RIL AGM 2022: When and where to watch it LIVE
Reliance Industries Ltd (RIL) will hold its annual general meeting (AGM) on Monday, an event that investors and analysts have come to expect major announcements from. In 2021, it was the conglomerate’s entry into green energy, while in 2020, it was the induction of Google as a minority investor.
The AGM will be held via video conferencing for the third consecutive year and it will start at 2 pm. RIL chairman Mukesh Ambani will address the meet while other members of the company’s board and subsidiaries too are expected to give speeches and offer presentations.
The event will be live streamed across various platforms.
Market at 10 AMBenchmark indices erased some of the early losses but still trading lower with Nifty around 17300.The Sensex was down 838.56 points or 1.43% at 57995.31, and the Nifty was down 250.90 points or 1.43% at 17308. About 863 shares have advanced, 2116 shares declined, and 146 shares are unchanged.Sensex falls 1,466 points or 2.5% in intraday. It’s biggest decline in terms of points and percentage since 13 Jun 2022.
Gold hits 1-month low
Gold prices hit a more than one-month low on Monday, pressured by a robust dollar after U.S. Federal Reserve Chair Jerome Powell signalled continuing with an aggressive monetary policy to tame inflation.
Spot gold fell 0.6% to $1,726.61 per ounce by 0331 GMT. Prices earlier touched $1,722.56, their lowest since July 27.
U.S. gold futures shed 0.7% to $1,737.90 per ounce.
Gold to find next leg of rally by year-end, investors can stay long till yellow metal stays above $1,672/oz
For a shorter period, gold upside could be capped because of aggressive interest rates by global central banks over the next couple of meetings as well as rising dollar index and bond yield.
BSE Information Technology index fell 3 percent dragged by Tech Mahindra, Mindtree, Infosys
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L&T Technology Services wins 5-year dealL&T Technology Services has won a 5-year, multi-million-dollar deal from European luxury vehicle maker BMW Group to provide high end engineering services for the company’s suite of infotainment consoles targeted for its family of hybrid vehicles.
NDTV founders ask Sebi if its previous order restraints conversion of warrants issued to VPCL
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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Markets expected Powell to remain hawkish at Jackson Hole but the ultra-hawkish tone of the Fed chief’s message and his warnings that Fed’s policy will “cause some pain to households and businesses” and this is “the unfortunate costs of reducing inflation” were not expected and factored-in by the markets.
The 17% rally in S&P 500 from mid June to mid August was mainly driven by expectation that with declining inflation Fed would pivot towards lower interest rates by early 2023. This expectation has been belied by Powell’s message that rates will go up and remain there for ‘sometime’.
The sharp rise in the Dollar index above 109 and the 10-year bond yield spiking to 3.1% are negative for capital flows to EMs like India. FPIs are unlikely to continue buying in India in this scenario.
The ‘buy on dips’ texture of the market is unlikely to hold. Investors should not rush in to buy the dips now. Better wait for the dust to settle.
India in talks with Russia over LNG supply resumption, GAIL says
GAIL, India’s largest gas distributor and operator of pipelines, has not received the agreed imports since May and has had to cut supplies to clients as a result.
Foreign exchange reserves decline to $564.053 billion
The country’s foreign exchange reserves fell $6.687 billion to $564.053 billion in the week ended August 19, according to the Reserve Bank of India (RBI) data. In the previous week ended August 12, the reserves declined $2.238 billion to $570.74 billion.
The drop in the reserves during the week ended August 19 was due to a fall in the Foreign Currency Assets (FCA) and the gold reserves, as per the Weekly Statistical Supplement released by RBI on Friday. FCA fell $5.779 billion to $501.216 billion in the reporting week.