Transcript of today’s latest trade news at 9:30 am on August 23, 2022
“You are listening to the Expresso Business update. Here is the latest Indian and international business news brought to you by The Indian Express and The Financial Express.
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Indian stocks lost ground for the second consecutive session on Monday on fears that global growth could slow sharply amid continued central bank tightening. The street also expects further hikes in local interest rates as inflation remains uncomfortably high. Benchmarks – Nifty 50 and BSE Sensex – fell more than 1%, dragged lower by metals and banks as weakness in global indices weighed on sentiment. The NSE Nifty 50 index closed down 688 points or 1.51% to close at 17,490.7, while the S&P BSE Sensex fell 1.46% or 872 points to end the session at 58,773.87. . With the exception of ITC and Nestlé India, all components of Sensex recorded losses. However, the weakness of the Chinese economy, driven by the difficulties in its real estate market, seems to have raised fears that the slowdown could also affect other economies. Additionally, the recent rally has meant markets are now a little more expensive, with the Nifty trading at more than 21 times estimated one-year forward earnings.
Moving on – A series of fires earlier this year raised question marks over the safety and performance of electric scooters, so much so that they could have a significant impact on sales over the next few years. next six months, according to a new survey by LocalCircles. In March and April, fires involving electric scooters from Ola Electric, Okinawa, Pure EV, Jitendra New EV Tech and Boom Motors were reported. The government has set up a committee made up of experts from the Naval Science and Technological Laboratory, the Center for Fire, Explosive and Environment Safety and the Indian Institute of Science, to investigate each of these incidents. The committee’s recommendations are expected to be released shortly.
Now some SEBI related news – The Securities and Exchange Board of India will likely seek the Attorney General’s opinion on whether to seek a review of the Supreme Court’s August 5 order ordering him to provide Reliance Industries (RIL) access to certain acts. The company requested the documents claiming it would exonerate it and its 107 promoters from criminal charges in a case related to alleged irregularities in the acquisition of its own shares between 1994 and 2000. Sebi has so far only failed to share the three documents – two legal opinions by former SC judge BN Srikrishna and a report by former ICAI president YH Malegam which looked into the irregularities – which the SC had ordered him to share “immediately”. RIL has now filed a contempt motion against the market regulator and its authorized representative, Vijayan A.
In a separate development – The Center could release around `30,000 crore soon as GST (goods and services ta compensation for June 2022, the last month of the five-year guaranteed compensation pledged by the Union government, sources said However, the compensation amount will likely be released by the Center from its own revenue stream, as there are not enough funds in the designated cesspool that is operated for this purpose, the sources said. Center is keen that states’ capital expenditures, which tend to reduce asset-creating expenditures as revenue expenditures such as interest payments and salaries, do not falter for lack of funds.
In another development – The Department of Finance on Tuesday made it harder for defaulting lenders and those under investigation by investigative agencies to invest in foreign entities. They will now have to obtain a no-objection certificate from their lenders, or relevant regulators or polling agencies before making investments abroad, according to new standards notified by the Department of Economic Affairs. This NOC will be mandatory for anyone who has a bank account classified as a non-performing asset, or who is labeled as a voluntary defaulter by a bank, or who is under investigation by a financial services regulator, the Enforcement Branch or the Central Commission of Inquiry. .
Now some news related to national highways – Road Transport and Highways Minister Nitin Gadkari has set a strict target to build national highways at a record pace of 40 km/day for the current fiscal year. A record 37 km per day was achieved in 2020-21, while last year the figure was 29 km/day. The minister told Surya Sarathi Ray that efforts were being made to achieve the latest target despite continuing problems including land acquisition. He also said that monetization of road assets would be considered in line with fund requirements.
Finally – National headline indices closed with losses for the second day in a row and started the week on a negative note. Going into the second day of trading, SGX Nifty was sitting in the red suggesting a continuation of yesterday’s slide as global indices were weak after Wall Street closed with losses. Asian stock markets mirrored the fall.
