BUSINESS
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.
NCLAT upholds CCI ruling, directs Amazon to pay Rs 200 cr penalty
The e-commerce giant Amazon had approached the NCLAT to challenge the CCI's December 2021 decision. In the December 17, 2021 order, the regulator had said an approval granted to Amazon to acquire a 49 per cent stake in Future Coupons would stand in abeyance, as the firm suppressed information while seeking the clearance.
Reliance Infra to receive Rs 595 Cr. From DVC by July end
Pursuant to an order passed by the Supreme Court on May 31, Chairman, DVC has furnished an undertaking on June 6, 2022 stating that DVC will comply with the direction to deposit a sum of Rs 595 crore in cash and Rs 303 crore by way of Bank Guarantee within July 31. The directions for furnishing an undertaking have been issued to safeguard the interest of Reliance Infra whilst granting extension of time to DVC.
Myntra sells record-breaking 50 lakh products on Day 1 of EORS-16
India shopped a record-breaking 50 lakh products in the first 24 hours of Myntra's EORS sale that is being held from June 11-16. On Day One, 2.6 million items were shipped within the first 24 hours of the event. "The upwardly-mobile fashion-forward consumers have once again welcomed EORS with a hearty opening, purchasing ~50 lakh products within the first 24 hours to cater to their fashion and beauty needs," said Nandita Sinha, CEO, Myntra.
Indices tumble in opening session as high inflation in US trigger selloff
With Monday's slump, the indices declined for six out of seven sessions. At 9.42 a.m., Sensex was 2.7 per cent or 1,462 points down at 52,842 points, whereas Nifty 2.6 per cent or 419 points down at 15,782 points. Most other Asian stocks also declined on Monday.
WTO's 12th ministerial meeting opens in Geneva to tackle key issues
During the four-day meeting which started on Sunday, members of the trade organisation will hold discussions on such issues as TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver for Covid-19 vaccines, pandemic response, fishery subsidies, agriculture, food security, as well as the WTO's reform and its future work priorities. "No one country can solve these crises on its own, this is a time that you need the world to work together," Ngozi Okonjo said.
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