Cryptocurrency Update: Crypto Market Trades in Red as Bitcoin, Ether Fall; Full List

The global cryptocurrency market on Friday, APril 22, recorded a marginal dip amid the hawkish remarks of Fed chief Jerome Powell, and the US central bank’s intention of being aggressive to tackle inflation. This prompted all major crypto coins to lose value, as the top 10 tokens traded in red at the time of writing this article. The global cryptocurrency market was down by 2.28 per cent in the last 24 hours to $1.88 trillion, as per data from CoinMarketCap

“The hawkish commentary from Fed’s boss Jerome Powell is weighing the crypto markets. The US central bank is expected to be proactively aggressive to tackle the rising inflationary numbers. The risk of higher borrowing costs and potential economic recession is making the safe havens an attractive bet and thus investors are keeping off the risky assets,” said Kunal Jagdale, founder of BitsAir Exchange.

Bitcoin held on to the $40,000 mark on the day but was down by over 2 per cent, the data showed. At the time of writing this article, Bitcoin fell by 2.36 per cent over the last 24 hours to trade at $40,679.75. However, over the last seven days, Bitcoin price was up by 1.39 per cent.

“Bitcoin corrected marginally to slip down close to $40,000 in the last few hours as exchanges saw significant selling volumes with the crypto markets weakening, overall. The drop in the BTC price could, most likely, be due to traders booking profits with Bitcoin climbing above $42K earlier yesterday. The 2-hourly trend for BTC can be seen breaking below the ascending triangle pattern. An immediate support for BTC is expected at $37,600,” said the WazirX trade desk.

Ether price also went down by 2.40 per cent over the last 24 hours to stand at $3,018.45 at the time of writing this article, as per data.

“We’ve seen a sharp outflow of Bitcoin and ETH from exchanges indicating that there are few coins on exchanges for buyers. Bitcoin’s 30-day supply on exchanges has been negative (outflows greater than inflows) since March 11, and ETH’s since March 15. This emphasizes the rangebound movement we’re seeing because as prices move up or down, there isn’t much liquidity to turn momentum into price action,” said Darshan Bathija, CEO and co-founder of Vauld.

Here are the top 10 cryptocurrencies and their prices on April 22, 2022 (data from coinmarketcap.com)

Bitcoin $40,679.75 or 2.36 per cent loss in the last 24 hours

Ethereum $3,018.45 or 2.40 per cent loss in the last 24 hours

Tether $1.00 or 0.01 per cent loss in the last 24 hours

BNB $411.21or 2.78 per cent loss in the last 24 hours

USD Coin $1 or 0.01 per cent loss in the last 24 hours

XRP $0.7354 or 2.53 per cent loss in the last 24 hours

Solana $103.21 or 3.58 per cent loss in the last 24 hours

Terra $93.76 or 0.31 per cent loss in the last 24 hours

Cardano $0.9208 or 2.79 per cent loss in the last 24 hours

Avalanche $76.62 or 3.17 per cent loss in the last 24 hours

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SWASTIKA DAS SHARMA
Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J…Read More

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HOME » NEWS » MARKETS » LIC IPO: SIZE REDUCED, NEW LAUNCH DATE; ALL LATEST UPDATES
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LIC IPO: Size Reduced, New Launch Date; All Latest Updates
The government will offload 5 per cent stake in the life insurance behemothThe government will offload 5 per cent stake in the life insurance behemoth
LIC IPO: Even after the reduced size of Rs 21,000 crore, the LIC IPO is going to be the biggest IPO ever in the country
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LAST UPDATED:
APRIL 22, 2022, 10:53 IST
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The size of the Life Insurance Corporation‘s (LIC’s) initial public offering (IPO) may be slashed to Rs 21,000 crore, said people in the know. The LIC IPO, however, may come with a greenshoe option of Rs 9,000 crore. The total IPO size, after accounting for the greenshoe option, will work out to Rs 30,000 crore and will lead to a 5 per cent dilution of the government stake.

A greenshoe option is an over-allotment option. The option gives the company a choice to retain excess subscription and helps it adjust the public issue as per demand and market conditions.

LIC IPO Size

The government filed LIC’s draft papers with the Securities and Exchange Board of India (Sebi) in February, and the aim was to raise around Rs 65,000 crore at a market valuation of Rs 12 lakh crore. Now, the IPO size is likely to be reduced to Rs 21,000 crore with a greenshoe option of Rs 9,000 crore.

