Market and Business News

In addition to the current year, the state assembly elections in the next year and then the Lok Sabha elections in 2024 are scheduled, the possibility of the new labor law being implemented in the country becomes less and less. The four labor laws that were supposed to be implemented across the country at the beginning of the last financial year now seem unlikely to be implemented even in the current financial year. The government wants to ensure that the Labor Reform Act does not go into effect in the same way that the Agriculture Act was opposed and the government had to withdraw from it, and that is why it is believed that it has been shelved at present. As industrial owners and trade unions do not seem to be particularly enthusiastic about the new labor law, the government also seems to have chosen to move slowly on the issue. The government fears that the government will not move forward on the issue until there is complete agreement from all stakeholders, or else it may face a s

MUMBAI: Revenue estimates for the current financial year have been cut, with most companies disappointing in their results for the September quarter. A private brokerage firm has cut its earnings estimates for the current fiscal year for 49 percent of the 147 companies it monitors. A report by the firm also said that the earnings per share of Nifty companies for the current financial year has been cut by 3.70 percent. However, there has been no change in the earnings estimates for FY2024. Another brokerage house said that the net profit of the companies in the Nifty-50 index is seeing an increase of 11 percent in the current financial year and 16 percent in the next financial year. Modest growth in FY 2023 suggests a steep decline in profits in the commodity sector, with BPCL seeing huge losses. However, strong growth in profits in the auto and banking sectors may offset this decline slightly, the brokerage house said in a report. Weak second-quarter results are reflected in cuts

MUMBAI: Prices of various imported edible oils rose behind the global market in the Mumbai oil-seeds market today. Among domestic edible oils, cottonseed oil prices rebounded behind Saurashtra while Singoil remained calm. About 300 to 400 tonnes of imported palm oil was traded at Rs.960 to 965 per 10 kg for various deliveries. Late in the evening, the refineries increased the price to Rs.968. The price of Malaysia palm oil futures rose by 100 points in the world market today. After the price of America Soyatel increased by 84 points overnight, the price remained five points plus in the projection today. Meanwhile, cotton washed prices in Saurashtra rose to Rs.1245 from Rs.1240 today. However, the prices of Saurashtra single oil were calm today at Rs.1500 and Rs.2400 for 15 kg. The price of cottonseed oil rose to Rs.1310 in the Mumbai spot market. While Singoil prices were calm at Rs.1530. The price of mustard was Rs.1420 and refined was Rs.1450. Crude palm oil CPO kandla prices wer

Mumbai: The finance ministry is considering increasing the provision for rural expenditure by fifty percent to Rs 2 trillion in the next financial year's budget. The government plans to spend more on rural areas with the aim of creating jobs and providing affordable homes. However, the Lok Sabha elections in 2024 can also be a reason for this. Finance Minister Nirmala Sitharaman will present the budget on February 1, which will be her final full budget before the Lok Sabha elections. For the current financial year, the Finance Minister has allocated Rs 1.36 trillion to the Ministry of Rural Development, but it is estimated that Rs 1.60 trillion will be spent on rural development by the end of the financial year. Sources in the Ministry of Finance said that the expenditure has been increased by the government to meet the increasing demand of employment under the Employment Guarantee Scheme for Rural Areas. Citizens of rural India who have come out of the impact of Corona are fa

Mumbai: The weather was mixed in Mumbai jewelery market today. Gold prices were soft while silver rose. Gold prices in the world market were indicated to have dropped to 1733 to 1738 to 1739 dollars today from 1746 to 1747 dollars an ounce. Selling of gold funds increased in the world market. Global gold prices came under pressure as the global dollar index rose. The price of silver in the world market was 20.91 to 21.21 to 21.22 dollars in a low of 21.23 to 21.24 per ounce. At home today, gold prices remained soft behind the world market. In the Ahmedabad jewelery market, gold prices fell by Rs. 100 per 10 grams to Rs. 99.50 to Rs. 53800 and Rs. 54000 to 99.90. However, Ahmedabad silver prices increased by Rs.500 per kg to Rs.61500. The price of platinum in the world market was 989 to 991 to 992 dollars per ounce in the low range of 996 to 997 while palladium prices were reported to be 1857 to 1883 to 1884 dollars in 1867 to 1868. In order to save the business industry in China, th

Mumbai: In the Mumbai currency market today, the price of the dollar against the rupee rose again despite the advance in the stock market. The price of dollar was Rs.81.66 to 81.67 today and was Rs.81.84 to 81.85. There was talk in the market that the cash dollar outflow increased as large corporate companies bought dollars today. However, forward premiums were reduced. The one-year impside yield on the premium component of the rupee fell to 2.10 percent, hitting a new low. The global index of the dollar against various major currencies in the world market was seen colliding around the level of 107 today. As the cases of Corona increased in China, there was a panic among the world market players. Following this, Chinese currency prices were under pressure against the dollar in the global market. The currency market was also watching the interest rate hike in America. Meanwhile, the European currency Euro rose by 31 paise to Rs.84.49 against the rupee, while the British pound rose b

