Stock Market Highlights: Sensex ends 111 pts lower and Nifty50 near 15,750 — rupee sinks below 79 for first time
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a choppy session in the red on Friday as losses in oil & gas shares outweighed gains in financial, IT and FMCG stocks. The rupee closed below the 79 mark against the US dollar for the first time. Broader markets, however, managed to make it to the green, closing with gains of around half a percent each. Nervousness persisted among investors globally amid fears aggressive hikes in COVID-era interest rates will hamper economic growth.
Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a choppy session in the red on Friday as losses in oil & gas shares outweighed gains in financial, IT and FMCG stocks. The rupee closed below the 79 mark against the US dollar for the first time. Broader markets, however, managed to make it to the green, closing with gains of around half a percent each. Nervousness persisted among investors globally amid fears aggressive hikes in COVID-era interest rates will hamper economic growth.
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Reliance Industries Ltd | Reliance Brands Ltd (RBL), the retail brand licensing arm of the RIL conglomerate, on Thursday announced a strategic partnership with global fresh food & organic coffee chain, Pret A Manger, to launch and build the brand in India.Bharti Airtel Ltd | India’s antitrust watchdog Competition Commission of India (CCI) on Thursday approved Google International LLC’s proposal to buy a 1.28 percent stake in the telecom major. Google will invest up to $1 billion in Airtel through a mix of equity and commercial partnerships in areas like affordable smartphones, networks, and cloud.Hero MotoCorp Ltd | The company said that the arbitration tribunal has ruled that Hero trademark can be used by the Hero MotoCorp for selling electric vehicles. Hero Electric had sought an injunction against Hero MotoCorp using ‘Hero’ trademark for its Electric Vehicles. This is an interim decision.Hindustan Unilever Ltd | The FMCG major on Thursday announced that its chief executive officer and managing director Sanjiv Mehta will be appointed as the president commissioner (non-executive chairman) of Unilever’s Indonesia business.Kotak Mahindra Bank Ltd | Capital markets regulator SEBI on Thursday slapped penalties totalling Rs 1.6 crore on seven entities, including Kotak Mahindra Trustee Company and the managing director of Kotak AMC Nilesh Shah, for flouting rules pertaining to mutual funds while investing in Essel Group companies.Indian Oil Corporation Ltd | India’s largest oil firm, on Thursday announced that it would invest Rs 740.2 crore in raising the capacity of its Digboi Refinery in Assam from 0.65 million tonne per annum to 1 million tonne per annum.Punjab National Bank | The state-owned bank on Thursday revised the base rate by 25 basis points (bps) across tenors with effect from July 1, 2022. The base rate will be at 8.75 percent from the current 8.50 percent. The bank has hiked the MCLR for an overnight loan from 6.75 percent to 6.90 percent.Lupin Ltd | The pharma company received approval from US FDA for Paliperidone Extended-Release Tablets. Paliperidone is mainly used to treat schizophrenia and schizoaffective disorder.SBI Cards and Payment Services Ltd | The company launched ‘Aditya Birla SBI Card’, a “highly rewarding lifestyle credit card,” according to its press release, in partnership with Aditya Birla Finance Ltd (ABFL), on June 30.The Phoenix Mills Ltd | GIC (Realty) Pvt Ltd arm Reco Zinnia (RZPL) will invest Rs 400 crore in three arms of mall developer – ODPL, GRLPL AND VDPL. RZPL holds 32.9 percent stake in each of Phoenix Mills subsidiaries.Zydus Lifesciences Limited | The company has received the final approval from the USFDA to market Lacosamide injection. The injection is used to treat partial-onset seizures.
Hero MotoCorp can now sell electric vehicles under the ‘Hero’ trademark
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The ‘Hero’ trademark can be used by Hero MotoCorp Ltd for selling its Electric Vehicles, the Arbitration Tribunal said on Thursday. Hero Electric had sought an injunction against Hero MotoCorp using the trademark ‘Hero’ for its electric vehicles.
Shares of Hero MotoCorp rose about 1 percent on Friday after the Pawan Munjal-led two-wheeler major was given permission on Thursday by an arbitration panel appointed by the Delhi High Court to manufacture and sell electric vehicles under the trademark “Hero”. However, they slipped into the negative territory soon.
At 9:40 am, shares of Hero MotoCorp were trading flat at Rs 2,720 on the BSE.
The tribunal was appointed to resolve the dispute between two factions of the Munjal family group. It dismissed the application filed by Hero Electric for an interim injunction against Hero MotoCorp for using the brand ‘Hero’ for its electric vehicles.
“The Arbitration Tribunal has found the case of Hero Electric unmerited in the interim. The Tribunal would now conclude the matter after final consideration of the case,” the two-wheeler major said in an exchange filing.
