BUSINESS
TCS becomes first Indian tech company to hit $200 billion market cap, shares hit lifetime high at Rs 3,980
TCS’ shares logged at a new lifetime high of Rs 3,980 per share before coming down and settling at Rs 3,955 by the end of the day, 1.8 per cent higher than the previous day’s close. The top spot has been taken by Reliance Industries (RIL) with a market capitalization of $215 billion among domestically listed companies.
Record highs: Sensex crosses 59k mark; Telecom stocks soar
Both key indices - S&P BSE Sensex and NSE Nifty50 -- made new record highs. The Sensex crossed the 59,000 marks, while Nifty breached the 17,500 level. As per market observers, the up moves come a day after the government announced support measures for some beleaguered sectors along with provisions for PLI schemes for others.
Loss of business from Ford India will be compensated with new clients: Kamarajar Port CMD
A day before the Ganesh Chaturthi festival -- September 9 -- Ford India announced that it will wind down vehicle assembly in Sanand by the fourth quarter of 2021, and vehicle and engine manufacturing in Chennai by the second quarter of 2022. Ford India has four plants in the country -- vehicle and engine plants in Chennai and Sanand.
Govt seeks Rs 8-10 lakh crore valuation for LIC
The government is considering selling a 5-10 per cent stake in the company, which could raise between Rs 400 billion and Rs 1 trillion, according to the people with knowledge of the matter, who asked not to be identified as the matter is private. The potential valuation is based on preliminary talks and may change after further discussions, due diligence and an official valuation report, the report said.
OMCs hold petrol, diesel price revision even as global crude rates rise
The oil marketing companies (OMCs) on Thursday kept pump prices of auto fuels -- petrol and diesel -- unchanged, the eleventh consecutive day of no revision, as they preferred to watch the global oil situation before making any revision in prices. Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.
UNCTAD projects fastest global economy growth in 50 years
The agency said in a report released on Wednesday that the rebound was highly uneven along regional, sectoral and income lines, reports Xinhua news agency. During 2022, UNCTAD expects global growth to slow to 3.6 per cent, leaving world income levels trailing some 3.7 per cent below the pre-pandemic trend line. The report warns that growth deceleration could be bigger than expected, if policymakers lose their nerve or answer what it regards as misguided calls for a return to deregulation and austerity.
Overseas exposure of India MFs rises amid pandemic
According to a RBI survey, foreign liabilities of MF companies stood at $14.5 billion in March 2021, an over 50 per cent jump over previous year, mainly on account of units issued by MFs to non-residents. But, a bigger gain accrued in the foreign assets of MF companies due to rise in equity security and other foreign assets during the year and it stood at $2.9 billion at end-March 2021.
Why did Chinese shoppers hold back spending even ahead of Covid wave?
Analysts said that for Beijing, the real challenge would lie in addressing the stagnant unemployment problem, ageing population and the youth who have taken to "lying flat" phenomenon. China's unemployment rate has remained at just over 5 per cent for many months now.
One principal object of IBC to revive debtor, liquidation last resort: SC
A bench of Justices L. Nageswara Rao, B.R. Gavai and B.V. Nagarathna said: "It could thus be seen that one of the principal objects of the IBC is providing for revival of the corporate debtor and to make it a going concern. Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort."
Rs 14 lakh cr loans given under KCC so far: Agriculture Minister
Stating that the benefits of Central government's schemes for the agriculture sector should reach the correct farmers, he said, although funds are not a constraint, "it is the implementation of the scheme which should be proper". Addressing the conference of Lt Governors/Administrators of all Union Territories, Tomar, emphasising on the KCC drive, said the Kisan Credit Card cover has been provided to farmers even under the shadow of Covid.
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