News Bulletin: 2/8/22

▫️WTI Crude Oil slipped below $95, as China industrial output weakened.

▫️ India’s manufacturing activity jumped to 8 month high in July.

▫️Auto industry recorded highest ever wholesale passenger vehicle dispatch of 342,326 units which was backed by economic recovery and ease in semiconductor availability.

▫️ Government collected Rs 1.49 trillion GST in July (second highest ever).

▫️Jio emerged as the top 5G bidder in spectrum auction at Rs 88,078 crore, followed by Airtel at Rs 43,084 crore, VI at Rs 18,799 crore and Adani at Rs 212 crore.

▫️IMD predicted normal monsoon during August – September.

▫️FPIs investment in Indian equities turned positive in July after 9 months of consecutive outflow.

▫️ India’s power consumption grew by 3.8% in July.

▫️Petrol and diesel sales dipped in July as onset of monsoon restricted the mobility.

▫️OMCs have reduced jet fuel prices by 12% and LPG cylinder by 1.5%.

▫️ITC posted 41% jump in revenue and 38% growth in net profit for Q1, beating street expectations.

▫️The US manufacturing activity expanded at slowest pace in 2 years in July.

▫️ Chinese real estate slowed down is expected to lead to $350 billion losses for Chinese banks.

▫️ Pakistan may similar crisis like Sri Lanka, as inflation in Pakistan peaked to 24.93% in July.

▫️The US is considering to limit shipments of American chip making equipment to memory chip makers in China.

▫️Ruppee strengthened by 18 paise against dollar to 1 month of 79.06.

▫️ Property registrations surged 15% in Bombay Municipal Corporation in July.

▫️IT-BPM sector is expected to add 300,000 jobs by March 2023.

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