The company further added that the Arbitration Tribunal emphasised on the investments to the tune of Rs 400 crore made by Hero MotoCorp Ltd on the business of Electric Vehicles and expenses of almost Rs 7,000 crore on brand building of ‘Hero’ in the past 10 years.
CNBC-TV18 had reached out to Hero Electric for a comment on this story, but the company declined to comment.
This comes at a time when Hero MotoCorp is preparing to launch Electric Vehicles under ‘Vida’ brand.
The launch of the company’s first electric scooter which was supposed to happen in July, has been postponed till the festive season.
The country’s largest two-wheeler maker deferred the launch of its first electric two-wheeler on account of supply constraints amid geopolitical tensions.
Hero MotoCorp’s Executive Director Vikram Kasbekar blamed geopolitical tensions for supply shortages of various parts including semiconductors. He said, “The ongoing geopolitical situation has resulted in enormous supply chain issues and shortage of various components, including semiconductors.”
“Keeping customers as the top-most priority, we, therefore, feel it would be prudent to unveil the first EV product around the upcoming festive period instead of July as earlier announced,” Kasbekar said earlier in June.
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Wall Street falls over soaring inflation, higher interest rates
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The Dow Jones Industrial Average fell 253.88 points, or 0.82 percent, to 30,775.43, the S&P 500 lost 33.45 points, or 0.88 percent, to 3,785.38 and the Nasdaq Composite dropped 149.16 points, or 1.33 percent, to 11,028.74.
The MSCI global stock index notched its biggest first-half of a year percentage drop on record on Thursday, while the US benchmark S&P 500 had its steepest percentage drop for the first six months since 1970.
Behind the slides have been concerns over the Ukraine-Russia war, soaring inflation, higher interest rates and, more recently, a possible US recession.
Yields on the benchmark Treasury note are up about 150 basis points year-to-date, the largest first-half increase since the first six months of 1994.
Adding to jitters Thursday, a Commerce Department report showed US consumer spending rose less than expected in May. While the report suggested inflation had probably peaked, price pressures were still strong enough to leave the US Federal Reserve on its aggressive policy-tightening path.
“Inflation is not something that we don’t have to worry about anymore. It is expected to be with us for quite some time,” said Sam Stovall, chief investment strategist at CFRA in New York.
Central bank chiefs from the Fed, the European Central Bank and the Bank of England met in Portugal this week and voiced their renewed commitment to control inflation no matter what pain it caused.
The Dow Jones Industrial Average fell 253.88 points, or 0.82 percent, to 30,775.43, the S&P 500 lost 33.45 points, or 0.88 percent, to 3,785.38 and the Nasdaq Composite dropped 149.16 points, or 1.33 percent, to 11,028.74.
Since the start of the year, the S&P 500 has lost 20.6 percent.
The pan-European STOXX 600 index lost 1.5 percent and MSCI’s gauge of stocks across the globe shed 1.12 percent.
The MSCI global stock index was down 20.9 percent for the first half of 2022. The Fed’s hawkishness and an investor desire for liquidity in difficult times have helped support the US dollar.
The US dollar index gained 6.5 percent for the quarter in its biggest quarterly jump since the last quarter of 2016. The index is up 9.4 percent for the year to date.
On Thursday, the dollar index fell 0.34 percent, with the euro down 0.01 percent to $1.04. Bitcoin last fell 5.92 percent to $18,904.06.
Treasury yields slid for a third straight day on Thursday as investors continued to worry about a possible US recession. The yield on 10-year Treasury notes fell 10.4 basis points to 2.98 percent as safe-haven buying at the long end pushed prices up and yields lower.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Oil prices rise after OPEC+ promises to stick to output hikes
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Brent crude futures rose 83 cents, or 0.8 percent, to $109.86 a barrel by 00:12 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7 percent, to $106.46 a barrel.
Oil prices edged up in early trade on Friday, after sinking in the previous session as OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy.
Brent crude futures rose 83 cents, or 0.8 percent, to $109.86 a barrel by 00:12 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7 percent, to $106.46 a barrel. Prices fell around 3 percent on Thursday.
US traders squared positions ahead of the long Fourth of July weekend. On Thursday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings. However, the producer club avoided discussing policy from September onwards.
Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.
US President Joe Biden said on Thursday he would not directly press Saudi Arabia to increase oil output to curb soaring crude prices when he sees the Saudi king and crown prince during a visit next month.
Elsewhere, 74 Norwegian offshore oil workers at Equinor’s Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely shutting about 4 percent of Norway’s oil production.
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International Joke Day 2022: 10 jokes that will crack you up
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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To celebrate those jokes that make us laugh out loud, International Joke Day is celebrated every year on July 1. This day is observed to appreciate laughter and the beauty of it.
