Daily Stock Market News Snippets- 22 June 2022

Markets – Global & India

• The US market was up by around 2.15% to 2.51%.
• The Brent Crude Oil price is currently at $111 per barrel.
• India’s Market Cap to GDP ratio currently stands at 102%.
• The US 10-Year G-Sec Yield is at 3.30% while India’s 10-Year G-Sec Yield is at 7.48%.
• Nifty PE ratio at 19.35 and Sensex PE ratio at 21.40.
• Rupee at 78.12 per dollar while US Dollar index at 104.42.

Global Economy:

• With a focus on environment-friendly steel production, the global steel industry could face a $518 billion standard asset risk.
• After a brief rise of around $2 per barrel, crude prices see a sharp fall in the last few hours.

Indian Economy:

• Rupee at record low as crude deepens the current account deficit amid FPI outflows.
• India is now the 4^th largest gold recycling country after China, the USA, and Italy.

Company Update:

• PVR and INOX get SEBI approval for their merger. Merger expected to complete in 2-3 quarters.
• Adani among 11 bidders in race for Coal India’s Rs. 3,100 Cr. coal import tender.
• Air India plans to expand its fleet with 300 new aircraft.
• IRDAI may soon allow life insurance companies to sell health insurance. This might bring down premiums.
• SEBI allows mutual funds to resume investing in international stocks. However no change yet in the $7 billion overall limits.
• Amazon Retail enters Gujarat by establishing a collection centre in the Sabarkantha district. This will meet the demands of Delhi NCR, Mumbai, and Pune.
• Skincare startup Mamaearth eyes a $3 billion valuation IPO in 2023.