RBI Repo rate hike: The latest hike from the RBI may be bigger but definetly not the last. With Governor Das keeping the door open for further hikes in the September meeting with a cautious outlook.

RBI Monetary Policy Highlights , RBI Repo rate hike: Top 10 points that you should know

RBI Repo rate hike: Top 10 points that you should know

RBI Monetary Policy

RBI Repo rate hike : Real GDP growth projection for FY23 retained at 7.2%, says RBI governor

RBI Repo rate hike: The latest hike from the RBI may be bigger but definetly not the last. With Governor Das keeping the door open for further hikes in the September meeting with a cautious outlook.
<h3>Here are the top highlights from the MPC (Monetary Policy Committee) decision:</h3>
1. Third repo rate hike by the RBI, rate now at 5.4%
2. Repo rate is now back to pre-pandemic levels, highest since August 2019
3. <a href="https://www.editorji.com/business-news/rbi-monetary-policy-repo-rate-hiked-by-50-bps-1659674214245">RBI Policy</a> stance is retained at Withdrawal of Accommodation
4. Expect credit to get more 'expensive', retail lending rates to rise again
5. Banks also expected to hike fixed deposit rates in the near term&nbsp;
6. The governor referred to inflation 25 times in the press statement
7. Inflation outlook: Consumer price inflation has eased from its surge in April but remains uncomfortably high
8. High inflation could destabilise inflation expectations and harm growth in the medium as per the RBI
9. Real GDP growth projection for FY23 retained at 7.2%
10. The next meeting of the Monetary Policy Committee meeting is scheduled to be held the next month itself from September 28-30, 2022

Asia's richest person Gautam Adani is going to give the public another chance to get share of the business pie as the group looks at an IPO for the NBFC unit of the Adani Group.&nbsp;Bloomberg reports that &nbsp;non-bank lender Adani Capital will look to raise Rs 1,500 cr through a stake sale but you may have have to be patient as the timeline is set for 2024. Reports indicate that the company aims for a $2 billion valuation in offering.Adani Capital is the non-banking financial company (NBFC) arm of Adani Group and commenced lending operations in April 2017. The lender uses a direct-to-customer distribution model, and the firm has 154 branches in eight states and about 60,000 borrowers.Adani Wilmar was the latest Adani Group firm to enter stock exchanges. The FMCG firm that debuted in market on February 8 has already given investors a 3-fold return on their bets as the stock price has risen from Rs 260 to Rs 645 in a matter of 6 months.&nbsp;

Another IPO coming soon from the House of Adani

After investors see their investments tripling in 6 months from the last Adani IPO, there is another offering coming soon from the House of Adani soon.

After Wilmar Adani plans another IPO 

Adani Capital is the non-banking financial company (NBFC) arm of Adani Group and commenced lending operations in April 2017

Asia's richest person Gautam Adani is going to give the public another chance to get share of the business pie as the group looks at an IPO for the NBFC unit of the Adani Group.&nbsp; Bloomberg reports that &nbsp;non-bank lender Adani Capital will look to raise Rs 1,500 cr through a stake sale but you may have have to be patient as the timeline is set for 2024. Reports indicate that the company aims for a $2 billion valuation in offering. Adani Capital is the non-banking financial company (NBFC) arm of Adani Group and commenced lending operations in April 2017. The lender uses a direct-to-customer distribution model, and the firm has 154 branches in eight states and about 60,000 borrowers. Adani Wilmar was the latest Adani Group firm to enter stock exchanges. The FMCG firm that debuted in market on February 8 has already given investors a 3-fold return on their bets as the stock price has risen from Rs 260 to Rs 645 in a matter of 6 months.&nbsp;

Fed Rate Hike : The Federal Reserve raised rates by yet another 75 bps and kept the door open for a another hike. The markets however rallied sharply in the US despite the rate hike as Fed Chief Jerome Powell said.

Fed rate hike to massive market rally: All that happened overnight

Fed raises rates but Fed Chief Powell's comments power up the markets

<div class="hed-and-dek__f2fe7f0f">
<div class="abstract-item-text__d2d4dde8">Powell said pace of Fed rate increases will slow at some point</div>
</div>
<div class="content-well__5e77db71">
<div class="lede__8cfb9125"><address class="lede-byline__a846e17f">&nbsp;</address></div>
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Fed Rate Hike : The Federal Reserve raised rates by yet another 75 bps and kept the door open for a another hike. The markets however rallied sharply in the US despite the rate hike as Fed Chief Jerome Powell&nbsp;said he does not think the US is currently in a recession. With 75 bps done again, it takes the cumulative June-July increase to 150 basis points, which is the steepest move up since the early 1980s.&nbsp;
The <a href="https://www.editorji.com/business-news/stock-market-live-udpates-sensex-nifty-crack-on-fed-rate-hike-fears-1650599602810" target="_blank" rel="nofollow noopener">Fed's latest hike</a> lifts the benchmark short-term rate to its highest level since 2018. The central bank is betting that it can slow growth just enough to tame inflation yet not so much as to trigger a recession.
The Dow Jones Industrial Average closed 1.37% higher, or 436 points, to close at 32,197.
<a href="https://www.editorji.com/business-news/revealed-the-rbi-governor-s-salary-the-comparison-with-a-bank-ceo-is-shocking-1658988164613" target="_blank" rel="nofollow noopener">Revealed: The RBI Governor's salary, the comparison with a bank CEO is shocking!&nbsp;</a>
The S&amp;P 500 gained 2.6%- 102 points higher at 4,023 while the technology heavy Nasdaq jumped by 4.06% - the most in over two years - to close 469 points higher at 12,032.

