BUSINESS
Snapping 2-day losses, indices settle in green; Reliance top gainer
Gains were led by upmove in Nifty oil & gas, IT, metal, and media stocks. Also, a decline in global crude oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting also somewhat gave fuel to the market sentiments. Among the Nifty 50 stocks, Reliance Industries was the top gainer, rising 3.6 per cent from the previous close.
Banks raise lending rates: Here's what realty experts have to say
On Wednesday, lending major HDFC and PNB Bank raised their lending rates by 5 basis points and 15 basis points, respectively. The upward revision in rates will essentially lead to an increase in EMIs for borrowers. Recently, the State Bank of India (SBI) and Bank of Baroda also hiked their lending rates across various tenures, as per reports.
Domestic steel prices soften sharply on subdued demand outlook, rising iron ore output
Futures prices of steel on National Commodity & Derivatives Exchange Limited (NCDEX) have softened significantly in the past one to one-and-a-half month period. Prices came down from its recent peak of around Rs 61,000 per tonne to around Rs 46,500-47,000 in the first week of June. At the time of writing this report, the most-active June delivery steel contracts on the NCDEX were trading at exactly Rs 47,000.
ITC Infotech, PTC create one of the industry's largest organisations of Windchill services expertise with expanded alliance
Under the agreement, ITC Infotech has acquired a substantial portion of PTC's PLM consulting and professional services business, including approximately 160 PLM consultants and services experts, and created a new business unit, called DxP Services, bringing together PLM professionals from both companies.
NMDC's iron ore production in May rises over 14% YoY to 3.2 million tonne
India's mining major, National Mineral Development Corporation (NMDC), has produced 3.2 million tonne of iron ore in May 2022, which is 14.3 per cent higher than 2.8 million tonne produced in May 2021. NMDC's cumulative production during April and May 2022 stood at 6.35 million tonne, a 7.4 per cent growth from the cumulative production of 5.91 million tonne from the previous year.
World Economic Forum: India participates with record delegation
This year coincides with the World Economic Forum's 50th anniversary and 35 years of the Forum's collaboration with India. Speaking at the WEF, Goyal said, even as challenges continue to remain on economic front, the government is conscious to move forward and is aware of what to focus on. He said there is a lot of optimism globally regarding India.
Kia's sales fall 4.9% globally amid chip shortage
Kia sold a total of 234,554 vehicles in May, down from 246,768 units a year ago, the company said in a statement. Domestic sales declined 4.7 per cent on-year to 45,663 units last month from 47,901, while exports were down 5 per cent to 188,891 from 198,867 during the cited period, reports Yonhap news agency. From January to May, sales dropped 2.5 per cent to 1,159,832 autos from 1,190,045 units globally during the same period of last year.
Yes Bank-DHFL fraud case: ED notice to Pune businessman to vacate house
The 61-year-old businessman has been directed to vacate his Pune-based residential property. Last year, the probe agency had attached it last year but Bhosale refused to leave. Bhosale was arrested on May 26 in connection with an alleged corruption case pertaining to Yes Bank and Dewan Housing Finance Corporation Limited (DHFL). He was sent to CBI's custody till June 8.
Lenders in principle agree to proposed 'One Time Settlement' of subsidiary: Religare Enterprises
Led by the new management and professionally-run independent Board since 2018, Religare Enterprises has focused on providing growth, stability and good governance to all its businesses. Religare's Health Insurance, Housing Finance and Broking subsidiaries are already on a trajectory of growth, harnessing their full potential with increasing market share and profitability.
Turkey raises gas, electricity prices citing global costs surge
In a statement on Wednesday, Turkey's state-run BOTAS Petroleum Pipeline Company said natural gas prices were hiked by 30 per cent for houses, 16.3 per cent for electricity production, and 10.2 per cent for industry, Xinhua news agency reported. The worldwide rise in energy prices made it necessary for the company to change the domestic prices of natural gas, the state energy importer added.
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