BUSINESS
'American firms in Bengaluru bolstering US-India economic ties'
Lacina acknowledged the immense contributions of over 650 US companies in Bengaluru that employ tens of thousands of Indian citizens in high-standard work environments in the formal sector. She applauded their immense contribution to the US-India bilateral relationship -- not only through their economic ties and investments but also through corporate social responsibility initiatives and a commitment to the development of employee skills. Joining her in Bengaluru were US Consul General in Chennai Judith Ravin and Director of the US National Science Foundation (NSF) Dr. Sethuraman Panchanathan.
Indian general insurance sector logs 21% premium growth in July
According to the Insurance Regulatory and Development Authority of India (IRDAI) the non-life insurance sector had earned a premium of Rs 23,392.46 crore in July 2022 up from Rs 20,157.23 crore. The growth would have been higher but for the negative premium growth posted by Agricultural Insurance Company of India Ltd and ECGC Ltd.
'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap
Meanwhile, an interesting development is taking place in the global currency market. There has been a significant jump in the demand for Yuan arising from short-circuiting the sanctions in place by corporates in select jurisdictions who have been utilizing multitude of non-dollar currencies to procure crude and other commodities viz. coal through striking deals in Renminbi/HKD/AED pairs at discounted rates, SBI Ecowrap report said.
WhiteOak Capital AMC collects Rs 550 cr via Flexicap Fund NFO
The fund aims to build an active, well-diversified portfolio, representing a cross-section of companies across major industries, economic sectors, and market cap segments. "Given this was our maiden retail mutual fund offering, all we expected was a willingness from industry participants to experience us with a wide-spread participation and a critical mass of investor base on which to deliver performance and build track record.
24 coal mines record 100% production in July
According to the provisional statistics of the Ministry of Coal, during July this year, Coal India Ltd (CIL), Singareni Collieries Company Ltd (SCCL) and captive mines/others registered a growth of 11.12 per cent and 44.37 per cent by producing 47.33 MT and 9.80 MT coal, respectively. However, SCCL registered a negative growth of 32.51 per cent during the month.
Rupee depreciates 12 paise to close at 79.64 against US dollar
At the interbank foreign exchange market, rupee ended at 79.64, after opening strong at 79.2225 from its previous close of 79.52. The Brent crude oil prices in the international market has risen sharply and at the close of Indian market hours, it was $98.39 a barrel, up 1.02 per cent. The rupee appreciated in the early trade after the US inflation data for July came in below the estimates, raising hopes that the Federal Reserve may not be that aggressive in hiking interest rates in its next meeting.
IMFL maker Radico Khaitan's net falls marginally in Q1
The Indian Made Foreign Liquor (IMFL) maker has reported an operational income of Rs 3,188 crore and a net profit of Rs 58.28 crore for the period ended June 30. For the corresponding period last year, the company had earned an operational income of about Rs 2,884 crore and a net profit of Rs 59.82 crore. During the period under review, the company had sold 6.82 million cases, an increase of 21.5 per cent as compared to the corresponding period of the previous year.
Benchmark indices up post below estimate US inflation data
At close, Sensex ended up 515.31 points or 0.88 per cent at 59,332.60, while Nifty ended 124.25 points or 0.71 per cent higher at 17,659.00. On the BSE, 1,843 shares advanced, 1,548 declined while 144 remained unchanged. Axis Bank, Bajaj Finance, HDFC, Tech Mahindra and TCS were the top gainers on the BSE on Thursday. The BSE smallCap rose 0.83 per cent, midcap was up 0.52 per cent, while largecap rose 0.75 per cent.
Overnight funds witness inflows in July after one month pause
According to the AMFI data, overnight fund saw inflows worth Rs 19,918.66 crore, as compared to Rs 20,668.02 crore outflows in the previous month. June remained the only month where the overnight funds had witnessed outflows. Overnight funds are debt funds that invest in overnight assets or securities having a maturity of one day. This fund is considered safest among debt funds with zero interest rate risk and minimum credit risk. These funds are suitable for risk-averse investors who want to invest their money in a fund, but only for a short time. These funds are better means to utilise one's idle money.
Foreign investors pour over Rs 12,000 cr in Indian equity in last 10 days
"There is a complete reversal of FPI activity in the Indian stock market. FPI who were relentless sellers in the Indian market from October 2021 to June 2022 turned net buyers in July and the buying continues in August, so far. The change in FPI strategy has imparted strength to the recent market rally," said Dr V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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