Stock Market LIVE: Sensex soars 1000 pts, Nifty tops 17,600; all indices green | Mint – Mint - STRATEGIES TO EARN MONEY



Stock Market LIVE: Sensex soars 1000 pts, Nifty tops 17,600; all indices green | Mint – Mint

The market is coming off one of its worst weekly pullbacks after Fed chief Jerome Powell indicated on Friday that the central bank will raise rates into next year as it tries to quell demand and bring down prices for goods and services.

30 Aug 2022, 02:05:55 PM IST

Toyota pauses booking for this SUV in India. Here’s why

Toyota Kirloskar Motor(TKM) has said that the company’s dealerships have stopped taking bookings for the diesel variants of Toyota Innova Crysta temporarily. The company said the reason behind this is because of the waiting period for the diesel variant.

Due to the very high demand pattern which has resulted in an increased waiting period for the diesel variant of Innova Crysta, TKM has decided to temporarily stop taking orders for the diesel variant, Toyota said in a statement.

30 Aug 2022, 02:05:12 PM IST

Adequate monsoon, long festival season to drive automobile sales: Report

Adequate rainfall across the country along with the start of the long festive season will keep the demand for automobiles positive and help keep the momentum going, rating agency CareEdge said in a report on Tuesday.

It said that new model launches by the automakers along with some improvement in the availability of semiconductors helped sustain the demand for automobiles in July.

On a year-on-year basis, the domestic sales vehicles’ growth stood at 11 per cent, with 2.9 per cent growth on a month-on-month basis.

With the upcoming festive season, the automakers are focusing on building up inventory in anticipation of higher demand, the report said. (ANI)

30 Aug 2022, 01:46:23 PM IST

Why investors are not thrilled about RIL’s big AGM announcements

Announcements made by Reliance Industries Ltd. (RIL) on its growth plans at the company’s 45th annual general meeting (AGM) held on Monday has drawn lukewarm response from investors, with shares rising about 0.5% over two days.

As such, the AGM announcements failed to provide meaningful triggers for the stock, even as they make for growth engines in the longer run. Also, given the massive capex plans, there is worry on the impact on free cash flows. (Full Story)

30 Aug 2022, 01:45:11 PM IST

Indian economy can touch USD 20 trillion by 2047: Bibek Debroy

Indian economy’s size will touch USD 20 trillion by 2047 provided the annual average growth is 7-7.5 per cent in the next 25 years, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Tuesday.

Releasing ‘The Competitiveness Roadmap for India@100’, Debroy also said the country’s annual per capita income will be over USD 10,000 if the country grows at an average economic growth rate of 7-7.5 per cent in the next 25 years.

According to him, India will also be among high human development category countries by 2047.

India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation. (PTI)

30 Aug 2022, 01:26:47 PM IST

Bank of India moves NCLT against Future Lifestyle Fashions, files insolvency plea

Public sector lender Bank of India has filed a petition before the National Company Law Tribunal (NCLT), to initiate insolvency proceedings against debt-ridden Future Lifestyle Fashions Ltd (FLFL).

A copy of the petition filed before the NCLT, under Section 7 of the Insolvency and Bankruptcy Code, has been served by the advocate on behalf of Bank of India, FLFL said in a regulatory filing on Monday.

“The company is in the process of taking legal advice in the above matter,” said FLFL. (PTI)

30 Aug 2022, 01:26:11 PM IST

All sectoral indices except Pharma and Healthcare have gained at least 1%. Auto, IT and Banks have surged more than 2%

Broad Sectoral Indices

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Broad Sectoral Indices
30 Aug 2022, 01:05:46 PM IST

IRCTC partners with Reliance to deliver food in trains via WhatsApp: All details

The food service of Indian Railway Catering and Tourism Corporation (IRCTC) called Zoop has partnered with Reliance-owned Haptik to provide online food delivery services on trains via the messaging platform WhatsApp. With this latest partnership, passengers can order food via a chatbot on WhatsApp without downloading any app. (Read More)

30 Aug 2022, 12:44:21 PM IST

Government issues show cause notices to weighing instruments makers

The Department of Legal Metrology has issued 63 show cause notices to manufacturers and importers of the weighing and measuring instruments for seeking details of compliance, the Ministry of Consumer Affairs, Food & Public Distribution said on Tuesday.

