Here are the top stories this evening:
Investors get richer by Rs 39 trillion as Sensex jumps over 16% from June lows
The fall in US inflation, better earnings growth in June FY23 quarter, consistent buying by FIIs, and a decline in the US dollar index lifted the domestic equities to a four-month high on August 11. With the consistent recovery in markets from June lows, investors are now richer by around Rs 39 trillion.
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S&P says India's external position "very strong", can absorb some deterioration
The Indian economy can handle some erosion of its foreign exchange reserves as its external position is "very strong", according to S&P Global Ratings.
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ICICI Bank hits Rs 6 trillion m-cap first time; stock hits record high
ICICI Bank on Thursday joined the elite club of Rs 6 trillion market-cap with shares hitting a record high. The lender became the seventh Indian stock to hit such a milestone. Shares of ICICI Bank hit an all-time high of Rs 866.15 on BSE with market-cap of Rs 6.01 trillion. The stock surged nearly 17% so far this year. At 1pm, the scrip was trading at Rs 864 on BSE, up 1.8% from its previous close.
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I-T department questioned two Axis MF executives in frontrunning case
The income-tax department, which said it conducted searches on a former official of Axis Asset Management Co. and others associated with the company in connection with a case of suspected frontrunning, also questioned two serving executives of the mutual fund house, people familiar with the matter told Moneycontrol.
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Explained | What are RBI’s new digital lending norms? 5 questions answered
The Reserve Bank of India (RBI) on August 10 released a list of norms to regulate digital lending to protect borrowers and crack down on the growing number of frauds and unlawful activities within the sector.
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Exclusive: Buy cryptos that have utility value, says Mark Cuban
Asserting that the price of tokens is the least important and least interesting aspect of cryptocurrencies, billionaire investor Mark Cuban advises investors to buy digital currencies with real utility value. In an interview with Moneycontrol, Cuban said cryptocurrencies should be regulated “optionally” with the choice of a minimal listing with OTC and pink sheets.
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India’s home loan market set to double in next 5 years: SBI
India’s home loan market, currently valued at about Rs 24 lakh crore, is expected to double in the next five years, mirroring the overall trend in the country’s aspirations to become a $5 trillion economy by then, State Bank of India said in a report.
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