BUSINESS
Sitharaman leads delegation in 11th UK-India Economic and Financial Dialogue
The Indian delegation included the RBI Governor, the SEBI Chairman, the IFSCA Chairman IFSCA, the Economic Affairs Secretary and other representatives from the Ministry of Finance, as well as the Ministry of External Affairs, and the Indian High Commission in the UK. The UK delegation included Governor of the Bank of England, the Financial Conduct Authority CEO, the Economic Secretary and other representatives from UK Treasury.
MobiKwik, CarDekho among Hurun's 'Future Unicorn' list
The Hurun Research Institute on Thursday released the Hurun India Future Unicorn List 2021, a ranking of India's start-ups founded in the 2000s, which have not yet been listed on stock exchange. The other start-ups in the list are Zilingo, Mobile Premier League, Rebel Foods, Cure.Fit, Spinny, Rate Gain, and GreyOrange. Sequoia-backed online retail store Zilingo is set to become one of India's next unicorns, it said.
India's August exports rise over 45%, imports by over 51%
Exports in August 2020 stood at $22.83 billion. Besides, the data furnished by the Ministry of Commerce and Industry showed that in comparison to August 2019, last month's exports rose by 27.5 per cent. "Value of non-petroleum exports in August 2021 was $28.58 billion, registering a positive growth of 36.57 per cent over non-petroleum exports of $20.93 billion in August 2020 and a positive growth of 25.44 per cent over non-petroleum exports of $22.78 billion in August 2019.
States' fiscal balances stay weaker than pre-Covid levels in Q1 FY2022
According to the fiscal data reported by the Comptroller and Auditor General (CAG) for 19 state governments for Q1 FY22, the states' combined revenue receipts in that quarter were only 2 per cent higher than the pre-Covid level of Rs 4.3 lakh crore. Simultaneously, the revenue spending of the 19 state governments increased by 14 per cent to Rs 4.9 lakh crore in Q1 FY22.
Adani Green Energy continues to ramp up focus on ESG, raises $750 mn
The issuance was oversubscribed by 4.7x. This issuance establishes AGEL as India's leading credit in the renewable sector with a robust and well defined capital management plan. The funds will be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL.
India's July YoY domestic air passenger traffic rises: IATA
According to the International Air Transport Association (IATA), India's domestic air passenger volume -- measured in revenue passenger kilometres (RPK) -- was one of the highest amongst major aviation markets such as Australia, Brazil, China, Japan, Russia and the US. In India, the RPK growth rose by 123 per cent in July when compared to the levels in the like period of 2020.
Govt may not need special borrowing window for GST compensation to states
The Centre has estimated GST compensation shortfall to states at Rs 1.59 lakh crore for FY22. Out of this, Rs 75,000 crore has already been released as the first installment through regular central borrowings.
Oil Cos strengthen profits as consumers suffer from high fuel prices
At the current prevailing high fuel price levels in the country, the marketing margin taken by the oil marketing companies (OMCs) on the retail sales of petrol and diesel has touched a high of around Rs 3 per liter.
Reliance Naval lenders staring at around 95% haircut
At a Committee of Creditors (COC) meeting held Wednesday, all the three bids were valued by the two independent valuers and presented to the COC. The independent valuers have found all the bids legally complaint with the NCLT norms. Three companies i.e. Hazel Mercantile of Veritas Group, JSPL of Naveen Jindal Group, and a consortium of GMS -Dubai and Besiktas Shipyard - Turkey have submitted bids for Reliance Naval.
Kumar Mangalam Birla meets Telecom Minister amid talks of relief for telcos
The meet comes at a time when the government is in talks to come up with some relief measures for the stressed telecom sector as a whole. According to people in the know, during the meeting on Wednesday, Birla and Vaishnav discussed about the health of the sector and the urgent need for government intervention. On August 4, the board of Vodafone Idea accepted the request of Birla to step down as the Non-Executive Director and Non-Executive Chairman of the Board.
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