Zomato shares for just 1 rupee! No not a firesale but an ESOP bonanza delivered by the food tech giant. The firm informed exchanges that the board has approved the allotment of 4.66 crore shares from its ESOP (employee stock option plan) pool at an exercise price of one rupee.On the basis of market price of Zomato shares on July 27, the total allotment is worth Rs 193 crore. Zomato shares have faced severe sell-off with lock in period of anchor investors ending. The stock is down 20% over 2 days hitting new record lows. While Zomato had an impressive stock market debut, it has wiped over 45% of the value from its offer price within a year of listing.
 

Zomato delivers ESOP bonanza, shares for Rs 1 

Zomato, shareholders get rewarded with shares for just one rupee! 

Zomato delivers ESOP bonanza

Zomato board of directors&nbsp; approved the allotment of 4,65,51 ,600 equity shares to employees upon exercise of vested stock options.

Zomato shares for just 1 rupee! No not a firesale but an ESOP bonanza delivered by the food tech giant. The firm informed exchanges that the board has approved the allotment of 4.66 crore shares from its ESOP (employee stock option plan) pool at an exercise price of one rupee.
Also read/watch| <a title="Explained: Why Zomato share prices hit record low" href="https://www.editorji.com/business-news/markets/explained-why-zomato-share-prices-hit-record-low-1658732411935">Explained: Why Zomato share prices hit record low</a> On the basis of market price of Zomato shares on July 27, the total allotment is worth Rs 193 crore. Zomato shares have faced severe sell-off with lock in period of anchor investors ending. The stock is down 20% over 2 days hitting new record lows.&nbsp; While <a href="https://www.editorji.com/india-news/dressed-as-zomato-agent-man-sends-resume-in-pastry-box-find-out-what-happened-next-1656957965676">Zomato</a> had an impressive stock market debut, it has wiped over 45% of the value from its offer price within a year of listing.

In what will be a bout of billionaires in the telecom, the 5G auction today will see the likes of Adani, Ambani and Airtel battle it out for 72 GHz of radiowaves worth Rs 4.3 lakh crores.Jio, it is expected, will lead the spends, followed by Bharti Airtel while analysts see limited participation from Vodafone Idea and Adani Group.
Mukesh Ambani's Reliance Jio has made a Rs 14,000 crore Earnest Money Deposit (EMD) while rival Adani group made a modest Rs 100 crore deposit recently.
EMD itself is reflective of the quantity of airwaves a company can bid for in the auction. By the EMD amount (Rs 100 cr) many are speculating that the world's fourth richest man, Gautam Adani is initially looking to grab 5G just for internal/captive use for the group.For the upcoming auction, Sunil Mittal-led Bharti Airtel had put in Rs 5,500 crore as EMD while for Vodafone Idea the amount stands at Rs 2,200 crore which surprised many onlookers as the company has faced severe funding pressures. 
The bidding process is scheduled to start on Tuesday from 10 am and go on till 6 pm.
The number of days of auction will depend on the actual demand for radiowaves and strategy of individual bidders, sources in the Department of Telecom told news agency PTI. 


5G auction begins today: Jio, Airtel, Adani in the fray

Billionaires from Adanai, Ambani and Airtel to throw their ring in the hat as the 5G auctions kick off. What's at stake? 72 GHz of radiowaves worth Rs 4.3 lakh crores.


The number of days of auction will depend on the actual demand for radiowaves and strategy of individual bidders, sources in the Department of Telecom said.

