BUSINESS
RBI's 'Retail Direct Scheme' receives healthy respons
The scheme provides a new medium of investment in government securities. In a tweet, RBI on Saturday said: "Encouraging response to RBI Retail Direct Scheme; 12,000+ registrations as of 2.30 pm on November 13, 2021. #RBIRetailDirect #RBItoday." The scheme was launched by Prime Minister Narendra Modi on Friday. Till now, small investors found the investment exercise in G-sec as a cumbersome process.
Reliance activates Chatbot to assist investors for second and final call of partly paid shares
Reliance had made a Rights Issue of 42.26 crore equity shares at Rs 1,257 each. The final call of 50 per cent of the amount - Rs 628.50 per share - has now become due. November 10, 2021 was the record date to decide holders of the Reliance Partly Paid-up shares, who need to pay the Second and Final Call.
Amazon launches online grocery store Amazon Fresh in India
The new grocery delivery service of Amazon will offer the customers unbeatable savings and a wide range of products to choose from, said the e-commerce giant. It also added that Amazon Fresh services will be available in more than 300 cities across India with fast and convenient delivery options.
Semiconductor shortage dent October PV sales
Accordingly, the sales of passenger vehicles fell to 2,26,353 units in October as compared to 3,10,694 units sold during the corresponding month of 2020 . On a sequential basis, October's PV sales were higher than September's level of 1,60,070 units. The data furnished by the Society of Indian Automobile Manufacturers (SIAM) does not include sales figures from some key players such as Tata Motors.
Hero MotoCorp's net profit falls to Rs 794 cr in Q2FY22
The net profit for quarter 2 of the financial year 2020-21 stood at Rs 953.45 crore, indicating a fall in the net profit on a year-on-year (YoY) basis. The company said that its revenue from operations for quarter 2 of FY22 stood at Rs 8,453 crore and it had sold 14.38 lakh units during the Q2FY22.
SpiceJet net loss narrows down to Rs 561.7 cr in the second quater of 2021-22
The airline major's net loss stood at Rs 729 crore for the first quarter of the financial year 2021-2022. The company has managed to cut down on its net loss in Q2FY22. However, the net loss has widened on a year-on-year (YOY) basis. Spicejet Ltd. had reported a net loss of Rs 112.59 crore for quarter 2 of the financial year 2020-21.
Base effect, heavy rains ease India's September industrial output growth on sequential basis
Accordingly, the rise in Index of Industrial Production (IIP) for September eased to 3.1 per cent from 12.03 per cent in August 2021. However, on a year-on-year basis, the September out up showed an accelerating trend from a growth of just 1 per cent reported for the corresponding period of the previous fiscal.
India's smartphone market to exit 2021 with a low single-digit annual growth
Xiaomi continued to lead but shipments declined by 17 per cent YoY. Samsung, at the second slot, registered the highest YoY decline amongst the top 5 vendors at -33 per cent in 3Q21. vivo was at the third position, with a shipment decline of 13 per cent YoY.
India should focus on supply through reforms: K.V. Subramanian
He was speaking about the three decades of 1991 economic reforms at the 3rd Global Finance Conclave organised by the Jindal School of Banking & Finance (JSBF) on Friday. Elaborating on how the economy has grown since 1991, Subramanian pointed out how the country handled the demand and supply line impact during the Covid-19 crisis.
Formal sector gained market share during Covid while informal economy suffered
"We expect real GDP growth to remain well above trend at 7.7 per cent YoY in FY23E before settling at the long-run average of 6 per cent in FY24E. Even though India should remain one of the fastest growing EM in FY23E (on a strong statistical carry over), the output gap may continue to be negative throughout.
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