Daily Stock Market News Snippets- 1 June 2022

2 min read

Global Economy:

  • Outlook for global credit conditions in 2022 is negative said Moody’s, the reason being growth slowdown, rising interest rates, increased energy prices, and increased risk of speculative-grade bonds.
  • China’s manufacturing activity improves after factories in Shanghai reopen.
  • Global Smartphone and PC Components shipments to decline by around 18% in 2022 on China Slowdown.
  • Indian Direct Selling Industry to report $3.25 billion sales in 2021, ranks 12 globally. The USA tops the list and has reported 23% of global sales of direct sales. Wellness and Cosmetics are the categories that contributed the highest to the Direct Selling Industry in 2022.

Indian Economy:

  • The government’s total liabilities rise 3.7% to Rs. 133.22 Trillion in March 2022 quarter. The biggest reasons behind this were public debt. Commercial Banks as per the mandate of RBI have to purchase government securities, and they are having a share of 37.75% in this public debt.
  • Core sector output expands by 18.1% in May 2022, the highest in the 13 months on account of the lower base effect.
  • India steps up fuel imports amid shortage; Asia’s pool of supplies shrinks.
  • The government keeps interest rates on small savings schemes (Public Provident Fund, National Saving Certificate, etc.) unchanged for Q2FY23.

Company Update:

  • The Competition Commission of India (CCI) approves Google International’s buy of a 1.28% stake in Bharti Airtel.
  • Pret Manger partnership marks Reliance Brands’ foray into Food & Beverage (F&B) sector.
  • HDFC Chairman Deepak Parekh said that Rising interest rates won’t impact housing demand.
  • Lenskart acquires a majority stake in Japanese eyewear brand Owndays. With this acquisition, Lenskart will get the opportunity to enter 30 new markets.
  • Public Sector Banks (PSBs) are back on the growth path as India’s economic recovery gains traction.
  • Maruti looks to regain market share in the SUV segment with 4 new models.

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