In what will be a bout of billionaires in the telecom, the 5G auction today will see the likes of Adani, Ambani and Airtel battle it out for 72 GHz of radiowaves worth Rs 4.3 lakh crores. Jio, it is expected, will lead the spends, followed by Bharti Airtel while analysts see limited participation from Vodafone Idea and Adani Group.
Also read/watch| <a title="5G Explained: Why are Adani and Ambani fighting over it" href="https://www.editorji.com/business-news/5g-explained-why-are-adani-and-ambani-fighting-over-it-1658815044317">5G Explained: Why are Adani and Ambani fighting over it</a>
Mukesh Ambani's Reliance Jio has made a Rs 14,000 crore Earnest Money Deposit (EMD) while rival Adani group made a modest Rs 100 crore deposit recently.
EMD itself is reflective of the quantity of airwaves a company can bid for in the auction. By the EMD amount (Rs 100 cr) many are speculating that the world's fourth richest man, Gautam Adani is initially looking to grab 5G just for internal/captive use for the group. For the upcoming auction, Sunil Mittal-led Bharti Airtel had put in Rs 5,500 crore as EMD while for Vodafone Idea the amount stands at Rs 2,200 crore which surprised many onlookers as the company has faced severe funding pressures.&nbsp;
The bidding process is scheduled to start on Tuesday from 10 am and go on till 6 pm.
The number of days of auction will depend on the actual demand for radiowaves and strategy of individual bidders, sources in the Department of Telecom told news agency PTI.&nbsp;

It is hot news that is burning shareholders' portfolio as food tech giant Zomato's share prices plunged to a record low. Zomato share price plunged more than 14 per cent  intraday to Rs 46 apiece, a new all-time low on Monday, as the one-year lock-in period for the pre-IPO investors has ended. With this one year lock-in of around 613 crore Zomato shares, which is to the tune of 78 per cent of total paid up capital of the company faced sell-off risk 
Shares of Zomato listed on exchanges on July 23 which was a historic moment for startups but 52 weeks down the landscape and mood has changed dramatically. Zomato does not have any 'promoter' listed as a result as  per SEBI norms , all shareholders, including the founders, collectively owning 77.87 percent who were locked-in would be free to sell the shares without any disclosures

Explained: Why Zomato share prices hit record low

Zomato delivers a horrible day to investors

One year lock-in for near 78% paid up capital of the food chain platform ended.&nbsp;

It is hot news that is burning shareholders' portfolios as food tech giant Zomato's share prices plunged to a record low. Zomato's share price plunged more than 14 per cent&nbsp; intraday to Rs 46 a piece, a new all-time low on Monday, as the one-year lock-in period for the pre-IPO investors has ended.&nbsp; With this one-year lock-in of around 613 crore Zomato shares, which is to the tune of 78 per cent of the total paid-up capital of the company faced sell-off risk&nbsp;
Shares of Zomato listed on exchanges on July 23 which was a historic moment for startups but 52 weeks down the landscape and mood has changed dramatically.&nbsp; Zomato does not have any 'promoter' listed as a result as &nbsp;per SEBI norms, all shareholders, including the founders, collectively owning 77.87 percent who were locked-in would be free to sell the shares without any disclosures

Ahishkumar Chauhan is set to become the new managing director and CEO of the National Stock Exchange as capital markets regulator Sebi has given its clearance for his appointment, the exchange said on Sunday.
Chauhan, who is currently the MD and CEO of BSE, will be appointed for a period of five years. The tenure of Chauhan, who has been with BSE since 2009, is scheduled to end in November.
He will be taking over the helm of NSE from Vikram Limaye, whose five-year term ended on Saturday. Limaye did not seek another tenure at the NSE despite being eligible for it.
In a statement, the NSE said that the Securities and Exchange Board of India (Sebi) has approved the name of Chauhan as the MD and CEO of NSE.
His appointment is subject to acceptance of the offer made to him and fulfilment of terms and conditions including approval from the shareholders of NSE, the statement noted.
In the interim, an internal executive committee has been constituted by the governing board of NSE for running the affairs of the company till the new MD and CEO assumes charge. The committee will be dissolved upon the new chief assuming office.
The internal executive committee comprises Yatrik Vin, Group CFO & Head Corporate Affairs, Priya Subbaraman, Chief Regulatory Officer, Somasundaram KS, Chief Enterprise Risk & Information Security Officer and Shiv Kumar Bhasin, Chief Technology & Operations Officer.
Chauhan, who is one of the founders of NSE, has the uphill task of guiding the exchange, which is facing the regulatory probe in a case pertaining to governance lapses at the bourse as well as in the co-location matter.
The co-location scam resulted in ouster and later arrest of its former MD and CEO Chitra Ramkrishna.
Also, all eyes are now on the BSE that who will get the top job at the exchange after the departure of Chauhan. BSE has already begun the search for a new MD and CEO.
Under the new market infrastructure institution (MII) rules, the head of an MII is allowed a maximum of two terms of five years each.
Chauhan, a technocrat from IIT and IIM, is considered the father of modern financial derivatives in India due to his work at NSE from 1993-2000. He is also the creator of Nifty index and was in charge of creating the first screen-based trading. He started his career as a banker with IDBI.
At BSE, Chauhan helped it become the world's fastest exchange with 6 microseconds response time, completed its IPO, revived its revenues, introduced mobile stock trading to India, diversified in new areas including currency, commodities and equity derivatives, SME, start-ups, mutual fund and insurance distribution, spot markets and power trading.
In addition, Chauhan has the experience of successfully handling the initial public offering (IPO) of BSE. This was one of the eligibility criteria NSE was looking in its next chief.
The NSE is planning to come out with its initial share-sale since long. However, the plan to go public derailed after the bourse got embroiled into colocation controversy, where certain brokers were allegedly given unfair access to the exchange data feeds over other members.
In March, NSE invited applications from candidates for the role of MD and CEO. The applications were invited from candidates having IPO experience for the top post job. 

