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European shares hold steady ahead of US-China trade talks

European shares hold steady ahead of US-China trade talks

Economic Times8 hours ago

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Indian stocks remain in green for fourth day; Sensex jumps 256 points
Indian stocks remain in green for fourth day; Sensex jumps 256 points

India Gazette

time2 hours ago

  • India Gazette

Indian stocks remain in green for fourth day; Sensex jumps 256 points

Mumbai (Maharashtra) [India], June 9 (ANI): The Indian stock indices ended on a positive note on Monday, rising for the fourth straight session, continuing to take cue from the RBI's decision to cut repo rates by 50 basis points. The Sensex closed at 82.445.21 per cent, up 256.22 points or 0.31 per cent, while Nifty closed at 25,103.20 points, up 100.15 points or 0.40 per cent. 'Financial stocks extended their rally in Indian markets, driven by the RBI's supportive aggressive policy of rate and CRRA cut. These actions have boosted investor confidence and are expected to enhance liquidity in the near to medium term, especially in midcaps,' said Vinod Nair, Head of Research, Geojit Investments Limited. All the Nifty Sectoral indices ended their day in the green territory except Nifty Realty. Out of all the sectors, Nifty Financial Services Ex-Bank was the top mover, followed by Nifty PSU Bank and Nifty Oil & Gas. 'Banking stocks were the standout performers of the session, with the Bank Nifty index extending its rally to hit a fresh all-time high. For the first time ever, the index breached the 57,000 mark, underscoring the market's optimism following a surprise 50 basis points cut in the repo rate and a simultaneous reduction in the Cash Reserve Ratio (CRR) by the Reserve Bank of India (RBI),' according to Bajaj Broking Research. According to the latest US jobs data, employers added 1,39,000 jobs last month. Average hourly earnings increased 0.4% in May against a rise of 0.3%, as reported by Reuters. 'The positive US jobs data and renewed optimism over U.S.-China trade talks lifted global sentiment. Domestically even large caps expressed renewed momentum led by FIIs inflows,' Vinod Nair added. On Friday, RBI decided to reduce the policy repo rate under the Liquidity Adjustment Facility by 50 basis points to 5.5 per cent. This rate cut was accompanied by a cut in the Cash Reserve Ratio (CRR) by 100 basis points in four tranches of 25bps each. (ANI)

Shares of Eternal, Swiggy drop as Rapido undercuts food delivery commission
Shares of Eternal, Swiggy drop as Rapido undercuts food delivery commission

Time of India

time3 hours ago

  • Time of India

Shares of Eternal, Swiggy drop as Rapido undercuts food delivery commission

Shares of Zomato parent Eternal and its rival Swiggy dropped as much as 2.5% and 4% on Monday following an ET report that Rapido is planning to launch its food delivery services this month by charging significantly lower commissions to restaurants than the two large players. Eternal shares closed 1.9% lower on the BSE at Rs 256.99 per share, after hitting an intraday low of Rs 255.35. Swiggy ended the day's trade 2.8% lower at Rs 364 a share, falling to Rs 360.10 apiece earlier in the day. The benchmark Sensex closed 0.31% higher at 82,445.21. According to the agreed-upon terms with the industry body National Restaurants Association of India (NRAI), Rapido will charge a flat commission of Rs 25 for all orders below Rs 400 and Rs 50 for orders worth more than Rs 400. This translates to 8–15% commission from restaurants, compared to 16–30% that Zomato and Swiggy charge, as ET reported. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo Rapido's food delivery launch comes at a time when restaurants have been increasingly flagging issues of 'steep charges' levied by Zomato and Swiggy. "Zomato is becoming unsustainable for small restaurant owners like us," Vandit Malik, founder of The Garlic Bread, wrote on LinkedIn three weeks back. "To even be visible on the platform, I'm forced to spend Rs 30+ per order on ads. What's left? Pennies. Sometimes, not even that," he alleged. The owners of another NCR-based small restaurant, Saffroma, wrote on X last week, which went viral, that it was quitting Zomato, alleging "zero payouts, mystery service charges and advertisements initiated without approval." The post has since been deleted. Live Events Food delivery outlook Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories India's online food delivery market is expected to more than double to $15 billion by March 2029, according to a December 18 report by JM Financial . Platforms had penetrated only about 11% of the country's total food consumption in 2023, compared with 40% in China and 58% in the US, it said. In a note dated June 2, brokerage firm Morgan Stanley said that online food delivery penetration in India is still in the early stages at around 14% against the 19-21% range for markets such as the US and China, "implying a long runway for growth'. It kept its target price for Eternal's stock at Rs 320 per share, implying a potential upside of 24.5% from the stock's current price. Initiating coverage on Swiggy earlier this month, the brokerage firm pegged its target price for the stock at Rs 405 per share, marking a potential upside of 11.3%. Swiggy's food marketplace CEO Rohit Kapoor, in an interview with ET this month, said that there was a need for a greater level of dialogue between restaurants and aggregators over issues such as platform commissions, but pointed out that the architecture of economics has changed over time. Swiggy is an investor in Rapido.

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