The notices were issued to manufacturers/ importers/ sellers on e-commerce platforms, seeking details of the approval of model manufacturing, importer, dealer license, and verification of weighing scales, the ministry said in a statement.

It has been observed that some manufacturers/importers of weighing and measuring instruments are selling Person Weighing Machines & Kitchen Scales etc on the e-commerce platforms without complying with the provisions of Law. Such unauthorised sales on e-commerce sites have not only created a deficiency in service to the consumer but have also caused revenue loss to the Government, the ministry said.

30 Aug 2022, 12:32:03 PM IST

HUL to offer grants to Indian startups working on plastic waste solutions

Packaged consumer goods firm Hindustan Unilever Limited (HUL) on Tuesday announced the launch of a programme that will offer grants and mentorship to Indian tech startups working in the area of plastic waste management and circularity.

HUL will give five Indian start-ups up to 1.6 crore each through a grant funding and equity investments, along with mentorship and support for scaling their business. (Full Story)

30 Aug 2022, 12:20:08 PM IST

Government may invite financial bids for Shipping Corp sale in March quarter

The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said.

“The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months’ time, after which financial bids will be invited,” the official told PTI.

The financial bids from potential investors are expected in the January-March quarter, the official added.

In May, the board of Shipping Corp had approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL. (PTI)

30 Aug 2022, 12:12:42 PM IST

Japan’s Nikkei recovers from 2-week low as tech stocks gain

Japan’s Nikkei ended more than 1% higher on Tuesday led by technology heavyweights, as the benchmark rebounded from a two-week low hit in the previous session.

The Nikkei share average rose 1.14% to close at 28,195.58, while the broader Topix climbed 1.25% to 1,968.38.

“Wall Street declined overnight but their losses were limited, which underpinned sentiment for the Japanese market,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute. (Reuters)

30 Aug 2022, 12:02:04 PM IST

Noon Update: Indices rebound; Sensex soars 850 points and Nifty 250 points in the first half on Tuesday. Auto and Bank stocks lead the surge.

Among stocks, Bajaj twins (Bajaj Finserv and Bajaj Finance), Maruti and IndusInd Bank led the rally.

Sensex at Noon

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Sensex at Noon
30 Aug 2022, 11:58:45 AM IST

India to benefit from investment headwinds in China: SBI Research

India is likely to benefit from a slowdown in investment intentions in China, said SBI Research in its latest report ‘Ecowrap’, adding that it believes the China story may now be facing clear headwinds.

“In fact, we believe the China story may now be facing clear headwinds and India is likely to benefit from such stark realities over the longer term,” SBI Research report titled ‘Frontloading Fed rate hikes and China’s worsening construction bubble: is India enjoying the new ‘TINA’ moment in a checkmate world embracing plus one?’ which is authored by Group Chief Economic Adviser Soumya Kanti Ghosh, said.

Clearly, India seems to be enjoying the “There Is No Alternative” factor, as globally all countries are facing the churn and India seems to be the best-placed jurisdiction in terms of growth and inflation outlook in 2022-23. (ANI)

30 Aug 2022, 11:47:00 AM IST

Tamilnad Mercantile Bank IPO opens next week. Price band and other details here

The IPO of private sector lender Tamilnad Mercantile Bank opens next week. The issue of one of the oldest lenders of the country will open on September 5th and close on September 7th. The price band of the 800 crore IPO has been fixed at 500 – 525 and the lot size is 28 shares and in multiple thereof. Tuticorin-based Tamilnad Mercantile Bank is one of the oldest private sector banks in the country. (Read More)

30 Aug 2022, 11:46:04 AM IST

Prabhudas Lilladher Pvt Ltd on Reliance Industries: Aggressive growth plans all round – BUY

Prabhudas Lilladher on Reliance Industries: Rating: BUY | CMP: Rs2,598 | TP: Rs3,165

Avishek Datta – research analyst said, “We believe RIL’s business segments are very well positioned to benefit from segment tailwinds, given its solid leadership position and well integrated business structure. Further, the company is best placed to incubate new businesses and pursue inorganic opportunities with its liquid BS. Maintain ‘BUY’ at PT of Rs3,165 (unchanged). Our estimates do not factor projects in new energy and oil to chemicals.”