LIC IPO Date

The LIC’s public offer is now expected to hit the market on May 2, according to the BS report quoting sources. The government last month filed fresh draft papers for the IPO. The government now has time till May 12 to launch the offer, after which the Centre will need to file fresh papers with the Securities and Exchange Board of India. It will also need to give the results of the December quarter and also update the embedded value. LIC’s embedded value stood at Rs 5.39 lakh crore as of September 31, 2022, according to draft papers.

Currently, the market conditions are volatile due to sustained selloffs by foreign portfolio investors amid the US Federal Reserve’s decision to aggressively tighten its monetary policy and increase interest rates.

LIC IPO Reserved Quota

Around half of the IPO issue has been fixed for qualified institutional buyers (QIBs). Out of the QIB’s portion, 60 per cent has been earmarked for anchor investors on a discretionary basis. One-third of the anchor investor portion will be reserved for domestic mutual funds.

About 15 per cent will be reserved for non-institutional investors (NII). Around 35 per cent will be available for retail investors to participate. A significant portion, not exceeding 10 per cent of the public issue, will also be reserved for the policyholders. For employees also, 5 per cent of LIC IPO will be reserved. Both the employees and policyholders will get a chance to book LIC IPO at a discounted rate.

Biggest IPO So Far

Even after the reduced size of Rs 21,000 crore, the LIC IPO is going to be the biggest initial public offering ever in the country. As of now, Paytm IPO is the biggest one at Rs 18,300 crore in 2021, followed by Coal India Ltd at Rs 15,500 crore in 2010 and Reliance Power at Rs 11,700 crore in 2008.

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LIC IPOLIFE INSURANCE CORPORATION (LIC)
FIRST PUBLISHED:APRIL 22, 2022, 10:30 IST
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HOME » NEWS » MARKETS » HCL TECH ANNOUNCES INTERIM DIVIDEND WITH Q4 RESULTS, WHAT INVESTORS MUST KNOW
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HCL Tech Announces Interim Dividend with Q4 Results, What Investors Must Know
HCL reported 226 per cent growth in its consolidated profit after tax (PAT) at Rs 3,593 croreHCL reported 226 per cent growth in its consolidated profit after tax (PAT) at Rs 3,593 crore
HCL Technologies, IT services provider in the country, on Thursday, reported its Q4 results and also declared an interim dividend. Know details
LAST UPDATED:
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HCL Technologies, IT services provider in the country, on Thursday, reported its Q4 results and also declared an interim dividend of Rs 18/- per equity share of Rs.2/- each with a record date of April 29, 2022. The said dividend will be paid on May 11, 2022. “Our board is happy to announce a dividend of Rs 18 per share for the quarter, taking the payout for the year to Rs 44 per share for the year, 88.4 percent of EPS, higher than the guided range of 75 per cent”, said Prateek Aggarwal, Chief Financial Officer.

HCL reported 226 per cent growth in its consolidated profit after tax (PAT) at Rs 3,593 crore, compared to Rs 1,102 crore reported in the corresponding quarter a year ago. Due to the impact of deferred tax credit and the one-time milestone bonus paid during Q4FY21, the adjusted net profit during the same period last year stood at Rs 2,962 crore. The adjusted profit after tax for the quarter grew 21.3 per cent year-on-year.

The consolidated revenues of the Noida-based IT company witnessed a growth of 15 per cent at Rs 22,597 crore as against Rs 19,642 crore reported in the year-ago period. On a sequential basis, revenues increased 1.2 per cent in comparison with Rs 22,331 crore reported during the previous quarter.

“Our core beliefs of innovation and collaboration, driven by a strong faith in humanitarian values, have stood us well in these fast-changing times. Clients worldwide see HCL Technologies as their partner of choice to drive business outcomes with our leading-edge technology services, solutions and products. We remain committed to transforming lives and uplifting marginalised communities through the work and perseverance of the HCL Foundation,” Roshni Nadar Malhotra, chairperson at HCL Technologies, said.

The growth in revenues for the quarter was aided by the IT services and ERD (Engineering and Research & Development) business while HCL’s P&P (Products & Platforms) business witnessed a decline due to seasonality.

For the full-year period from April – March, PAT increased by 21.1 per cent to Rs 13,499 crore compared to a profit of Rs 11,145 crore reported in the previous financial year. Consolidated revenues at Rs 85,651 crore have risen by 13.6 per cent compared to Rs 75,379 crore recorded in FY21.

