BUSINESS
Snapping 3-day gains, domestic indices settle low
Analysts say investors await GDP figures for the quarter to gauge fresh cues. The GDP figures are expected at around 5.30 p.m. On Tuesday, sensex closed at 55,566 points, down 359 points, whereas Nifty was at 16,585 points, down 77 points. Among the sectoral indices, Nifty pharma, PSU bank, consumer durables, and oil and gas were the top losers, while Nifty auto, media, metal and realty among the top movers, NSE data showed.
Essar Ports Vizag terminal poised for strong FY23
Essar Vizag Terminal Limited (EVTL) operating India's largest Ore Handling Complex in Visakhapatnam Port has recorded 1.3 MMT of cargo handling for April 2022, i.e., a run rate in excess of 14 MMT for FY22- 23 suggesting a growth of 10 per cent on an annualised basis. For FY21-22, EVTL handled a cargo of 12.7 MMT.
Over 75% of Bitcoin miners' earnings going into soaring electricity costs
Bitcoin (BTC) mining is a very electricity-intensive process. A recent study has shown that a single Bitcoin transaction consumes about 2165 kWh of electricity which a regular household in the US would use in 74 days. "Factor in the roughly $0.14/kWh that an average household pays, and the magnitude of expenditure becomes evident," according to the report from CryptoMonday.de.
Pakistan govt pitches 4.8% budget deficit target to IMF
In a latest, the government has pitched the budget deficit target of 4.8 per cent of the country's total economic size to the IMF for the next fiscal year. The pitch is part of the proposed economic remedies and policy changes, demanded by the IMF and global lenders to Pakistan, which include further adjustment through a combination of expenditure cuts and additional revenue mobilisation.
India aims to cut power output from 81 coal plants, replace green energy
The letter, dated May 26, and sent to energy departments of the state and Central government, noted that according to current regulations, thermal power plants need to operate at a minimum of 55 per cent but reduction of generation from such plants is possible to a minimum of 40 per cent. The Union power ministry has selected those power plants that charge higher tariffs to reduce the price of power delivered to the consumer, S&P Global Commodity Insights said.
Germany's inflation reaches highest level since 70s oil crisis
Amidst wheat shortages and fears of a global food crisis, food prices increased by 11.1 per cent, while energy prices soared by 38.3 year-on-year, Xinhua news agency quoted Destatis as saying. The spike in energy prices has been caused by the Russia-Ukraine war, and has had a "considerable impact on the high inflation rate", the Office said.
Indices decline in opening session, Q4 GDP numbers in focus
At 10.03 a.m., sensex was at 55,597 points, down 328 points, whereas nifty at 16,585 points, down 76 points. "The dominant factor determining the market direction, going forward, would be the trend in the US market, which, in turn, would be determined by the inflation in the US and the Fed's response to it," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
US national average fuel price hits new record high
The national average gas price has increased 2.3 cents, or up 0.5 per cent from the past week, and 44.1 cents, or up 10.6 per cent from a month ago, Xinhua news agency reported citing the latest AAA data published on Monday. The current price, which doesn't account for inflation, is way above the previous record of $4.114 a gallon set in July 2008. As of Monday, all 50 states and the District of Columbia have average gas prices over $4 a gallon.
Public issue application to be processed only after monies are blocked in investor's bank account
Accordingly, all intermediaries and market infrastructure institutions are advised to ensure that appropriate systemic and procedural arrangements are made within three months from the date of issuance of this circular, SEBI said. Stock Exchanges shall accept the ASBA applications in their electronic book building platform only with a mandatory confirmation on the application monies blocked.
184.58 lakh metric tonnes wheat, 810.05 LMT paddy procured: Govt
The wheat procurement under the central pool is progressing in Rabi Marketing Season 2022-23 in the states of Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar. The wheat procured till Sunday benefited about 17.50 lakh farmers with minimum support price (MSP) value of Rs 37,192.07 crore, data from the Ministry of Consumer Affairs, Food and Public Distribution showed.
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