30 Aug 2022, 11:29:59 AM IST

Realty index gains around 2.5%, all stocks in green

Realty Index

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Realty Index
30 Aug 2022, 11:28:20 AM IST

Small cars will stay major part of India mkt: Maruti Suzuki

Maruti Suzuki India Ltd, the country’s largest carmaker, expects the small or entry-level car market to remain a major part of the domestic market and a strong bet for the company despite dwindling sales of such vehicles.

R.C. Bhargava, chairman, Maruti Suzuki, said the automaker will play a major role in the 5 lakh car segment in the coming years, even as its rivals vacate the market where volumes have halved as a percentage of total auto sector volumes over the last three years. (Read More)

30 Aug 2022, 11:09:34 AM IST

Gold rates in India today remain near lowest in a month, silver rates slump

Gold in India prices were near the lowest in a month as the yellow metal remained under pressure. On MCX, gold futures were down 0.23% to 51,132 per 10 gram while silver futures were down 0.5% to 54,988 per kg. In global markets, gold slipped today as the US dollar strengthened. Spot gold fell 0.2% to $1,734.59 per ounce. The dollar index rose 0.1%, after easing off a two-decade peak hit on Monday. (Full Report)

30 Aug 2022, 11:08:06 AM IST

India bond yields down ahead of economic growth data

Indian government bond yields fell on Tuesday, as traders covered short positions ahead of key economic growth data due on Wednesday.

The benchmark 10-year government bond yield was at 7.2221% as of 0500 GMT after rising three basis points on Monday to end at 7.2534%. The new 10-year 7.26% 2032 bond yield was at 7.2083% after ending at 7.2347% on Monday.

“The benchmark yield is seeing decent support at 7.25% levels, and major action will take place only after the growth data,” a trader with a primary dealership said.

India is scheduled to release April-June economic growth data on Wednesday when markets will be closed for a festival. (Reuters)

30 Aug 2022, 10:59:41 AM IST

Auto Index shines in today’s session with Maruti, Ashok Leyland and Tata Motors leading; all stocks in green.


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30 Aug 2022, 10:43:40 AM IST

Angel One on Nifty: Overall sentiments are likely to remain upbeat in the near term.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: The global weakness has embarked on some selling in our equity space, but the bulls of D-street were resilient to let go of the opportunity and firmly bought the dips. Technically, the positive structure has been shaken a bit as the technical swing support of 17350 got breached decisively. At the current juncture, the 21 DEMA and the recent unfilled gap around 17380-17520 are expected to act as an immediate hurdle for the index in the comparable period. While on the downside, 17150-17200 is expected to cushion any sort of fall, followed by the sacrosanct support of the unfilled gap around the psychological mark of 17000.

Going forward, a close tab should be held on the global and domestic macro developments. The overall sentiments are likely to remain upbeat in the near term, wherein any minor dip could be utilized as an opportunity for the bulls to add long positions. We might also witness significant traction outside the indices in the broader market. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities.

30 Aug 2022, 10:41:39 AM IST

Indian rupee rises on foreign inflows, dollar retreat

The Indian rupee was trading higher versus the U.S. currency on Tuesday, helped by foreign equity inflows and a pullback of the dollar index.

The rupee was trading at 79.81 per U.S. dollar by 0442 GMT, after closing at 79.9625 in the previous session.

Foreign investors have poured in about $6 billion into Indian equities this month, the biggest inflow since Dec 2020. This compares to the near $28 billion of outflows in the first six months of 2022.

On the debt side, overseas investors turned net buyers for the first time this year in August. (Reuters)

30 Aug 2022, 10:32:48 AM IST

Oil edges down as inflation expected to impact fuel demand

Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand.

Brent crude futures for October settlement dropped 81 cents, or 0.7%, to $104.28 a barrel by 0359 GMT after climbing 4.1% on Monday, the biggest increase in more than a month.

The October contract expires on Wednesday and the more active November contract was at $102.33, down 0.6%.

