Stock market LIVE: Cautious start expected; Asian Stocks, SGX Nifty in Red

Shares in Asia opened weaker on Thursday as traders assessed the risk of a recession in China and Fed minutes point to continued rate hikes, but at a slower pace. Wall Street closed in the red and Asian markets followed, falling in the morning session.

Aug 18 2022, 08:32:58 IST

Cryptocurrency Prices Today: Bitcoin Below $24,000; dogecoin, Shiba Inu diving up to 9%

Prices of cryptocurrencies fell again today, with Bitcoin and Ether pulling out for the fifth consecutive day on Thursday. The world’s largest and most popular cryptocurrency traded nearly 3% lower at $23,428. The global crypto market cap today was above $1 trillion, even as it fell more than 2% in the past 24 hours to $1.17 trillion, according to CoinGecko. (Full report)

Aug 18 2022, 08:32:14 AM IST

Radhakishan Damani’s DMart Sees Fivefold Growth Despite Aggressive Expansion by Mukesh Ambani’s Reliance Retail

Indian billionaire Radhakishan Damani’s discount supermarket chain, DMart, plans to increase its number of stores fivefold as it seeks to increase its market share and hold its own against aggressive expansion from the likes of Mukesh Ambani’s Reliance Retail Ltd.

Avenue Supermarts Ltd could scale the chain known for low prices on everything from lentils to washing powder to 1,500 supermarkets from 284. (Full report)

Aug 18 2022, 08:13:57 IST

India eases Russian oil purchases in July, increases Saudi trade imports

India’s crude oil imports from Russia fell in July along with total purchases for the first time since March, while supplies from Saudi Arabia recovered for the first time in five months, data obtained from trade and industry sources shows.

Indian refineries increased their deliveries from Saudi Arabia in due course as prices were attractive, while prices for Russian inventories have risen due to strong demand.

India shipped 877,400 barrels per day (bpd) of oil from Russia in July, down about 7.3% from June, with Moscow remaining the second largest oil supplier after Iraq. (Reuters)

Aug 18 2022, 08:02:01 IST

Razorpay buys Ezetap to wiretap offline payments

Razorpay said Thursday that the company had bought Ezetap for offline payments, marking the Sequoia Capital-backed company’s latest bet on the payments industry in a deal that a source with knowledge of said was worth $150 million.

Razorpay, which is valued at more than $7 billion and provides payment gateway services for online merchants, said in a statement the acquisition was the largest to date.

It said the deal would boost efforts to tap into the offline market, which still accounts for much of India’s electronic payments. Ezetap, whose products include point-of-sale machines, processes more than $10 billion in annual transactions in India. (Reuters)

Aug 18 2022, 08:00:49 IST

Goldman Sachs, Nomura cut GDP forecast for China as outlook darkens

Goldman Sachs Group Inc. and Nomura Holdings Inc. have revised their forecasts for China’s economic growth further downwards, with a power shortage making the outlook even more uncertain.

Goldman Sachs lowered its projection for gross domestic product growth from 3.3% to 3%, citing weaker-than-expected economic data in July and near-term energy constraints. Nomura lowered his forecast from 3.3% to 2.8%.

The slowdown in China’s growth deepened in July as a worsening real estate crisis and Covid lockdowns continued to curb business and consumer activity. The central bank unexpectedly cut interest rates this week to boost growth, while local governments will sell more bonds to ramp up spending. (Bloomberg)

Aug 18 2022, 07:49:54 IST

New RBI Rule Reduces Q1 Microloan Payouts

Loan disbursements to microfinance companies in the June quarter fell from the previous quarter, a phenomenon experts attributed to a recent Reserve Bank of India (RBI) directive reviewing risk assessment practices for these lenders. Microcredit providers must assess the debt burden of the borrowing household. From 1 April, RBI has capped the repayment obligation of a household at 50% of the monthly income. (Full report)

Aug 18 2022, 07:44:15 IST

Tokyo shares open lower after US losses

Tokyo shares opened lower on Thursday after losses in the US, while investors held onto gains after recent market gains.

The headline Nikkei 225 index fell 0.93% or 273.02 points to 28,949.75 in early trading, while the broader Topix index lost 0.76% or 15.35 points to 1,991.64. (AFP)

Aug 18 2022, 07:33:56 IST

Insolvency petition against Future Enterprises filed with NCLT

Debt-ridden Future Enterprises Ltd said an operational creditor of the company has filed a plea with the National Company Law Tribunal to start insolvency proceedings against the company. Future Enterprises Ltd (FEL), part of Kishore Biyani-led Future Group, is facing difficulties like other group companies.

FEL was part of the 19 group companies active in the retail, wholesale, logistics and warehousing segments that were to be transferred to Reliance Retail as part of a 24,713 crore deal announced in August 2020. (Full report)

Aug 18 2022, 07:32:43 IST

Government to curb Big Tech data collection

The Center has embarked on frenetic deliberations about regulating Big Tech’s data collection and usage policies after parliamentarians expressed concerns about using data to stifle real competition in the marketplace. The ex-ante model of regulation includes a code of conduct for the Big Tech, including on data collection and use. (Full report)

Aug 18 2022, 07:30:57 IST

Rupee rises 29 paise to 79.45 against the US dollar

The rupee gained 29 paise and settled at 79.45 against the US dollar on Wednesday, after hefty purchases of domestic stocks and ongoing foreign capital inflows boosted investor sentiment.

In addition, softening crude oil prices and easing inflationary pressures supported domestic unity, forex traders said.

In the interbank forex market, the local unit opened strongly at 79.32 against the greenback and witnessed an intra-day high of 79.26 and a low of 79.48. (PTI)

Aug 18 2022, 07:29:52 IST

Gold slip ₹ 53; silver drops ₹256

Gold in the national capital on Wednesday slipped 53 to 52,340 per 10 grams amid a decline in international precious metal prices and the appreciation of the rupee, according to HDFC Securities.

In previous trade, the yellow metal was closed to 52,393 per 10 grams.

Silver also fell 256 to 57,957 per kg from 58,213 per kg in the previous trade. (PTI)

Aug 18 2022, 07:29:52 IST

More than 107 coal mines to be auctioned in the near future: Govt

Coal Minister Pralhad Joshi said on Wednesday that more than 107 coal mines will be put up for sale in the near future.

The auction of these mines is expected to increase domestic coal production.

The Ministry of Coal has set a production target of 900 million tons for the current fiscal year, including 700 tons from the state-owned company Coal India Ltd (CIL).

Speaking to a function, Joshi said that CIL has produced about 207 million tons of coal in the past four months, setting a new record, according to a statement from the coal ministry. (PTI)

Aug 18 2022, 07:29:52 IST

Stocks Drop on Wall Street, Erasing Weekly Gains for S&P 500

Shares on Wall Street largely closed lower on Wednesday as declines by major tech companies wiped out the S&P 500’s gains for the week.

The benchmark index fell 0.7%, breaking a three-day winning streak. The Dow Jones Industrial Average fell 0.5% and the tech-heavy Nasdaq fell 1.3%.

Small company stocks fell more than the rest of the market, pushing the Russell 2000 down 1.6%.

The Federal Reserve has raised interest rates to slow the economy and dampen inflation, but investors remain concerned that they may put on the brakes too hard and plunge the economy into recession. The Fed raised its benchmark interest rate by three quarters of a point for the second time in a row in July. (AP)

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