500 Financial News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

S&P 500 (SPX) fell 1.3% last week after previously recording two consecutive weekly green candles. Nasdaq Composite Index (IXIC) dropped nearly 2% as investors were adding value amid fears that the Federal Reserve will keep higher interest rates for longer.

Edelweiss Group arm is preparing to raise up to USD 500 million (approximately Rs 4,143 crore) for its inaugural climate fund. Edelweiss Alternatives has outlined its intentions to allocate the fund towards various sectors, including renewable energy, transmission infrastructure, the development of electric vehicle infrastructure, green infrastructure, water treatment, transport decarbonization, and industrial decarbonization. In a statement released on Monday, the company stated that investors will be presented with a sustainable, long-term investment opportunity in the world's largest sustainable energy transition market, promising more substantial and stable returns. Subahoo Chordia, President of Edelweiss Alternatives, noted that an estimated USD 10 trillion in investment is necessary to achieve India's net-zero target by 2070. «Our climate fund will look to invest in this growing and attractive investment opportunity, while also contributing to achieve the Sustainable Development Goals like climate action, clean energy, clean water, and sustainable cities,» Chordia added.

Gold price fell by Rs 50 to Rs 60,000 per 10 grams in the national capital on Monday, according to HDFC Securities.

Bitcoin (BTC) traded in a narrow range this week and is on target to form the third consecutive Doji candlestick pattern on the weekly chart. The cryptocurrency markets did not receive any support from the United States equities markets, which ended the week on a negative note. The S&P 500 Index dropped 1.3% while the Nasdaq closed down 1.9%. 

The selling of the last few days hasn't abated, and we have a situation where the Russell 2000 (IWM) is now looking at a test of its 200-day MA.

Indian Biogas Association (IBA). Biofuel alliance can be a win-win situation for G20 countries and the environment, IBA said. According to a study by the IBA, the biofuel alliance can generate opportunities worth USD 500 billion in the next three years for G20 countries. The findings of the study assume significance as India is currently hosting the G20 leaders' Summit in New Delhi.Biogas can generate an opportunity of USD 200 billion, considering the least investment required, compared to other energy generation options and easy availability of raw materials, it stated.

Bank of India (RBI) has mandated every bank in India to provide a facility for the exchange of soiled/mutilated/damaged currency notes in lieu of fresh notes. But there are various rules about determining the value of such notes and how the fresh notes are to be disbursed to the tenderer of such soiled notes. “All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of the public so that there is no need for them to approach RBI Regional Offices for this purpose: (i) Issuing fresh/good quality notes and coins of all denominations, (ii) Exchanging soiled/mutilated / defective notes, and…..,” said the RBI in a Master Direction dated April 3, 2023, and updated on May 15, 2023.

Investing.com — The S&P 500 was flat Friday, despite a rise energy and tech, but remained on course to end the week in the red as fears that the Fed may have to persist with higher for longer rates weighed on sentiment.

South Korean asset management giant Mirae Asset Securities has partnered with Polygon Labs to advance tokenization and Web3 onboarding within traditional finance.

Brookfield Asset Management spoke about additional investments in The Leela Palaces Hotels & Resorts business, the company's 'record' performance and 'robust' margins and the expansion plans going forward. Edited excerpts:Q: How has Brookfield’s $558 million investment in Leela fared? A: When we invested in the Leela business, our engagement with them lasted throughout 2018-19. This was prior to the global pandemic, Covid-19.

Following its inclusion in the S&P 500 index, Blackstone Group (NYSE:BX) experienced a notable 4% surge. This momentum has not waned, as the stock has continued to climb, shifting from its previous range around $104 to a robust $108.

As On-Chain Summer continues to grip DEX markets, new viral meme coin ATM Bank (ATM) has exploded +2,500% but with concern growing over a potential pump-and-dump - smart money are rotating profits ahead of the biggest CEX listing of H2 2023.

Investing.com — The S&P 500 slipped Tuesday, but downside momentum was kept in check by a rally in energy stocks after major oil producers agreed to extend their oil production cuts offsetting China-fueled concerns about timid demand.  