U.S. West Texas Intermediate crude was at $96.68 a barrel, down 33 cents, or 0.3%, following a 4.2% rise in the previous session. (Reuters)

30 Aug 2022, 10:22:36 AM IST

Bonus shares alert: Multibagger chemical stock rises 25% in one week

On account of bonus share trigger, chemical stock Pondy Oxides and Chemicals has been in uptrend for near one week. The chemical stock, which one of the multibagger stocks in 2022 has surged around 25 per cent in last 5 sessions after rising from 736 to 924 apiece levels. This BSE listed multibagger chemical stock is close to its life-time high of 929.55 per share. (Read More)

30 Aug 2022, 10:15:08 AM IST

Ashika Stock Broking recommends: Avoid trading aggressively amid global nervousness

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a bullish candle however lower high-low formation is in place indicating of negative bias or profit booking after the 13% rally seen over the past five weeks that led prices to the overbought trajectory. At the present juncture, one needs to avoid trading aggressively amid global nervousness. Thus, it would be sensible if one avoids fresh longs in index and book profits in trading bets. Considering the present situation, a bare minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16900 followed by 50% correction at 16600. Hence hereon one can expect Index to witness a prolonged consolidation amidst 16800-17700 but positive structural foundation remains perfectly in place. On the upside Nifty need to sustain above 17350-17390 with some authority for the bulls to strengthen their stance.

30 Aug 2022, 09:54:51 AM IST

Bajaj Finserv jumps more than 4% in early trading on Tuesday

Bajaj Finserv

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Bajaj Finserv
30 Aug 2022, 09:45:59 AM IST

Flight tickets: No caps on domestic airfares from tomorrow.

Are you planning to travel during the festive season? If yes, then this news is for you. From tomorrow, 31 August, the government will remove price caps on domestic airfares. This will give airlines flexibility on passenger fares.

After a span of approximately 27 month, the limits imposed on domestic airfares will be removed from August 31, the Union Aviation Ministry had informed earlier this month. (Read more to know how it will affect the fares)

30 Aug 2022, 09:36:45 AM IST

All Sectoral Indices are in green with Metal, Bank, and Auto gaining the most

Sectoral Indices

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Sectoral Indices
30 Aug 2022, 09:30:22 AM IST

Reliance Securities Stock in Focus: Escorts Kubota


Escorts Kubota (CMP Rs.1,943)

We have BUY rating on ESC with a TP of Rs2,250, valuing the stock at a P/E of 21x FY24E EPS.

Intraday Picks


For today’s trade, long position can be initiated in the range of Rs3,711- 3,695 for the target of Rs3,790 with a strict stop loss of Rs3,670.


For today’s trade, long position can be initiated in the range of Rs4,235- 4,215 for the target of Rs4,360 with a strict stop loss of Rs4,175.


For today’s trade, long position can be initiated in the range of Rs1,870- 1,860 for the target of Rs1,960 with a strict stop loss of Rs1,820.

30 Aug 2022, 09:24:58 AM IST

Indices opened with good gain on Tuesday and added 0.8%. Bajaj Finserv zoomed at start

Sensex at Open

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Sensex at Open
30 Aug 2022, 09:06:53 AM IST

Indian rupee likely flat on dollar pullback, oil surge

The Indian rupee is tipped to open flat to the U.S. currency on Tuesday after oil prices scaled to a one-month high and as the dollar index retreated.

In early trade, the rupee is expected around the same level of 79.9625 from the previous session.

The unit fell to a record low of 80.12 on Monday before slipping back above the psychological level of 80 on likely intervention by the Reserve Bank of India.

Oil prices “back on upward trajectory” is an issue for the rupee, a trader at a Mumbai-based bank said. (Reuters)

30 Aug 2022, 09:04:22 AM IST

Sensex preopens flat with a slight tilt towards green. Adani Green, BPCL, NDTV, IRCTC stocks are in focus

Sensex at preopen

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Sensex at preopen
30 Aug 2022, 08:58:52 AM IST

Defence import bans linked to domestic manufacturing

A new import ban imposed on hundreds of military sub-systems and components has brought India’s quest for indigenization into sharper focus, set goals for local defence manufacturers and turned the spotlight on the road ahead for attaining meaningful self-reliance, officials tracking the development said on Monday.

India’s military imports dropped 21% between 2012-16 and 2017-21, according to SIPRI.

(Full Story)

30 Aug 2022, 08:53:35 AM IST

Bengaluru, Chennai, Hyderabad and Delhi top tech hubs in Asia Pacific after Beijing: Report

Bengaluru ranks second after Beijing on the list of top technology hubs in the Asia Pacific region, according to property consultant Cushman & Wakefield.

