BUSINESS
Battered SoftBank selling Alibaba shares to pocket $34 bn
"The current equity market environment is challenging and may be prolonged. Considering the said market environment, "SBG (SoftBank Group Corp) has determined that the best option at this time is to settle these prepaid forward contracts in physical form," said the company, adding that this "will further strengthen our defense against the severe market environment".
Govt releases two instalments of tax devolution to states amounting to Rs 1,16,665 cr
In a statement, the Union Finance Ministry said that the two installments have been released as against the normal monthly devolution of Rs 58,332.86 crore. "This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure," it said. As per the ministry, states like Andhra Pradesh received Rs 4,721.44 crore, Assam received Rs 3,649.30 crore and Bihar got Rs 11,734.22 crore.
Corporate bond issuances rise over 16% on-month in July
Of the total amount raise in July, Housing Development Finance Corp (HDFC) raised highest amount of Rs 14,111 crore, followed by Small Industries Development Bank of India (SIDBI) who raised Rs 6,905 crore, LIC Housing Finance companies raised Rs 6,150 crore, National Bank for Agriculture and Rural Development (NABARD) raised Rs 3,000 crore and Bajaj Housing Finance raised Rs 2,050 crore, Prime database data showed.
DGCA removes price cap on air fares
"After review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel, it has been decided to remove the fare bands notified from time to time regarding air fare with effect from 31.08.2022," said the Ministry of Civil Aviation. "The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel. Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," Civil Aviation Minister Jyotiraditya Scindia said in a tweet.
Benchmark indices end on flat note ahead of US inflation data
At close, Sensex ended down 35.78 points or 0.06 per cent at 58,817.29, while Nifty closed up 9.65 points or 0.06 per cent. About 1,538 shares advanced, 1,864 shares declined, while 122 remained unchanged on Wednesday. Bajaj Finance, NTPC, ONGC, HCL Technologies and Adani Ports were among the major losers. BSE midcap and smallcap indices ended on flat note.
Rupee gains 14 paise to close at 79.52 against US dollar
"Some exporter flows and oil demand kept the pair steady. Speculators were on sidelines ahead of the US inflation report scheduled later in the evening. Over the near term, we expect USD-INR to remain rangebound between 79.00 and 80.00 levels on spot," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, at Kotak Securities Ltd.
Musk agrees to rebuy Tesla stock if Twitter deal doesn't close
While being asked by a user on the microblogging platform if he is done selling Tesla stock, the tech billionaire replied affirmatively. "Yes. In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners do not come through, it is important to avoid an emergency sale of Tesla stock," Musk wrote on Twitter. Meanwhile, while replying to another user who asked, "if the Twitter deal does not close, will you buy Tesla stock again?" He replied, "Yes". As per a report, Musk sold 7.92 million company shares worth around $6.88 billion.
iRobot lays off 10% workforce amid $1.7 bn Amazon acquisition
The company said that to better align its cost structure with near-term revenue, it is in the process of initiating a "restructuring of its operations". "The actions are expected to result in a net reduction of approximately 140 employees, which represents 10 per cent of the company's workforce as of July 2, 2022," it said in its quarterly earnings report.
Singapore-based crypto lender Hodlnaut freezes withdrawals, deposits
The company has also informed the Monetary Authority of Singapore (MAS) to withdraw its licence application, no longer providing regulated digital payment token (DPT) services or token swaps. "To all users, we regret to inform you that we will be halting withdrawals, token swaps and deposits with immediate effect. We have reached this difficult decision due to recent market conditions," the company said in a statement.
Interest coverage ratio in FY23 is likely to deteriorate: Bank of Baroda study
Interest payments will also rise due to global financial conditions and inflationary pressure. Earlier, falling interest rate regime has helped in improving the debt servicing ability of companies. Thus interest coverage ratio have improved in FY22. But improvement is skewed in favour of large enterprises, with MSME sector still under pressure. Small industries continued to remain vulnerable in terms of interest coverage ratio.
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