“We have delivered yet another stellar quarter in our Services business, where the revenue is up 5.0 percent QoQ & up 17.5 percent YoY in constant currency”, said C Vijayakumar, Chief Executive Officer & Managing Director. “Over the last three quarters, our Services business has been consistently growing organically at 5 percent and higher, delivering one of the highest CAGR in the industry.”

How Much Dividend Has Been Proposed By TCS, Infosys?

Earlier this month, Tata Consultancy Services (TCS) recommended a final dividend of ~Rs 22 per equity share of Re l each. The proposed final dividend shall be paid on the fourth day from the conclusion of the 27th Annual General Meeting, subject to the approval of the shareholders of the company.

Even, Infosys, while declaring its March quarter results announced that the company’s board has proposed a final dividend of Rs 16 per share, taking the total dividend for FY22 to Rs 31 per share, an increase of 14.8 per cent over the prior year.

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HOME » NEWS » MARKETS » SENSEX DROPS 600 PTS, NIFTY BELOW 17,200 ON WEAK GLOBAL CUES; HCL TECH RISES 2%
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Sensex Drops 600 pts, Nifty Below 17,200 on Weak Global Cues; HCL Tech Rises 2%
Key benchmark indices on Friday had a negative start Key benchmark indices on Friday had a negative start
Indian benchmark indices started on a weak note on Friday following its global peers
LAST UPDATED:
APRIL 22, 2022, 09:59 IST
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Indian benchmark indices started on a weak note on Friday following its global peers. At 09:16 IST, the Sensex was down 545.85 points or 0.94 per cent at 57365.83, and the Nifty was down 165.80 points or 0.95 per cent at 17226.80. About 859 shares have advanced, 1100 shares declined, and 97 shares are unchanged.

Overnight, the US Federal Reserve chief, Jerome Powell, suggested that the central bank would move aggressively to curb inflation, and a 50 basis points rate hike was seen on the table in May 2022.

Meanwhile, in the broader markets, the BSE MidCap and SmallCap indices dipped up to 0.6 per cent.

RBL Bank, Shriram Transport Finance, TVS Motor, and Gland Pharma were the other top mid-cap losers. In the Small-cap space, Future Lifestyle Fashions, Birla Tyres, Rallis India, and Sasken Technologies fell up to 8 per cent.

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Sectorally, all the key indices were in the negative zone with the Nifty Auto, Bank, and Private Bank indices slipping between 1 per cent and 1.5 per cent.

HCL Tech (up 2 per cent) and Bharti Airtel (up 0.18 per cent) were the only gainers on the Sensex index, while M&M, HDFC twins, Kotak Bank, Nestle India, and Infosys were the top laggards.

Individually, Tata Communications fell over 2 per cent on profit booking after the digital connectivity solutions firm, on Thursday, posted a 22 per cent growth in consolidated profit at Rs 365 crore for the quarter ended March 2022.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “This excessively volatile market without any clear direction is being influenced on a daily basis by two factors- one, external and two, internal. The external factor is the erratic movement in the mother market US where the S&P 500 and Nasdaq go up by around 2 per cent one day and go down by around 2 per cent the next day.The internal factor influencing the market is the see-saw tussle between FIIs and DIIs. Both these external and internal factors are erratic now and that’s why the market is volatile without any direction.”

“Yesterday’s comment by the Fed chief that a 50 bp rate hike is possible in May’ and that ‘ control of inflation has become absolutely essential’ has pushed the 10-year bond yield above 2.9% and consequently impacted equity markets. But this impact, too, is likely to be temporary since the market has already discounted this known hawkishness of the Fed. What investors should do in this time of high uncertainty is to buy high-quality stocks on steep market corrections and wait with patience,” he added.

Global Cues

Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation. The Dow Jones Industrial Average ended down 1.05 per cent, while the S&P 500 lost 1.48 per cent and the Nasdaq Composite dropped 2.07 per cent.

Tokyo stocks opened lower on Friday, extending losses on Wall Street following hawkish comments from the Federal Reserve about its monetary tightening plans. The benchmark Nikkei 225 index was down 1.49 per cent, or 410.48 points, at 27,142.58 in early trade, while the broader Topix index was down 1.16 per cent, or 22.36 points, at 1,905.64.

