BUSINESS
Buying support pushes equities higher; oil stocks rise
Accordingly, both key indices -- S&P BSE Sensex and NSE Nifty50 -- rose a day after a sell-off which was triggered due to weak Asian cues. As per market observers, the up moves comes on the back of healthy buying support for Realty, Oil & gas, IT and FMCG stocks. Sector wise, Auto, Consumer Durables and Utilities indices traded lower.
Stainless-steel sector sees a massive 177% jump in imports
The subsidies have created an imbalance in the Indian and international markets, and reduced the competitiveness of Indian products in the domestic industry, causing material injury and persistent financial stress for home-grown businesses. It has also forced the domestic industry to seek redressal from the concerned authorities of the government for the revocation of suspension of CVD on China and imposition of fresh CVD on Indonesia.
Govt may offer pre-pack insolvency resolution plan even for large corporates
Official sources said that discussion on having a pre-packaged resolution framework for all categories of debtors is being discussed at the highest level and a decision may be taken once state owned bad bank -- National Asset Reconstruction Co. Ltd (NARCL) -- is operationalised. In April, Government operationalised pre-packaged insolvency resolution (PIRP) framework for MSMEs that is based on the 'debtor-in-possession' model which involves a resolution professional monitoring the entire process to ensure transparency.
India cautiously returning to 'business as usual': Study
Decreasing number of Covid-19 cases as well as an aggressive vaccination drive have brought in a new wave of confidence amongst Indian consumers. Latest findings reflect that the Indian consumer is ready to spend more on discretionary items, feels safe about returning to work place, wants to spend on travel and is less hesitant about in-person events and activities-all of which are positive trends for India's economic revival.
Zooming profits for general insurers in FY21
The 32-player industry's net profit last year zoomed to Rs 3,868.77 crore from a net loss of Rs 1,402.53 crore in 2019-20, as per the data released by General Insurance Council. Last year the industry not only grew its after tax profit but also logged an overall growth-premium, investment income, foreign direct investment (FDI), number of employees, agents while logging lower claims outgo.
Buying support pushes equities higher; oil stocks rise
Accordingly, both key indices -- S&P BSE Sensex and NSE Nifty50 -- rose a day after a sell-off which was triggered due to weak Asian cues. As per market observers, the up moves comes on the back of healthy buying support for Realty, Oil & gas, IT and FMCG stocks. Sector wise, Auto, Consumer Durables and Utilities indices traded lower. At around 10.45 a.m., S&P BSE Sensex traded at 58,568.67 points, higher by 77.74 points or 0.13 per cent from its previous close.
No change in fuel prices for 16th consecutive day
The oil marketing companies (OMCs) on Monday kept pump prices of auto fuels -- petrol and diesel unchanged, the 16th consecutive day of no revision, as they preferred to wait and watch the global oil situation before making any revision in prices. The wait and watch plan of OMCs has come to the relief of consumers as no revision has come during a period when crude prices were on the rise over shortfall in US production and demand pick up.
'Low birth rate causes fear of economic stagnation in UK'
Falling fertility rates will deepen the country's "baby bust" with a long-term trend toward people having fewer children, Xinhua news agency quoted the London-based Social Market Foundation (SMF) as saying in the report released on Monday. The report added that it could leave the UK with fewer workers, a weaker economy and unsustainable public finances. In 2020, the number of children per woman, also known as the total fertility rate (TFR), stood at 1.58 in England and Wales, almost half the post-WWII peak of 2.93.
A greater India is visibly an India for Indians: Gautam Adani
"Such an approach is not about politics - but is about the emerging world order. If there ever was a time when democratic India had a need and opportunity to stand strong and celebrate its Indianness, it is now - at the doorstep of decades of future growth. The dimensions - our history, culture and boundaries - must now combine to encapsulate the nation, bind the nation, and instil a sense of patriotism in the nation," Adani said.
AMC staff to get portion of salary in units of schemes they manage from Oct
Though the SEBI regulation on the compensation package for AMC employees came in April, the regulator has now clarified that all junior employees below the age of 35 years will have to invest a portion of their salary in schemes which they manage in a phased manner. Other employees will be required to invest 20 per cent of their monthly compensation in MF schemes they manage from the current year itself.
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