Stock market LIVE: The indices should remain stable; SGX Nifty in Green

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Investors are keeping a close eye on Tuesday’s U.S. consumer price data, followed by Thursday’s retail sales report. This is the last important data ahead of the Federal Reserve’s interest rate move next week. Even if fuel prices may have contributed to the easing of inflation, the Fed should continue its rate hike policy.

Sep 13, 2022, 07:44:23 IST

Britain’s Abrn plans to sell 4.3 cr of HDFC Life shares to raise up to ₹2,425 crore

UK-based investment firm Abrn plans to sell up to 4.3 crore in sales representing 2% of HDFC Life Insurance Company’s outstanding shares through a block deal to raise more 2,425 crore.

Formerly known as Standard Life Aberdeen, the Edinburgh-based company offered the shares in the price range of 564.1 to 578.55, a discount of up to 2.5% on the certificates closing on September 12 under the block deal. (Read more)

13 Sep 2022, 07:41:08 IST

Vedanta picks Gujarat for $20 billion semiconductor foray into India

Vedanta Ltd has chosen Indian Prime Minister Narendra Modi’s home state Gujarat for its semiconductor project, two sources told Reuters, the first major step in its $20 billion joint venture with the Taiwanese Foxconn.

Vedanta secured financial and non-financial subsidies including capital expenditure and cheap electricity from Gujarat to build the semiconductor factories. (Full report)

Sep 13, 2022, 07:32:41 IST

Dwindling reserves mean risks for emerging Asian currencies like India

Emerging central banks in Asia have seen their foreign exchange reserves depleted, fueling fears that they will undermine market interventions to limit foreign exchange losses in the face of dollar strength.

A closely watched measure of reserve coverage – the number of months of imports a country can finance with its foreign currency holdings – fell to around seven for emerging market Asia excluding China, the lowest since the crisis. World Financial Year of 2008, according to Standard Chartered Plc. It was around 10 months at the beginning of the year and reached 16 months in August 2020, indicating an erosion of the firepower of developing countries to defend currencies. (Full report)

Sep 13, 2022, 07:29:58 IST

Retail price inflation accelerates to 7% after hitting a five-month low in July

Pricing pressures returned to the Indian economy in August, with retail price inflation accelerating to 7% after hitting a five-month low in July. The rise, driven by food prices, makes this the eighth month that retail price inflation has remained above the central bank’s upper tolerance limit of 6%, bolstering the case for a continued monetary tightening.

Retail price inflation in July had cooled to 6.7%, and a Mint poll of 22 economists put August inflation at 6.9%. The Reserve Bank of India has forecast inflation based on the consumer price index (CPI) for 2022-23 at 6.7%. (Full report)

Sep 13, 2022, 07:28:49 IST

US stocks close higher on Monday ahead of key inflation data

Wall Street stocks ended with strong gains on Monday, continuing last week’s rally that ended a three-week losing streak.

The Dow Jones Industrial Average gained 0.7% to end the day at 32,381.34, the fourth consecutive gain.

The broad-based S&P 500 rose 1.1% to 4,110.41, while the tech-heavy Nasdaq Composite Index rose 1.3% to 12,266.41.

Investors are eagerly awaiting a critical Tuesday release of U.S. consumer prices, followed by Thursday’s retail sales report – the last important data ahead of the Federal Reserve’s interest rate move next week.

While inflation is expected to have eased in August, largely due to falling gasoline prices, it seems unlikely that it will be enough to avert a third consecutive three-quarter point rise from the fed. (AFP)

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