BUSINESS
Fall in demand & high prices, diamond industry losing its sparkle
In a report issued on Monday CRISIL Ratings said the revenue of the Indian diamond industry is set to be cut 15-20 per cent to $19-20 billion this fiscal, compared with a decadal high last fiscal, following a double blow from falling demand and rising prices of roughs across the globe. According to CRISIL Ratings, the Covid-19 surge and lockdowns in China-a major consumer of Indian polished diamonds- is one of the huge demand dampeners
US Fed widely expected to raise interest rates by 0.75 percentage points
Officials such as Fed governor Christopher Waller have in the past few weeks signalled that the central bank will deliver the same size interest rate increase as last month, following an inflation report showing that consumer prices in June rose to fresh 40-year highs. The report also showed a sharp rise in so-called core inflation - which strips out the volatile food and energy sectors - led by higher rent and shelter costs.
No night landing facility at 25 airports in India
The ministry of civil aviation on Monday said in the Rajya Sabha that the upgradation or modernisation of airports, including provision of night landing facility is a continuous process and is undertaken by Airports Authority of India (AAI) and other airport operators from time to time depending on the availability of land, commercial viability, socio- economic considerations, traffic demand and willingness of airlines to operate to/from such airports etc.
Adani Enterprises stock hits new record high
The stock, which has been on the uptrend for the past several days, opened at Rs 2,500 after closing at Rs 2,499 on Friday and went up to Rs 2,561.35 before ending the day at Rs 2,549.85. It is said that the stock of the Adani Group's flagship company is on the rise owing to increased demand for power. The other listed companies of the group in the power sector are Adani Power, Adani Transmissions, and Adani Green.
Zomato stock cracks as lock in period ends
Zomato was down 11.28 per cent at Rs 47.60 in afternoon trade. It hit a 52 week low of Rs 46. Its peak price in 52 weeks was Rs 169.10. The one year lock-in for promoters, shareholders, employees and others considered as insiders ended on Monday. As per reports, Zomato's total paid up capital of the one year overhang is around 78 per cent and market experts were expecting Zomato shares to sell-off this week.
India's domestic demand to sustain growth
Early trends for July indicate data holding across sectors with mobility (ex-residential) fairly steady and unemployment levels lower than in the previous month. Credit growth continues to rise -- it has reached its highest level since April 2019.
Riding on robust Q1 results, Infosys raises FY23 revenue outlook
Year-on-year, the company reported double-digit growth across all business segments in constant currency terms. The IT giant reported a consolidated net profit of Rs 5,360 crore for the quarter ended June 30, up 3.2 per cent from Rs 5,195 crore reported in the correspoding quarter of the previous year. Infosys' consolidated revenue stood at Rs 34,470 crore, up 23.6 per cent from Rs 27,896 crore reported in the year-ago period.
Consumer IT spending to slide further amid recession fears in Asia-Pacific
The risk of recession worldwide has continued to rise amid increasing inflation and the expectation of a tightening monetary policy. The rising inflation is driven by ongoing supply chain constraints, geopolitical tensions, growing food and energy prices, and early 2022 lockdowns in China. The second-order impact of these disruptions on Asia-Pacific economies is now being felt, the report mentioned.
Multi bagger Dhruva Capital gains 205% in a month
The stock which was trading at Rs 7.54 on June 22 jumped by 205 per cent in a month to close at Rs 22.96 on July 22. At least 23 penny stocks have given returns up to 205 per cent in the last month, Good Returns reported. These stocks priced up to over Rs. 20 have offered multibagger returns i.e. has more than doubled investors money.
What ails aviation? Poor financials, broken supply chain & DGCA's flawed tech base
"Aircraft were lying idle during the Covid period of nearly two years. Many airlines resorted to cost cutting and retrenchment was part of it. Now, after a sudden surge in demand, a large number of aircraft have been deployed whereas many airlines have not recruited enough manpower to handle the pressure. New staff are there at many places, but they need to be synchronised with the system and require reorientation," he said.
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