BUSINESS
India growing at a rate of 7%: Union Minister
The Minister said that in a few years, India will become a premium economy. "Today, the Indian rupee has become a global currency and I am happy to share that 22 countries are doing businesses in rupees, a matter of great pride for us," he said. He was speaking at a conference on demystifying trade and investment.
'Irrational exuberance driving steep increase in stock prices of small & mid caps'
"We see limited point in trying to find fundamental reasons behind the steep increase in stock prices of several mid-cap and small-cap stocks," it said. "In our view, the steep increase in stock prices simply reflects the irrational exuberance of investors in the mid-cap and small-cap parts of the market," it said.
Inflows into equity mutual funds in August highest in past five months
This inflow marked the highest flows in the past five months. Small caps funds extended the positive trend into the current month with the highest net inflows, followed by thematic/sectoral funds and multicap funds. Consequently, August month witnessed a robust rally in mid and small-cap stocks, Chaturvedi said.
BSE Sensex crosses 67K mark as PSU stocks rally
Sensex was up 417 points at 67,016 points. Powergrid led the Sensex gains up by more than 2 per cent.
Nifty breaches 20K for first time
Robust flows from the local investors amidst mixed and negative flows from foreigners have helped Nifty achieve this landmark, he said.
Coinbase to cease all services in India this month amid regulatory hurdles
Coinbase Co-founder and CEO Brian Armstrong visited India last year and had questioned “informal restrictions” on crypto trading by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI).
WestBridge Capital invests in reg-tech company TSS at Rs 900 cr valuation
The company said that the funds raised will be used for research and development, particularly artificial intelligence (AI), and to significantly scale its SaaS offerings including the launch of new products in niche areas of financial crime.
Perfios raises $229 mn from Kedaara Capital, to expand global footprint
The fundraise, through the combination of a primary fund raise and a secondary sale, is one of the largest investments in an Indian B2B SaaS company this year.
Nifty likely to make another attempt to cross 20K mark
But investors have to be cautious since fundamentals do not support a sustained rise above 20,000. Large FII selling may re-emerge at higher levels, he added.
US dollar’s longest winning streak in nearly nine years
The greenback was heading for its eighth-straight week of gains against a basket of other major currencies on Friday, its best run since winter 2014-2015. It has gained 5 per cent since mid-July, CNN reported,
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