Stock Market LIVE: Indices set for positive start; SGX Nifty in green

0

Wall Street stocks closed higher Thursday keeping the major indices on track for their first weekly gain in four weeks. European Central Bank made its largest-ever rate increase to fight inflation. Investors also heard from Fed Chair Jerome Powell who reaffirmed the central bank’s commitment to keeping rates high as long as necessary.

09 Sep 2022, 07:45:07 AM IST

Shaadi.com plans second go at IPO

People Group, which runs the online matchmaking platform Shaadi.com, plans to go public over the next fiscal, founder and chief executive Anupam Mittal said.

While Shaadi.com founder and CEO Anupam Mittal did not disclose details of his IPO plans, the move comes more than a decade after the company’s initial listing plans for 2009 were deferred. (Full Report)

09 Sep 2022, 07:44:01 AM IST

Rakesh Gangwal, wife sell 2.74 pc stake in InterGlobe Aviation for ₹2,005 cr

IndiGo Airlines co-promoter Rakesh Gangwal and his wife on Thursday divested 2.74 per cent stake in the parent company InterGlobe Aviation for 2,005 crore through open market transactions.

Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.

Gangwal along with Rahul Bhatia co-founded the low-cost carrier IndiGo airlines.

According to the bulk deal data available with the National Stock Exchange (NSE), Gangwal and his wife Shobha Gangwal sold a total of 1.05 crore shares, amounting to 2.74 per cent stake in the company.

The shares were sold in the range of 1,886.47 – 1,901.34 apiece, valuing the transaction at 2,004.77 crore. (PTI)

09 Sep 2022, 07:33:17 AM IST

Reliance Retail to invest in Big Cola, Aakash Namkeen

After completing the acquisition of soft drink brand Campa, Reliance Retail is looking to add more fast-moving consumer goods brands to its portfolio. The company is expected to sign a joint venture agreement with AJE India, the maker of carbonated beverage brand Big Cola, besides acquiring Indore-based Aakash Namkeen Pvt. ltd. It is also in talks with several regional and local brands to help them expand their operations. (Full Report)

09 Sep 2022, 07:31:16 AM IST

Government imposes 20% duty on rice exports amid concerns of price rise

The Union government on Thursday imposed a 20% duty on rice exports amid concerns of price rise following deficient rainfall in major rice-producing states such as West Bengal, Odisha, Bihar and Uttar Pradesh.

The duty was imposed on paddy, husked (brown) rice and semi-milled rice but not on basmati rice, which accounts for nearly one-fifth of India’s overall rice exports. In 2021-22, India exported over 21 million tons of rice. (Full Report)

09 Sep 2022, 07:29:34 AM IST

ECB goes big with jumbo hike as Lagarde hints more to come

The European Central Bank hiked interest rates by a historic amount and President Christine Lagarde hinted it could do the same again as part of “several” future moves to escalate officials’ attack against rampant inflation.

Even with a far weaker growth outlook and price increases primarily driven by supply factors, policy makers intensified their aggression with a three-quarter-point increase on Thursday that was an unprecedented monetary-tightening step. The decision matched analyst expectations and brought the deposit rate up to 0.75%.

“If the data on our meeting-by-meeting exercise review suggests that we should take a high hike of our interest rates, we will do so,” Lagarde reporter told in Frankfurt. Addressing the question of how many decisions are “several,” she said that “it’s probably more than two, including this one, but it’s probably also going to be less than five.” (Bloomberg)

09 Sep 2022, 07:28:04 AM IST

Stocks recover from a stumble on Wall Street and end higher

Stocks bounced back from a midday stumble and closed higher Thursday, keeping the major indexes on track for their first weekly gain in four weeks.

The S&P 500 closed 0.7% higher, after recovering from a 0.9% slide in the early going. The Dow Jones Industrial Average and the Nasdaq composite each gained 0.6% after making it through their own bumpy ride. The indexes are on pace for a weekly gain after posting losses for the previous three weeks.

Wall Street had its eye on interest rates, as the European Central Bank made its largest-ever rate increase to fight inflation. The move is in line with steps taken by the US Federal Reserve and other central banks.

Investors also heard from Fed Chair Jerome Powell, who reaffirmed the central bank’s commitment to keeping rates high as long as necessary to get inflation under control. (AP)

Download the App to get 14 days of unlimited access to Mint Premium absolutely free!

Share.

Comments are closed.