– RBI discusses trade payment option with Russian banks
– Fuel hiked for third straight time in week
– Govt to move crypto amendments today
Now lemme give you a quick glance on the state of the markets.
Asian stocks were steady Friday as investors weighed the resilience of the global economic recovery to risks from tightening Federal Reserve monetary policy and Russia’s military campaign in Ukraine. Japanese, Australian and South Korean equities fluctuated in relatively narrow ranges.
Elsewhere, the yield on 10-year Treasuries fell one basis point to 2.36%. Oil prices fell about a $1 on Friday as the United States and allies considered releasing more oil from storage to cool markets and as traders faced higher costs for trading benchmark Brent futures.
That said, here’s what is making news.
The share of stocks in total savings by Indians is now at an all-time high of 4.8%, up from 4.3% in March 2021, a report by Jefferies said. Barring 2021 and 2022, the closest it had come in the last two decades was in 2008 when it was at 4.2%.
The recent increase in diesel rates for bulk industrial users is likely to inflate the overall network costs of India’s top telcos, Reliance Jio, Bharti Airtel and Vodafone Idea (Vi), denting operating margins by around 100 basis points (bps) in the June quarter.
Since November last year, state-owned refining and marketing companies have together lost about $2.25 billion (about Rs 17,000 crore) in revenue on petrol and diesel due to non-revision of prices, Moody’s Investor Service said in a report.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Punjab National Bank on Thursday said it has acquired nearly 6 per cent stake in public digital e-commerce platform ONDC for Rs 10 crore.
Private lender IndusInd Bank this week agreed to sell its Rs 247 crore principal loans of Future Retail and Asian Hotels (North) Ltd to Edelweiss Asset Reconstruction Company at a consideration of Rs 195 crore.
VE Commercial Vehicle (VECV), a joint venture between Eicher Motors and Volvo Group, is considering carving out a separate unit to participate in the country’s growing electric vehicle segment.
State-run power giant NTPC has made commercially operational an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana from Thursday.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!