Jp morgan 4q guide to the markets

Cutting short its four-day gaining streak, benchmark Sensex declined by over 150 points on Wednesday due to profit booking in IT, FMCG and banking shares following weak global trends and persistent foreign capital outflows. In a volatile session, the 30-share BSE Sensex settled 150.48 points or 0.28% lower at 53,026.97 as 20 of its stocks ended with losses. During the day, it tumbled 564.77 points or 1.06% to 52,612.68 ahead of the expiry in the derivatives segment on Thursday. The NSE Nifty declined 51.10 points or 0.32% to 15,799.10 with 34 of its constituents closing in the red. IndusInd Bank, Hindustan Unilever, Axis Bank, Bajaj Finserv, Wipro, HCL Technologies, Titan, Kotak Mahindra Bank and Bajaj Finance were the major laggards among Sensex shares. However, gains in NTPC, Reliance Industries, Sun Pharma, UltraTech Cement and ITC restricted a major fall in the barometer. "Markets traded volatile for yet another session and lost nearly half a percent. Weak global cues … [Read more...] about Stocks halt 4-day winning run, Sensex down 150 points on weak global markets

The Centre’s move to increase the import duty on gold by a steep 500 bps (base rate) to arrest the free fall of rupee may lead to strengthening of the grey market, analysts said. “The sudden hike in gold import duty has taken us by surprise,” said Ashish Pethe, Chairman, Gem & Jewellery Council (GJC). “We understand the government’s situation with regard to the rupee vs dollar, but this hike will put the entire industry in a spot and may encourage smuggling,” he added. “We will engage with the government to resolve the situation in favour of the domestic industry,” Mr. Pethe said. He was reacting to the government’s move to increase import duty on gold from base rate of 7.5-12.5% to curb the sharp depreciation of the Indian rupee against dollar. “India’s gold demand is largely met through imports, which, at times when the rupee faces some weakness, exacerbates the issue. Rupee exchange rate touched a record low earlier this week amid higher inflation and expanding trade … [Read more...] about Steep raise in gold import duty may strengthen grey market, says WGC

The story so far: Russia’s invasion of Ukraine has not only created instability in the region and displaced millions of people but has also led to a global food shortage. Earlier in June, the Food and Agriculture Organisation of the United Nations (FAO) released a report that outlines the importance of Ukraine and Russia for agricultural markets and the risks associated with the war that broke out in Ukraine in February 2022 when Russia invaded the country. Also Read Russia-Ukraine crisis live updates | Russia says it has more than 6,000 Ukrainian prisoners of war Both Russia and Ukraine are among the top producers of agricultural commodities in the world. In 2021, both ranked among the top three exporters of wheat, barley, maize, and sunflower seed and oil, globally. Share in global production of selected crops (2016/17-2020/21 average) | Photo Credit: FAO People living in eastern Ukraine were already displaced or impacted by war since 2014 when Russia … [Read more...] about Explained | The impact of the Ukraine-Russia crisis on global agricultural markets

As initial investigations into the Udaipur tailor’s murder pointed to a Pakistan link, the National Investigation Agency (NIA) took over the case on Wednesday. The victim, Kanhaiya Lal Teli, was hacked to death on Tuesday over his alleged online post supporting former BJP leader Nupur Sharma, who had made offensive remarks against the Prophet. Also Read Udaipur beheading was intended to spread terror and fear: police The two prime accused — Mohammed Riyaz Attari of Bhilwara and Ghous Mohammed of Udaipur — were arrested the same day. As initial investigationsprobe pointed to a Pakistan link, the National Investigation Agency (NIA) took over the case in which provisions of the stringent Unlawful Activities (Prevention) Act have been invoked. “The accused persons had also circulated a video of the criminal act in the social media claiming responsibility for the murder in order to trigger panic and strike terror among the masses across the country,” the NIA said. … [Read more...] about Udaipur tailor murder | Initial probe finds Pakistan link

The financial services sector holds out an “exciting” prospect of closer exchange between India and the United Kingdom with a free trade agreement (FTA) being negotiated between the two countries, according to British Chancellor of the Exchequer, Rishi Sunak . In an interaction with reporters ahead of India Global Forum's UK-India Awards celebrating Indian diaspora success within the UK-India corridor on Friday, July 1, 2022, the senior British Indian Cabinet Minister said he sees enormous opportunity for both countries in areas such as fintech and welcomed the opening up of the Indian insurance market. The British Minister also expressed his confidence over an India-U.K. FTA draft ahead of the Diwali. “There's good progress being made and I think one of the exciting things for me in my role is financial services,” Mr. Sunak said. “Financial service is an area where there's an enormous opportunity for both of our countries. India's goal is to spread insurance across the … [Read more...] about Financial services an exciting aspect of U.K.-India FTA, says Rishi Sunak

