Economy Updates

The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco Varroc Engineering has signed a Securities Purchase Agreement (SPA) with Compagnie Plastic Omnium SE of France to divest its four-wheeler lighting systems operations in the Americas and Europe, the Aurangabad-based company said in a statement. The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco. The move is part of the larger strategy to transform Varroc into... read more

The fires in Indian EVs have also sparked debate about India's dependency on imported auto parts that are then assembled locally A spate of high-profile battery fires is undermining India's bid to become a leader in electric vehicles, particularly in the ubiquitous two-wheelers that ply the country's traffic-clogged roads. Social media is awash with videos of battery-powered scooters in flames. Last month, a father and daughter died from smoke inhalation after their brand-new bike from Okinawa Autotech Pvt caught fire while it was charging overnight at home. In another video, an Ola Electric Mobility Pvt scooter burns in Pune in the country’s west, while in another, some 40 two-wheelers made by Jitendra EV go up in smoke as they are transported in... read more

The new start ups are seeking to reassure investors they are doing all they can to protect their clients Start-up firms selling corporate bonds to retail investors are booming in India. At least 10 new financial technology platforms have sprung up during the pandemic with the aim of grabbing a share of the $1.9 trillion market for bank time deposits. They promise much higher interest rates through putting money into company bonds, which are generally seen as riskier higher-yielding debt. The firms are riding on efforts by the Reserve Bank of India to encourage retail investment in sovereign debt as... read more

The ultra-modern rebar mill of 1.4 MTPA (million tonne per annum) capacity is located at JSPL's 6 MTPA plant in Angul, Odisha Steel Minister Ram Chandra Prasad Singh on Thursday dedicated JSPL's 1.4 MTPA TMT rebar mill located at the steel unit here to the nation. The rebar mill is one of the world's largest rebar making units and the only producer of 50 mm width TMTs in India, Jindal Steel and Power Ltd (JSPL) said in a statement. "Union Steel Minister Ram Chandra Prasad Singh dedicated one of... read more

The company reports slowest rise in revenue in a decade Shares of Facebook parent Meta Platforms surged as much as 19 per cent on Thursday after the company reported its main platform added more users than projected in the first quarter, easing concerns that the company is losing momentum as a new generation flocks to younger sites like TikTok. Meta on Wednesday reported 1.96 billion daily users for its flagship platform, a return to growth after the first-ever decline in the December quarter. Analysts had estimated 1.94 billion. Revenue for the period jumped 6.6 per cent to $27.9 billion, clocking in... read more

Unilever, Carlsberg and Pernod Ricard are increasing the pressure on consumers worldwide with higher prices for Dove soap, beer and Havana Club rum Unilever, Carlsberg and Pernod Ricard are increasing the pressure on consumers worldwide with higher prices for Dove soap, beer and Havana Club rum, raising the risk that shoppers may start to balk at spending more. All three firms reported sales growth at about double the pace analysts had expected. Unilever raised prices by over 8 per cent in the first quarter and warned more hikes were on... read more

The company has fixed May 17, 2022 as the 'Record Date' for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares in the ratio of 1:1 Shares of BLS International Services hit a new high of Rs 364.40, surging 10 per cent on the BSE, after the company fixed May 17, 2022 as the record date for bonus equity shares. "Business and Finance Committee of the Company in its meeting held on April 27, 2022 has fixed Tuesday, May 17, 2022 as the 'Record Date', for the purpose of... read more

Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions. Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel. Both contracts had settled over 30 cents higher on Wednesday on... read more

At the NSE, the stock dipped 2.57 per cent to Rs 3,805 apiece Shares of  Bajaj Auto dipped over 2 per cent in early trade on Thursday after the company reported a 2 per cent decline in consolidated net profit for the fourth quarter ended March 2022. The shares of  Bajaj Auto declined 2.58 per cent to Rs 3,804.80 on the BSE. At the NSE, the stock dipped 2.57 per cent to... read more

The India trend is contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q42018. India’s gold demand fell sharply in the March quarter when the commodity’s prices rose and there were fewer days regarded auspicious to buy it. Total demand in the first quarter of 2022 was down by 18 per cent to 135.5 tonnes, and jewellery demand was down 26 per cent to 94.2 tonnes, on a year-on-year (YoY) basis. Read :- Elon Musk on fun trail, says buying Coca-Cola, McDonald's next The trend was contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q4'2018. Global demand was led by... read more

Elon Musk on fun trail, says buying Coca-Cola, McDonald's next Shares of food delivery company Zomato hit a new low of Rs 74.65, down 2 per cent on the BSE in Thursday's intra-day trade. The stock has dropped 6 per cent in the past two trading days. Shares of food delivery company Zomato hit a new low of Rs 74.65, down 2 per cent on the BSE in Thursday’s intra-day trade. The stock has dropped 6 per cent in the past two trading days. Read :- Elon Musk on fun trail, says buying Coca-Cola, McDonald's next Since April 4, 2022, the stock has corrected 13 per cent following reports that the competition Commission (CCI) has ordered a detailed probe against food delivery platforms, Zomato and Swiggy, for alleged unfair business practices with respect to their dealings with restaurant partners. According to reports, Zomato clarified that the company will continue to... read more

The case pertains to misappropriation of funds by the erstwhile promoters and their related entities from Fortis Healthcare Market regulator the Securities and Exchange Board of India (Sebi) on Tuesday imposed a penalty of Rs 24 crore on nine entities including Malvinder Mohan Singh and Shivinder Mohan Singh for irregularities at Fortis Healthcare. The market regulator fined the Singh brothers Rs 5 crore each while their... read more

Sebi has reconstituted its advisory committee, which provides guidance on enhancing the regulator's technological capabilities and on exploring appropriate technological solutions Sebi has reconstituted its advisory committee, which provides guidance on enhancing the regulator's technological capabilities and on exploring appropriate technological solutions for early detection of market anomalies. The Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS) will now be... read more

Amid the spiraling power generation, CIL raised its supplies to thermal power stations by 14.2 per cent during the first half of April'22 compared to same period last April. Shares of Coal India (CIL) hit an over two-year high of Rs 205.55, up 4 per cent on the BSE in Wednesday’s intra-day trade, surging as much as 10 per cent in the past three trading days on expectation of strong earnings. The stock of state-owned mining company traded at its... read more

The technical analyst from HDFC Securities has buy call on ICICI Prudential Gold ETF and sell call on Mothersonsumi. Nifty: Bearish Trend Gets the Momentum From the recent high of 18,115, registered on April 04, 2022, the Nifty has witnessed a fall of 1,300-odd points towards 16,824. The Nifty has given a close slightly above its 200-day EMA, placed at 16,840. At, 16,893, the Nifty has retraced more than 50 per cent of the entire upswing seen from 15,671 to 18,115. The next support for the Nifty is seen at 16,604, which happens to be the 61.8 per cent retracement of... read more

With the economy facing inflationary pressures, concerns are mounting about its impact on markets and corporate performance. But are the fears overstretched? Is there a silver lining for investors? Record high inflation levels in India and overseas continue to dent investor confidence as disrupted supply chains due to the Russia-Ukraine crisis build up price pressures on the economy. However, an analysis of historical data shows that high inflationary environments are not necessarily unfavourable for... read more