NSE gets new MD, CEO: Ashishkumar Chauhan's appointment cleared by SEBI

Ashishkumar Chauhan to become NSE MD, CEO; Sebi clears appointment of veteran technocrat. 

Veteran exchange leader Ashishkumar Chauhan to head NSE

Chauhan, who is currently the MD and CEO of BSE, will be appointed for a period of five years.

Ahishkumar Chauhan is set to become the new managing director and CEO of the National Stock Exchange as capital markets regulator Sebi has given its clearance for his appointment, the exchange said on Sunday.
Chauhan, who is currently the MD and CEO of BSE, will be appointed for a period of five years. The tenure of Chauhan, who has been with BSE since 2009, is scheduled to end in November.
Also read/watch: <a title="GST changes from today: Tax hike for hospitals to cheque books, here is what is more expensive" href="https://www.editorji.com/business-news/personal-finance/gst-changes-from-today-tax-hike-for-hospitals-to-cheque-books-here-is-what-is-more-expensive-1658112584320">GST changes from today: Tax hike for hospitals to cheque books, here is what is more expensive</a>
He will be taking over the helm of NSE from Vikram Limaye, whose five-year term ended on Saturday. Limaye did not seek another tenure at the NSE despite being eligible for it.
In a statement, the NSE said that the Securities and Exchange Board of India (Sebi) has approved the name of Chauhan as the MD and CEO of NSE.
His appointment is subject to acceptance of the offer made to him and fulfilment of terms and conditions including approval from the shareholders of NSE, the statement noted.
In the interim, an internal executive committee has been constituted by the governing board of NSE for running the affairs of the company till the new MD and CEO assumes charge. The committee will be dissolved upon the new chief assuming office.
Also read/watch| <a title="Scindia holds meeting, safety issues and concerns taken up with DGCA" href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881">Scindia holds meeting, safety issues and concerns taken up with DGCA</a>
The internal executive committee comprises Yatrik Vin, Group CFO &amp; Head Corporate Affairs, Priya Subbaraman, Chief Regulatory Officer, Somasundaram KS, Chief Enterprise Risk &amp; Information Security Officer and Shiv Kumar Bhasin, Chief Technology &amp; Operations Officer.
Chauhan, who is one of the founders of NSE, has the uphill task of guiding the exchange, which is facing the regulatory probe in a case pertaining to governance lapses at the bourse as well as in the co-location matter.
The co-location scam resulted in ouster and later arrest of its former MD and CEO Chitra Ramkrishna.
Also, all eyes are now on the BSE that who will get the top job at the exchange after the departure of Chauhan. BSE has already begun the search for a new MD and CEO.
Under the new market infrastructure institution (MII) rules, the head of an MII is allowed a maximum of two terms of five years each.
Chauhan, a technocrat from IIT and IIM, is considered the father of modern financial derivatives in India due to his work at NSE from 1993-2000. He is also the creator of Nifty index and was in charge of creating the first screen-based trading. He started his career as a banker with IDBI.
At BSE, Chauhan helped it become the world's fastest exchange with 6 microseconds response time, completed its IPO, revived its revenues, introduced mobile stock trading to India, diversified in new areas including currency, commodities and equity derivatives, SME, start-ups, mutual fund and insurance distribution, spot markets and power trading.
In addition, Chauhan has the experience of successfully handling the initial public offering (IPO) of BSE. This was one of the eligibility criteria NSE was looking in its next chief.
The NSE is planning to come out with its initial share-sale since long. However, the plan to go public derailed after the bourse got embroiled into colocation controversy, where certain brokers were allegedly given unfair access to the exchange data feeds over other members.
In March, NSE invited applications from candidates for the role of MD and CEO. The applications were invited from candidates having IPO experience for the top post job.&nbsp;

Rupee at 80 may be the headline but the star of the story is Dollar as the script and casting for the rout is not homegrown. Simply speaking, it is Dollar which is king and rupee an unfortunate victim of the turn of events -geo political and economic

