BUSINESS
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.
Petrol pump dealers across 24 states to go for 'No Purchase' on Tuesday
Around 70,000 outlets across 24 states will not buy fuel from oil marketing companies. "Dealers across 24 states will join 'No Purchase Petrol and Diesel' campaign tomorrow to highlight the financial distress of the petrol pump owners across the country," Delhi Petrol Dealers Association President Anurag Narayan.
No restaurant can charge 18% tax on products, says complaint
"The rate of GST on sales by eateries is five per cent whereas on visit to the restaurant of Timber Trail Resorts, Pawanoo, on last May 27, it has been found that this taxable person is charging GST at rate of 18 per cent i.e. nine per cent under the state GST and equal per cent under the Centre GST, whereas the rate of five per cent i.e. 2.5 per cent state GST and 2.5 per cent under Centre GST," Jagga said in a complaint.
LIC Q4 net profits down 17% YoY, announces Rs 1.5 dividend for FY22
The insurance company's consolidated income from net premium income during the quarter rose nearly 18 per cent to Rs 144,158 lakh crore, the earnings report shared with the exchanges showed. This is the first earnings results reported by the company after it went public on the exchanges earlier this month. It has recommended a dividend of Rs 1.5 per equity share for FY22, which is subject to approval of shareholders in the annual general meeting, the filing said. The shares of the much-awaited LIC made a weak listing on the stock exchanges on May 17. It listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its IPO issue price of Rs 949.
Myntra's 'end of reason sale' to start from June 11
The six-day fashion carnival will be a mega bonanza for shoppers of fashion and beauty, where millions of shoppers from across Tier-I and II cities and towns, and beyond can expect over 5,000 domestic and international brands to offer more than 14 lakh styles at attractive price points..
Centrum Broking gives 'buy' call for Adani ports
The target price for the scrip is pegged at Rs 862, as against Rs 735 at Monday's closing. The company's profit after tax during Q3FY22, at Rs 10.2 billion, was ahead of estimates of Rs 9 billion due to a lower tax provision, the brokerage said. It handled 312 million tonne cargos in FY22 and guided for a cargo handling of 350-360 million tonne for FY23 with a growth of 12-15 per cent.
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