Stock Market LIVE: Indices to open on stable note; SGX Nifty in green

Inflation figures remain a concern among investors. If inflation proves stickier than expected, it could push the Fed to get even more aggressive on rate hikes and push the economy into recession. The stock market remains hopeful among investors that the economy can avoid a worst-case recession.

20 Feb 2023, 08:22:29 AM IST

India’s domestic air travel sees recovery, reaches pre-Covid levels

India’s domestic air travel has improved and reached the pre-Covid levels, according to the latest data by the International Air Transport Association (IATA). The country’s domestic air travel touched 85.7% of pre-Covid 2019 levels in 2022, the IATA added.

As per the global aviation regulatory body, Indian airlines saw a significant improvement in domestic air travel as well as revenue. India’s domestic RPKs (revenue passenger kilometres) rose 48.8% last year compared with 2021, IATA said. (Read More)

20 Feb 2023, 08:12:31 AM IST

Ambuja Cements continues to be among stocks under F&O ban on NSE

A total of two stocks have been put under the ban for trade on Monday, February 20, 2023, 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.

Ambuja Cements and Indiabulls Housing Finance stocks continue to be part of the F&O ban list whereas Punjab National Bank (PNB) and Bharat Heavy Electricals Limited (BHEL) have been removed from the ban by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day. (Read More)

20 Feb 2023, 08:10:23 AM IST

Biocon recalls 3,665 bottles of antifungal drug in US for failed degradation specifications

Biotechnology major Biocon is recalling 3,665 bottles of antifungal medication in the US market for “failed degradation specifications”, according to the US Food and Drug Administration (USFDA).

In its latest Enforcement Report, the US health regulator said that the Bengaluru-based firm is recalling 3,665 bottles of Posaconazole Delayed-Release Tablets (100 mg, 60-count bottle), used to treat serious fungal infections like invasive aspergillosis.

USFDA noted that the New Jersey-based Biocon Pharma Inc is recalling the affected lot due to “Failed Impurities/Degradation Specifications: High Out Of Specification degradation results.”

The lot has been manufactured by Biocon Pharma and distributed in the US by Iselin-based Biocon Pharma Inc, it added.

Biocon initiated the Class II nationwide (US) recall on January 31, this year. (PTI)

20 Feb 2023, 08:08:11 AM IST

Buy or sell: Vaishali Parekh recommends 3 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, here we list out full details in regard to those three intraday stocks:

1] LT: Buy at 2226, target 2300, stop loss 2200;

2] Godrej Consumer Products: Buy at 942, target 985, stop loss 925; and

3] Pidilite Industries: Buy at 2333, target 2400, stop loss 2300. (Read More)

20 Feb 2023, 07:46:34 AM IST

IndiGo enters in competition with Air India, orders nearly 500 aircraft to expand its reach to Europe

IndiGo has partnered with Turkish airlines to expand its reach to Europe and has ordered nearly 500 more aircraft as part of its expansion plan, said Vinay Malhotra, Head of International Sales on Friday, adding that it will help improve passenger services from India to Istanbul and to Europe.

As per the airline officials, IndiGo has ordered flights from European giant Airbus and US Boeing both.

Speaking to ANI, Malhotra said the airline is currently flying 1,800 flights a day and 10 per cent of them on international routes.

“IndiGo has ordered 500 more aircraft for the expansion plan. Currently flying 1,800 flights a day and 10 per cent of them on international routes. Our current international flights are concentrated around the Indian sub-continent and some other countries around. The farthest we travel is to Turkey and Istanbul. We have been very keen to fly further and that’s why a partnership with Turkish airlines. This is a codeship partnership which allows us to penetrate Europe like never before,” he said. (ANI)

20 Feb 2023, 07:35:40 AM IST

Samvardhana Motherson’s subsidiary acquires 100% stake in SAS Autosystemtechnik

Samvardhana Motherson International Ltd (SAMIL) subsidiary on Sunday announced it has entered into an agreement to acquire a 100% stake in SAS Autosystemtechnik GmbH, (Germany) having an enterprise value of 540 million euros.

Samvardhana Motherson Automotive Systems Group BV (SMRPBV) is the subsidiary of SAMIL, which has entered into the agreement with the SAS company from Faurecia, a company of the FORVIA Group. (Read More)

20 Feb 2023, 07:33:03 AM IST

Bitcoin shakes off sellers to hold steady after three-day rally

Bitcoin finished the work week on an even keel, recouping earlier steep losses to finish unchanged as bullish sentiment offset concern over a widening US crypto enforcement effort and the backdrop of rising interest rates.

The largest digital token rose as much as 2% on Friday afternoon in New York before ending little changed at about $24,490 as of 5 p.m. Bitcoin erased declines that had sent it slumping more than 4% earlier in the session and appeared ready to once again breach the $25,000 mark. It pierced that level for the first time since August on Thursday. Smaller tokens such as Ether, Avalanche and Binance Coin also bounced back, as did an index of the 100 biggest coins. (Read More)

20 Feb 2023, 07:31:33 AM IST

ED accuses Pernod Ricard of more policy violations

An Indian investigating agency has accused French spirits group Pernod Ricard in court documents of illegally making profits in India of $23 million by giving false price information and conspiring in an email campaign to sway New Delhi city’s liquor policy.

The latest accusations against Pernod by India’s financial crime agency, the Enforcement Directorate, detailed in the agency’s 14,000-page filing of Jan. 6 in a New Delhi court, formally name the French group’s local unit as an accused. (Read More)

20 Feb 2023, 07:30:27 AM IST

Adani maps comeback strategy after $132 billion Hindenburg rout

Almost a month after a bombshell short seller report lopped off $132 billion in market value from Gautam Adani’s empire, the Indian billionaire has hired top-shelf US crisis communication and legal teams, scrapped a $850 million coal plant purchase, reined in expenses, repaid some debt and promises to repay more.

The ports-to-power conglomerate helmed by Adani — who used to be Asia’s richest person — is hoping to claw back the narrative with this playbook and calm jittery investors and lenders after US-based Hindenburg Research on Jan. 24 accused it of accounting fraud, stock manipulation and other corporate governance lapses. The Adani Group denies these allegations. (Read More)

20 Feb 2023, 07:29:39 AM IST

Wall Street closes another bumpy week with a mixed finish on Friday

Wall Street closed another bumpy week with a mixed performance on Friday amid worries that inflation is not cooling as quickly or as smoothly as hoped.

The S&P fell 0.3% after paring a bigger loss from the morning. The Dow Jones Industrial Average rose 129 points, or 0.4%, after coming back from an early loss of 179 points, while the Nasdaq composite fell 0.6%.

Stocks have hit turbulence in February after shooting higher in January with hopes that cooling inflation could get the Federal Reserve to take it easier on interest rates and that the economy could avoid a severe recession. Reports recently have shown more strength than expected in everything from the job market to retail sales to inflation itself, raising worries that the Federal Reserve will have to get tougher on interest rates.

That’s forced a sharp recalibration on Wall Street as investors move their forecasts for rates closer to the “higher for longer” stance that the Federal Reserve has long been espousing. The hope is that high rates can drive down inflation, but they also hurt investment prices and risk causing a severe recession.

Economists at Goldman Sachs added one more hike by the Fed in June to their forecast, meaning they see its key short-term rate ultimately rising to a range of 5.25% to 5.50%. That rate was at virtually zero a year ago, and it hasn’t topped 5.25% since the dot-com bubble was deflating in 2001. It’s currently at a range of 4.50% to 4.75%. (AP)

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