Hero Motor Corp the two wheeler major reported a 1.92 per cent increase in total sales

Opening Bell:

SGX Nifty is trading higher in the early morning trade. The index is quoting 41.5 points in green indicating a positive start for domestic markets.

In early morning session on Friday, Japan’s Nikkei went off 0.18 per cent whereas Chinese Shanghai was down 0.15 per cent.

On Wall Street, Dow Jones finished 0.46 per cent higher, Nasdaq shed 0.26 per cent, S&P 500 added 0.30 per cent on Thursday. Indian markets were closed yesterday for Ganesh Chaturthi Festival. On Wall Street, Dow Jones shed 0.80 per cent, Nasdaq went off 0.56 per cent, S&P 500 lost 0.78 per cent.

Global factory activity slumped in August as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses although there were indications that cost pressures were starting to ease.

Stocks News:

?The IT services company has completed the acquisition of Europe-based life sciences consulting and technology firm BASE life science. BASE further expands Infosys’ footprint in the Nordics region and will bring domain experts with commercial, medical, digital marketing, clinical, regulatory, and quality knowhow.

?Royal Enfield sold 70,112 units in August, registering a 53 percent growth compared to 45,860 units sold in year-ago month. In financial year-to-date, Eicher sold 3.12 lakh units, up 47 percent over 2.13 lakh units sold in same period last year.

?SIS Australia Group Pty Limited, a subsidiary of the company, has signed Share Purchase Agreement for acquisition of 85 percent shareholding in Safety Direct Solutions Pty Ltd which provides critical risk management, medical and training services. The company will complete transaction by September 30 and the transaction cost is AUD 5 million.

?The Adani Group firm will replace Shree Cement from National Stock Exchange’s benchmark index Nifty 50 from September 30. Adani Enterprise is the flagship company of Adani Group and Shree Cement in the leading cement making firm.

?Hero Motor Corp the two wheeler major reported a 1.92 per cent increase in total sales at 4,62,608 units in August 2022. The company had sold 4,53,879 units in the year-ago period.

?Foreign institutional investors (FIIs) have net bought ₹4,165.86 crore worth of shares, whereas Domestic institutional investors (DIIs) have net sold ₹656.72 crore worth of shares on August 30, as per provisional data available on the NSE.

Domestic and International Events

• India’s services exports increased by 20.2 percent year-on-year to $23.26 billion in July, according to Reserve Bank data released on Thursday. The July exports were, however, lower than $25.29 billion in June this fiscal. As per the monthly data on India’s international trade in services for July 2022, the imports rose 22.3 percent to $13.92 billion in July.
• India collected Rs 1.44 lakh crore in Goods and Services Tax (GST) in August, registering an increase of 28 percent from the mop-up a year back, the finance ministry said on September 1. However, when compared to the money collected in July, the August GST mop-up was 4 percent lower.
• US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday, although there were indications cost pressures were starting to ease.
• Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on September 5, but the benchmarks were still on track to post their worst weekly drop in four on fears Covid-19 curbs in China and weak global growth will hit demand.

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