Explained: Rupee at 80, what got it here and what it means for you 

The dollar continues to gain vs emerging market currencies

<a href="https://www.editorji.com/business-news/markets/rupee-at-80-set-to-hit-historic-low-today-vs-usd-1657852856569" target="_blank">Rupee at 80</a> may be the headline but the star of the story is Dollar as the script and casting for the rout is not homegrown. Simply speaking, it is Dollar which is king and rupee an unfortunate victim of the turn of events - geo political and economic.&nbsp;
<h3>Tracking the tumble</h3>
From an average rate of 73.93/$ in 2021 rupee has tumbled over 27 times to hit new record low in this year itself, tumbling over 6.5%. To paint a true picture it is not the rupee falling but the dollar rising. The dollar has risen to a 20 year high vs a basket of currency adding pressure across the globe. Euro has hit parity vs the dollar, something unseen in 20 years. The Japanese Yen continues to struggle at 24 year low as well.&nbsp;
<h3>Why is the Rupee hit so hard?</h3>
India's large amount of dues in dollars because of large import bill leaves the fifth biggest economy in the world more exposed to pressure as the dollar gains and it has to shell out far more currency to make pay debt. As the world&rsquo;s third largest oil importer, India is vulnerable to rising oil prices and in turn the rising demand for dollars to make those payments.&nbsp;
<h3>Dollar payments pile up</h3>
Its not just the household budgets that have been hit with high prices, it is playing havoc with North Blocks balance sheet as well. India&rsquo;s trade deficit, the gap between imports and exports&nbsp; - widened the most on record in June to $25.63 billion adding more pressure to the rupee as demand for dollars to make those payments rises.&nbsp;
<h3>Don't we have reserves, what is the RBI doing?</h3>
RBI's forex reserves have fallen by $42 billion dollars since Februrary and is now at&nbsp; the lowest in more than 14 months at $588.3 billion as of July 1. The central bank has intervened directly into the forex markets as well via tools such as restricting gold imports, allowing settlement in rupee for external trade. But this is a global rout so intervention and course correction may be a tough ask for Governor Shaktikanta Das.&nbsp; 
<h3>Who to blame - Putin or Powell?</h3>
Oil has what has boiled India's import bill with Russia's invasion of Ukraine creating global fuel shortages. In fact for every $1 increase in the price of oil, India&rsquo;s import bill increases by $2.1 billion. Putin to petrol to payments that has really been the domino effect. Another side effect and a bigger one has been from Jerome Powell, historic hikes from the US Central bank has made dollar denominated investments more attractive, and as globally economies slow risk aversion rises and FIIs start to park money to safer slower investments mostly dollar based.&nbsp;
<h3>What is the endgame?&nbsp;</h3>
With global central banks playing catch up on rates with Powel being the pied piper, traders expect dollar to gain more from here so emerging market currencies such as the rupee are likely to see more pain.&nbsp;

The rupee rout continues as the currency is set to decisively fall below the crucial 80 per US dollar mark in trade. The rupee on Wednesday briefly breached the 80 mark but settle to close at recor low - 4th session in a row at 79.90/$. It is not the rupee that is suffering but rather the US greenback that is gaining. The dollar dominance has been exaggerated by fast rising rates by the US Fed and the global slowdown. The result a general risk aversion and foriegn investors pulling money out of 'hot spot' markets such as India. In just this year FIIs have pulled out over $29 billion dollars from the markets, outstripping the exits during the 2008 financial crisis. But India is not alone in the losers club vs the dollar, Euro now at parity sits at a 20 year low, the Japanese yen has tumbled to its lowest level in 24 years vs the dollar. The bets however expect a little more pain as the Fed is set to tighten rates by a historic 100 bps at its July 26-27 meet pushing the dollar even higher. 

Rupee at 80, set to hit historic low today vs USD 

After 27 record lows from February, the Rupee now at the doorstep of 80/$. 

Rupee set to breach 80 vs USD today

Dollar dominance is pushing currencies from Euro, Yen to Peso to multi-year lows

The rupee rout continues as the currency is set to decisively fall below the crucial 80 per US dollar mark in trade. The rupee on Wednesday briefly breached the 80 mark but settle to close at recor low - 4th session in a row at 79.90/$.&nbsp; It is not the rupee that is suffering but rather the US greenback that is gaining. The dollar dominance has been exaggerated by fast rising rates by the US Fed and the global slowdown. The result a general risk aversion and foriegn investors pulling money out of 'hot spot' markets such as India.&nbsp; In just this year FIIs have pulled out over $29 billion dollars from the markets, outstripping the exits during the 2008 financial crisis. But India is not alone in the losers club vs the dollar, Euro now at parity sits at a 20 year low, the Japanese yen has tumbled to its lowest level in 24 years vs the dollar.&nbsp; The bets however expect a little more pain as the Fed is set to tighten rates by a historic 100 bps at its July 26-27 meet pushing the dollar even higher.&nbsp;

Central bankers from Canada to India are raising rates at an unprecedented rate as price rise continues to haunt economies with worsening inflation reports.  The tightening of liquidity and the higher cost of money has thrown markets into a bear grip as global indices tumble 20% from record highs. But what is worse for traders and portfolio - high rates or high prices? Nasser Salim Managing Partner at Flexi Capital navigates investors through these economic and market signals. 