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Today’s breaking news on business, finance and the stock market at 9:30 a.m. on August 23, 2022Transcript of today’s latest business news at 9.30am 23rd August 2022 “You are listening to 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.” Indian stocks lost ground for the second consecutive session on Monday on fears that global growth could slow sharply amid continued central bank tightening. The street also expects further hikes in local interest rates as inflation remains uncomfortably high. Benchmarks – Nifty 50 and BSE Sensex – fell more than 1%, dragged lower by metals and banks as weakness in global indices weighed on sentiment. The NSE Nifty 50 index closed down 688 points or 1.51% to close at 17,490.7, while the S&P BSE Sensex fell 1.46% or 872 points to end the session at 58,773.87. . With the exception of ITC and Nestlé India, all components of Sensex recorded losses. However, the weakness of the Chinese economy, driven by the difficulties in its real estate market, seems to have raised fears that the slowdown could also affect other economies. Additionally, the recent rally has meant markets are now a little more expensive, with the Nifty trading at more than 21 times estimated one-year forward earnings. Moving on – A series of fires earlier this year raised question marks over the safety and performance of electric scooters, so much so that they could have a significant impact on sales over the next few years. next six months, according to a new survey by LocalCircles. In March and April, fires involving electric scooters from Ola Electric, Okinawa, Pure EV, Jitendra New EV Tech and Boom Motors were reported. The government has set up a committee made up of experts from the Naval Science and Technological Laboratory, the Center for Fire, Explosive and Environment Safety and the Indian Institute of Science, to investigate each of these incidents. The committee’s recommendations are expected to be released shortly. Now some SEBI related news – The Securities and Exchange Board of India will likely seek the Attorney General’s opinion on whether to seek a review of the Supreme Court’s August 5 order ordering him to provide Reliance Industries (RIL) access to certain acts. The company requested the documents claiming it would exonerate it and its 107 promoters from criminal charges in a case related to alleged irregularities in the acquisition of its own shares between 1994 and 2000. Sebi has so far only failed to share the three documents – two legal opinions by former SC judge BN Srikrishna and a report by former ICAI president YH Malegam which looked into the irregularities – which the SC had ordered him to share “immediately”. RIL has now filed a contempt motion against the market regulator and its authorized representative, Vijayan A. In a separate development – The Center may release around `30,000 crore as soon as GST (goods and services t compensation for June 2022, the last month of the five-year guaranteed compensation pledged by the Union government, sources said. are not enough funds in the designated cesspool that is being tapped for this purpose, the Center is keen on state capital spending, which tends to reduce asset creation spending, as revenue spending such that interest payments and wages do not falter for lack of funds has made it more difficult for those in default and those under investigation by investigative agencies to invest in public entities. They will now have to obtain a no-objection certificate from their lenders, or relevant regulators or polling organizations before making investments abroad, according to new standards notified by the Department of Economic Affairs. This NOC will be mandatory for anyone who has a bank account classified as a non-performing asset, or who is labeled as a voluntary defaulter by a bank, or who is under investigation by a financial services regulator, the Enforcement Branch or the Central Commission of Inquiry. . Now some news related to National Highways – Road Transport and Highways Minister Nitin Gadkari has set a firm target to construct National Highways at a record pace of 40 km/day for the current fiscal year. A record 37 km per day was achieved in 2020-21, while last year the figure was 29 km/day. The minister told Surya Sarathi Ray that efforts were being made to achieve the latest target despite continuing problems including land acquisition. He also said that monetization of road assets would be considered in line with fund requirements. Finally – National headline indices closed with losses for the second day in a row and started the week on a negative note. Going into the second day of trading, SGX Nifty was sitting in the red suggesting a continuation of yesterday’s slide as global indices were weak after Wall Street closed with losses. Asian stock markets mirrored the fall. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Have your digital assistive device read the latest Indian Express business news and stay abreast of happenings in financial and business stories. Click here to listen to last night’s Business News
