BUSINESS
Local manufacturing in India's TWS earbuds sector reaches record 16%
Homegrown brands like boAt, Noise, Mivi and pTron ramped up their local manufacturing capabilities, accounting for 98 per cent of the domestic shipment volume in Q2, reports Counterpoint Research. "'Made in India' has been taking the spotlight since the beginning of this year. But more brands started focusing on local manufacturing during this quarter. Gizmore and new entrant SWOTT also offered locally produced devices in Q2 2022," said senior research analyst Anshika Jain.
Rupee ends 24 paise down at 79.80 against US dollar
"Rupee traded in mixed range in the week between 79.25-79.95 closing the week on a flat but broadly weak note, as dollar index and FII's selling pressure added resistance to rupee whereas Crude price fall and domestic sector performance along with banks positive momentum gave support to the rupee," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Indices end almost flat in choppy session
At close, Sensex ended 36.74 points or 0.06 per cent up at 58,803.33, and Nifty ended 3.35 points or 0.02 per cent down at 17,539.45. Around 1,769 shares have advanced, 1,656 shares declined, and 142 shares remained unchanged. HDFC, ITC, Larsen and Toubro, HDFC Bank, Axis Bank were gainers on the BSE. BSE SmallCap index ended higher, however, BSE MidCap and LargeCap fell.
Pakistan can face protests, instability amid high food, fuel prices: IMF
"High food and fuel prices could prompt social protest and instability," The News quoted the IMF as saying in an executive summary of the seventh and eighth reviews, released under the Extended Fund Facility (EFF). The report said that risks to the outlook and programme implementation remain high and tilted to the downside given the very complex domestic and external environment.
FPI remains net buyers of equity in Aug, investment at 19-month high
Data from NSDL showed that FPIs investment in equity were Rs 51,204 crore as compared to inflows of Rs 4,989 crore in the previous month. While, in September the inflows are around Rs 4,260 crore. The last time when investment was high was on December 2020 worth Rs 62,016 crore. "FPIs invested Rs 47,296 crorein equity in August through stock exchanges.
Corporates in emerging markets will log better earnings: Moody's
Amongst the five countries - China, India, Malaysia, Indonesia and Thailand - where Moody's has the largest coverage of companies, India's improvement is the strongest, Moody's said. "On aggregate, rated EM companies' EBITDA will grow 28 per cent this year compared with 2019. DM companies' earnings will grow by a smaller degree of 14 per cent in the same period," Moody's said.
HDFC to raise up to Rs 10,000 cr via 10-year bonds
Housing Development Finance Corporation (HDFC) plans to raise up to Rs 10,000 crore, which includes Rs 5,000 crore in greenshoe through bonds maturing in 10-year, a person close to development said. The bidding for the bonds will take place on September 5 on the BSE's bidding platform. "We have a fixed coupon rate of 7.80 per cent on our proposed bond issue," the person cited above said.
Mutual recognition of MIR and RuPay between Russia and India another step towards de-dollarisation of global economy
Eleven countries have already joined the Russian MIR payment system, and more than 15 have expressed their readiness, India among them. India and Russia are already in talks to integrate their respective payment mechanisms to ensure trade between the two nations does not suffer. The two countries need to develop a financial system which would not be affected by Western sanctions on Russia.
FICCI urges Finance Ministry to withdraw export duty on pig iron exports
FICCI has claimed that the decision to impose the export duty, will have no positive impact on the Indian steel industry, but it will adversely affect pig iron producers making it unviable for them to export surplus pig Iron. Merchant pig iron producers are forced to export surplus pig Iron due to vagaries in domestic demand and to sustain the operations.
After Delhi returns to old liquor policy, industry concerned about leftover stock
The stock which was left unsold after the city stepped in to the new excise policy in November 2021 has not yet been resolved and additionally this changeover policy has also been added in the stock which has become a headache for the industry.
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