High Rates vs High Prices: What is worse for this market?

What is worse for traders and your portfolio - high rates or high prices? Nasser Salim Managing Partner at Flexi Capital navigates investors through these economic and market signals. 

Central banks globally are confronting unprecedented inflation, prompting historic rate hikes&nbsp;

Central bankers from Canada to India are raising rates at an unprecedented rate as price rise continues to haunt economies with worsening inflation reports.&nbsp; The tightening of liquidity and the higher cost of money has thrown markets into a bear grip as global indices tumble 20% from record highs. But what is worse for traders and portfolio - high rates or high prices? Nasser Salim Managing Partner at Flexi Capital navigates investors through these economic and market signals.&nbsp;

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US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&amp;P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%. Weak economic data made the market reverse all early gains as bets rise on aggressive hikes from the Fed. The consumer confidence index fell to a reading of 98.7, down from 103.2 in May.Beyond equities; oil pushed past $112 a barrel on supply risks and Bitcoin striggled around $20,000 as sentiment continues to be sour around digital tokens.&nbsp;

Market latest news: US markets see sharp cuts, bear market loses its bounce

US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%.

US markets see sharp cuts, bear market loses its bounce

<div class="abstract-item-text__d2d4dde8">Markets doubtful if the the global economy can face bigger rate hikes</div>

US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&amp;P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%. Weak economic data made the market reverse all early gains as bets rise on aggressive hikes from the Fed. The consumer confidence index fell to a reading of 98.7, down from 103.2 in May. Beyond equities; oil pushed past $112 a barrel on supply risks and Bitcoin striggled around $20,000 as sentiment continues to be sour around digital tokens.&nbsp;

The latest news from Dalal Street is cheering on the bulls as the Sensex reclaimed 60,000 in Wednesday's trade. This is the highest that the&nbsp; benchmark 30-stock index has been since April 5.&nbsp;The upmove was supported by the Bajaj Twins (Finance and Finserv) while HDFC Bank and ICICI Bank also nudged the index higher. Oil and Gas major Reliance was the only non financial mover in the top 5 gainers.&nbsp;Broader markets, too, reflected similar resilience as Nifty Midcap 100 and Nifty Smallcap 100 gained in trade up nearly 1%. Sector-wise, Nifty Bank, Nifty Media, Nifty FMCG were the winners. Nifty Auto, however, saw some profit-booking in trade.Macro economic data has also been supportive with inflation showing some signs of relief and the bets of further rate hikes from RBI have eased.&nbsp;

Markets on the move: Sensex reclaims 60,000 

Bulls return to Dalal Street as Sensex reclaims 60,000

Benchmark Index at highest level since April 5

The latest news from Dalal Street is cheering on the bulls as the Sensex reclaimed 60,000 in Wednesday's trade. This is the highest that the&nbsp; benchmark 30-stock index has been since April 5.&nbsp; The upmove was supported by the Bajaj Twins (Finance and Finserv) while HDFC Bank and ICICI Bank also nudged the index higher. Oil and Gas major Reliance was the only non financial mover in the top 5 gainers.&nbsp; Broader markets, too, reflected similar resilience as Nifty Midcap 100 and Nifty Smallcap 100 gained in trade up nearly 1%. Sector-wise, Nifty Bank, Nifty Media, Nifty FMCG were the winners. Nifty Auto, however, saw some profit-booking in trade. Macro economic data has also been supportive with inflation showing some signs of relief and the bets of further rate hikes from RBI have eased.&nbsp;

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd.
SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT).
In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.
In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore.
On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore.
"During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified the company's account as Non-Performing Assets (NPA) as per the RBI regulations on loan classification.
The lenders of the company have signed an ICA (Inter Creditors Agreement) on January 28, 2022 for resolution of the company's accounts, the company had said in the notes of accounts of financial statement for the first quarter.
The debt restructuring as per RBI's S4A scheme has improved the company's liquidity position, it said.
"However, keeping in view the status of outstanding cane dues and funds for servicing debt obligations, the company is further discussing with the lenders a debt resolution plan to have a lasting solution to improve its liquidity," Bajaj Hindusthan had said.
The resolution plan envisages reduction of its overall debt, realignment of its capital structure, payment of cane dues of farmers, increasing cane availability and supply etc.
"The company is also exploring/evaluating various options for corporate restructuring to streamline the business and enhance the company's value," Bajaj Hindusthan said.
Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company.
Part of the Bajaj Group (Kushagra), it is headquartered in Mumbai, Maharashtra.
The company has fourteen sugar plants, all located in Uttar Pradesh.
These plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.
It is also one of the largest producers of ethanol and currently produces 38 million litres of ethanol per year. The company has increased its ethanol manufacturing capacity to roughly 218 million litres per year.
Bajaj Hindusthan said the company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP State Grid.
Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid. 

