BUSINESS
21st Welcomhotel from ITC Hotels opens in Katra, targets pilgrims, adventure sport lovers
Announcing the launch, Anil Chadha, COO, ITC Hotels, said, "Katra truly offers the best of enriching experiences for both pilgrims and leisure tourists." He added that ITC hotels follow the globally acknowledged DNV Platinum-certified WeAssure health and hygiene protocols so that travellers "enjoy their holiday with complete peace of mind." The hotel is located 45km from the Jammu airport.
Global cues, profit booking subdue indices
Accordingly, market breadth turned weak after a healthy buying spree due to profit booking. Initially, the key indices had a gap-up opening. The two key domestic indices gradually rose to touch record high levels. Consequently, the NSE Nifty50 touched a record high of 16,701.8 points, while S&P BSE Sensex reached 56,118.57 points during the session. Nevertheless, profit booking and negative European cues dented sentiments.
RBI suggests startups to convert 'innovative ideas' into breakeven, profits
In its Bulletin for August, RBI has lauded the recent IPOs of tech-based companies such as Zomato which received enthusiastic investor interest and said that 2021 could well turn out to be India's year of the initial public offering (IPO). Debut offerings by Indian unicorns -- unlisted start-ups -- kicked off by a food delivery app's stellar IPO that was oversubscribed 38 times, have set domestic stock markets on fire and global investors in a frenzy.
HDFC Bank can now issue new credit cards; shares rise
The restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by RBI. "The RBI vide its letter dated August 17, 2021 has relaxed the restriction placed on sourcing of new credit cards. The Board of Directors of the bank has taken note of the said RBI letter," HDFC Bank said in a regulatory filing.
Market climbs new high, Sensex hits 56,000
The key Indian equity indices has touched a new high of 56,086.50 points and the Nifty50 on the National Stock Exchange has recorded an all-time high of 16,693 points. Around 10.05 a.m., Sensex was trading at 56,036.78, higher by 244.51 points or 0.44 per cent from its previous close of 55,792.27. It opened at 56,073.31 and has so far touched an intraday low of 55,961.73 points.
No respite for petrol consumers, but diesel prices finally cut
The companies, however, kept petrol prices unchanged for the 32nd consecutive day as they wanted to wait and watch the global oil market for some more time before any revision. With the cut, diesel is now priced at Rs 89.67 while with no change petrol continues to be sold for Rs 101.84 per litre in Delhi. Across the country as well, diesel prices fell between 20-25 paise per litre while petrol remained at the same level.
SC gives last chance to Unitech home buyers seeking refunds to reconsider decision
A bench of Justices D.Y. Chandrachud and M.R. Shah told amicus curiae, advocate Pawanshree Agrawal, to open the web portal for 30 days, to enable 1,197 home buyers, who have opted for refund, one last chance to reconsider their decision. In December 2019, the portal was closed for registration.
India's 'value e-commerce' market can touch $40 bn by 2030: Report
The report noted that Indian consumers have always been value conscious, and much of the overall demand is for affordable, smaller-ticket items. From a consumer's perspective, "value" means finding affordable products while also getting acceptable quality, durability and trendiness, it said. As retail in India bounces back after the Covid onslaught, the report observed that the growing number of value-conscious online shoppers is reshaping India's e-commerce landscape.
Financial conditions supportive of economic recovery: RBI
The RBI bulletin noted that the course of the economy over the month and a half gone by has been altered by the slow retreat of the second wave of the pandemic. Aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace.
India gets 'Financial Inclusion Index'
Accordingly, the Reserve Bank of India has constructed a composite FI-Index which was announced in the 'Statement on Developmental and Regulatory Policies' in the first 'Bi-monthly Monetary Policy Statement' for FY22. On Tuesday, RBI said the FI-Index has been constructed without any 'base year' and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion.
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