Daily Stock Market News Snippets- 24 June 2022

Markets – Global & India

• The US market was up by around 0.64% to 1.62%.
• The Brent Crude Oil price is currently at $110 per barrel.
• India’s Market Cap to GDP ratio currently stands at 101%.
• The US 10-Year G-Sec Yield is at 3.08% while India’s 10-Year G-Sec Yield is at 7.42%.
• Nifty PE ratio at 19.3 and Sensex PE ratio at 21.26.
• The rupee is at 78.16 per dollar and US Dollar Index is at 104.38.

Global Economy:

• Crude Oil Inventory clocks biggest weekly rise in 5 months.
• Germany to enter Phase 2 of Emergency Gas Plan as per sources.
• Western Sanctions are ‘Weaponizing’ World economy, China’s XI Jinping says ahead of BRICS Summit.

Indian Economy:

• Indian Economy is expected to grow by 7.5% in FY23- PM Modi at BRICS Business Forum.
• India aims to keep FY23 Fiscal Deficit at last year’s level i.e., at 6.7% as per the report.
• India’s Russian Oil imports jump 50 times; now account for 10% of all imports as per the officials.
• India reports a 13.5% rise in engineering exports of $9.79 billion in May 2022.
• FII ownership of Indian Stocks is at a 5-year low level.

Company Update:

• HUL to take further price hikes despite volumes hit.
• Sacked fund manager demands Rs. 54 Cr. in damages, sues Axis Mutual Fund.
• Reliance Industries seeks new technologies to make cheaper Green Hydrogen.
• To mark Gautam Adani’s 60^th Birthday, the family pledges Rs. 60,000 Cr. to Charities.
• Vodafone India defers Rs. 8,837 Cr. AGR dues payment by 4 years.
• At a first Tata’s Electric four-wheeler catches fire, and the government orders a probe.
• Accenture beats estimates to post $16.16 billion revenue in March to May quarter.