The Indian central bank's rate-setting panel, the Reserve Bank of India (RBI), faces a food-driven spike in inflation at its upcoming meeting, the final one before the committee's external members exit. This meeting is crucial as it occurs before several key policymaker changes scheduled in the coming months.
During the first quarter earnings season, 132 companies, including PFC and Tata Power, were scheduled to announce their financial results. Vedanta's net profit was expected to range between Rs 2,197-3,060 crore, with revenue estimates between Rs 35,440-38,674 crore for June 2024. Different brokerages provided varying growth predictions.
On Tuesday, Bharti Airtel, Eicher Motors, and NTPC declared August 7 as the record date for dividend eligibility. Bharti Airtel announced a dividend of Rs 8 per share, Eicher Motors Rs 51, and NTPC Rs 3.25. Yesterday was the final day to buy shares to qualify for these dividends.
This move is also a green light to aggressive US antitrust enforcers prosecuting Big Tech, a sector that has been under fire from across the political spectrum. The ruling paves the way for a second trial to determine potential fixes, possibly including a breakup of Google parent Alphabet, which would change the landscape of the online advertising world that Google has dominated for years.
Bangladeshi President Mohammed Shahabuddin on Monday ordered the release of the jailed former prime minister and key opposition leader Khaleda Zia, just hours after Sheikh Hasina was ousted and the military took control of the government. A statement from the president's press team announced that a meeting led by Shahabuddin had made the decision.
Gold prices saw an increase from recent lows, boosted by U.S. central bank policymakers' statements on potential interest rate cuts in September. Spot gold went up 0.2% to $2,411.97 per ounce, with U.S. gold futures rising 0.3% to $2,452.60. Traders are expecting a 50-basis-point cut in September and an additional cut in December.
Political leaders in Jammu and Kashmir marked August 5, 2019, as a dark day for the region, citing it as a blot on Indian democracy. Some leaders in Kashmir were placed under house arrest, while Congress and People's Democratic Party members protested in Jammu, demanding the restoration of statehood and special status for J&K. Meanwhile, the BJP held a brief celebratory procession in Srinagar, commending the abrogation of Article 370.
On Tuesday, Taiwan's stock market initially surged in early trading but later pared its gains amid concerns about the U.S. economy and tech companies. Key tech stocks such as TSMC, Mediatek, and Quanta saw similar trends. The Taiwan Stock Exchange signaled its commitment to maintaining market stability amid fluctuating conditions.
Sebi proposed an accelerated process for crediting and trading bonus shares, suggesting T+2 trading from the record date. This aims to minimize investor risks from market fluctuations caused by delayed bonus share credits. Currently, crediting and trading these shares can take up to 2-7 working days after the record date, lacking consistent timelines.
Unicommerce eSolutions aimed to raise ₹277 crore through an IPO, reducing the promoter's stake to 23.6%. The company saw significant growth in transactions and enterprise clients from FY22 to FY24. With a rich valuation, the IPO seems best suited for investors with a high-risk appetite despite notable financial progress.
As Bangladesh experiences growing turmoil and uncertainty, Sajeeb Wazed Joy, the son of former Prime Minister Sheikh Hasina and her former official adviser, declared that she is "done with Bangladesh." In an interview, Joy expressed suspicions about Pakistan's Inter-Services Intelligence (ISI) potentially provoking the student unrest and worsening the situation. He voiced concerns about the country's future, suggesting that Bangladesh could descend into chaos and potentially follow a similar path to Pakistan.
Brainbees Solutions, owner of the popular retail platform FirstCry, launched a ₹4,193 crore IPO with new shares and existing shares being sold by institutional investors like Softbank. The funds raised will help expand retail stores and warehouses. Despite being loss-making, the company has shown significant revenue growth, indicating strong business potential.
Ola Electric's IPO achieved full subscription on the second day, with shares priced between ₹72 and ₹76 each. The retail category saw almost three times oversubscription, and non-institutional investors slightly exceeded their offered shares. Employee-reserved shares were oversubscribed nearly nine times. Earlier, Ola Electric secured ₹2,763 crore from anchor investors such as Nomura India and SBI Mutual Fund.
Leaders of the Anti-Discrimination Student Movement have proposed an interim government led by Nobel Laureate Dr. Muhammad Yunus to address Bangladesh's ongoing challenges, Dhaka Tribune reported. This announcement was made in a video message released early hours of Tuesday by key student leaders Nahid Islam, Asif Mahmud, and Abu Bakar Mazumdar.
India's 4x400m relay team, consisting of Muhammad Anas Yahiya, Muhammad Ajmal, Arokia Rajiv, and Amoj Jacob, is set to compete at the Paris Olympics on August 9. Amoj Jacob expressed his excitement and commitment to achieving the gold medal. The team will focus on qualifying for the final before competing in the final.
Japan’s recent interest rate increase led to market pullbacks from international investors. The unwinding of leveraged trades added volatility to US and emerging markets. Concerns about US unemployment and inflation pressures prompted these moves, despite strong corporate balance sheets and liquidity levels remaining stable.
Analysts indicated that global panic selling might provide investment opportunities shortly. While Indian stocks appear oversold, further corrections are possible, especially in midcaps and large-caps. They recommended focusing on sectors such as pharma, FMCG, IT, chemicals, and financial services, which could outperform during the market's recovery phase.