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Mumbai: NCB files draft charges against Rhea Chakraborty, others in drugs case linked to actor’s death

June 22, 2022 by www.moneycontrol.com

Representative Image The Narcotics Control Bureau (NCB) on Wednesday filed draft charges against actor Rhea Chakraborty, her brother Showik and others before a special court in connection with a drugs case linked to Bollywood star Sushant Singh Rajput's death. Special public prosecutor Atul Sarpande said the prosecution maintained charges against all the accused as mentioned in the charge-sheet filed before the court. The prosecution has proposed the court to charge Rhea and Showik for consumption of narcotic substances and also for procuring and paying for such substances for deceased actor Rajput. Sarpande said the court was scheduled to frame charges against all the accused. However, it couldn't be done as a few of the accused moved discharge applications. The court has said that the charges would be framed only after the discharge pleas are decided, he said. All the accused, including Rhea and Showing, were present before the court on Wednesday. Special judge V G … [Read more...] about Mumbai: NCB files draft charges against Rhea Chakraborty, others in drugs case linked to actor’s death

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Crude oil sell-off a bit overdone as prices could be ticking back up soon, says Vandana Hari of Vanda Insights

June 20, 2022 by www.moneycontrol.com

Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1 percent earlier. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five (Representative image) After shooting to near $123 per barrel last week amid various global factors, crude oil prices slid by as much as 6 percent or $11 to $112 per barrel on June 17. This was a sudden reversal from the steep climb in the wake of Russia’s invasion of Ukraine, global travel opening up, and services reviving. Speaking to CNBC-TV18 on June 20, Vandana Hari, founder and CEO of Vanda Insights, said the correction was mainly due to two factors — Libya’s oil production being confirmed at 700,000 barrels per day (bpd) instead of the earlier expected 100,000 bpd; and tumble in United States markets due to sell-off in broader risk assets. “What happened on Friday (June 17) was quite late in the US session and quite a surprise,” Hari said. Follow our Market LIVE blog … [Read more...] about Crude oil sell-off a bit overdone as prices could be ticking back up soon, says Vandana Hari of Vanda Insights

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WTI crude plunges 5% on recession fears

June 22, 2022 by www.moneycontrol.com

Oil prices plunged more than five percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation. West Texas Intermediate lost 5.09 percent to $103.92 a barrel, while Brent was off 4.70 percent at $109.26. Crude has soared in recent months to multi-year highs on concerns that tight supplies caused by the Ukraine war will not be enough to meet demand from reopening world economies, particularly China as it emerges from months-long lockdowns. But central banks have been forced to ramp up borrowing costs as the rise in energy costs has helped send inflation soaring to levels not seen since the 1980s. That has fanned concerns that economies around the world are heading for a recession, sending chills through crude markets. Eyes are on a two-day Congressional testimony by Federal Reserve boss Jerome Powell this week, which will be looked over for … [Read more...] about WTI crude plunges 5% on recession fears

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India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

June 24, 2022 by www.moneycontrol.com

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photographer: Andrey Rudakov/Bloomberg India's government is engaged on the issue of facilitating payments with Russia, and the Reserve Bank of India will do whatever the government decides, Deputy Governor Michael Patra said June 24. He did not offer any other details. The Deputy Governor's statements assume significance as the government had remained tight-lipped on the issue even as multiple meetings between banking representatives of both nations had taken place. Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions. Both nations had initially focused on establishing a barter mechanism involving a set of commodities. A key part of this would be an agreement … [Read more...] about India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

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Powell Says Fed Will Continue Hiking Rates Until There Is ‘Compelling Evidence’ That Inflation Is Slowing

June 22, 2022 by www.forbes.com

Share to Twitter Share to Linkedin Topline Federal Reserve Chairman Jerome Powell pledged in testimony before Congress on Wednesday that the central bank is “moving expeditiously” to raise interest rates and remains “strongly committed” to doing so until there is “compelling evidence” that inflation is normalizing. Key Facts In his semiannual testimony on monetary policy to Congress, Powell faced questions from lawmakers about how the central bank will proceed as it looks to combat surging inflation, which remains at 41-year highs. The Fed raised rates by 75 basis points last week—its largest increase since 1994, with Powell also signaling that a similarly large rate hike is likely at the next policy meeting in July. Speaking to Congress on Wednesday, Powell pledged that the Fed wouldn’t hesitate to keep raising rates at a fast clip—and further than projected—if higher inflation continues to persist. “It is essential that we bring … [Read more...] about Powell Says Fed Will Continue Hiking Rates Until There Is ‘Compelling Evidence’ That Inflation Is Slowing

