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  • India’s Foreign Exchange Reserves Have Plummeted By $1.7 Billion, Reaching A one-Year Low

    India’s Foreign Exchange Reserves Have Plummeted By $1.7 Billion, Reaching A one-Year Low

    According to Reserve Bank of India (RBI) data released on Friday, India’s forex reserves fell by USD 1.774 billion to USD 595.954 billion for the week ended May 6 due to a drop in core currency assets Overall reserves fell by USD 2.695 billion to USD 597.728 billion in the preceding reporting week, dropping below the USD 600 billion level RBI is apparently intervening across all markets to defend the rupee, which is under pressure due to large outflows by foreign investors. In the six months leading up to March 2022, foreign exchange reserves fell by USD 28.05 billion.




    According to RBI’s weekly data, the loss in reserves was due to a drop in Foreign Currency Assets (FCA), a major component of overall reserves, and gold reserves during the reporting week.

    In the week ending May 6, FCA fell by USD 1.968 billion to USD 530.855 billion The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms The data showed that gold reserves climbed by USD 135 million to USD 41.739 billion in the reporting week. The International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) increased by USD 70 million to USD 18.370 billion According to the data, the country’s reserve position with the IMF fell by USD 11 million to USD 4.99 billion in the reporting week.

  • Gokaldas Exports rises 9% to an all-time high, indicating a positive business outlook

    Gokaldas Exports rises 9% to an all-time high, indicating a positive business outlook

    On the back of a positive business outlook, Gokdaldas Exports’ stock hit an all-time high of Rs 505.65 on the BSE in intra-day trade on Wednesday The company’s stock, which is in the textiles and apparel business, has surpassed its previous high of Rs 488, which it reached on May 5, 2022. It has outpaced the market by 30 percent in the last month, compared to a 4 percent fall in the Gokaldas Exports achieved the greatest quarterly performance for the January-March quarter (Q4FY22), thanks to a growing order book and the ability to weather supply chain hiccups.




    In Q4FY22, the company’s consolidated profit after tax (PAT) more than doubled to Rs 61 crore, up from Rs 16 crore the previous quarter.

    Due to strong operating leverage, its consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) margin increased 170 basis points quarter over quarter and 365 basis points year over year to Revenue increased by 58% year on year (YoY) to Rs 588 crore, the largest quarterly revenue ever, compared to Rs 373 crore in Q4FY21. Export revenue grew by 58.3 percent year over year. According to the corporation, robust revenue growth was supported by deep interaction with key customers and capacity expansion Strong capacity expansion and a speedy ramp-up of production were the key drivers of growth. A higher operating profit was driven by increased volume, a better product mix, and enhanced operational efficiency. The company’s capacity to withstand production and supply chain disruptions is reflected in the year’s results, according to the company.





    For the entire fiscal year 2021-22 (FY22), consolidated profit after tax (PAT) increased by 342% year on year to Rs 117 crore, while operating revenue increased by 47.9% to Rs 1,790 crore. Ebitda’s margin increased 270 basis points to 12.0% from On the forecast, management stated that the order book for FY23 remains hopeful. Despite the predicted uncertainties from a combination of headwinds and tailwinds, the company sees growth potential in Continued global sourcing shift away from China, supplier consolidation towards efficient and well-capitalized players, supply-side instabilities in countries such as China, Vietnam, and Sri Lanka, strengthening Dollar, the announcement of Production Linked Incentive (PLI), and signing of free trade agreements (FTAs) with key markets are some of the opportunities.

  • Metal Stocks Rise On Renewed Demand Expectations; Hindalco And Vedanta Both Gain 7%

    Metal Stocks Rise On Renewed Demand Expectations; Hindalco And Vedanta Both Gain 7%

    Individual stocks like as Vedanta and Hindalco Industries both rose 7% to Rs 307.70 and Rs 419.70, respectively. Apart from that, Hindustan Copper, National Aluminium Company, JSW Steel, and Tata Steel also had gains of The Nifty Metal index was the highest gainer among sectoral indexes at 10:36 a.m., gaining 4.4 percent versus 1.3 percent for the Nifty50 index Despite today’s rally, most metal equities have had a 30% correction in the last month. Vedanta, Steel Authority of India (SAIL), Hindalco, JSW Steel, Hindustan Zinc, NMDC, Tata Steel, and Jindal Steel, on the other hand, were down between 13% and 30%. Meanwhile, the Nifty Metal index has dropped 15% in the last month, compared to an 8% drop in the Nifty50 index.





    Shanghai laid out plans on Monday for the return to normalcy on June 1 and declared the six-week-long COVID lockdown complete In April, China’s economic activity slowed drastically as lockdowns wreaked havoc on industrial production and employment, fueling predictions that the economy could contract in the second quarter Industrial metals prices surged on Monday as a result of China’s announcement that COVID restrictions would be eased.

