Daily Stock Market News Snippets- 19 August 2022

Markets – Global & India

• The US Markets were up by around 0.08% to 0.21%
• The Brent Crude Oil price is currently at $96 per barrel.
• India’s 10-Year G-Sec Yield is at 7.24% and US 10-Year G-Sec Yield is at 2.89%.
• Rupee at 79.76 per dollar.

Global Economy:

• US Economy slowing and could face a recession by end of the year.
• US Home sales fall again in July as the housing slowdown deepens.
• Goldman Sachs and Nomura downgrade China GDP forecasts as outlook darkens

Indian Economy:

• Government cuts windfall profit tax on domestic crude oil to 13,000 per tonne.
• Inflation still elevated, may warrant policy response: RBI article
• India adds record 7.2 GW solar capacity in Jan-Jun 2022: Mercom India
• India’s worst period of macro instability possibly over: Morgan Stanley
• 1% of India’s adult population likely to be millionaires by 2030: Report

Company Update:

• Net Profit of banks rose 37.1% to Rs. 44,048 Cr. in Q1FY23: BoB report.
• Tata Power subsidiary raises Rs. 2,000 Cr. in green energy push.
• JK Tyre is bullish on demand, and hikes prices by 6%-7% to offset higher input costs.
• No fuss, no follow-up: Sunil Mittal praises the government on spectrum allocation.
• Tata Motors to supply 921 electric buses to BMTC, inks 12-year contract.
• India’s market capitalization hits a new record high of Rs. 280.5 Lakh Cr.
• SBI Life hits a new high, rallies 24% in 2 months on strong business outlook.
• Blackstone sells a 13.6% stake in auto component maker Sona BLW for Rs. 4,000 Cr.
• India Inc. taps banks again as credit demand picks up.
• Tata Consumer eyes significant profits in 3 years from food business.
• Switch Mobility sees the e-bus market tripling to 6,000 units next year.
• Maruti Suzuki unlikely to reach 100% production levels in Q2 despite easing chip shortage, says official
• Jio gained 4.2 million new users in June, Airtel added 0.79 million: TRAI
• Airtel hits 3-month high; up 4% in 2 days on Rs 8,000 Cr. 5G spectrum payment