Gold rates in India struggled today on expectations of aggressive rate hikes by the US Federal Reserve. On MCX, gold fell 0.23% to ₹50,785, its fourth decline in five days as the precious metal remained rangebound. Silver futures on MCX saw a sharper fall, dropping 0.7% to ₹60,240 per kg. Read more
Uber is said to have explored a sale of Indian ride-hailing arm
Uber Technologies Inc. explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered, people familiar with the matter said. Read more
Happiest Minds shares turn ex-dividend today. Details here
Happiest Minds shares are going to turn ex-dividend stock today as the board of directors of the mid-cap IT company has fixed 24th June 2022 as record date for dividend payment. Read more
GST Council may reject demand to reduce GST rate on over 200 items
A ministerial panel will meet next week to discuss the proposed changes in the goods and services tax (GST) rate for over 200 items. The panel of government officials has proposed a change in GST rate for several items, including tetra-packs, even as it rejected demands for a reduction in levy over 200 goods and services. Read more
RIL share price correction a buying opportunity: Jefferies
Shares of Reliance Industries (RIL) have corrected about 12% from its recent high. Multi year-low inventories, declining Russian exports, muted Chinese exports, lower diesel production in Europe and delays in commissioning of ME refineries are, in global brokerage Jefferies' view, tailwinds to refining margins in CY22. Read more
How corporates are helping achieve 86% of PM Modi's climate goals by 2030
India wants non-fossil fuel power sources to provide half of its electricity supply by 2030. To achieve this target, the country needs to massively scale up funding for renewables and to meet its goals by 2030 investment of $223 billion is needed, according to a new report by research company BloombergNEF (BNEF). At COP26 in November 2021, Prime Minister Narendra Modi had announced India's plans to reduce emission intensity by more than 45% by 2030 below 2005 levels, and called out five decarbonisation targets, terming them ‘panchamrit’. Read more
Mint Morning Digest
Asian markets: Growth worries spur bonds, set to restrain stocks
Asian markets will open Thursday against the backdrop of a rally in Treasuries that was triggered by economic concerns after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession. Read more
Govt may curb atta exports after imposing wheat ban
Wheat should not be converted to “excessive" amounts of atta for exports as wheat is a regulated commodity, food secretary Sudhanshu Pandey said on Wednesday, indicating a possible curb on wheat flour exports. Read more
India and China may be buying more Russian oil than we believe, says US
China and India may be buying more Russian oil than the US previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said. Read more
SBI gears up to fight merged HDFC Bank
State Bank of India (SBI) is taking steps to take on the combined strength of Housing Development Finance Corp. (HDFC) and HDFC Bank, following the merger, chairman Dinesh Khara told shareholders on Wednesday. Read more
More rate hikes in store, MPC warns of economic slowdown
More interest rate hikes are coming and the resulting spending squeeze will slow down the economy, members of the Reserve Bank of India’s Monetary Policy Committee noted, as the central bank joins a global war against inflation. Read more
Can India turn itself into the next global manufacturing hub?
The first dialogue of Zetwerk Smart Manufacturing Summit 2022, titled ‘Shaping the Future of Manufacturing: Resilience in Supply Chain," saw a cross section of thought leaders from the world of manufacturing come together to discuss what the country needs to get a spot on the global manufacturing map, the roadblocks in the journey, the way forward and the role of supply chain resilience in it. Read more
Centre notifies rules on TDS provision on virtual digital assets
Central Board of Direct Taxes (CBDT) has amended income tax rules to specify ways to comply with the new tax deducted at source (TDS) provision on virtual digital assets (VDAs) that kicks in from 1 July. Read more
