Wall Street ends August with a whimper on Fed worry
The three main indexes suffered their biggest monthly percentage declines in August since 2015. After hitting a four-month high in mid-August, the S&P 500 has stumbled in recent weeks, dropping more than 8% through Wednesday’s close and falling through several closely watched technical support levels.
ONGC-Indian Oil, GAIL and MCPI submit bids for bankrupt JBF Petro
Three others – Reliance Industries (RIL), a consortium of HPCL-Mittal Energy and BC Jindal Group’s Jindal Poly Films – which had submitted expressions of interest have stayed away from placing formal bids for the chemicals company, the people said on condition of anonymity as the information is still private.
Local mutual funds cut equity exposure in August, too
Local funds have sold equities worth ₹1,642 crore in August, the highest in 17 months, data from Sebi shows. This is the third month in a row when domestic fund deployment shrunk. Monthly inflows had peaked at ₹37,799 crore in May.
PNB raises MCLR by 0.05% across tenors from Sep 1
The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday. The three-year MCLR stands at 8 per cent, up by 0.05 per cent.