US stock index futures edged higher on Wednesday as technology and growth stocks snapped back. The three main indexes are set for sharp monthly declines, with the tech-heavy Nasdaq down more than 4% after Fed Chair Jerome Powell's blunt and hawkish remarks on Friday about keeping monetary policy tight "for some time" quashed hopes of more modest rate hikes.
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday. The three-year MCLR stands at 8 per cent, up by 0.05 per cent.
The Dow Jones Industrial Average (.DJI) rose 36.28 points, or 0.11%, at the open to 31,827.15. The S&P 500 (.SPX) opened higher by 14.51 points, or 0.36%, at 4,000.67, while the Nasdaq Composite (.IXIC) gained 89.42 points, or 0.75%, to 11,972.56 at the opening bell. Weaker-than-expected private payrolls data and a slide in oil prices helped ease some worries about inflation.
PT Golden Energy Mines Tbk (PT GEMS), a step-down subsidiary of GMR Power and Urban Infra Limited, stated on Wednesday that it has entered into definitive agreements to sell PT Radhika Jananta Raya a 30% ownership investment in exchange for USD 420 million and deferred consideration.
Srivastava is the third interim chief the government has appointed in 17 months at the country’s largest oil and gas producer as a full-time head is yet to be finalised. ONGC has been without a full-time chief since Shashi Shanker retired as chairman and managing director (CMD) in March 2021. Since then, the senior-most director on the board at the time of vacancy assume the additional charge of CMD.
The company’s freighter division however registered a profit of Rs 18 crore for the first quarter of FY 23.
Total FDI, which includes equity inflows, reinvested earnings and other capital, shrank 0.79% to $22.34 billion in April-June, 2022-23 from $22.52 billion in the corresponding quarter of last fiscal. Singapore was the top investment source during the quarter with $5.68 billion FDI, followed by Mauritius at $2.36 billion and the UAE at $2.14 billion.
The competition watchdog, in its letter dated August 3, is reported to have raised the point that the combined entity will enjoy “unparalleled†bargaining power and can increase the prices of channels as well as earn higher profits.
In the first in-person meeting after a gap of two years, Chairman R C Bhargava referred to the statement of SMC President Toshihiro Suzuki, who earlier this week said that of the 2.8 million units made worldwide by the company, the Indian operations accounted for about 60% of the volumes.