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Thursday, July 07, 2022

The Expresso Business Update

Your Business Expresso is served! The Indian Express brings to you the latest updates from the world of Indian and international business. Your one stop shop for all finance and business stories.

Episode 452 June 23, 2022

Business News at 5:30 PM on 23rd June 2022

“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.

Let’s begin. Investment in the Indian capital markets through participatory notes dropped to Rs 86,706 crore till May-end from the preceding month, while experts say foreign investors will reverse their selling stance and return to the country’s equities in the coming 1-2 quarters. Participatory notes are issued by registered Foreign Portfolio Investors to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Securities and Exchange Board of India data, the value of participatory notes investments in Indian markets — equity, debt, and hybrid securities — stood at Rs 86,706 crore at May-end compared to Rs 90,580 crore at April-end.
In some more market news, Infosys shares have plunged 25 per cent so far this year amid, underperforming benchmark Nifty 50 which has tumbled 12%. Despite the steep correction in the stock, it has managed to outperform Nifty IT which has plummeted 29% so far this year. Domestic brokerage firm Sharekhan remains bullish on the stock and sees up to 20% potential rally going forward. The brokerage report said that Infosys is well-positioned to capture opportunities even in case of increased focus on cost efficiencies by enterprise clients to reduce costs in a deteriorating macro environment.
“Meanwhile, Cooperation Minister Amit Shah today said that urban cooperative banks need to focus on symmetric development and adopt modern banking methods to stay in competition. He emphasised on the reforms in urban cooperative banks and asked them to make structural changes, computerise accounting processes and infuse young talent in the sector. He added that presently, the role of urban cooperative banks is negligible in the total banking sector in terms of deposit and advance payment. Shah said that there are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks… but the development is uneven and there is a need for symmetric development of urban cooperative banks. He said that the symmetric development of cooperative banks will help sustain competition in future.

“Moving on. Indian Ambassador to China Pradeep Kumar Rawat has met Chinese Foreign Minister Wang Yi ahead of Thursday’s virtual BRICS summit hosted by President Xi Jinping in which Prime Minister Narendra Modi is due to take part. This was Rawat’s first meeting with Wang after he took charge as India’s new envoy to Beijing in March. The meeting, which took place on Wednesday, assumed significance as it came ahead of the 14th BRICS summit. The meeting is also significant as it took place amidst the chill in bilateral ties over the two-year military standoff in eastern Ladakh.

“On to some updates about the Agnipath scheme. The Indian Steel Association has welcomed the government’s Agnipath scheme saying the industry needs Agniveers as such talent can help achieve the country’s 300 MT steel production capacity target. Under the National Steel Policy 2017, the government has set an ambitious target of scaling up India’s steel-making capacity to 300 million tonne. ISA President Dilip Oommen in a statement said that the Indian steel industry unequivocally supports the pathbreaking initiative of Government of India. He said that the Indian steel industry needs lakhs of trained and disciplined men and women to enable its growth ambition to achieve 300 MTPA, as per the National Steel Policy.

“Over to Tea cafe chain Chaayos which announced today that it has raised USD 53 million for tech-enhancement, hiring and store expansion as it plans to add 100 stores by the end of this year. The company said the funding round was led by Alpha Wave Ventures with participation from all existing investors — Elevation Capital, Tiger Global and Think Investments. New funds will be used for tech-enhancement, hiring and store expansion. Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs 190 stores across 6 cities and plans to add another 100 by the end of 2022.

And lastly, let’s hear how the stock market performed today. After fluctuating between gains and losses, Indian benchmark indices ended in green on Thursday amid mixed global cues. On the day of the weekly F&O expiry, BSE Sensex index hit a high of 52,517 and a low of 51,633 during the day before it closed 443 points, or 0.86% higher at 52,266. The Nifty 50 gyrated between 15,368 and 15,628 before it eventually settled at 15,557, up 143 points or 0.9%. Sectorally, the Nifty Auto index was the only notable gainer. Other indices added up to 2%, except the Nifty PSB index which closed 0.25% down. In the broader markets, the BSE MidCap and SmallCap indices outrun the frontline indices, rising up to 1.4%.