Mumbai: With the wedding season in full swing in the current year, the demand for decorative flowers along with various items has also increased sharply, resulting in a 100 percent increase in the prices of fresh flowers. It is estimated that 75 percent of annual flower sales are for weddings. In recent years, as fresh flowers have become expensive, the use of artificial flowers has increased along with fresh flowers for decoration in wedding ceremonies, said sources at an event management company. India's approximately $50 billion wedding market has rebounded in the current year after the impact of Corona and it is expected that approximately 32 lakh weddings will be held across the country in the period from November 2022 to February 2023. Last year, 25 lakh marriages were held during this period. It is also expected that Rs 3.75 lakh crore will be spent on weddings in the current year as compared to Rs 3 lakh crore last year. North India is witnessing the highest number of

HP currently has more than 50,000 employees The company's retrenchment plan will be completed by 2025 Due to declining sales, the company took the decision After Meta, Twitter and Amazon, now one more tech company has decided to cut jobs. Laptop and electronics manufacturer Hewlett Packard i.e., HP Inc. could displace about 6,000 people. This is about 12% of its total workforce. HP currently has more than 50,000 employees. However, the company's layoff plan is to be completed by 2025. During the corona epidemic, there was a huge boom in the PC and laptop segment. However, now the sales have declined, due to which HP has decided to reduce the number of employees. Concerns about inflation and a slowdown in the global market could also be a reason for job cuts. Revenue in the fourth quarter fell 0.8% year over year to $14.80 billion, HP said. Revenue in the Personal Systems segment, which includes PCs, fell 13% to $10.3 billion. Printing revenue fell 7% to $4.5 billion. Befor

-Investor's assets Rs. 2.26 lakh crore increase - Sensex rose 762 points at close of business to 62272 foreign investors Rs. 1232 crore purchase AHMEDABAD: New history was made at the Mumbai stock market today on the back of fresh buying by foreign investors amid certain favorable factors boosting the Indian economy amid the flutter of global recession. On the back of the fresh take today, the Sensex rose intra-day to touch a new all-time high of 62412. On the other hand, NSE Nifty rose to 18529 intraday. Which is its fifty-two week high. However, he fell just short of breaking his all-time high of 18,605. At the global level, due to the explosion of Corona in China, the NG crisis in Europe and high inflation around the world, there is a flutter of recession at the global level. Along with this, due to other favorable factors, including India's signing of a trade agreement with Australia, the market correction progressed rapidly as foreign investors became active again in t

New Delhi: The steel industry has welcomed the government's decision to abolish export duty on steel items. The government late on Friday evening decided to abolish the export duty on steel products and Aryan ore from November 19, 2022. This duty has been reduced six months after the imposition of duty on steel exports from May 2021. The entrepreneurs said that this decision will increase the demand of steel. According to a notification issued by the Finance Ministry late on Friday night, there will be no export duty on specified pig iron and steel products as well as ore pellets. Sesagiri Rao, CFO of JSW Steel & Group, said the government's decision will be an important step to boost domestic steel demand and improve sentiment at a time when global steel demand has fallen sharply. Secretary-General of Indian Steel Association Alok Sahay said that the government's decision to reduce the inflation figure shows that the government is concerned for both the general publ

Mumbai: The bullion market was officially closed on Saturday in Mumbai jewelery market today. However, in the closed market, the prices of gold and silver remained on the decline after rising. World market news was showing rising funds selling. In the world market, there were indications that the funds were easing due to the rise in global gold, as the dollar index rose and the bond yield also increased and crude oil prices remained soft. The import cost of precious metals at home has come down due to fall in prices in the world market and due to this, the jewelery markets of the country witnessed a retreat today. Gold prices in the world market fell from a low of 1763 to 1764 per ounce to 1747 at the end of the week at 1750 to 1751 dollars. Behind gold, the global silver prices were also lower from 21.17 to 21.18 to 20.84 per ounce and lastly 20.94 to 20.95 dollars. As crude oil prices fell in the global market, the domestic currency market witnessed a slow decline in dollar price

