BUSINESS
Rupee ends flat at 79.86 against US dollar
"USDINR spot closed flat, as RBI intervention and FPI flows kept the dollar demand well filled. Rupee has been an outperformer against a basket of emerging market and developed market currencies, since mid-August. Fall in oil prices and FPI flows have helped. However, upside risk remains intact as US Dollar Index and USDCNY remains in uptrend," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
Banks aggressively garnering funds via CDs, FDs amid firm credit off take
According to the data compiled by Prime database, banks have so far raised around Rs 42,000 crore through CDs. This was even after the rates on this instruments are rising sharply. The data also showed that Indian Bank, topped the fund raising list via CDs, raising worth Rs 13,550 crore, which was followed by HDFC Bank raising Rs 6,550 crore and Punjab National Bank raising Rs 2,875 crore so far in August.
Adani group subsidiary to indirectly acquire 29.18% stake in NDTV, makes open offer
It has also announced an open offer for up to 26 per cent stake in NDTV at a price of Rs 294 per share. The share price of NDTV closed at Rs 366.20 on BSE on Tuesday. The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained on original and the warrant exercise money has been remitted to RRPR's bank account before the press release was sent to the stock exchanges.
WazirX co-founder Nischal Shetty raising up to $20 million for new Blockchain venture
According to sources, the funding will take the valuation of Shardeum, which Shetty is building with his US-based Co-founder and Blockchain architect Omar Syed, to nearly $200 million. Shetty told IANS that the startup is raising seed funds, and will soon make it official once the round is completed.
US bill to force Big Tech to pay news publishers for using their content
The legislation aims to provide news publications a level-playing field, letting them negotiate collectively for an annual content fee from Google and Meta (formerly Facebook) that dominate the digital advertising market, reports Chicago Tribune. Newspaper ad revenue has fallen by more than 80 per cent since reaching $49.4 billion in 2005, dropping to $9.6 billion in 2020, according to the Pew Research Center.
Markets rebound after two-day break; Sensex rises 257 points
At close, Sensex was up 257.43 points or 0.44 per cent at 59,031.30, while Nifty was up 86.80 points or 0.50 per cent at 17,577.50. About 2,111 shares advanced, 1,282 shares declined while 156 shares remained unchanged on Tuesday.
Q1FY23 GDP growth expected at 15.7% with possibility of upward bias: SBI Ecowrap
The progress in the economy is seen despite global spillovers, elevated inflation and some slackening of external demand as geopolitical developments take their toll on world trade. Domestically, an intense heatwave in major regions limited economic activity in the earlier months. Despite this, most of the high frequency indicators showed improvement, especially in the services sector activity.
GDP growth projected to spike to four-quarter high 13.0% in Q1 FY2023: ICRA
The gross value added (GVA) at basic price in Q1FY23 is projected at 12.6 per cent from 3.9 per cent earlier. ICRA expects the sectoral growth in Q1 FY2023 to be driven by the services sector (+17-19 per cent; +5.5 per cent in Q4 FY2022), followed by the industry (+9-11 per cent; +1.3 per cent).
RBI set to increase interest rates by another 50-60 bps in 2022
From the policy perspective, there is a clear need felt to frontload rate hikes in tandem with global central banks but at the same time, the pace of the residual hike will also depend on the inflation print over the next few months. The rate action is likely to be accompanied by calibrated withdrawal of money market core liquidity surplus.
SC: Benami Transactions (Prohibition) Amendment Act 2016 can't be applied retrospectively
A bench headed by Chief Justice N.V. Ramana said the amendment Act of 2016 to the 1988 Act is prospective in nature and it cannot apply retrospectively. Section 3(2) prescribes that whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.
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