Daily Stock Market News Snippets- 2 August 2022

Markets – Global & India

• The US Markets were down by 0.14% to 0.8%.
• The Brent Crude Oil price is currently at $100 per barrel.
• India’s 10-Year G-Sec Yield is at 7.24% and US 10-Year G-Sec Yield is at 2.57%.
• Rupee at 78.96 per dollar.

Global Economy:

• Euro hits a 2-week high as the European economy holds steady.
• Global Economy: Factories are squeezed by higher prices and weak demand.
• Alibaba moves a step closer to getting booted off stock exchanges.
• The first ship carrying 26,000 tonnes of Ukrainian grain leaves the port of Odesa.

Indian Economy:

• GST Collection jumps 28% YoY in July to the second highest ever at Rs. 1.49 Lakh Cr.
• No question of recession or stagflation in India said Finance Minister Nirmala Sitharaman
• India’s manufacturing activity expands at the quickest pace in 8-month PMI at 56.4 in July 2022.
• The 10-Year G-Sec of India is at a 3-month low, rupee gains.

Company Update:

• ITC sees brand-based growth, net profit rises 34% to Rs. 4,389 Cr.
• 5G Spectrum auction ends: Reliance emerges top bidder at Rs. 88,000 Cr.; Airtel at Rs. 43,084 Cr.
• Zomato losses ease to Rs. 186 Cr. in Q1; revenue up 67% to Rs. 1,413 Cr.
• Rising rates to aid bank profits, but dump loan demand.
• Auto Sales show positive trends in July as global chip headwinds ease.
• Cement firms to see lowest operating margins in the seven years says ICRA.
• EV Growth, market share to forge gains for auto component maker Sona Comstar. Margins could improve given softening commodity prices.
• Tiger Global and SoftBank trim investments in India by over a third in 2022.