MUMBAI: In the Mumbai oil-seeds market today, Singoil prices remained on the decline behind Saurashtra, while cottonseed oil prices recovered from the shock and went higher again. As the demand for imported edible oils also decreased, the prices started to rise again in the world market. There were indications that the price of soybean oil in America increased by 60 to 65 points overnight. In Saurashtra, single oil prices fell to Rs.1500 and 15 kg to Rs.2400, while the price of Saurashtra cotton washed stopped falling to Rs.1235 to Rs.1250. In the Mumbai spot market today, the price of 10 kg of castor oil fell to Rs.1540 while that of cottonseed oil increased to Rs.1310. The price of imported palm oil increased to Rs.950. Sources of the market said that there was a trade of about 700 to 800 tonnes in imported palm oil at the head of Rs.950 for various deliveries till December 5th late on Friday and Saturday together. Meanwhile, in Mumbai-Maharashtra, as the food safety issue escala

Mumbai: On the global front, on the one hand, the inflation-inflation rate has started to decrease, on the other hand, the exercise of laying off a large number of employees due to the financial crisis is going on by the global corporate giants. On the other hand, after the report of China coming out of the covid control and re-opening, the cases of corona again reached a record high in China, the fear of recession in the world has started to be felt in the thread of uncertainty, the prices including crude oil have seen a sharp decline. Along with this, as the geopolitical tension is still persisting due to Russia's missile attack on Ukraine again after the advice of the allies that both countries should resolve the Ukraine-Russia war through negotiations at the G-20 countries summit, funds are also seen booking profits by staying away from taking new bullish positions. Despite Sensex, Nifty closing at new record highs last week, small, mid-cap stocks are witnessing bullish sellin

- The company promised to revolutionize the blood testing sector and duped investors in its name New delhi date. 19 November 2022, Saturday Elizabeth Holmes, the CEO of American blood testing startup company Theranos, has been sentenced to 11 years in prison by a court in San Jose, California. American biotech star Elizabeth Holmes is accused of defrauding her investors. Let it be known that Elizabeth's startup company Theranos was closed in 2018 itself. The company promised to revolutionize the blood testing sector and duped investors in its name. What is the whole matter? Holmes, 38, was convicted in January after a three-month trial. Holmes started the startup company Therazone in 2003. At the time, Holmes claimed that his company had developed a blood analyzer that could be carried anywhere and could easily perform blood tests. Apart from this, this startup has also claimed that once the blood is taken from the finger, all the diseases of the body can be easily known. Afte

Mumbai: The Asia-Pacific region is unlikely to see a recession next year, but high interest rates and sluggish growth in global trade will continue to pose challenges for countries in the Asia-Pacific region, said a Moody's Analytics report. The report has also noted that economic growth in India will be slow in the coming year. However, investment inflows will support productivity gains in technology and agricultural sector development. If inflation in India remains high, the Reserve Bank will be forced to move the repo rate above 6 percent, which could have an impact on the economic growth rate, the report noted. Moody's August report predicted India's economic growth rate to be 8 percent in 2022 and 5 percent for 2023. The economic growth rate of 2021 was seen at 8.50 percent. A slowdown in global trade is slowing economies in the Asia-Pacific region. China is not the only weak link in the global economy. Exports from India declined significantly in value terms in O

MUMBAI: In the Mumbai currency market today, the price of the dollar stopped rising against the rupee and remained on a rapid decline. The rupee rose rapidly in the currency market today following a record rally in the stock market. In the world market, dollar prices were also under pressure in the Mumbai market amid the news of the global index of the dollar falling against various major currencies. The price of the dollar today was Rs.81.63, down from Rs.81.85. The rupee was raised by 22 paise. Crude oil prices in the global market have seen a positive impact on the rupee at home due to indications of a fall again after the rise. In the world market, there was news that the global dollar index fell from 106.95 to 105.60 today. Meanwhile, as per the directions of the world market, the minutes of the last meeting of the Federal Reserve in the United States have come out and there are indications that the majority of the committee members of the Federal Reserve have expressed the opi

Banking-FMCG-Auto Winner : IT stocks are the biggest losers Mumbai: A new history has been made in Indian stock markets today. The world is facing many challenges right now. In a 13-month journey to cross this all-time high, the Sensex crossed the previous record high of 62,245.43 on October 19, 2021 and hit a new all-time high of 62,412 today. In this 13-month journey, on the one hand, the share price of IT giant Wipro Limited has fallen by more than 44 percent. While the share price of FMCG giant ITC Ltd has increased by more than 38 percent in this period. Thus, banking, FMCG, auto stocks have been the biggest winners in this journey, while IT stocks have been the biggest losers. Of course, the market capitalization of the market-investors' wealth has increased by Rs.12.28 lakh crore from Rs.271.42 lakh crore to Rs.283.70 lakh crore in this period. Which reached the highest height of Rs.286.71 lakh crore on 13th September 2022. As a result of the war between Ukraine and Rus