Laughing is said to be the best exercise that keeps you healthy and fit. It elevates your mood and makes you stress free. We always have a person in our company who is way too hilarious and can make any situation look funny without effort. They find jokes in the smallest of things, which we sometimes can’t imagine to be humorous.
If you are in between a group and the situation is sort of tense, a joke, a meme or any funny statement can instantly take away the awkwardness and therefore, it is said that comedy makes us free.
To celebrate those jokes that make us laugh out loud, International Joke Day is celebrated every year on July 1. This day is observed to appreciate laughter and the beauty of it.
As your life becomes better with jokes, on this International Jokes Day, share these funny jokes with your friends and family and give them a reason to laugh amid their busy schedule.
1. Why don’t pirates take a shower before they walk the plank?
They just wash up on shore.
2. Why did the mushroom go to the party? Because he was a fungi.
3. Why are elevator jokes so good?
They work on many levels!
4. Why was the man waiting near the signal with bread and butter in his hand?
Because he heard there was going to be a traffic jam.
5. Why did the scarecrow win an award? Because he was outstanding in his field.
6. What do you call a fish without eyes? Fsh.
7. What do you call an alligator detective? An investi-gator.
8. Why shouldn’t you write with a broken pencil? Because it’s pointless.
9. What did the tomato say to the other tomato during a race? Ketchup.
10. A man asked his gym instructor, “Can you make me do splits”, the gym instructor asks him if he is flexible and the man replies that he cannot do Tuesdays.
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Rakesh Jhunjhunwala (Trader and Investor) | India’s big bull, Rakesh Jhunjhunwala is a billionaire business magnate, stock trader and investor who has been successfully running his asset management firm Rare Enterprises. Jhunjhunwala enrolled in the ICAI after completing his graduation from Sydenham College of Commerce and Economics, Mumbai. (Image: Reuters) Deepak Parekh (HDFC Chairman) | Deepak Parekh, the chairman of India’s largest private lender is also a CA. After completing his graduation from Sydenham College, he went to England and enrolled with the Institute of Chartered Accountants in England and Wales. (Image: Reuters) Piyush Goyal (Union Minister) | Piyush Goyal is the Union Minister of Textiles, Minister of Commerce and Industry and Minister of Consumer Affairs, Food and Public Distribution in the current cabinet. Goyal finished his CA course after graduating in law from Mumbai University. (Image: Shutterstock) Motilal Oswal (Co-founder of Motilal Oswal Financial Services) | Motilal Oswal is the co-founder, chairman and managing director of Motilal Oswal Financial Services Limited, one of India’s most prominent financial services companies. Oswal, who belongs to Rajasthan’s Barmer, had moved to Mumbai as a college student to pursue his CA course. (Image: Twitter) Raamdeo Agrawal (Co-founder of Motilal Oswal Financial Services) | Businessman, stock market investor and Chairman of Motilal Oswal Group, Agrawal co-founded MOFS with Oswal. He was also the co-founder behind the accounting firm that the two ran before they became stock brokers. KM Birla (Chairman of Aditya Birla Group) | Kumar Mangalam Birla is a billionaire industrialist and he is the chairman of the Aditya Birla Group, one of the largest global conglomerates in India. He is also a chartered accountant. (Image: PTI) Prannoy Roy (Founder of NDTV) | Prannoy Roy is one of the foremost journalists in India and also one of the co-founders of NDTV, India’s first independent news network. Prannoy is also an economist and a chartered accountant. Shekhar Kapur (Filmmaker) | Decorated Indian filmmaker Shekhar Kapur is also a chartered accountant. He had enrolled with the Institute of Chartered Accountants in England and Wales at the age of 22. (Image: Wiki Commons) Kirit Somaiya (Former MP & BJP Vice-President in Maharashtra) | The Vice-President of the Maharashtra BJP outfit, Somaiya is also a recognized chartered accountant. (Image: Wiki Commons)
SBI Foundation Day: A look at the spectacular journey of India’s largest lender
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The SBI foundation day is celebrated every year on July 1. Here’s a look at the incredible journey of India’s largest public sector lender.
The State Bank of India (SBI) has emerged as the largest public sector banking financial services conglomerate with a rich legacy of over 200 years. With over 44 crore customers across the country SBI has become the most trusted bank. SBI was the only bank from India to feature on the Fortune Global 500 list of the world’s biggest corporations in 2020.
The SBI foundation day is celebrated every year on July 1. Here’s a look at the incredible journey of India’s largest public sector lender.