In its latest report ‘Tech Cities: The Global Intersection of Talent and Real Estate’, the consultant has identified tech markets based on 14 criteria across talent, real estate, and business environment metrics.

The report has identified “Bengaluru, Chennai, Hyderabad, and Delhi as the top technology hubs in the APAC region after Beijing”, the consultant said in a statement.

Bengaluru leads India with 2,30,813 tech job creation during the last fiscal, followed by Chennai with 1,12,781, Hyderabad with 1,03,032 and Delhi with 89,996 jobs.

“The IT and tech-driven sectors remain the key driving force for the Indian economy,” said Anshul Jain, MD, India & South East Asia. (PTI)

30 Aug 2022, 08:43:47 AM IST

Reliance to enter FMCG business this year, partner 1 crore merchants in 5 years

The country’s largest retailer Reliance Industries on Monday announced that it will enter the fast-moving consumer goods (FMCG) business this year as part of its expansion plan.

Addressing the 45th AGM of Reliance Industries on Monday, Reliance Retail Ventures Ltd (RRVL) Director Isha Ambani said: “This year, we will launch our FMCG goods business”.

The objective of this business will be to develop and deliver products and solve every Indian’s daily needs, with high-quality products at affordable pricing, she said while addressing Reliance Industries’ annual general meeting.

In FY22, Reliance Retail strengthened the presence of its own brands by launching several new products across the categories as staples, home, personal care and general merchandise, said Isha Ambani. (PTI)

30 Aug 2022, 08:37:52 AM IST

DreamFolks Services IPO: Latest GMP, how to check allotment status online

After closure of three days bidding, all eyes are now set on DreamFolks Services IPO (initial public offering) allotment date, which is most likely on 1st September 2022. However, DreamFolks IPO applicants are advised to check their application status online by logging in at BSE website or at the official website of the registrar. The official registrar of DreamFolks IPO is Link Intime Private Limited. Meanwhile, after strong response by investors, grey market has gone highly bullish on DreamFolks Services shares. According to market observers, DreamFolks IPO GMP (grey market premium) today is 106. (Full Report)

30 Aug 2022, 08:36:59 AM IST

Stocks to Watch: BPCL, NDTV, Adani Green, IRCTC, Vodafone Idea. Lupin, M&M, Maruti Suzuki, Oberoi Hotels

Orissa Mineral Development, Bombay Rayon Fashions, McDowell Holdings, and Nagarjuna Fertilisers stocks will be in focus as they declare their June quarterly report today. (Full Report)

30 Aug 2022, 08:25:59 AM IST

India bond yields seen up, tracking oil prices

Indian government bond yields are seen marginally up in early trades on Tuesday, tracking higher global oil prices that are expected to weigh on inflation outlook.

The benchmark 10-year government bond yield is likely to trade in 7.24%-7.28% band, a trader with a private bank said. The yield rose three basis points on Monday to end at 7.2534%.

“Any further rise in oil prices from this point will lead to a selling pressure in bonds, but for the time being, we may see some uptick in yields at open followed by a rangebound trading session,” the trader said. (Reuters)

30 Aug 2022, 08:14:16 AM IST

Multibagger chemical stock hits record high on Monday, rallies 113% in 6 months

Shares of Vinyl Chemicals (India) Ltd surged to hit a record high of 523 apiece by rising nearly 2% on the BSE in Monday’s early trading session. The chemical stock has been in the upward momentum as the counter is up over 38% in the last five trading sessions. (Read More)

30 Aug 2022, 08:04:07 AM IST

Asia stocks sapped by China tech slump, Fed stance

Asian stocks struggled for traction Tuesday amid a slide in Hong Kong and subdued sentiment due to the Federal Reserve’s commitment to a sustained period of restrictive monetary policy to quell inflation.

A climb in Japan and rise in energy shares supported a regional gauge, but China tech stocks in Hong Kong slid. US futures fluctuated after Wall Street equities added to a slump that began Friday when Chair Jerome Powell stressed the Fed is willing to let the economy suffer to cool price pressures. (Bloomberg)

30 Aug 2022, 08:01:08 AM IST

NPPA working as facilitator for pharma industry: Mandaviya

The National Pharmaceutical Pricing Authority (NPPA) has been working more as a facilitator than a regulator and played an important role in ensuring the availability and affordability of medicines in the country, Union Minister of Chemical and Fertilizers Mansukh Mandaviya said on Monday.

