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Listen: What drives Indian expats to use crypto to send money home?

By on October 25, 2021 0
Hi hello. Welcome to ETMarkets Morning, the money, business and markets show. I am Nikhil Agarwal. Let’s start with the headlines first.

– Electronic, handsets fall short of Diwali demand
– Clear Raises $ 75 Million From Kora Capital, Stripe And Others
– Groww raises $ 251 million
– Panel for the National Employment Policy soon

Now let me give you a quick overview of the state of the markets.

Asian stocks opened mostly lower before giving mixed signs on Monday as investors wait for corporate earnings and the upcoming general election in Japan. The MSCI index of Asia-Pacific equities excluding Japan lost 0.13%.

Elsewhere, the yield on 10-year Treasuries rose two basis points to 1.65%. The dollar stabilized on Monday after its biggest weekly loss in more than a month, as traders assess the effect of inflation on the relative pace of impending rate hikes – with a cautious eye on data from growth and a meeting of the European Central Bank. Bitcoin was trading around $ 61,000. Oil prices rose on Monday, extending pre-weekend gains as US crude hit a seven-year high as global supply remained tight amid strong global demand as economies recover collapses induced by the coronavirus pandemic. Brent crude futures rose 26 cents, or 0.3%, to $ 85.79 a barrel.

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That said, here’s what’s in the news.

Reliance Industries shares are expected to gain 3-4% after the oil and telecom conglomerate announced a 43% increase in its consolidated net profit for the September quarter compared to a year ago. Analysts said the strong gains in Reliance shares could help end the four-day losing streak in the Sensex and Nifty. Reliance shares have gained 24.35% over the past year while Sensex has gained 50% over the same period.

The recent rise in commodity prices and the risk of steel prices falling or correcting are not expected to disturb JSW Steel. Doubling its capacity over the next two years, the increasing contribution of value-added products and the steadily reducing production costs will contribute to JSW Steel’s log profit growth even in a downturn. In addition, it is the only steel company to see its capacity increase in fiscal year 24. So even if the steel cycle is reversed, profits could continue to grow, thus maintaining current levels of earnings. stock prices.

Many Indian expats are increasingly experimenting with cryptocurrencies to send money to their families back home and save on commissions charged by wire transfer companies and other intermediaries. Industry trackers say the sudden growth in crypto investments, even in small towns in India, has also led people to explore various uses. Remittances to India are valued at around $ 80 billion, which is mostly transferred through banking or financial channels.

RECENTLY,

The initial trend in second quarter results shows that aggregate sales and profits continue to grow in double digits year over year, but with lower profitability marred by inflation in input costs. A sample of 250 companies reported 27.7% year-over-year revenue growth, down from 6.6% in the previous year quarter. Net profit rose 23% after growing 36.4% a year ago.

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NOW Before you go, here’s a look at the actions buzzing this morning …

Apollo Tires will soon launch its European premium tire brand Vredestein in the country more than a decade after acquiring it, at a time when Indian restrictions on tire importation are impacting the business of the brands of high-end vehicles.

Gland Pharma plans to start exporting the single-injection Sputnik Light vaccine by November.

Prioritization of domestic coal supply for the power sector has affected Hindustan Zinc to some extent, but the company has cushioned itself by blocking the supply of imported dry fuel until March, a senior official says. .
of the firm of the Vedanta group said.

Biopharmaceutical company Biocon has its eyes on the U.S. insulin market, which is expected to grow to $ 29.9 billion by 2025, with its interchangeable biosimilar Semglee having received approvals and which the company hopes to be approved for. ‘by the first quarter of 2022..

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Also check out over two dozen stock recommendations for today’s trading from top analysts on ETMarkets.com.

That’s all for the moment. Stay with us for all the market news throughout the day. Good investment!


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