Fresh graduates will also be hired for call centre jobs, it said. Currently, Access Healthcare has 22,272 employees at its six centres in the country — Chennai, Coimbatore, Mumbai, Pune, Noida, and Thiruvananthapuram. The new recruitments are for all centres, it added. «This expansion underscores our commitment to leading the healthcare sector into a future defined by technological excellence,» Access Healthcare Founder and Vice Chairman Vardhman Jain said. Every hire is a strategic stakeholder in the company's vision, and the professionals will get opportunities to learn, develop, and grow in their careers, he added.

Nasdaq opened lower on Tuesday as higher Treasury yields weighed on major growth stocks, while downbeat data on services activity in China stoked worries over demand in the world's second largest economy. The Dow Jones Industrial Average rose 5.51 points, or 0.02%, at the open to 34,843.22. The S&P 500 opened lower by 5.71 points, or 0.13%, at 4,510.06, while the Nasdaq Composite dropped 37.27 points, or 0.27%, to 13,994.54 at the opening bell. More to come...

The holiday-shortened trading week will focus more on digesting data from last week than on anticipating new data. The key data to watch this coming week is the ISM Services Index, expected to be released on September 6 at 10 AM. Analysts predict that the services composite will dip slightly to 52.5 from 52.7.

Last week, Bitcoin's volatility increased slightly as the crypto ultimately closed the week at $25,900.

SME IPO of Basilic Fly Studio is receiving a stellar response from investors with the overall subscription at 110 times on the second day of the bidding process. The issue, which opened on September 1, comprises fresh equity of up to Rs 60.5 crore and an offer for sale (OFS) of 6 lakh shares. The company plans to raise about Rs 66 crore from the IPO, which closes tomorrow. According to NSE data, the issue has received bids for 56 crore shares worth Rs 5,507 crore on the second day against just 50.96 lakh shares on offer. Basilic Fly Studio is a visual effects (VFX) Chennai-based studio with subsidiaries operating in Canada and the UK, which specialises in creating visual experiences that captivate audiences around the world. It holds proficiency in the VFX industry and has delivered high-quality VFX solutions for movies, TV, net series, and commercials. According to market sources, the company's shares are commanding a huge premium of Rs 270 in the unlisted market. The company is offering shares for a price band of Rs 92-97 apiece, and investors can bid for 1,200 shares in 1 lot. About 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 35% is set aside for retail investors. For the year ended March 2023, the company has recorded revenues of Rs 78.95 crore and net profit of Rs 27.74 crore. The net proceeds from the public offer will be used to set up a studio in Hyderabad, adding infra to strengthen existing facilities and general corporate purposes. GVR Capital Advisors is acting as the lead manager for the issue, while Purva Sharegistry is the registrar. The final allotment will likely be made on September 8.

Delhi Fire Service (DFS) Director Atul Garg on Monday said 35 fire tenders and 500 personnel will be deployed for the G20 Summit scheduled to be held in the national capital later this week. In an interview with PTI Video, Garg said the department is geared up to combat any fire-related situation during the summit. The DFS has also procured four special high-voltage water pumping machines to avoid any waterlogging in the Rajghat area if it rains, he said. «Every department is preparing for the upcoming G20 meet.

ONGC) has invited applications for the recruitment of 2500 apprentices. In a notification, ONGC said that a candidate is to choose and can apply for one trade at one work centre or location only. As per the notification, the minimum age to apply for the posts is 18 years and the maximum is 24 years as on 20.09.2023, i.e, the Date of Birth of the Candidate/Applicant should between 20.09.1999 and 20.09.2005. However, the upper age is relaxed by 5 years for SC/ST candidates and 3 years for OBC candidates, while for PwBD candidates, there will be an age relaxation of upto 10 years. Candidates can apply for the ONGC apparentie posts via its official website, www.ongcapprentices.ongc.co.in. The application window was opened on September 1, 2023, and will be available until September 20, 2023. For Graduate apprentices, ONGC will be offering a stipend of Rs 9,000, while for diploma apprentices, it is Rs 8,000 and Rs 7,000 for trade apprentices. «Selections for engagement of Apprentices would be based on the merit drawn on the basis of marks obtained in the qualifying examination as stipulated in the advertisement.