Good morning!
Here are the top stories to start your day.
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⭐ GST relief for Delta Corp 😌
Shares of casino and hotel operator Delta Corp were up 2% on Wednesday as the GST Council deferred a proposal to levy 28% (currently 18%) tax on casinos, online gaming, race courses and lotteries. The council deferred its decision, giving Goa and some states two weeks to submit its report on the valuation mechanism. The council will meet again in the first week of August to decide on the issue.
⭐ SIS approves share buyback 👍
The board of security services firm SIS has approved a share buyback of up to ₹80 crore, subject to shareholder approval. The buyback price has been fixed at ₹550 a share, a 20% premium to Wednesday’s closing price of ₹457.
⭐ US GDP shrinks in March quarter 😢
According to the latest government data, the US economy shrunk by 1.6% in the first quarter of 2022 amid a record trade deficit. In contrast, the US GDP had grown by 6.9% in the fourth quarter of 2021. On the positive side, consumer spending and business investment both rose in April and May, respectively, indicating a rebound in the second quarter.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.11% |
| Nikkei 225 (Japan) | ▼ 0.91% |
| Hang Seng (Hong Kong) | ▼ 0.17% |
| SSE Composite (China) | ▼ 0.33% |
| Dow Jones (US) (June 29) | ▲ 0.27% |
| NYSE (US) (June 29) | ▼ 0.15% |
| Nasdaq (US) (June 29) | ▼ 0.03% |
| S&P 500 (US) (June 29) | ▼ 0.07% |
Fact of the day
India is likely to have 122 new unicorns, or startups valued at more than $1 billion, in the next two to four years.
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Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.