Reliance Jio's overall client base as on end of the first quarter of existing financial stood at 440.6 million, up 42.3 million customers every year, Reliance Industries stated. I more than happy that our Business has actually delivered robust development regardless of facing an extremely challenging operating environment caused by the 2nd wave of the COVID pandemic. The results of the First Quarter of FY2022 plainly show the durability of Reliance's diversified portfolio of companies that cater to large parts of the intake basket, Mukesh Ambani, Chairman and Handling Director, Reliance Industries Limited said in a declaration. COVID-related restrictions on shop operations throughout the quarter impacted our Retail business operations and success. This is a temporary phenomenon. We stayed focused on making sure products of necessities, consisting of food, grocery, health - health products through a combination of online-offline channels. We stepped up our efforts in producing partnerships with small merchants and digital engagement with consumers. This is producing a more recent and inclusive design of growth. I am confident that the retail business is poised to create rapid value and development, Mr Ambani added.Reliance Industries shares ended 0.74 percent lower at Rs 2,105 ahead of revenues announcement.
Details
Category: Business

Write comment (98 Comments)


Nine of 11 sector evaluates put together by the National Stock market were trading greater led by the Nifty FMCG index's 1 percent gain ... The Indian equity benchmarks were on track to close greater for 2nd straight session led by gains in ICICI Bank, ITC, Axis Bank, Infosys and HCL Technologies. For many part of the day, the standards sold a narrow band however buying in banking stocks in late early morning deals assisted Sensex and Nifty break the rangebound trade on the upside. The Sensex increased as much as 277 points and Nifty 50 index was firm above its important mental level of 15,850. Since 2:25 pm, the Sensex was up 190 points at 53,026 and Nifty 50 index advanced 49 indicate 15,873. Shares of food delivery firm Zomato nearly doubled in value in launching, in the very first stock exchange listing of a start-up valued at more than $1 billion. Zomato shares surged over 80 per cent to strike high of Rs 138.90. Nine of 11 sector assesses compiled by the National Stock market were trading higher led by the Nifty FMCG index's 1 percent gain. Nifty Realty, Bank, Private Bank and Financial Service indexes also rose between 0.6-1 per cent.On the other hand, Media and Automobile indices were trading lower.Mid- and small-cap shares were trading combined as Nifty Midcap 100 index rose 0.23 per cent and Nifty Smallcap 100 index slipped 0.39 per cent.ITC and ICICI Bank were amongst the top Awesome gainers, the stocks rose nearly 3 per cent a day ahead of their June quarter earnings. Wipro, SBI Life, Tech Mahindra, Sun Pharma, Axis Bank, HCL Technologies, Tata Customer Products and Bajaj Finserv likewise rose in between 1-2.4 per cent.On the flipside, Reliance Industries slipped 0.4 per cent ahead of its earnings due later on in the day. Tata Motors, Larsen - Toubro, Grasim Industries, IndusInd Bank, UPL, Indian Oil, Shree Cements, Asian Paints and Hindustan Unilever were also among the losers.
Details
Category: Business

Write comment (93 Comments)


Fuel and Diesel Rate Today in India: Fuel rates stayed the same across all the 4 cities for the eighth successive day ... Gas and Diesel Rates today in Delhi, Kolkata, Chennai, Mumbai: Fuel rates remained steadyPetrol, Diesel Cost Today: Fuel and diesel prices stayed the same throughout the 4 city cities for the 8th successive day on Sunday, July 25. In the nationwide capital, petrol prices were steady at Rs 101.84 per litre and diesel rates were unchanged at Rs 89.87 per litre, according to Indian Oil Corporation. In Mumbai, petrol rates stood at Rs 107.83 per litre, and diesel is retailed at Rs 97.45 per litre. (Also Read: How To Inspect Latest Petrol And Diesel Rates In Your City). Presently, amongst the four city cities, fuel and diesel prices are the highest in Mumbai, according to the state-run oil refiner. Fuel rates differ across the states due to value-added tax.Petrol and diesel rates are modified by state-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum every day, thinking about petroleum costs in the international markets and rupee-dollar exchange rates. Any modifications in fuel rates are implemented with impact from 6 am every day.
Details
Category: Business

