The rupee appreciates 3 paise to close at 77.54 (provisional) versus the US dollar on Wednesday. The rupee opened higher at 77.54 versus the greenback and moved in a range of 77.44 to 77.57 in the day trade, at the interbank forex market. Finally, the rupee ended at 77.54, higher by 3 paise over its previous close of 77.57 versus the American currency.
Open FlipPrudential Plc, on Wednesday, confirmed the appointment of Anil Wadhwani as Group Chief Executive Officer (“CEO") from February 25, 2023, onwards. Wadhwani is being onboarded by the London-based insurance player with an annual salary to the tune of $1.56 million and other remuneration benefits. Prior to this, he served as the President and CEO of Manulife Asia.
Open FlipGita Gopinath of the International Monetary Fund (IMF) said she has stayed away from the cryptocurrency market and has not put even a penny into it. According to her, cryptocurrencies and NFTs are too risky and speculative. Gita also pointed out that the market went from a three trillion-dollar market to a one and half-trillion-dollar market in just six months.
Open FlipClariant Chemicals (India) Limited's sales improved by 15% to Rs839.50 crore in FY22 as compared to Rs730.80 crore for the corresponding previous year. The leading pigments and pigment dispersions producer's profit after tax grew by 27% YoY to Rs43.30 crore for the year ended March 2022, as compared to a profit after tax of Rs34 crore in FY21.
Open FlipAccording to OCC chief Michael Hsu, the cryptocurrency industry is getting heavily dependent on hype, and it keeps getting worse. Hsu stated that Terra’s collapse showcased how hype-driven growth can harm consumers when the bubble finally bursts. Hsu also stated that the crypto industry had grown too fast, and the recent terra collapse should act as a wake-up call for the industry.
Open FlipWSO2, on May 25, confirmed the closing of its Series E funding round at $93 million led by Info Edge subsidiary RedStart Labs (India). The digital transformation technology provider plans to deploy the fresh funds to accelerate business expansion across India. It is also eyeing to expand its offerings with a new generation of platform-as-a-service solutions to accelerate customers’ time to market.
Open FlipInternational Monetary Fund (IMF) Director Kristalina Georgieva issued a warning against improperly collateralized stablecoins, pointing toward the recent crash of Terra UST stablecoin. Kristalina implied that cryptocurrency has various use cases and can be useful in innovating the financial system but warned against less robust crypto projects.
Open FlipMetropolis Healthcare's revenue surged by 23% YoY to Rs 1228.30 crore in FY22 in comparison to revenue of Rs 998 crore during FY21. This is the highest-ever revenue posted by the leading diagnostic service provider. Its PAT during the financial year ended March 31, 2022, jumped by 17% YoY to Rs 214.70 crore as compared to the PAT of Rs 183.30 crore during the previous financial year.
Open FlipThe downturn borrowing need of India will hopefully push the private investment which will clear the way for the country's economic growth to 8.2% in the ongoing fiscal 2023. The head economist of ICICI Securities sees the GDP to further ramp up by 9% in fiscal 2023-24. Additionally, for the first half of FY23, the growth led by exports will be the reason for the GDP to zoom.
Open FlipIpca Laboratories' consolidated net profit after tax plunged by 19% YoY to Rs 130.23 crore during Q4FY22 in comparison to a PAT of Rs 161.34 crore in the same quarter previous fiscal. The below-par performance was due to higher expenses. The drug maker's consolidated net total income, however, grew by 15% in Q4FY22 to Rs 1,303.64 crore in comparison to Rs 1,134.58 crore in the year-ago period.
Open FlipEuropean Central Bank (ECB) pointed out the correlation between cryptocurrencies and the stock market to the consumers and investors. The correlation was at its peak during March 2020, December 2021, and May 2022, when the market faced high stressful conditions and witnessed high sell-offs. The ECB advised people against adding cryptocurrency to their investments portfolio.
Open Flip📢 Benchmark indices CLOSED on a negative note for the third consecutive day on May 25 📊 At 3:30 PM, the Sensex declined by 303.35 points or 0.56% at 53,749.26, and the Nifty also fell by 99.40 points or 0.62% at 16,025.80. 👉Among sectoral indices, realty (🔻 2.88%), metal (🔻 1.95%), power, capital goods and IT declined by 1-3% each.
Open FlipAsian Paints’ stock plunged significantly during Wednesday's afternoon deals. This is because yesterday Grasim (an Asian Paint competitor) declared that it will be increasing its capital expenditure in its paint business by around 10,000 crores over the next 2-3 years. This move may result in the decline of Asian Paint's current market share, which now stands at almost 50%.
Open FlipThe street is swiftly taking a downturn, wherein, the drop that began in October 2021 has completed its seventh month, and data indicates it could be one of the slowest rides to the bear market domain. Research firm CLSA has stated that it would give a target of 14,500 for the Nifty, which is a 21% drop from the top with the one-year forward PE lying close to its average of 16 times.
Open FlipAfter Terra’s downfall, South Korean financial authorities are planning to increase their supervision over the local crypto exchanges and introduce legal regulations to safeguard the industry. A representative from the ruling People Power Party said that exchanges should be held legally responsible for violating anti-money laundering and investor protection rules.
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