Is India's largest sugar manufacturer bankrupt?

Bitter Bankruptcy for Bajaj Hindusthan?

In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd.
SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT).
In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.
In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore.
On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore.
"During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified the company's account as Non-Performing Assets (NPA) as per the RBI regulations on loan classification.
The lenders of the company have signed an ICA (Inter Creditors Agreement) on January 28, 2022 for resolution of the company's accounts, the company had said in the notes of accounts of financial statement for the first quarter.
The debt restructuring as per RBI's S4A scheme has improved the company's liquidity position, it said.
"However, keeping in view the status of outstanding cane dues and funds for servicing debt obligations, the company is further discussing with the lenders a debt resolution plan to have a lasting solution to improve its liquidity," Bajaj Hindusthan had said.
The resolution plan envisages reduction of its overall debt, realignment of its capital structure, payment of cane dues of farmers, increasing cane availability and supply etc.
"The company is also exploring/evaluating various options for corporate restructuring to streamline the business and enhance the company's value," Bajaj Hindusthan said.
Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company.
Part of the Bajaj Group (Kushagra), it is headquartered in Mumbai, Maharashtra.
The company has fourteen sugar plants, all located in Uttar Pradesh.
These plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.
It is also one of the largest producers of ethanol and currently produces 38 million litres of ethanol per year. The company has increased its ethanol manufacturing capacity to roughly 218 million litres per year.
Bajaj Hindusthan said the company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP State Grid.
Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid.&nbsp;

Top 5 'fat-finger' trades that rocked global marketsJapan's Jitters with $711 Billion Blunder2014: In what could have been one of most expensive fat-finger trades ever. Someone placed more than 40 erroneous orders in some of Asia’s largest corporations, representing hundreds of billions of dollars of business. Orders included a request for 1.9 billion shares in Toyota, around 57 per cent of its total share capital. Though no real losses were accouted for as the trades were cancelled - the total value of the cancelled trade were greater than the economy of Sweden. Samsung Sec's $140 Billion Slip Up 2018: An employee at one of South Korea's largest brokerages, tried to pay employees 1,000 won ($1.25) per share in dividends under a company compensation plan, but instead gave them 1,000 company shares instead, worth on paper about 112.6 trillion won ($140 billion), more than 30 times the company's market value.Things got worse when 16 employees sold the stock, spurring a rout of as much as 12 per cent in the space of minutes on April 6, the biggest decline since the global financial crisis. Deutsche's $6 Billion Debacle2019: The German bank accidentally transferred $6bn to a hedge fund client in 2015 after a junior trader on its foreign exchange desk mistakenly put through the trade. Even though the trade was reversed it left a unbilled damaged to the bank's goodwill. 
Mizuho’s Mess Up Cost Millions2005: The brokerage arm of Mizuho accidentally offered to sell 610,000 shares of recruitment company J-Com at one yen, instead of the intended one share at 610,000 yen. Mizuho was forced to pay 912,000 yen a share to investors who bought shares of J-Com, suffering a loss of $335 million, as part of an emergency settlement plan
Gold's No Haven2017: Gold traders were rattled in Juneby a huge spike in volume in New York futures when trading jumped to 1.8 million ounces of gold in just a minute, an amount bigger than the gold reserves of Finland. Only possible explanation: a mistaken trade of 18,149 lots of a futures contract, about 100 times the size of a typical trade of 18,149 ounces. 


Top 5 'fat-finger' trades that rocked global markets 

A fat-finger trade is an erroneous&nbsp;trade that happens due to pressing a wrong key on the keyboard or a mouse misclick.