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Putin says Russia is rerouting trade to China and India

June 22, 2022 by edition.cnn.com

London (CNN Business) President Vladimir Putin said Wednesday that Russia is rerouting trade to "reliable international partners" such as Brazil, India, China and South Africa as the West attempts to sever economic ties. "We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries," Putin said in his opening video address to the participants of the virtual BRICS Summit . The "BRICS" acronym refers to an informal grouping of the five developing economies. According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year. "Contacts between Russian business circles and the business community of the BRICS countries have intensified," Putin said. "For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and … [Read more...] about Putin says Russia is rerouting trade to China and India

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MPC members can start with near-term interest rate forecasts, says Jayanth Varma

June 23, 2022 by www.moneycontrol.com

Jayanth Varma, one of the three external members of the Reserve Bank of India's Monetary Policy Committee (MPC), has said the rate-setting panel's members should start taking the first steps to providing interest rates projections by initially giving their individual views on where they see the policy rate in the near-term. "I believe it is possible to start with baby steps and proceed gradually towards the desired goal," Varma told Moneycontrol via e-mail. "It is possible to start with projections only for the next quarter and slowly expand the horizon. It is possible to begin with broad ranges for the policy rate and then progressively refine the range. These are all matters of implementation detail. The important thing is to have a consensus on whether this is worth doing." Varma's comments come after he was cited as saying in the minutes of the June 6-8 meeting, released on June 22, that the time was "ripe" for the committee's members to start moving towards providing … [Read more...] about MPC members can start with near-term interest rate forecasts, says Jayanth Varma

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Buy Info Edge India; target of Rs 4865: Geojit

June 22, 2022 by www.moneycontrol.com

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Geojit's research report on Info Edge India Info Edge (India) Limited is engaged in online classified business. Company operates an online job portal Naukri.com, matrimony website Jeevansathi.com, real estate search portal 99Acres.com and an … [Read more...] about Buy Info Edge India; target of Rs 4865: Geojit

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Afghanistan Earthquake Death Toll Rises To 1,150 As Government Seeks International Medical Aid

June 24, 2022 by www.forbes.com

Share to Twitter Share to Linkedin Topline The death toll from Wednesday’s deadly earthquake in eastern Afghanistan rose to 1,150 while at least five more people were killed by an aftershock in the same region on Friday morning, deepening the ongoing humanitarian crisis in the country as the scale of the disaster becomes more apparent. Key Facts Eleven people were also injured after another earthquake struck the eastern Paktika province on Friday morning, the state-run Bakhtar News Agency reported , adding that the toll is expected to rise. According to the U.S. Geological Survey, the magnitude 4.3 aftershock was detected almost exactly near the epicenter of Wednesday’s earthquake. Wednesday’s more severe disaster has left 1,150 dead, 1,600 people injured and several thousands of houses destroyed, the Associated Press reported , citing Bakhtar News Agency’s director-general . A spokesperson for the Taliban government’s … [Read more...] about Afghanistan Earthquake Death Toll Rises To 1,150 As Government Seeks International Medical Aid

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Gammon India Standalone March 2022 Net Sales at Rs 1.81 crore, down 90.3% Y-o-Y

June 23, 2022 by www.moneycontrol.com

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Reported Standalone quarterly numbers for Gammon India are: Net Sales at Rs 1.81 crore in March 2022 down 90.3% from Rs. 18.66 crore in March 2021. Quarterly Net Loss at Rs. 553.74 crore in March 2022 down 140.02% from Rs. 230.71 crore in March 2021. EBITDA stands negative at Rs. 235.84 crore in March 2022 down 3631.65% from Rs. 6.32 crore in March 2021. Gammon India shares closed at 1.65 on September 10, 2018 (NSE) Close Gammon India Standalone Quarterly Results in Rs. Cr. Mar'22 Dec'21 Mar'21 Net Sales/Income from operations 1.81 7.00 18.66 Other Operating Income -- -- -- Total Income From Operations 1.81 7.00 18.66 EXPENDITURE Consumption of Raw Materials 4.44 2.67 … [Read more...] about Gammon India Standalone March 2022 Net Sales at Rs 1.81 crore, down 90.3% Y-o-Y

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