Good morning!
Here are the top stories to start your day.
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⭐ Reliance expects gas prices to rise 📈
Oil-to-telecom major Reliance Industries predicts the price of natural gas to rise in October. However, it wants the government to remove caps on gas prices, so that they are in line with the global prices. The government sets gas prices every six months on the basis of international rates.
⭐ Kotak Bank’s profit surges 👍
Private lender Kotak Mahindra Bank reported a standalone net profit of ₹2,071 crore in Q1FY23, a jump of 26% year-on-year (YoY). The rise in profit was due to a decline in bad loans and a growth in net interest income (NII). The NII increased to ₹4,697 crore, up by 19% YoY due to a rise in customer assets. The bank also reported an improvement in asset quality with gross non-performing assets ratio falling to 2.24% from 3.56% in the year-ago period.
⭐ Vodafone Group to invest in Vodafone Idea 💰
Telecom operator Vodafone Idea said its promoter Vodafone Group will invest ₹436 crore via a preferential issue of warrants (each convertible to one equity share). The issue price is ₹10.2 per warrant. The company also announced that MD & CEO Ravinder Takkar will leave his position after completion of his three-year term, which ends on 18 August. The board has selected Akshaya Moondra as the next CEO.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.25% |
| Nikkei 225 (Japan) | ▼ 0.82% |
| Hang Seng (Hong Kong) | ▼ 0.69% |
| SSE Composite (China) | ▼ 0.11% |
| Dow Jones (US) (July 22) | ▼ 0.43% |
| NYSE (US) (July 22) | ▼ 0.29% |
| Nasdaq (US) (July 22) | ▼ 1.87%
|
| S&P 500 (US) (July 22) | ▼ 0.93% |
Fact of the day
The number of startups in India has increased from 471 in 2016 to 72,993 as on 30 June.
Source: Mint
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