Daily Stock Market News Snippets- 9 August 2022

Global Economy:

• China has announced a fresh military drill around Taiwan.
• As per Goldman Sachs, the oil prices should increase due to a shortfall in supply.
• SoftBank’s Vision Fund reported a loss of $23.1 billion and has reduced new investments.

Indian Economy:

• Indian Equity Market rises on the back of FPIs buying.
• Indian Market might remain an outlier in terms of performance in the emerging markets.
• India might ban Chinese smartphones below the mark of Rs. 12,000 as per the report.
• The number of SIP accounts stood at the highest ever, 5,61,94,348 (5.61 crores), and the monthly SIP contribution was Rs 12,140 crore. The mutual fund industry’s net assets under management (AUM) in July 2022 stood at Rs 37.74 lakh crore, and the net average assets under management (AAUM) came in at Rs 37.76 lakh crore.
• HDFC Limited has hiked its lending rate by 25 bps.
• As per the SBI’s Economic Research Report, the Indian Home Loan Market might get doubled in the next 5 years from Rs. 24 Lakh Cr. currently to Rs. 48 Lakh Cr. in the next 5 years.

Company Update:

• Airtel Q1FY23 Results: Airtel posts Revenue growth of 22% YoY, and Average Revenue Per User (ARPU) rises by 2.8% QoQ and 25% YoY to Rs. 183. Airtel gaining market share in the 4G segment.
• 3-4 Banks like IDFC First Bank, Yes Bank, etc. have kept loans granted to SpiceJet in the High-Risk category.
• Insurance  Business posted encouraging business premium figures. LIC has gained market share gain.