Stock Market LIVE Updates: Domestic indices lower at pre-open amid weak global cues; Asia stocks tumble

Sensex slips 518 points at 54,318, Nifty trades around 16,200

Sensex slips 384 points at 54,452, Nifty trades around 16,400

While lauding the insolvency and bankruptcy code (IBC), corporates feel it could be curtailing entrepreneurship. They also believe there’s a need for the Reserve Bank of India to allow Indian banks to lend against shares. JSW Group chairman Sajjan Jindal said, “I’m one of the strong proponents of IBC. It’s a good reform but the challenge is that it has killed a lot of entrepreneurs in India.”

India Inc’s coming of age was clearly visible during the Economic Times Awards for Corporate Excellence 2021 held here in person on Saturday after a two-year hiatus.

Happiest Minds’ revenue grew 40.2% to $146 million in the 2021-22 financial year compared to the year-ago period. Its new profit increased 11.5% year-on-year whereas its EBITDA came in at 26.1% recording a 36.9% jump year-on-year. For the March quarter, the Bengaluru-based IT firm’s topline rose 31.9% year-on-year to $39.9 million.

The LTIMindtree combine will have the fifth largest banking and financial services (BFSI) portfolio among its larger Indian IT peers. The BFSI revenue of the combined entity is $1.2 billion for the 2021-22 financial year and it surpassed Tech Mahindra’s at $923 million on a trailing twelve-month basis.

South Korean shares fell more than 1% on Monday amid a risk-off sentiment in Asian markets on rising US Treasury yields, which make bonds more attractive investments. Bond yields move inversely to their prices.

Customers of Big Bazaar who are holding vouchers have been left high and dry after a majority of outlets of the hypermarket chain’s parent Future Retail (FRL) were taken over by Reliance Industries. While an FRL spokesperson did not comment, a senior industry executive said the company is left with about 30 Big Bazaar stores across India where customers can still redeem vouchers.

Billionaire Prem Watsa of the Fairfax Group is often known as the Canadian Warren Buffett. Besides being in the insurance and investment business like Buffett, he has the ability to make long-term investments when others are running scared. He started out in India as a JV partner in ICICI Lombard, which is now the most valuable non-life company. In an interview, he speaks about why being business-friendly is good for the economy.

Australian shares fell on Monday, dragged lower by mining stocks, with investors globally maintaining a cautious stance over rate-hike worries and as tightening Covid-19 restrictions in Shanghai fuelled concerns about a possible recession. The S&P/ASX 200 index was down 0.9% at 7,143.50. The benchmark ended 2.2% lower on Friday.

Tokyo stocks opened lower Monday, tracking US falls on investor concern over higher interest rates, with focus shifting to Japanese corporate earnings. The benchmark Nikkei 225 index was down 1.12 percent, or 302.68 points, at 26,700.88 in early trade, while the broader Topix index fell 0.79 percent, or 15.12 points, to 1,900.79.