BUSINESS
Wall Street rally may be starting to fizzle
Gene Goldman, chief investment officer of Cetera Financial Group, explained that stocks are likely headed for a pullback, even though the economy is in better shape than many Americans realize, Market Watch reported. "There's been plenty of great news but the market needs a little bit of a pause. We've moved a little too fast, too quickly right now," Goldman said. Cyclical sectors outperformed as stocks rallied in July and early August. But that trend appeared to come to an end this week, as defensive sectors re-took the lead.
Value of promoter holding in BSE-500 stocks decline to 1.5% in June quarter: Kotak report
Promoters of 81 companies in the BSE-500 Index have pledged part of their holdings in the June 2022 quarter. Only three companies had more than 80 per cent of their promoter holdings pledged. These companies are Thyrocare Technologies, Max Financial Services and Suzlon Energy. However, Medplus Health Services, Sterling & Wilson, Jindal Steel & Power, Sobha and Strides Pharma Science, among others have seen substantial increase in pledged promoter holdings.
Mineral production records 7.5% growth in June 2022
According to figures released by the Indian Bureau of Mines (IBM), the cumulative growth recorded during the April-June period of the current fiscal was 9 per cent over the corresponding period of last year. Coal's production level stood at 669 lakh tonnes in June 2022, while lignite's production was 46 lakh tonnes. Natural gas (utilised)production stood at 2,747 million cubic metres, petroleum (crude) production was at 24 lakh tonnes, while limestone's output stood at 335 lakh tonnes.
China ramps up Russian energy imports
Data from Beijing's Customs Office on Saturday showed that Russia is China's largest supplier of oil for the third month in a row, reports dpa news agency. In July, China imported a total of 7.15 million tonnes of Russian oil, up 7.6 per cent year-on-year. At the same time, China's coal imports from Russia rose to the highest level in more than five years with 7.42 million tonnes in July -- around 14 per cent more than in the same month last year.
Loan app scam: Rs 500 cr sent to China; 22 Indians arrested
The arrested individuals were working on behest of Chinese nationals. Deputy Commissioner of Police KPS Malhotra said that hundreds of complaints were received by Delhi Police that instant loan applications are disbursing loans at higher rates and even after payment of loan, they are extorting money using the morphed nude pictures. "The IFSO took cognizance of the same and started analysing the complaints during which it was found that more than 100 such apps are involved in the loan and extortion racket," Malhotra said.
Apple logs 197% growth in the India smartwatch market in Q2
According to a Counterpoint Research report, The Watch Series 7 continued to be its best seller and has reached to almost 250,000 shipments till the end of the quarter in the country. "With upcoming launches in Q3 2022, Apple is expected to gain further market share," said the report.
Foreign exchange reserves fell $2.24 billion to $570.74 billion
In the reporting week, the fall in reserves was due to decline in Foreign Currency Assets (FCA). It has declined by $2.7 billion to $506.994 billion. The Special Drawing Rights (SDRs) increased $102 million to $18.133 billion. The country's reserve position with IMF also rose by $7 million to $4.994 billion in the reporting week, as per the data.
Second Sovereign Gold Bond Scheme series to open on August 22
The interesting aspect of The Sovereign Gold Bond scheme is that if investors apply and pay for it online, then Reserve Bank of India (RBI) is offering Rs 50 per gram discount. The application for gold bonds will be open till August 26, the central bank said.
E-commerce company Wayfair CEO Niraj Shah lays off 870 people
In a memo, Wayfair CEO Niraj Shah said that the US-based company was "seeing the tailwinds of the pandemic accelerate the adoption of ecommerce shopping, and I personally pushed hard to hire a strong team to support that growth".
'Chinese economy struggling, policy rate cut could impact global financial markets'
According to the Monthly Economic Review published by the DEA, the lowering of policy rate in China could trigger risk aversion in financial markets around the world that have begun celebrating, perhaps, prematurely, the easing of inflation pressures in the near-term in the developed world.
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