BUSINESS
Indices extend losses, moderation in domestic inflation arrests steep downside
At 9.41 a.m., sensex was down 0.3 per cent at 52,672 points, whereas nifty 0.3 per cent or 15,732 points. Equity indices across the board witnessed a massive selloff on Monday after the US reported 40-year high inflation reading. However, the steep fall in the indices back home in India this morning was arrested due to a moderation in retail inflation in the month of May.
Encouraged by discussion between key stakeholders in food ecosystem: Swiggy
"We welcome the initiative by the Department of Consumer Affairs to discuss the grievances by consumers with regard to online food ordering. We are encouraged by the discussion between the key stakeholders in the food ecosystem. As participants, we agreed that food manufacturers and restaurants will have to work together to holistically address different aspects of the grievances raised.
Over 3K complaints later, govt directs Swiggy, Zomato to furnish resolution framework
The direction to furnish the current framework as well as a proposal on improving the consumer grievance redressal mechanism within 15 days was given during a meeting chaired by Secretary, Consumer Affairs, Rohit Kumar Singh with the major e-commerce food business operators, to discuss pertinent issues which affect consumers in this sector.
Crypto lender Celsius blocks withdrawals due to 'extreme market conditions'
The controversial company -- which has lent out more than $8 billion and managed nearly $12 billion in assets as of May -- has not announced a timeline for when the withdrawals will resume. "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts," the firm wrote in a memo to clients, Daily Beast reported. Some are now concerned about the solvency of the company, which made a name for itself by offering above-average interest rates on deposits.
Qualcomm acquires Cellwize to boost 5G adoption
The acquisition will boost Qualcomm's as a leader in 5G Radio Access Networks (RAN) innovation and adoption. "The addition of Cellwize's best-in-class RAN automation technologies strengthens Qualcomm Technologies' ability to drive the development of the modern 5G network," said Durga Malladi, SVP and general manager, cellular modems and infrastructure, Qualcomm.
May retail inflation moderates but still above RBI's tolerance band for fifth month
The retail inflation stayed well above the RBI's tolerance limit due to high fuel and food prices amidst the war in Ukraine. In April, the retail inflation was at 7.79 per cent. Retail inflation tracked by the Consumer Price Index (CPI) measures the changes in prices from a retail market perspective.
Bloodbath in equities as US high inflation triggers selloff, Sensex down 1,457 pts
The rising inflation in the US also leads to the possibility of an even more aggressive policy tightening by the US central bank in the upcoming policy review meeting. With Monday's slump, the domestic indices declined for six out of the past seven sessions. Sensex closed at 52,846.70 points, down 1,456.74 points or 2.68 per cent, whereas Nifty closed at 15,774.40 points, down 427.40 points or 2.64 per cent.
Rupee touches fresh record low against US dollar, closes at 78.04
The rupee closed Monday's trade at Rs 78.04 per US dollar, after depreciation as low as Rs 78.29 in intra-day deal. "There is no fresh trigger to predict if the rupee will be 79 or 80 unless and until there is a conflict between US and China with regards to Taiwan, other than that there shouldn't be any correction towards 77 or 77.50 in the spot," said Emkay Global Financial Services in a note.
Rising interest rate is headwind to real estate demand: Knight Frank India
The real estate sector has been on a strong recovery path after surviving the worst of the pandemic. Annual residential sales in 2021 have reached within striking distance of 2019 volumes and recent monthly sales trends also show strong momentum.The revival in the sector has largely been driven by low interest rates which supported homebuyer demand.
Asian markets fall sharply on likely US Fed action to rein inflation
At the same time, the US dollar strengthened to 135 Japanese yen for the first time in over two decades, the BBC reported. It comes as official figures showed on Friday that US inflation hit a more than 40-year high last month. A warning about Covid-19 infections in Beijing also added to investor concerns about global economic growth.
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