China's Great Wall Motor has shelved plans to invest $1 billion in India and laid off all employees at its operations after failing to obtain regulatory approvals , three sources with direct knowledge of the matter said on Friday. The Chinese automaker has been planning to enter the Indian market since 2020 but now becomes one of the biggest casualties of New Delhi's increased scrutiny of investments from Beijing . Without directly commenting on the exit, a Great Wall statement said the company "would like to thank all the members of Indian team for their contribution", adding that it would continue to study the Indian market and look for opportunities in the future. Key market for Great Wall Great Wall's India entry plan was announced with great fanfare during the country's biennial auto show in January 2020. India was a key market for the Chinese SUV manufacturer's global expansion plans and the company had envisioned a plant that would be its biggest outside China. … [Read more...] about China’s Great Wall Motor shelves $1 billion India plan, fires all employees

State Bank of India’s (SBI) gold-loan portfolio has crossed the ₹1 lakh- crore mark for the first time, chairman Dinesh Khara said on Friday. The lender, which has a 24% market share in gold loans, is bullish on growth in the segment as the asset class provides investors a safe investment option amid rising inflation. "Last week, we crossed ₹1 lakh-crore portfolio in gold loans for the first time. In the first quarter of the current year, we have seen much better growth as compared to what we have achieved in the past. I expect that in the current year we should be in a position to grow well in this particular segment," Mr. Khara told reporters on Friday. He said in case of inflationary conditions, gold, as an asset class, becomes more favourite. "Normally, during such a period when gold is a preferred asset class, there is also a felt need for monetising this asset class. That's why we feel there is much opportunity for this asset class," he said. On wealth management, Mr. … [Read more...] about SBI’s gold loan portfolio crosses ₹1 lakh-crore mark

JSW One Homes, home construction solutions arm of JSW One Platforms, is planning to strengthen its retail network in the South and in Maharashtra with 25 Homes Studios by March 23, according to CEO Gaurav Sachdeva. “Currently, we are present in Coimbatore, Bengaluru and Chennai, and have two Homes Studios in Tamil Nadu. We will be entering six more cities before the end of this fiscal,” Mr. Sachdeva said in an interview. According to him, Homes Studios will serve as a full-service emporium for all the home construction requirements for customers planning to build their own house. It is an ideal place to turn dream of a home into a reality. Currently, 80 home are being constructed in the South. JSW One Homes entered the Tamil Nadu market in December 2021 by opening its first Homes Studio in Coimbatore. The second one in the State and the first in Chennai was opened on Friday. “In the last six months of commencing operations in Tamil Nadu, we have received more than 300 enquiries … [Read more...] about JSW One Homes to have 25 Homes Studio by March 23

Healthvista India Ltd., an out-of-hospital healthcare provider in India with brand Portea, has filed its Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company plans to raise funds through an IPO of equity shares (face value ₹1 each) comprising fresh issue aggregating up to ₹200 crore and an offer for sale up to 56,252,644 by investor selling shareholders. The net proceeds from the fresh issue will be utilised towards funding working capital requirements of its subsidiary Medybiz Pharma Private Ltd., re-payment/pre-payment of certain loans availed by the company, purchase of medical equipment, marketing and brand building activities, and for inorganic growth initiatives and general corporate purposes. The offer for sale comprises equity shares up to 1,20,70,214 equity shares by Accel Growth III Holdings (Mauritius) Ltd.; up to 85,04,709 equity shares by Accel India III (Mauritius) … [Read more...] about Healthvista files for IPO with SEBI

India will have 122 new unicorns in the next two to four years and these unicorns currently have a cumulative value of $49 billion, as per Hurun India Future Unicorn Index 2022 released by Hurun Research Institute here on Wednesday. Bengaluru, the start-up capital of the country, alone would add 46 new unicorns, to its existing tally of 33, in the next two to four years. Delhi NCR would add 25 new unicorns, Mumbai 16, Chennai 5, Pune 3 unicorns while the rest are expected to come from 20 other cities, according to the unicorn index. Venture Capital firm Sequoia Capital invested in 39 of these future unicorns followed by Tiger Global which holds stake in 27 of them. Having invested in 39 unicorns across the country, venture capital firm Sequoia became the most active investor in the country’s start-up ecosystem followed by Tiger Global which holds stake in 27 future unicorns. The prospective unicorns identified by Unicorn Index 2022 include firms, mostly founded in 2015, and … [Read more...] about India will have 122 new unicorns in 2 to 4 years: Hurun India forecast