BUSINESS
Indices erase early trading losses, but still trading lower
Sensex was trading 835.72 points or 1.42 per cent down at 57,958.15 and Nifty was trading 250.30 points or 1.43 per cent down at 17,308.60. HCL Technologies, Infosys and Tech Mahindra were trading down more than 3.5 per cent on the BSE. On Friday, Federal Reserve Chair Jerome Powell signalled the US central bank is likely to keep hiking interest rates and keep them elevated to tame inflation.
Delhi court denies bail to Chitra Ramkrishna in NSE co-location scam case
On August 25, CBI Special Judge Sunena Sharma of Rouse Avenue Court had reserved the order on the bail plea of Chitra Ramkrishna after hearing the arguments of the petitioner and the Enforcement Directorate (ED), which is probing the case.
Akasa Air issues apology after data breach, says no intentional hacking attempt
The Akasa Air airline apologised for the data breach, saying there was "no intentional hacking attempt" to break into its systems. The airline said in a message posted on its website that a temporary technical configuration error related to our login and sign-up service was reported to us on Thursday August 25, 2022".
Rupee falls to record low against US dollar
At 11 a.m., the rupee was trading at 80.04, as compared to 79.86 close on the previous trading session against the US dollar. The rupee weakened to a low of 80.14 per US dollar in the first few minutes of trade on Monday as the US dollar index strengthened well past the 109 mark.
September, historically, the worst month of the year for the US stock market
The Dow and S&P 500 and fell sharply in September last year and in 2020, even though the broader market rallied in both years. That doesn't mean stocks are doomed to finish this September in the red, of course. Stocks rallied in each of the three Septembers prior to the pandemic. But here's another potentially ominous sign: This is a midterm election year. The Dow has fallen in 11 out of the last 18 pre-midterm Septembers going back to 1950, according to data from The Stock Trader's Almanac, CNN reported
Power Grid pitches for obsolete tech in smart electricity meters, can hamper 5G dream
The technology currently in focus is the latest platform and connectivity solution called Narrow Band Internet of Things (NB-IoT) that can work with 4G and 5G networks. Tata Power Delhi Distribution, which supplies electricity in north and north-west Delhi, already uses NB-IoT in smart meters that collect and track the electricity consumption of a unit or a system that they are connected to.
Financial Bids for Reliance Capital to be submitted on Monday
The bidders will submit their final non binding indicative bids under two options. Under option 1, bidders can bid for Reliance Capital as a Core Investment Company (CIC), while the second option gives the bidders freedom to buy RCAP's different business clusters, either individually or in combination. Though the lenders are more keen to sell Reliance Capital as a company (CIC) than individual businesses separately.
As fraudsters get smarter, RBI, banks get busy plugging loopholes
The Finance Ministry and the Reserve Bank of India (RBI) have earmarked measures to safeguard the general public from being defrauded by scamsters posing as bank employees, financial advisors and loan agents. The RBI has also issued Master Directions for classification and reporting of frauds by commercial banks and select financial institutions.
Markets under pressure and look vulnerable
BSESENSEX lost 812.28 points or 1.36 per cent to close at 58,833.87 points while NIFTY lost 199.55 points or 1.12 per cent to close at 17,558.90 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.00 per cent, 0.85 per cent and 0.65 per cent respectively.
Bitcoin plunges below $20K, may reach $10K level this year
Bitcoin initially showed little reaction to Powell's remarks, but then nosedived sharply and on Sunday, it was hovering around $19,975 per digital coin which is more that 60 per cent drop in its value since last year when it reached a record-high of $68,000 in November. Bitcoin prices had stabilised around the $23,000 to $24,000 level after plunging below $20,000 in June.
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