BUSINESS
Aim to increase textiles exports to $100 bn, Goyal tells exporters
In an interaction session with the country's textile industry held here, the Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution said: "We must aim to increase textiles exports three times from present export value of $33 billion to $100 billion of textiles exports at the earliest."
Half of Q1 payroll were first-time jobs: SBI Report
India created 30.74 lakh payroll in Q1FY22, of which 16.3 lakh were first jobs or new payroll (EPFO and NPS), 11.8 lakh were second jobs or existing payroll, and 2.6 lakh were formalised accounts. Cumulatively, total new payroll or first job generation of EPFO and NPS was almost 16.3 lakh in Q1FY22. If the new payrolls increase at this rate, then the new payroll may cross 50 lakh mark in FY22 as against 44 lakh in FY21.
SEBI reminds investors to link PAN with Aadhaar before Sep 30
In a circular, the regulator has also directed entities incuding exchanges to ensure accept only operative PAN (those linked with Aadhaar number) by the client while opening new accounts post September 30, 2021. The directive comes on the back of the notification of Central Board of Direct Taxes (CBDT) issued in February.
SDRs boost India's forex reserves by over $16 bn
In financial parlance, SDRs are international reserve assets which are created by the International Monetary Fund (IMF) and are periodically allocated to its members in proportion to their quotas. The SDR balances are equivalent to liquid balances in convertible currencies in almost every aspect. Accordingly, the Reserve Bank of India's (RBI) forex reserves increased to $633.558 billion.
India's Aug services sector output zooms as Covid curbs ease, says PMI
Companies, in the data report, indicated the reopening of several establishments and increased consumer footfall boosted sales, which in turn supported the first expansion in output in four months and a rebound in business confidence. The data showed that firms had ample capacity to deal with rising new orders, but this was a factor that prevented job creation.
RIL arm acquires stake in Strand Life Sciences for Rs 393 cr
A further investment of up to Rs 160 crore is expected to be completed by March 2023, it said. The total investment will translate into 80.3 per cent of equity share capital in Strand on a fully-diluted basis. Incorporated in India on October 6, 2000, Strand is a pioneer of genomic testing in the country with bioinformatics software and clinical research solutions to healthcare providers.
Vedanta's social initiatives benefitted 4.2 crore people in 2020-21
Vedanta Ltd spent Rs 331 crore in the last financial year on various CSR activities with focus on pandemic relief works, children's well-being & education, women empowerment, health care, sustainable agriculture and animal welfare, market-linked skilling of youth, environment protection and restoration, development of community infrastructure, among others.
Indian insurance sector: Shakeout or promoter exits to happen?
"As regards the life insurance sector, the storyboard is clear. The insurers have limited products (endowment, money back), lower internal rate of return (IRR) in endowment policies and disinterest on the part of life insurers to sell term insurance policies after Covid-19 death claims," a senior life insurance industry official, speaking on condition of anonymity, told IANS.
Pick up in economic activity to shoot up country's CAD to over 1% in FY22
As per an assessment by Kotak Institutional Equities (KIE), the country's current account deficit to GDP is likely at 1.1 per cent in FY22 with rupee remaining strong against dollar and remaining in the Rs 72.5-74 range in near term. The Covid-19 pandemic and nationwide lockdown last year has impacted the economic activity in the country with GDP plummeting by over 24 per cent in April-June quarter of FY21.
Sensex closes above 58,000, RIL shares surge 4%
Sensex touched a record high of 58,194.79 points during the day. It closed at 58,129.95, higher by 277.41 points, or 0.48 per cent, from its previous close of 57,852.54. It had opened at 57,983.45 and touched an intra-day low of 57,764.07 points. The Nifty50 on the National Stock Exchange closed at 17,323.60, higher by 89.45 points or 0.52 per cent from its previous close.
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