Traders almost fully expect another jumbo-sized Fed hike next week following two 75-basis-point increases while major currencies regain some of the ground they lost to a surging dollar. Markets in China, Hong Kong and South Korea are closed today for holidays.
India demonstrated resilience in face of global energy crisis: Hardeep Puri
India has demonstrated great resilience in the face of the global energy crisis, said Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, adding that the government’s measures to minimize and mitigate the volatility served the purpose.
Speaking about fuel prices at a media event, minister Puri said prices in India have been contained in comparison to an exponential rise in developed countries. Most of the developed nations have witnessed significant inflation rise in gasoline prices – an increase of almost 40% from July 2021 to August 2022.
In India, gasoline prices have been reduced by 2.12%. (ANI)
Indian Railways revenue up 38% to ₹95,486.58 crore till Aug-end
The overall revenue of Indian Railways at the end of August 2022 was ₹95,486.58 crore, showing an increase of ₹26,271.29 crore or 38 per cent over the corresponding period of last year, an official statement said on Sunday.
The revenue from passenger traffic was ₹25,276.54 crore, an increase of ₹13,574.44 crore (116 per cent) year-on-year.
Passenger traffic also increased compared to last year in both the segments — reserved and unreserved. The growth from the long distance reserved mail express trains has been sharper than the same in passenger and suburban trains, the Railways said. (PTI)
RBI nod for Yes Bank stake sale likely by Nov, says CEO
Yes Bank Ltd is hoping to receive approval from the Reserve Bank of India (RBI) in the next two months for its proposed stake sale to infuse ₹8,898 crore, said chief executive Prashant Kumar.
The regulator’s approval is the only one pending as the bank’s board and shareholders have voted in favour of the stake sale, Kumar said in an interview.
“RBI never gives you a timeline (on approvals), but definitely, as a regulator, they have to do their due diligence processes, which they are doing. It should happen in a month or two,” said Kumar. (Full Story)
Tamilnad Mercantile Bank IPO share allotment today. Here’s how to check status
Share allotment of the public issue of Tamilnad Mercantile Bank Ltd can be announced any time today as tentative Tamilnad Mercantile Bank IPO allotment date is 12th September 2022 i.e. today. After announcement of the share allotment, an applicant would be able to check Tamilnad Mercantile Bank IPO allotment status online by logging in at the official BSE website — bseindia.com or at the website of the official registrar of the IPO. The official registrar of the public offer is Link Intime India Private Ltd and its official website is linkintime.co.in. However, for convenience, an applicant can log in at direct BSE link — bseindia.com/investors/appli_check.aspx or at direct Link Intime web link — linkintime.co.in/MIPO/Ipoallotment.html. (Full Report)
Wall Street stocks end broadly higher on Friday, breaking a 3-week losing streak
Wall Street added to its recent gains Friday with a broad rally that broke the market’s three-week losing streak.
The S&P 500 closed 1.5% higher, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark index’s best week going back to July.
Big gains for technology companies pushed the Nasdaq composite to a 2.1% gain, while the Dow Jones Industrial Average rose 1.2%. Both indexes also notched their first weekly gain in four weeks.
The latest gains punctuated a holiday-shortened week of trading on Wall Street during which the market regained some of the ground it lost after a mid-August slump that wiped away the much of the gains from a mid-summer rally. (AP)
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