  • As investors seek safe haven assets, the rupee hits a new all-time low

    As investors seek safe haven assets, the rupee hits a new all-time low

    The rupee struck a new all-time low versus the dollar in early trade on Tuesday, trading at 77.78/$, as the dollar strengthened against other foreign currencies, prompting investors to seek safe haven assets This is the second trading session in a row that the Indian currency has dropped to new lows. The rupee.





    touched an intraday low of 77.63/$ on Friday, the preceding trading day The Reserve Bank of India increased its currency market intervention, slowing the rate of decline. Following Russia’s invasion of Ukraine, the Indian currency, which has devalued by roughly 4% in 2022, came under pressure. Since the battle began in late February of this year, the foreign reserves have dropped by roughly $35 billion.

  • Sensex Stops 6-Day Losing Streak With A 180-Point Gain; DMart Rallies 10%, ACC 4%

    Sensex Stops 6-Day Losing Streak With A 180-Point Gain; DMart Rallies 10%, ACC 4%

    On Monday, equity markets closed a bumpy day in the green, increasing for the first time in seven days, as global markets backed up the trade sentiment. The benchmark S&P BSE Sensex fluctuated between 796 points and 52,974 points, or 0.34 percent higher. On the other side, the NSE Nifty closed at 15,842, up 60 points or 0.38 percent The biggest gainers on the Sensex index today were NTPC, Bajaj Finance, Maruti Suzuki, SBI, HDFC, Kotak Bank, M&M, and IndusInd Bank, which rose between 1.6 and 2.9 percent.





    Ultratech Cement, Asian Paints, ITC, TCS, HCL Tech, Nestle, and Dr Reddy’s Labs were the worst performers, with losses ranging from The BSE MidCap and SmallCap indexes outpaced the benchmarks by 1.5 percent and 1.15 percent, respectively, in the wider market. The Nifty PSU Bank index was the best performer, up 3%, while the Nifty IT index was the poorest performer, down 0.75 percent.

  • Today’s gold price is Rs 51,490 per 10 gramme, with silver at Rs 60,800 per kilogramme

    International gold prices

    On Friday, the price of 10 grammes of 24 carat gold increased by Rs 490 to Rs 51,490, while the price of 1 kilogramme of silver increased by Rs 400 to Rs 60,800.

    On Friday, the price of 10 grammes of 22 carat gold increased by Rs 450, bringing the price to Rs 47,200. The price of 10 grammes of 24 carat gold in Delhi and Mumbai is Rs 51,490, which is the same as the price of 10 grammes of 24 carat gold in Bangalore, Kolkata, and Hyderabad.

    In Chennai, however, 10 grammes of 24 carat gold costs Rs 52,750.
    The price of 10 grammes of 22 carat gold in Delhi and Mumbai is Rs 47,200, which is the same as the price of 10 grammes of 22 carat gold in Bangalore, Kolkata, and Hyderabad.

    In Chennai, however, 10 grammes of 22 carat gold costs Rs 48,350. In Delhi, Mumbai, and Kolkata, a kilogramme of silver costs Rs 60,800, while the precious metal costs Rs 65,000 in Bangalore, Hyderabad, Chennai, and Kerala. The price of gold varies by region due to numerous factors such as making costs, excise duty, state taxes, and so on. The gold rates in India are influenced by a variety of factors, including international gold prices, local levies, and currency fluctuations.

  • Indices fall for the fourth day in a row as global equities markets tumble and FPIs retreat

    Sensex and Nifty indices

    The benchmark Sensex and Nifty indices dropped for the fourth day in a row on Wednesday, extending their month-to-date decline to over 5 per cent amid a global equity rout and sustained pull-back by foreign portfolio investors (FPIs).

    The US Federal Reserve’s (Fed’s) decision to aggressively hike interest rates and reduce balance sheets to catch up with inflationary pressures has wreaked havoc across risky assets in recent weeks. Add to that, global growth concerns due to China’s Covid-management approach and jump in commodity prices attributable to the disruption in supply chains caused by the Russia-Ukraine conflict.
    On Wednesday, the Sensex closed at 54,088 points, down 276 points or 0.51 percent.

    The Nifty ended the day at 16,167, down 73 points or 0.45%. Both indicators closed at their lowest levels since March 8. Both indices are down roughly 12% since the year’s top in January.

    Other worldwide markets have fallen even faster. The MSCI Emerging Markets (EMs) Index, for example, is down 28% from its peak in February last year, while MSCI China has more than halved.

    India is one of the most expensive emerging markets. In addition, due to its large reliance on imports, India has the weakest profit revision. Due to margin pressure caused by rising prices, several leading Indian corporations failed to reach consensus earnings projections in the March quarter.

    According to Bloomberg, 11 of the 28 Nifty50 companies that have released earnings thus far have missed projections, while 17 have at least met them. Cipla and Asian Paints were the most recent companies to declare profits that fell short of expectations.

