Stock Market LIVE: Asian shares hint at sluggish start; SGX Nifty down

IOC, HPCL, BPCL post 18,480 cr loss in Q1 on holding petrol, diesel prices

State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of 18,480 crore on holding petrol and diesel prices despite a rise in cost.

According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG.

This wiped away gains from the record refining margin. IOC, HPCL and BPCL, which are supposed to revise petrol and diesel prices daily in line with cost, have not changed rates for four months now despite international oil prices shooting up.

Delta Corp among 3 stocks under F&O ban on NSE today

A total of three stocks have been put under the ban for trade on Monday, August 8, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Auto stock Escorts continues to be part of F&O ban list by the stock exchange for today, whereas two other stocks Balrampur Chini and Delta Corp have been added to the list on Monday. The NSE updates the list of securities in F&O ban for trade every day.

India’s new Akasa Air commences operations, takes off first flight on Mumbai-Ahmedabad route

Akasa Air is finally in Indian skies as the first flight took off on Sunday between the Mumbai-Ahmedabad route, which was inaugurated by Union Minister for Civil Aviation Jyotiraditya M Scindia along with MoS General Vijay Kumar Singh (Retd.)

On July 22, India’s newest airline Akasa Air on Friday opened ticket bookings for its first commercial flights with an initial network in Ahmedabad, Bengaluru, Mumbai, and Kochi.

New rules may pull rug out from Indias bid to boost bond market

Indias plan to expand its corporate bond market faces an unexpected impediment because the regulator is considering tightening control of trading platforms that allow investments in company debt in just a few clicks.

While the proposed framework is designed to protect investors and is therefore being welcomed by some, a few of the proposals by the Securities and Exchange Board of India (SEBI) could actually prove counterproductive and hurt liquidity, according to experts who spoke to Bloomberg. Thats because the sale of unlisted debt would be banned, platforms would be forbidden to sell privately placed corporate notes on to non-institutional investors soon after acquiring them, and trades would need to be settled via routes that today are not commonly used. (Full Report)

Tokyo markets open lower after recent gains

Tokyo stocks opened lower Monday after recent gains in Japanese markets and with US tech share prices softening.

The benchmark Nikkei 225 index fell 0.33%, or 92.54 points, to 28,083.33 in early trade, while the broader Topix index lost 0.36%, or 6.94 points, at 1,940.23.

Auto industry expects car sales on fast lane in festive season

The auto industry expects car sales to be on the fast lane this festive season on the back of new launches and improved production but is cautiously optimistic on the road ahead once the festivities peter out.

The festive season, which usually witnesses a spike in automobile sales, begins this year on August 11 with Rakshabandhan stretching up to Diwali on October 25.

“We expect the festive season this year to be the best in terms of passenger vehicle sales on the back of new launches and improved production activity. The industry has been rolling out over 3 lakh units on an average in the past 4-5 months which is helping in retails,” automobile dealer’s body FADA President Vinkesh Gulati told PTI in an interaction.

NITI meet: PM Modi urges to focus on 3Ts, modernizing farm sector

Prime Minister Narendra Modi on Sunday made a strong case for modernizing agriculture, animal husbandry and food-processing to help the country become self-sufficient and a global leader in the agriculture sector, even as some states demanded that the MSP mechanism be made more effective in case of pulses and oil seeds.

The Prime Minister also asked the states to focus on promoting 3Ts — Trade, Tourism, Technology — with a view to reducing imports and increasing exports, said an official release after the seventh meeting of the Governing Council of NITI Aayog.

Wall Street stocks mostly fall on Friday after US jobs growth surges

Stock markets mostly fell Friday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation.

Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown.

Friday’s data also showed US wages jumped, which will add to inflation concerns and likely push the Fed to raise rates aggressively again next month.

The Fed has previously said its decision will be guided by data.