Hong Kong stocks plummeted at the open on Friday, extending a week of losses after US Federal Reserve boss Jerome Powell suggested an interest rate hike was imminent. The Hang Seng Index fell 2.03 per cent, or 420.61 points, to 20,261.61. The Shanghai Composite Index lost 0.69 per cent, or 21.40 points, to 3,058.40, while the Shenzhen Composite Index on China’s second exchange dropped 0.65 percent, or 12.58 points, to 1,911.23.

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HOME » NEWS » MARKETS » PETROL PRICE HITS RS 105.41/LITRE IN DELHI; KNOW HOW MUCH YOU HAVE TO PAY IN YOUR CITY
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Petrol Price Hits Rs 105.41/Litre in Delhi; Know How Much You Have to Pay in Your City
Check petrol and diesel prices in Delhi, Mumbai, Chennai, Bengaluru, and other cities in IndiaCheck petrol and diesel prices in Delhi, Mumbai, Chennai, Bengaluru, and other cities in India
According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre on April 22
LAST UPDATED:
APRIL 22, 2022, 08:26 IST
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Petrol, Diesel Prices on Friday: The prices of Petrol, Diesel across the country remained stable across the country for the 16th day in a row on April 22. According to a price notification from fuel retailers, petrol in Delhi costs Rs 105.41 per litre and diesel Rs 96.67 per litre. In Mumbai, petrol and diesel prices per litre are at Rs 120.51 and Rs 104.77 respectively. In Chennai, petrol costs Rs 110.85 per litre and diesel Rs 100.94 per litre. In Kolkata, petrol is at Rs 115.12 per litre and diesel Rs 99.83 per litre.

The city-wise list of fuel varies from place to place due to different taxes. The fuel prices in the country are revised on a daily basis based on the international crude oil prices and foreign exchange fluctuations. The price revision was on hold for four months since November last year. It resumed the revision on March 22, after the declaration of election results of four states. The fuel price saw an overall increase of Rs 10 a litre, within a fortnight of back-to-back hikes after March 22.

Meanwhile, fuel prices are rising again in international markets. Global fuel prices are currently above $ 107, down from $ 100 a week ago. After a gap of 137 days, companies resumed fuel price hikes last month. The companies have hiked petrol and diesel prices by Rs 10 in 16 days. But with the rise in fuel prices, demand is reportedly falling sharply.

In the first half of April, petrol sales fell by 10 per cent and diesel by 15.6 per cent. LPG sales also declined by 1.7 per cent. After a gap of 137 days, fuel prices started rising on the 22nd of last month. For companies to increase fuel prices by Rs 10 per liter in just 16 days. The price of cooking gas has also gone up. The challenge is that the government is not announcing any concessions despite rising prices.

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A large part of the retail price is the central excise duty and value added tax levied by the states. In the national capital, the tax is 42 per cent on petrol and 37 per cent on diesel. The country has been relieved that fuel prices have not risen for the past few days. The main reason for this was the fall in global oil prices. But experts say this relief will be lost in the days to come. Global oil prices are hovering below 100 per cent yesterday.

Petrol, Diesel Prices on Friday, April 22, in Delhi, Mumbai and Other Major Cities in India:

Delhi

Petrol – Rs 105.41 per litre

Diesel – Rs 96.67 per litre

Mumbai

Petrol – Rs 120.51 per litre

Diesel – Rs 104.77 per litre

Kolkata

Petrol – Rs 115.12 per litre

Diesel – Rs 99.83 per litre

Chennai

Petrol – Rs 110.85 per litre

Diesel – Rs 100.94 per litre

Bhopal

Petrol – Rs 118.14 per litre

Diesel – Rs 101.16 per litre

Hyderabad

Petrol – Rs 119.49 per litre

Diesel – Rs 105.49 per litre

Bengaluru

Petrol – Rs 111.09 per litre

Diesel – Rs 94.79 per litre

Guwahati

Petrol – Rs 105.66 per litre

Diesel – Rs 91.40 per litre

Lucknow

Petrol – Rs 105.25 per litre

Diesel – Rs 96.83 per litre

Gandhinagar

Petrol – Rs 105.29 per litre

Diesel – Rs 99.64 per litre

Thiruvananthapuram

Petrol – Rs 117.19 per litre

Diesel – Rs 103.95 per litre

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PETROL PRICES HIKE
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HOME » NEWS » MARKETS » STOCKS TO WATCH TODAY: PAYTM, HCL TECH, ITC, ICICI LOMBARD, AND OTHERS
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Stocks to watch in Friday’s tradeStocks to watch in Friday’s trade
Stocks to watch today: Shares of firms like Paytm, HCL Tech, ITC, ICICI Lombard, and others will be in focus in Friday’s trade
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Nifty futures on the Singapore Exchange-traded 185.5 points, or 1.07 per cent lower at 17,221.50, signaling that Dalal Street was headed for a negative start on Friday. Yesterday, positive global clues lifted sentiments for the second straight day. The board-based rally saw buying across different sectors. Shrikant Chouhan, head of equity research (Retail), Kotak Securities, said: “Technically, after a strong opening, the Nifty successfully traded above 200- days SMA. It also formed a long bullish candle on daily charts which supports an uptrend. We are of the view that the short-term texture has changed to positive, but due to overstretch intraday formation, range-bound activity is not ruled out. For the traders, the immediate hurdle on the Nifty would be 17,500-17,550. on the flip side, 17,300-17,275 would act as a crucial support zone on the Nifty for the day traders. The intraday texture is mildly overbought hence buying on dips and sell on rallies would be the ideal strategy for the day traders.”

Results Today

Aditya Birla Money, Hindustan Zinc, Sundram Fasteners, Tata Metaliks, Tejas Networks, MMTC, Wendt (India), Bhakti Gems and Jewellery, Eiko Lifesciences, Jhandewalas Foods, Khaitan Chemicals & Fertilizers, Quest Capital Markets, RS Software India, and Sharad Fibres & Yarn Processors will release quarterly earnings on April 22.

Tata Communications

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Profit in Q4FY22 grew by 23.2 per cent YoY to Rs 369 crore on higher other income. Revenue grew by 4.6 percent to Rs 4,263 crore in same period driven by data services segment, which contributed the maximum to revenue. The board has recommended a dividend of Rs 20.7 per share for the year, as a result of the company reporting strong profitability.

HCL Technologies

The IT services company recorded a 4.4 per cent sequential growth in profit at Rs 3,593 crore and 1.2 per cent QoQ growth in revenue at Rs 22,597 crore, but earnings before interest & tax fell 4.4 per cent QoQ to Rs 4,069 crore. The dollar revenue growth was half a percent QoQ at $2,993 million and revenue in constant currency showed 1.1 per cent increase QoQ. The company reported total contract value (TCV) of new deal wins at $2,260 million for Q4, registering 6 per cent QoQ growth, and has declared a dividend of Rs 18 per share.

One97 Communications

The Paytm owner and operator posted a shareholding update which showed that Canada Pension Plan Investment Board (CPPIB) has also increased its stake in Paytm from 1.57 to 1.71 per cent in the quarter ended March 2022.

ICICI Lombard General Insurance Company

The company reported 9.6 per cent year-on-year decline in profit at Rs 312.5 crore, but net premium earned during the quarter jumped 27 per cent to Rs 3,318 crore and total income grew by 33 per cent to Rs 4,636 crore compared to year-ago period. Even operating profit surged 29 per cent YoY to Rs 1,009.6 crore during the quarter.

TVS Motor Company

The company announced an additional investment of 100 million pound in Norton Motorcycle, Britain’s most iconic sporting motorcycle brand. Norton Motorcycle was acquired in April 2020.

RailTel Corporation of India

The company has received work order from National Informatics Centre Services. National Informatics Centre Services was incorporated in relation to assignment of work of immigration visa and foreigner registration & tracking. The work order was worth Rs 29.75 crore.

JSW Energy

Subsidiary JSW Neo Energy (JSWNEL) is going to set up 1,500 MW capacity of hydro pumped storage project (PSPs) – Komoram Bheem Pumped Storage Project, in Telangana. The company has entered into a Memorandum of Understanding with the state government, for the said project. With the said project, the company has tied-up resources for 5 GW hydro PSPs with the governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).

L&T Technology Services

The IT company clocked 5.3 per cent sequential growth in profit at Rs 262 crore on better EBIT that grew by 4.1 per cent with flat margin at 18.6 per cent QoQ, while revenue increased 4.1 per cent to Rs 1,756.1 crore compared to previous quarter. North America, Europe and India supported revenue growth, but Rest of World segment reported 1.6 percent sequential decline in Q4. It has bagged $100 million+ electric air mobility program from Jaunt Air Mobility. It will open an engineering and R&D centre in Québec Province for the next-gen electric aircraft manufacturer to provide engineering services for the Jaunt Journey eVTOL (electric Vertical Takeoff and Landing) air taxi.