    On Wednesday, only nine Sensex components rose, while 22 fell. Larsen & Toubro, Bajaj Finserv, and Bajaj Finance all lost more than 2% of their value. Axis Bank and IndusInd Bank both gained 1.9 percent and 1.4 percent.

  • Investors are panicking as Bitcoin falls below the $30,000 level

    Cryptocurrency, Bitcoin, Market, News,

    On Tuesday, the global cryptocurrency market reached its lowest point in history, with Bitcoin falling below $30,000 a coin, sending millions of investors into a panic.

    The whole global cryptocurrency market fell 13%, hovering around $1.37 trillion in market capitalization, its lowest level this year.

    Bitcoin had dropped more than 55% from its all-time high of $69,000 in November of last year.

    Cardano (20%), Solana (16%), XRP (13%), BNB (16%), and Ethereum (16%) were among the digital assets that experienced double-digit percentage declines (10 per cent),

    According to experts, the combination of rising interest rates and declining economic activity has created a risk-off atmosphere.

    Terraform Labs (TFL), the company behind UST, LUNA, and the Luna Foundation Guard (LFG), has depleted its treasury wallet of all of its bitcoin (about 42,530 bitcoin) worth $1.3 billion.

    According to TechCrunch, the UST stablecoin lost its 1:1 dollar peg for the second time in three days on Monday, falling as much as 5.3 percent to 95 cents.

    The drop is due to concerns about the US Federal Reserve’s willingness to combat inflation. The Federal Reserve raised interest rates by 50 basis points last week.

    The GST council in India is considering a 28 percent tax on cryptocurrencies, similar to the present GST on casinos, betting, and lottery, which might further damper the attitude of crypto investors in the country.

    Bitcoin is worth approximately $650 billion and accounts for almost a third of the cryptocurrency market.

  • Reliance Industries loses 3% after the March quarter results; it has dropped 9% in the last six days

    Reliance Industries (RIL) shares

    Reliance Industries (RIL) shares fell up to 3% to Rs 2,542.1 on the BSE in intraday trade on Monday after the Mukesh Ambani-led oil-to-chemicals (O2C) firm reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022 (Q4 FY22), up 22.5 percent from the year-ago period’s Rs 13,227 crore, but falling short of expectations.

    The stock was trading lower for the sixth consecutive trading day, down 9% over time. On April 29, 2022, it reached a record high of Rs 2,855. In comparison, the S&P BSE Sensex was down 1.5 percent at 54,039 points at 09:25 a.m.

    Reliance Industries (RIL) shares fell up to 3% to Rs 2,542.1 on the BSE in intraday trade on Monday after the Mukesh Ambani-led oil-to-chemicals (O2C) firm reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022 (Q4 FY22), up 22.5 percent from the year-ago period’s Rs 13,227 crore, but falling short of expectations.

    The stock was trading lower for the sixth consecutive trading day, down 9% over time. On April 29, 2022, it reached a record high of Rs 2,855. In comparison, the S&P BSE Sensex was down 1.5 percent at 54,039 points at 09:25 a.m.

    The retail category created 714 new outlets, pushing the total number of establishments to 15,000, while sales topped pre-Covid levels.

    While sim consolidation led to the third consecutive quarter of net subscriber decline, the positive surprise came from better ARPU growth and a minor beat at EBITDA levels due to higher topline.

  • In early trade, the rupee climbs 29 paise to 76.11 against the US dollar

    The rupee rose 29 paise to 76.11 against the US dollar in early trade on Thursday, as the US currency fell in the international market.

    The rupee rose 29 paise to 76.11 against the US dollar in early trade on Thursday, as the US currency fell in the international market.

    The rupee began at 76.17 against the US dollar on the interbank foreign exchange, then gained ground to quote at 76.11, a 29-paise increase from the previous day.

    The rupee had finished at 76.40 versus the US dollar on Wednesday.

    According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee opened stronger against the US dollar on Thursday following a surprise rate hike by the Reserve Bank of India and US Fed Chairman Powell pushing back against a steeper 75-basis point rate hike in the coming months.
    Furthermore, foreign money inflows into domestic assets via the LIC IPO could boost sentiment.

    However, Asian and developing market currencies have begun to fall, and a rise in oil prices could limit the appreciation bias. Furthermore, the bearish rupee forecast remains unchanged due to the anticipation of more 50-basis-point rate hikes by the US Fed in the coming months, according to Iyer.

    The dollar index, which measures the strength of the US currency against a basket of six currencies, was 0.03 percent lower at 102.55.
    The US dollar fell more in Asian trade on Thursday morning after Powell stated that the committee was not actively exploring a sharper 75-basis-point rate hike in the coming months, despite the fact that inflation remains well above the Fed’s 2 percent target.
    The 30-share Sensex was trading 399.81 points, or 0.72 percent, higher at 56,068.84 points, while the wider NSE Nifty was up 125.75 points, or 0.75 percent, at 16,803.35.

    Brent crude futures increased 0.35 percent to USD 110.53 per barrel, the global oil benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs 3,288.18 crore.