Keto, GM or anything diet will not reduce the losses that arise from having a fat finger! Erroneous&nbsp;trades or infamously labelled fat-finger trades have over the decades rocked financial markets and reminded traders - to err is human!&nbsp;
Japan's Jitters with $711 Billion Blunder 2014: In what could have been one of the most expensive fat-finger trades ever. Someone placed more than 40 erroneous orders&nbsp;in some of Asia&rsquo;s largest corporations, representing hundreds of billions of dollars of business. Orders included a request for 1.9 billion shares in Toyota, around 57 per cent of its total share capital. Though no real losses were accounted for as the trades were cancelled - the total value of the cancelled trade was greater than the economy of Sweden.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/this-edtech-startup-shuts-its-operation-fires-all-the-employees-1654155999177" target="_blank">This EdTech startup shuts its operation, fires all the employees</a>
Samsung&nbsp;Sec's&nbsp;$140 Billion Slip Up&nbsp; 2018: An employee at one of South Korea's largest brokerages tried to pay employees 1,000 won ($1.25) per share in dividends under a company compensation plan, but instead gave them 1,000 company shares instead, worth on paper about 112.6 trillion won ($140 billion), more than 30 times the company's market value. Things got worse when 16 employees sold the stock, spurring a rout of as much as 12 per cent in the space of minutes on April 6, the biggest decline since the global financial crisis.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-repo-rate-to-be-hiked-all-you-need-to-know-1654154034702" target="_blank">RBI June Monetary Policy: Repo rate to be hiked? All you need to know</a>
Deutsche's&nbsp;$6 Billion Debacle 2019: The German bank accidentally transferred $6bn to a hedge fund client in 2015 after a junior trader on its foreign exchange desk mistakenly put through the trade. Even though the trade was reversed it left&nbsp;unbilled&nbsp;damage to the bank's goodwill.
Mizuho&rsquo;s Mess Up Cost Millions 2005: The brokerage arm of Mizuho accidentally offered to sell 610,000 shares of recruitment company J-Com at one yen, instead of the intended one share at 610,000 yen.&nbsp;Mizuho was forced to pay 912,000 yen a share to investors who bought shares of J-Com, suffering a loss of $335 million, as part of an emergency settlement plan.
Also read/watch | <a href="https://www.editorji.com/business-news/markets/explained-what-is-a-fat-finger-trade-and-how-it-can-make-you-lose-crores-1654228204966" target="_blank">Explained: What is a fat finger trade and how it can make you lose crores!</a>
Gold's No Haven 2017: Gold traders have rattled in June by&nbsp;a huge spike in volume in New York futures when trading jumped to 1.8 million ounces of gold in just a minute, an amount bigger than the gold reserves of Finland. Only&nbsp;possible explanation: a mistaken trade of 18,149 lots of a futures contract, about 100 times the size of a typical trade of 18,149 ounces.

Big Bull Rakesh Jhunjhunwala passes away at 62

Rakesh Jhujhunwala, veteran investor, passed away at 62 in Mumbai. Known as 'India's Warren Buffett', and even the Big Bull, Jhunjhunwala began his investing journey in 1985 as a young CA. Starting with just Rs 5000 as capital nealy 4 decades ago Rakesh Jhunjhunwala's wealth has multiplied to nearly $6 billion with marquee investments such as Titan, Lupin, <a href="https://www.editorji.com/partner/car-and-bike/tata-motors-signs-mou-with-gujarat-government-1654174735976">Tata Motors</a> and many others.&nbsp; Prime Minister <a href="https://www.editorji.com/sports-news/commonwealth-games-2022/pm-narendra-modi-hosts-indian-commonwealth-games-contingent-1660392858896">Narendra Modi</a> whom the investor met earlier this year took to Twitter to condole calling Jhunjhunwala &ldquo;indomitable&rdquo; and who left behind &ldquo;an indelible contribution to the financial world.&rdquo;&nbsp; <a href="https://www.editorji.com/business-news/big-bull-rakesh-jhunjhunwala-passes-away-at-62-1660448831432">Rakesh Jhunjhunwala</a> born on 5th July 1960 in Mumbai.&nbsp; His father was an Income tax officer and got him interested in stocks.&nbsp;
<a href="https://www.editorji.com/india-news/rakesh-jhunjhunwala-backed-akasa-air-cleared-for-commercial-flights-1657205614392">Rakesh Jhunjhunwala-backed Akasa Air cleared for commercial flights</a> In 2009 in an interview to ET he was quoted saying: See, the only truth of life is death and that when I am going to die I would say boss, just leave me for three hours, I would buy one stock, I will do some trading, I will spend some time with my children, my wife, I will have two drinks and then you can burn me. So it has to be combination of everything. With his newest investment Akasa taking to the skies this month right after his birthday the final trade for this ace investor has been punched.

In the latest news from the IPO corner, Syrma SGS a technology-focussed engineering and design company is ready to test its fate with investors. Here is all you need to know 

IPO Opens: August 12 
IPO Closes: August 18
IPO Price: Rs 209 to Rs 220
Grey Market Premium: Rs 30/share (as per reports)

The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon.Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries.As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

IPO watch: Syrma SGS Technology IPO, dates to GMP everything you need to know

After over 2 months of an IPO drought, Syrma SGS Technology tests the markets' mettle. Here is all you need to know about the IPO 

First IPO to hit Dalal Street after two and a half months&nbsp;

In the latest news from the IPO corner, Syrma SGS a technology-focused engineering and design company is ready to test its fate with investors. Here is all you need to know&nbsp;
<ul>
<li>IPO Opens: August 12 </li>
<li>IPO Closes: August 18</li>
<li>IPO Price: Rs 209 to Rs 220</li>
<li>Grey Market Premium: Rs 30/share (as per reports)</li>
</ul>
The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon. Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries. As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

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