Investors are increasingly anxious about the slowing economy as they await the widely expected interest rate hike by the Federal Reserve in its bid to squash the highest inflation in decades. However, traders also say that the market has already factored in a 75-basis-point increase.
India’s fintech market to reach USD 1 trillion by 2030, says CEA Nageswaran
Chief Economic Advisor V Anantha Nageswaran on Tuesday said India is among the fastest growing fintech markets in the world with a market size of USD 31 billion in 2021 that is expected to reach USD 1 trillion by 2030.
Speaking at the Global Fintech Fest 2022 (GFF 2022) here, Nageswaran said, “A major shift towards a more equitable distribution of investment across sectors including InsurTechs, WealthTechs, etc, has started taking place. We are talking about bridging the digital divide and the economic divide. Therefore the focus now is on how the combination of technology and finance is enabling access to finance and access to opportunities.” (ANI)
After Russian flows dry up, Gail India pays up to double price for gas
India purchased some of the nation’s most expensive liquefied natural gas shipments ever after vital Russian deliveries were canceled.
GAIL India Ltd. bought several LNG cargoes for delivery between October and November at more than double the price it paid around this time last year. The New Delhi-based company is struggling to replace supply from the former trading arm of Gazprom PJSC, which was nationalized by Germany earlier this year and is paying contractual fines rather than delivering fuel.
The global surge in natural gas prices after Russia’s invasion of Ukraine has hit price-sensitive emerging countries hard, forcing them to pay the high spot market rates or face blackouts and industrial shutdowns. India’s retail inflation surged in August due in part to higher fuel costs. (Bloomberg)
Adani pledges entire Ambuja, ACC stake to fund $6.5 bn deal
Billionaire Gautam Adani pledged his entire stake in Ambuja Cements Ltd and ACC Ltd, worth as much as $12.5 billion, to foreign banks to fund his family’s $6.5 billion acquisition of the two cement makers.
The family’s 63.15% stake in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements) have been pledged by Adani Group, filings made to BSE on Tuesday by Ambuja Cements said. On 16 September, the Adani family completed the acquisition of Ambuja Cements and ACC from Holcim India, making the group India’s second-largest cement maker after Ultratech Cement Ltd. (Read More)
Harsha Engineers IPO share allotment likely today. How to check allotment status
The finalisation of share allotment of Harsha Engineers International Ltd IPO (initial public offering) can be announced any time today as tentative Harsha Engineers IPO allotment date is 21st September 2022. So, those who have applied for the public issue worth ₹755 crore are advised to check Harsha Engineers IPO allotment status online after the announcement of share allotment. They can check their allotment status online by logging in at BSE website or at the website of official registrar of the IPO. The official registrar of the public issue is Link Intime private Limited and its official website is linkintime.co.in. (Read More)
Rupee rises 7 paise to close at 79.74 against US dollar ahead of Fed meet
The rupee consolidated in a narrow range and settled 7 paise higher at 79.74 against the US dollar on Tuesday, snapping its four-session falling streak as investors await the US Fed’s policy statement for further cues.
At the interbank forex market, the local unit opened at 79.70 against the greenback. It witnessed an intra-day high of 79.58 and a low of 79.77 during the session.
It finally ended at 79.74, up 7 paise from its previous close of 79.81. The rupee declined by 64 paise in the past four sessions due to forex outflows and a stronger dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.12% to 109.87.
Wall Street stocks end with steep declines as Fed opened their two-day policy meeting
Wall Street equities ended with solid losses Tuesday as US central bankers opened their two-day policy meeting which is widely expected to end with a three-quarter-point interest rate hike.
Fed officials have vowed to raise rates to bring down soaring inflation, with some observers speculating about a possible one-percentage-point move.
Markets have been roiled in recent days by the central bankers’ decidedly hawkish statements, despite a brief bounce Monday.
However, analysts have already begun setting their sights on the prospect of future increases, awaiting information on what the Fed’s next steps will be and how high rates could go.
At the end of the trading session, the Dow Jones Industrial Average dropped 1.0% to 30,706.23.
The broad-based S&P 500 lost 1.1% to finish at 3,855.93, while the tech-rich Nasdaq Composite Index sank 1.0% to 11,425.05. (AFP)
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