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This week saw retail infaltion of India increased to 7.44% due to surge in vegetable and food prices. Besides, on the stock market front, Concord Biotech made a stellar debut on the stock exchanges The shares of Concord Biotech were listed with a premium of 21.46% at ₹900.05 apiece. In another news, Jio Financial Services is being removed from several FTSE Indices for failing to commence trading. Pen maker Cello World Ltd has filed its draft red herring prospectus (DRHP) this week. Further, US mortgage rates jumped to the highest level in more than 20 years.
Here are some of the biggest news stories this week.
Retail inflation roars to 7.44% as food costs bite
Consumer Price Index (CPI)-based inflation shot past estimates to hit a 15-month high of 7.44% in July as food and vegetable prices surged, breaching the Reserve Bank of India’s (RBI) inflation target range for the first time since February. Read more
Concord Biotech shares make stellar debut; list with 21% premium at ₹900 apiece on BSE
Concord Biotech made a stellar debut on the stock exchanges Friday. The shares of Concord Biotech were listed with a premium of 21.46% at ₹900.05 apiece on the BSE, as compared to the issue price of ₹741 per share. Read more
Goods exports dip to lowest in 9 mths as demand slumps
Indian goods exports remained under pressure in July as demand from key markets such as the US, Europe and China remained subdued amid high inflation driven by persistent geopolitical tensions. Read more
Goldman Sachs buys Adani Power shares worth ₹2,876 crore. Stock jumps
Goldman Sachs GQG Partners International Opportunities Fund has bought fresh stake in Adani Power Ltd. As per the information available on Indian stock market exchanges, the US-based investor bought 10,30,30,127 Adani Power shares paying ₹279.15 apiece. This means, Goldman Sachs fund has invested ₹28,76,08,59,952.05 or ₹2,876 crore in Adani Power. Read more
Jio Financial to be removed from FTSE Indices
Jio Financial Services is being removed from several FTSE Indices for failing to commence trading after 20 business days. A notice shared by FTSE Russell said that the company had also not announced a firm trading date since its inclusion on July 20. The omission will come into effect from August 22. Read more
Modi seeks to free up $12 billion to quell inflation before vote
Indian officials are considering a plan to reallocate as much as 1 trillion rupees ($12 billion) from the budgets of various ministries to contain a surge in food and fuel costs without imperiling the federal deficit target. Read more
Adani promoters raised ₹39.4K cr amid scrutiny
Promoters of the Adani group have generated ₹39,400 crore through stake dilutions in group companies since a damning report by US short-seller Hindenburg Research in January drove flagship Adani Enterprises Ltd to withdraw its ₹20,000 crore follow-on public offering. The group has denied the allegations. Read more
Cello World files DRHP for ₹1,750 crore IPO
Pen maker Cello World Ltd has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through its initial public offering (IPO), according to a regulatory filing. The IPO with a face value of ₹5 is a complete offer for sale (OFS) of up to ₹1,750 crore. Read more
Himachal Pradesh rains: Govt declares whole state as ‘natural calamity affected area’
Amid wide scale of destruction due to rains which has killed more than 75 people in the last four days, the Himachal Pradesh government has decided to declare the whole state as ‘natural calamity affected area.’ Read more
CBI challenges Lalu Prasad Yadav’s bail in Supreme Court in fodder scam case
Rashtriya Janata Dal (RJD) leader and former chief minister of Bihar, Lalu Prasad Yadav who is out on bail in alleged fodder scam case had landed in trouble as Central Bureau of Investigation has challenged the bail order in Supreme Court. Read more
Elon Musk endorses Vivek Ramaswamy for US 2024 Presidential poll
Tesla CEO Elon Musk on Thursday called entrepreneur Vivek Ramaswamy a ‘promising candidate’ for the 2024 US presidential election. He responded to a clip of Ramaswamy, shared on X (formerly Twitter), on Tucker Carlson’s online show. Read more
US mortgage rates jump to 7.09%, highest since 2002
US mortgage rates jumped to the highest level in more than 20 years. The average for a 30-year, fixed loan was 7.09%, up from 6.96% last week and the highest since April 2002, Freddie Mac said in a statement Thursday. Read more
Venezuela’s oil leaks, gas flaring continues to devastate environment, despite pledges of remedy: Report
Venezuela’s state oil company PDVSA has failed to control oil spill or gas flaring, as per reports by Reuters. The report, citing company internal documents and employees familiar with the matter, said that despite promises from the President Nicolas Maduro government, the environmental damages continues to ravage the country. Read more
President Murmu launches INS ‘Vindhyagiri’ in Kolkata, 6th ship under ‘Project 17 Alpha’ of Indian Navy
President Droupadi Murmu on Thursday reached Kolkata, West Bengal, and launched ‘Vindhyagiri’, at Garden Reach Shipbuilders and Engineers Ltd’s (GRSE) facility on the banks of Hooghly river. Vindhyagiri has been named after the mountain range in Karnataka. Read more
Priyanka Chopra ends partnership with New York restaurant Sona
Actor Priyanka Chopra Jonas has reportedly decided to end her partnership with the restaurant Sona in New York City, which she co-founded and opened in 2021. The move marks a shift in her focus within the hospitality industry. Read more
Unacademy fires teacher who urged students to vote for ‘educated candidates’
Unacademy has terminated the services of a teacher named Karan Sangwan, who encouraged students to support educated candidates through their votes. Read more
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Updated: 19 Aug 2023, 02:40 PM IST
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