Write comment (96 Comments)

Reserve Bank of India is considering a phased introduction of its own central bank digital currency (CBDC), according to Deputy Governor T. Rabi Sankar...
Details
Category: Business

Write comment (91 Comments)

WeWork offered the Corona Kavach Group policy to safeguard employees and their dependents against expenditure arising from Covid-19....
Details
Category: Business

Write comment (90 Comments)

Crude oil imports also fell to a nine-month low in June as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed lockdowns in the previous two months...
Details
Category: Business

Write comment (96 Comments)


Rupee Vs Dollar Rate Today: The domestic system touched a low of 74.58 in the morning trade, recuperating later to sign up an intra day high of 74.37 against the American currency ... Rupee Vs Dollar Today: The rupee settled at 74.40 against the dollarThe rupee eliminated its early losses and increased for the third session, acquiring six paise versus the United States dollar on Friday, July 23, to settle at 74.40 tracking weak petroleum costs and positive domestic equities. At the interbank foreign exchange market, the regional system saw heavy volatility, opening weak at 74.55 against the dollar. The domestic system touched a low of 74.58 in the morning trade, recovering later to sign up an intra day high of 74.37 versus the American currency. In an early trade session, the local system decreased nine paise to 74.55 versus the greenback.The rupee closed at 74.40 versus the dollar, signing up an increase of 6 paise over its previous close. On Thursday, July 22, the domestic currency had settled at 74.46 against the dollar. In the abroad market, a more powerful dollar weighed on the local system's belief today. On a weekly basis, the regional unit enhanced by 17 paise against the greenback. The dollar index, which gauges the greenback's strength versus a basket of six peers, advanced 0.10 per cent to 92.91. What experts say: Mr. Rahul Gupta, Head Of Research Study- Currency, Emkay Global Financial Solutions: The occasion threat to fx market is next week's FOMC policy. The USDINR spot will stay a little directionless till then as with the increasing covid cases in the US, the Fed may communicate a dovish position. Any hawkish commentary or hints at tapering the property purchase program will rise the USDINR area above 75 zone. Hence, for next week, we anticipate the trend to be sideways in between 74-75.25. Anindya Banerjee, DVP, Currency Derivatives - Rates Of Interest Derivatives at Kotak Securities: After two weeks of low volatility, USDINR saw some good two-way relocations. Prices oscillated between 74.35 and 75.10 levels. However, the month-old variety in between 74.20 to 75.10 remains undamaged. The reason being RBI remains a major purchaser of US Dollars at lower levels and business $ streams and FDI inflows are topping the advantage. The end result is a variety of one per centNext week prices may continue in the current range as long as RBI remains a significant purchaser of US Dollars. The US central bank conference on Wednesday is not anticipated to deliver any brand-new information and for this reason would keep USDINR within 74.20 and 75.00 range. IPO-related FPI circulations might pick up over the next week. Mr Amit Pabari, MD, CR Forex: As the danger cravings has improved over the last two days, the worldwide equity market might stay well supported; although the spread of the Delta version and its implication might remain a headwind for those markets where vaccination drive is working on a slower note.RBI seems to include more fuel into their reserves for future usage; that is they are purchasing on every dip around 74.30-40 zone.The importer-RBI pair could prefer buying on every dip whenever inflows hit the marketplace and the rupee appreciates towards 74.30 levels. On the higher side exporters are making a roofing of 74.90-75.00 levels by offering forwards. In nutshell, 74.30 to 75.00 would be a short-term range for the USDINR pair. Kshitij Purohit, Lead International - Commodities at CapitalVia Global Research Study Limited: Due to a strong drop in international markets and a severe drop in United States yields, the USD/INR hit a high of 74.95 in the previous session. The currency set was on the edge of breaking through the 75.00 resistance level when the RBI intervened to offer dollars in big quantities, triggering the dollar to be up to 74.61 on Tuesday.RBI might be inclined to keep a weaker rupee just above the 74.30 level to maintain a competitive exchange rate and support export development, as need in abroad markets is picking up in the background of great export development recorded in the last two months. On the domestic front, USD/INR July opened on an unfavorable note, below the support zone of 74.64-74.62, and even breached the significant support level of 74.55-74.53, due to which we experienced a sharp fall in the prices till the first half of the session. Domestic Equity Markets Today: On the domestic equity market front, the BSE Sensex ended 138.59 points or 0.26 per cent higher at 52,975.80, while the more comprehensive NSE Nifty climbed 32 points or 0.2 per cent to 15,856.05. Shares of Zomato nearly doubled in worth in launching, in the first stock exchange listing of a startup valued at more than $1 billion. Zomato shares rose more than 80 per cent to strike high of 138.90. Dr. Joseph Thomas, Head of Research, Emkay Wealth Management: The markets today saw a bumper listing of one of the most waited for IPOs in current history, Zomato. The spirit though was not broad based, the market breadth stayed negative for the day. The weekly trend too stayed partially unfavorable as all the significant market cap based broader indices closed marginally in the negative for the week. The strong show of IT stocks continued whereas slippages in reported possession quality and expectations of increasing NPA risks dragged down the banking stocks. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities: This week has been a roller-coaster type for the marketplace. The marketplace went listed below the lower limit, which was at 15600/52100, but as retail and domestic financiers who were following buy on dip strategy, participated in the market that has stuck day traders on the wrong side.During the week, cyclical sectors stayed weak whereas defensives specifically, Technology and FMCG sectors attracted rotational activity. On a weekly basis, the market has actually formed a turnaround formation after striking the support of 15600/52100, nevertheless every day, the market got jailed at the upward limit which was at 15900/53100. In the coming week, 15700/52500 would be pattern decider and below that we would see the marketplace hitting 15660/52350 and 15580/52000 levels. According to exchange information, the foreign institutional financiers were net sellers in the capital market on July 22 as they offloaded shares worth Rs 247.59 crore. Worldwide oil benchmark Brent crude futures fell 0.05 per cent to $ 73.75 per barrel.
Details
Category: Business