Origin of SBI
The State Bank of India was first established as the Bank of Calcutta in Calcutta on 2 June 1806. In 1809, the bank received its charter and was re-designed as the Bank of Bengal. The bank was the first joint-stock bank of British India sponsored by the Government of Bengal. Later in 1840, the Bank of Bombay and in 1843, the Bank of Madras followed the Bank of Bengal.
The three banks continued to deliver modern banking services in the country till their amalgamation as the Imperial Bank of India in 1921.
When India attained freedom, the Imperial Bank had a capital base (including reserves) of Rs 11.85 crore. It had deposits and advances of Rs 275.14 crore and Rs 72.94 crore, respectively. It had a network of 172 branches and more than 200 sub-offices across the country.
Later, the All-India Rural Credit Survey Committee recommended that a state-partnered and state-sponsored bank should be created to take over the Imperial Bank of India.
Thus, in May 1995, an Act was passed in Parliament and the State Bank of India was constituted on July 1, 1955.
In 1959, the State Bank of India (Subsidiary Banks) Act was passed allowing the bank to take over eight former State-associated banks as its subsidiaries, which were later designated as SBI associate banks.
By the end of 1987, SBI had sponsored 30 Regional Rural Banks covering 66 backward and underbanked districts in the country.
In 1998, SBI kicked off its foray into the payment cards business with a joint venture agreement with US-based financial services giant, General Electric Capital Corporation (GE Capital).
The SBI signed an MoU with Cardiff SA in 2001 for its life insurance business. Later in the same year it launched the SBI International card and the SBI Global Card for Indians travelling abroad.
By 2010, State Bank of India had a debit card base of over 70 million. It launched the added chip and PIN-based Platinum Debit Card the same year as well.
In 2015, the State Bank of India launched a RuPay Platinum debit card in association with National Payment Corporation of India (NPCI). In 2021, the bank achieved another milestone by surpassing Rs 5 lakh crore in the home loan segment.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
National Postal Worker Day: History and Significance
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The first National Postal Worker Day was celebrated in Seattle, United States, in 1997.
The National Postal Worker Day is observed every year on July 1 in the United States to recognise the efforts and hard work of postal employees. The day aims to celebrate and express gratitude for the dedication towards their service. Men and women in postal services work tirelessly to ensure convenience and smooth communication by delivering the mail on time.
History of National Postal Worker Day
Before the invention of the internet and telecommunication, in earlier times people were solely dependent on postal workers for communication. Despite extreme weather conditions or any sort of calamity, it was the postal workers who ensured that the communication line did not get disrupted. The letters and parcels were always delivered on time.
The first National Postal Worker Day was celebrated in 1997. A Seattle-area postal carrier celebrated the day to honour its employees. On that day, in the United States, a remarkable feat was achieved by the postal workers.
Around 4,90,000 postal workers walked an average of 4 to 8 miles to deliver a full load of letters and packages. The mail and packages were delivered to every doorstep. Since then, National Postal Worker Day is celebrated every year to appreciate the work and diligence of the postal workers.
With tremendous technological development, the world has embraced advanced technology and new modes of communication. Amid this, National Postal Worker Day encourages us to appreciate the oldest mode of communication.
Amid the COVID-19 pandemic, workers in the postal departments were no less than corona warriors. From transporting COVID-19 testing kits and spreading awareness about the virus to distributing masks and sanitizers, they played an active role in the fight against COVID-19.
National Postal Worker Day is also a unique opportunity to express gratitude not only to the employees of the postal department but also to all delivery personnel because online shopping has become a go-to option for many of us.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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1903 | The first Tour de France event started on July 1, 1903. It went on to become cycling’s most prestigious and difficult event. (Image: Wiki Commons) 1905 | On July 1, 1905, Albert Einstein introduced his theory of special relativity for the first time. (Image: Shutterstock) 1948 | Australian cricket legend Don Bradman scored 128 runs in just 141 minutes hitting 15 fours in a tour match. (Image: Wiki Commons) 1949 | The Institute of Chartered Accountants of India was established. (Image: Shutterstock) 1955 | The State Bank of India was constituted after an Act was passed by the Parliament in May of the same year. (Image: Shutterstock) 1979 | Sony’s first Walkman went on sale and quickly became an international sensation. (Image: Wiki Commons) 1991 | The movie “Terminator 2: Judgement Day” starring Arnold Schwarzenegger, and directed by James Cameron released. (Image: Youtube) 2009 | The iconic animated film “Ice Age: Dawn of the Dinosaurs” released in cinemas (Image: Youtube) 2017 | The Goods and Services Tax (GST) came into effect as a significant reform of the tax regime in India. (Image: Shutterstock) 2021 | Britain’s Princes William and Harry unveiled the statue of their late mother Princess Diana, on the occasion of her 60th birth anniversary. (Image: Reuters)
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