BUSINESS
Rupee ends down 45 paise to close at 79.16 against US dollar
"Rupee traded very weak near 79.25 - a fall of more than 0.50 points as the dollar index rose above 106$ on back of US China geopolitical issues with regards to Taiwan. Also India's trade deficit widened to an all time high, sending signals on imbalance of trade, guiding rupee weaker to the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Sensex rises for sixth straight session; Nifty up just 42 points
At close, Sensex ended 214.17 points or 0.37 per cent up at 58,350.53, while Nifty was up 42.70 points or 0.29 per cent at 17,388.15. The IT Index ended with a gain of 1.3 per cent, with Tech Mahindra, Infosys and TCS being the major contributors to the surge. Tech Mahindra, TCS, Infosys and Asian Paints were among the major gainers in Nifty on Wednesday.
IPO-bound BharatPe appoints new CFO amid high-profile exits
In his new role, Negi will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. He will report to Suhail Sameer, CEO, BharatPe and work closely with the Board of BharatPe, the company said in a statement. "His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer.
State's 10-year borrowing cost fell over 15 basis points since last week
According to the Reserve Bank of India (RBI) data, the 10-year weighted average borrowing cost for states was at 7.65 per cent on August 2, lower than 7.80 per cent in the previous week. Accordingly, the spread between the weighted average cut-off of 10-year SDLs and G-Sec narrowed to less than 40 basis points from more than 45 basis points earlier.
Tinder CEO departs after disappointing results, company stops metaverse plans
Match Group, which is the parent company of Tinder, also announced to stop plans to adopt virtual currencies and metaverse-based dating. "Given uncertainty about the ultimate contours of the metaverse and what will or won't work, as well as the more challenging operating environment, I've instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time," said Match Group CEO Bernard Kim.
Swiggy allows employees to work outside company to make more money
Swiggy said this could encompass activity outside of office hours or on weekends that does not impact their productivity on the full-time job or have a conflict of interest with the company's business in any way. Swiggy has always strived to understand the diverse aspirations of its employees and to design its organisational policies to suit their evolving needs," Girish Menon, Head of Human Resources at Swiggy, said in a statement.
India's merchandise trade deficit for July at $31 bn
According to BVR Subrahmanyam, Secretary, Department of Commerce, merchandise imports last month were at about $66.26 billion whereas exports were at about $35.24 billion resulting in a deficit of $31.02 billion. High commodity prices, depreciating rupee against the dollar are said to be causes for the merchandise trade deficit.
Google invests in Indian reward-based payments platform Twid
Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid combines multiple loyalty/reward points across issuers such as banks, fintech firms, and retail/e-commerce brands. It allows consumers to pay at offline and online stores withA a aone-click-checkout' experience using their reward points.
Hyundai, Kia's US sales fall 11% amid chip shortage
Hyundai, its independent Genesis brand, and Kia sold 128,283 vehicles in the world's most important automobile market in July compared with 143,779 units a year ago, according to the companies' sales data. Hyundai's sales declined 11 per cent to 60,631 units last month from 68,500 a year ago. Kia's were also down 11 per cent to 62,449 from 70,099 during the same period, reports Yonhap news agency.
SpiceJet in active discussion with Middle Eastern carrier for possible stake sale
SpiceJet promoter Ajay Singh holds a stake of around 60 per cent in the budget carrier. Sources said a big Middle Eastern airline has expressed interest to pick a 24 per cent stake and a board seat in SpiceJet. A big Indian business conglomerate has also approached Singh for a stake in the airline.
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