Write comment (99 Comments)


Shares of Zomato soared 82.8 percent after opening at Rs 116in pre-open trade, a 53 percent premium to the deal price of Rs 76 for the Rs 93.75 billion IPO, valuing the company at about $12... Zomato's IPO was more than 38 times oversubscribed last weekShares of food shipment firm Zomato Ltd almost doubled on Friday in an outstanding first listing of a local unicorn in India, setting the rate for a slew of such debuts by internet-based startups that are prospering throughout the COVID-19 pandemic.Berkshire Hathaway Inc-backed Paytm, hospitality business Oyo Hotels and ride-hailing company Ola, both backed by SoftBank, are amongst the Indian startups set to go into markets, riding on support from foreign funds and local investors.Shares of Zomato soared 82.8 percent after opening at Rs 116 in pre-open trade, a 53 percent premium to the deal cost of Rs 76 for the Rs 93.75 billion IPO, valuing the company at about $12 billion.China's Ant Group holds a 16.53 percent stake in Zomato, while its top investor is online technology company Info Edge (India), which holds a 18.55 per cent stake. Today is a wedding day for us ... we could not have gotten here without the extraordinary efforts of India's entire web ecosystem, Zomato's founder and Chief Executive Deepinder Goyal said.Goyal, 38, an alumnus of the Indian Institute of Technology in Delhi, released Zomato in 2008 with fellow graduate Pankaj Chaddah. As of March 31, it ran in about 525 cities in India and has actually partnered with near 390,000 restaurants.It is the very first startup to go public in India's food delivery market, which research firm RedSeer approximated deserves $4.2 billion. It provides home shipment of food, allows customers to book tables for dining-in and collects restaurant evaluations, making it a rival to SoftBank-backed Swiggy and Amazon.com's food delivery service.The business's offering last week drew quotes worth $46.3 billion, making it more than 38 times oversubscribed, with big institutional financiers placing major bets. Development is crucial here. Zomato might not pay however it is growing greatly and is enviably placed to keep that momentum, stated Danni Hewson, a monetary expert with AJ Bell, a financial investment platform in England.Zomato's loss for the year ended March 31 narrowed to Rs 8.13 billion, while income from operations fell a little year-on-year to Rs 19.94 billion We are ... not going to modify our course for short-term profits at the cost of long term success of the company, Goyal said.
Details
Category: Business

Write comment (98 Comments)