Addressing the Silver Jubilee celebrations of the National Pharmaceutical Pricing Authority, Mandaviya highlighted the noteworthy contribution of NPPA towards ensuring the availability and affordability of medicines in the last 25 years. (ANI)

30 Aug 2022, 07:51:12 AM IST

Rupee falls 7 paise to 79.91 on strong dollar

The rupee on Monday depreciated 7 paise to close at 79.91 against the American dollar due to risk aversion in the global markets and a strong greenback overseas after hawkish comments from the US Federal Reserve.

A massive sell-off in the domestic equities and rising global crude prices also weakened sentiment in the forex market, experts said.

However, suspected RBI intervention restricted the rupee’s fall, they added.

At the interbank foreign exchange market, the local currency opened sharply lower at 80.10 and fell to its all-time low of 80.15 against the US dollar in intra-day trade. (PTI)

30 Aug 2022, 07:41:34 AM IST

Ambani details succession plan — retail to Isha, energy to Anant

Billionaire Mukesh Ambani on Monday laid bare the succession plan at India’s most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit.

He, however, insisted he isn’t retiring yet and will “continue to provide hands-on leadership as before”.

At the annual shareholders’ meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains “a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines.”

Reliance has three broad businesses — oil refining and petrochemicals, retail, and digital services that include telecom. Retail and digital services are housed in separate wholly-owned subsidiaries — Jio Platforms and Reliance Retail Ventures Ltd (RRVL). (PTI)

30 Aug 2022, 07:40:54 AM IST

Vi 5G launch to depend on use case, customers demand, competitive dynamics

Debt-ridden telecom operator Vodafone Idea’s 5G services launch will depend on several factors such as use cases, customer demand, competitive dynamics etc., a senior official of the company said on Monday.

While speaking at the 27th annual general meeting, Vi Managing Director and CEO Ravinder Takker said that the promoters of the company have invested 4,940 crore and the company is in active discussion with investors for fund raise.

VIL acquired spectrum worth 18,800 crore, which includes radiowaves in the mid band (3,300 MHz band) in 17 priority circles and spectrum in the 26 GHz band in 16 circles for 5G services. The company also acquired additional 4G spectrum in three circles of Andhra Pradesh, Karnataka and Punjab.

The fresh spectrum bid adds an annual installment liability of 1,680 crore on the company. (PTI)

30 Aug 2022, 07:32:34 AM IST

Inflation vs growth: India’s economy faces resilience test amid rising interest

India’s economy probably grew at the fastest rate in a year last quarter driven by healthy consumption, but the pace of expansion is seen slowing as policymakers prioritize rising prices over growth.

Gross domestic product is estimated to rise 15.4% in the three months to June from a year ago, according to a Bloomberg survey of economists. That’s the fastest reading since the April-June quarter of 2021 and compares with a 4.09 expansion in the previous three months. (Full Report)

30 Aug 2022, 07:31:08 AM IST

Gautam Adani is now world’s third richest person, surpasses Louis Vuitton’s Bernard Arnault

Indian billionaire Gautam Adani has overtaken France’s Bernard Arnault to become the world’s third richest person, according to the Bloomberg Billionaires Index. It’s the first time an Asian has broken into the top three of the Bloomberg Billionaires Index.

With a $137.4 billion fortune, Gautam Adani has overtaken France’s Bernard Arnault and now trails just Elon Musk and Jeff Bezos of the US in the ranking. (Full Report)

30 Aug 2022, 07:29:59 AM IST

Wall Street closes lower, adding to last week’s losses

Stocks closed broadly lower on Wall Street Monday, adding to their hefty losses from last week when the Federal Reserve pledged to keep interest rates high as long as it takes to tame inflation.

The S&P 500 fell 0.7% after wavering between small gains and losses. The Dow Jones Industrial Average fell 0.6% and the Nasdaq composite lost 1%. Smaller company stocks also fell, pulling the Russell 2000 0.8% lower.

The selling was widespread, with technology and health care stocks among the biggest weights on the market. Only energy and utilities stocks rose. (AP)

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