You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.

Business News at 5:30 PM on 23rd June 2022"You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express. " Let's begin. Investment in the Indian capital markets through participatory notes dropped to Rs 86,706 crore till May-end from the preceding month, while experts say foreign investors will reverse their selling stance and return to the country's equities in the coming 1-2 quarters. Participatory notes are issued by registered Foreign Portfolio Investors to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Securities and Exchange Board of India data, the value of participatory notes investments in Indian markets -- equity, debt, and hybrid securities -- stood at Rs 86,706 crore at May-end compared to Rs 90,580 crore at April-end. In some more market news, Infosys shares have plunged 25 per cent so far this year amid, underperforming benchmark Nifty 50 which has tumbled 12%. Despite the steep correction in the stock, it has managed to outperform Nifty IT which has plummeted 29% so far this year. Domestic brokerage firm Sharekhan remains bullish on the stock and sees up to 20% potential rally going forward. The brokerage report said that Infosys is well-positioned to capture opportunities even in case of increased focus on cost efficiencies by enterprise clients to reduce costs in a deteriorating macro environment. "Meanwhile, Cooperation Minister Amit Shah today said that urban cooperative banks need to focus on symmetric development and adopt modern banking methods to stay in competition. He emphasised on the reforms in urban cooperative banks and asked them to make structural changes, computerise accounting processes and infuse young talent in the sector. He added that presently, the role of urban cooperative banks is negligible in the total banking sector in terms of deposit and advance payment. Shah said that there are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks… but the development is uneven and there is a need for symmetric development of urban cooperative banks. He said that the symmetric development of cooperative banks will help sustain competition in future. " "Moving on. Indian Ambassador to China Pradeep Kumar Rawat has met Chinese Foreign Minister Wang Yi ahead of Thursday’s virtual BRICS summit hosted by President Xi Jinping in which Prime Minister Narendra Modi is due to take part. This was Rawat’s first meeting with Wang after he took charge as India’s new envoy to Beijing in March. The meeting, which took place on Wednesday, assumed significance as it came ahead of the 14th BRICS summit. The meeting is also significant as it took place amidst the chill in bilateral ties over the two-year military standoff in eastern Ladakh. " "On to some updates about the Agnipath scheme. The Indian Steel Association has welcomed the government's Agnipath scheme saying the industry needs Agniveers as such talent can help achieve the country's 300 MT steel production capacity target. Under the National Steel Policy 2017, the government has set an ambitious target of scaling up India's steel-making capacity to 300 million tonne. ISA President Dilip Oommen in a statement said that the Indian steel industry unequivocally supports the pathbreaking initiative of Government of India. He said that the Indian steel industry needs lakhs of trained and disciplined men and women to enable its growth ambition to achieve 300 MTPA, as per the National Steel Policy. " "Over to Tea cafe chain Chaayos which announced today that it has raised USD 53 million for tech-enhancement, hiring and store expansion as it plans to add 100 stores by the end of this year. The company said the funding round was led by Alpha Wave Ventures with participation from all existing investors -- Elevation Capital, Tiger Global and Think Investments. New funds will be used for tech-enhancement, hiring and store expansion. Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs 190 stores across 6 cities and plans to add another 100 by the end of 2022. " And lastly, let's hear how the stock market performed today. After fluctuating between gains and losses, Indian benchmark indices ended in green on Thursday amid mixed global cues. On the day of the weekly F&O expiry, BSE Sensex index hit a high of 52,517 and a low of 51,633 during the day before it closed 443 points, or 0.86% higher at 52,266. The Nifty 50 gyrated between 15,368 and 15,628 before it eventually settled at 15,557, up 143 points or 0.9%. Sectorally, the Nifty Auto index was the only notable gainer. Other indices added up to 2%, except the Nifty PSB index which closed 0.25% down. In the broader markets, the BSE MidCap and SmallCap indices outrun the frontline indices, rising up to 1.4%. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.
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