Mint Evening Digest: Government approves ETH rate of 8.1%, peak hiring in India and job growth in the United States

The union government has approved an 8.1% interest rate on employee provident fund or EPF deposits for 2021-22. In March, the pension fund organization EFPO or Employees’ Provident Fund Organization had lowered the interest rate on employees’ provident fund deposits to a four-decade low of 8.1% for the 2021 financial year – 22, compared to 8.5% the previous year. (Read here)

May US jobs report strong and stable

U.S. employers added 390,000 jobs last month, the government reported Friday, a sign of a slowdown in hiring but still a better-than-expected result amid labor shortages. US stock futures were down 0.6%. (Read here)

Adani Transmission acquires transmission line from Essar Power

Adani Transmission Ltd. (ATL) has signed a definitive agreement with Essar Power Ltd. (EPL) for the acquisition of a 673 kt km operational interstate transmission project owned and operated by Essar Power Transmission. The enterprise value of the transaction is 1,913 crore. (Read here)

India Inc records 40% hiring spike in May

India Inc. reported a 40% year-on-year increase in hiring activity in May, with particular traction seen in the travel and hospitality industry following the summer holiday season . According to a study by job site, the industry more than quadrupled hiring in May compared to a year ago, when travel was badly hit amid the second wave of the coronavirus pandemic. . (Read here)

REIT sell bias remains stable in June

The selling bias of Foreign Portfolio Investors (REITs) doesn’t seem to be fading anytime soon as June begins with bearish sentiment as volatility continues in markets amid a macro backdrop. REITs have been net sellers of Indian stocks for 8-9 months now. (Read here)

Mint Afternoon Summary

Elon Musk’s ‘super bad feeling’ about the economy

Tesla Chief Executive Elon Musk told top executives he had a “super bad feeling” about the economy and that the electric car maker needed to cut its workforce by around 10%. The email highlighted an increasingly bleak economic outlook for the world as prices soar and the war in Ukraine passes its 100th day. (Read here)

LIC shares plunge to lowest since listing

In its first earnings release after the stock listing, LIC reported a 17% drop in consolidated net profit to 2,409 crores for the fourth quarter from 2,917 crores in the same quarter a year ago. Brokerage Emkay said this week in a note that it had initiated a hedge on LIC shares with a neutral rating and a target price of 875. “While we like LIC’s market-leading position and comfortable valuations, we prefer private sector peers that have better growth, better profitability and therefore higher RoEV prospects,” the note said. (Read here)

Mukesh Ambani surpasses Gautam Adani to be the richest man in Asia, he is worth…

Mukesh Ambani overtook Gautam Adani to regain the spot of the richest man in Asia and India as shares of Reliance Industries (RIL) continued to climb to trade at record highs in the session Friday’s negotiation. In February this year, Adani overtook fellow countryman Ambani to take the richest spot in Asia thanks to the jump in his personal wealth, which made him the biggest wealth earner in the world this year. (Read here)

Bharti Airtel shares are Jefferies’ top pick, sees sharp rise in stock

Rising tariffs are leading to strong revenue and Ebitda growth in the telecommunications sector. Jefferies analysts believe Bharti Airtel is the best way to play on rising mobile prices in India and remains the brokerage firm’s top pick in the sector. (Read here)

Mint Mid-Day Digest

UltraTech’s new investment plan worries investors

In these times of weak demand, high fuel prices and the entry of a new company into the sector, any significant capacity announcement can be perceived negatively by the market, according to the analyst. Read more

India’s services growth hit 11-year high in May, but input inflation hits record high: PMI survey

Growth in India’s mainstream services continued to expand in May, advancing at the fastest pace in 11 years in May on strong demand and new orders, but inflationary pressures have reached new highs, according to a private survey . Read more

Gold Prices Climb Nearly A Month Today, Silver Rates Rise

The price of gold edged higher today to near a month high as the US dollar retreated. On MCX, gold futures rose 0.2% to 51390 for 10 grams while silver futures rose 0.6% to 62695. Learn more

Aether Industries stock listing exceeds IPO issue price

Shares of Aether Industries got off to a positive trading start on Friday with the stock trading at 704 each on the NSE, a premium of over 9% to its IPO issue price of 642 per share. On the BSE, shares of Aether Industries began trading at 706. Read more

What Greaves Cotton’s EV deal means for the stock

Shares of Greaves Cotton continued to rise for the second consecutive BSE session in Friday’s early trades after the company announced that Saudi-based Abdul Latif Jameel International will invest in the electric vehicle (EV) arm of the company, Greaves Electric Mobility (GEM). Read more

Mint Morning Digest

Center infrastructure projects experience time spikes and cost overruns

Delays and cost overruns in the costing of central infrastructure projects 150 crore and above has risen sharply over the past year, according to government data. This comes as the government tries to improve efficiency and reduce the compliance burden in infrastructure projects. Read more

Tokyo stocks open higher, following US gains

Shares in Tokyo opened higher on Friday, extending rallies on Wall Street ahead of U.S. jobs data due later in the day. The benchmark Nikkei 225 rose 0.92%, or 251.42 points, to 27,665.30 in early trading, while the broader Topix index was up 0.60%, or 11, 52 points, at 1,937.91.

Meanwhile, financial markets in China, Hong Kong, Taiwan and Thailand are closed on Friday for public holidays. Read more

Automakers rush to fill premium EV space in India

Electric vehicle (EV) manufacturers are looking to rapidly increase their share in the sectors below One-crore premium passenger car segment with the launch of new models. Read more

Shadow lenders see loan demand from edtech companies dry up

The meteoric expansion of India’s IT sector over the past two years is cooling off as startups seek fewer student loans from non-bank lenders who, in turn, are becoming lukewarm towards the sector. Read more

Chinese Tencent in talks to participate in ShareChat fundraiser

The Chinese investor plans to invest up to $100 million in ShareChat via convertible notes, the people named above said on condition of anonymity. Read more

After a long wait, Singapore Airlines flight to India finally ready to take off

Singapore Airlines had partnered with Mumbai-based conglomerate Tata Group in the failed privatization of Air India Ltd in 2001. New Delhi only finally managed to sell the flag carrier to Tata last year . Read more

“India’s diamond sales in 2022 will exceed those of 2019”

The United States holds approximately 50% of the global diamond jewelry market. The second largest market is China, which holds 16-17%. Third is India, at 5-6% of the market. Read more

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