BUSINESS
Sensex gains over 200 points, banking stocks rise
Healthy buying was witnessed in banking and finance stocks. Around 10.15 a.m., Sensex was trading at 54,491.21, higher by 213.49 points or 0.39 per cent from its previous close of 54,277.72 It opened at 54,385.71 and has so far touched an intra-day high of 54,584.73 and a low of 54,336.86 points. The Nifty50 on the National Stock Exchange was trading at 16,289.05, higher by 50.85 points or 0.31 per cent from its previous close.
DGCA seeks India-UK airfare details from airlines
The development comes amid a uproar among the air travellers over high airfares as India-UK flights restart on Sunday after a pause of around three and half months. The minimum one-way fare on the Delhi-London non-stop route of the economy class in August for Vistara is in the range of Rs 1,03,191-1,21,356. The British Airways fares are in the range of Rs 1,28,916 to Rs 1,47,544.
JSPL accepts revised bidding offer from Worldone for stake sale in JPL
JPL is a material subsidiary of Jindal Steel and Power Limited (JSPL). Key features of the revised offer are that Worldone will buy out all the equity shares and redeemable preference shares of JPL held by JSPL for a total consideration of around Rs 7,401 crore of which Rs 3,015 crore will be payable by cash, and the balance of around Rs 4,386 crore will be by way of assumption and takeover of liabilities and obligations of JSPL.
CIABC cautions against high bid prices in Delhi liquor vend allotment
The industry body said that the high auction prices should not pass on to consumers in the form of higher prices, or to manufacturers in the form of demands for undue discounts. "We hope that the bidders have made realistic estimates of revenues and expenses and are able to achieve that without undue stress to themselves or to other stakeholders," he added.
IDBI Bank privatisation: Deloitte, KPMG in race for transaction advisor
The other bidders in the fray are EY, ICICI Securities, JM Financial, RBSA Capital Advisors, and SBI Capital Markets. The bidders would make virtual presentations before the Department of Investment and Public Asset Management on August 10. In the Union Budget for FY22, Finance Minister Nirmala Sitharaman said privatisation of the IDBI Bank, along with two state-run banks, would be done in this financial year.
Will RBI joining NGFS help in climate finance?
Loss of infrastructure apart from loss of lives and livestock is a major setback after every such disaster. For instance, several areas of Konkan that witnessed huge floods in July were without power for many days as the entire power department infrastructure suffered massive damage.
SEBI took up 94 cases for probe in alleged violation of norms in FY21
In its annual report for 2020-21, the capital market regulator said that it completed investigation of 140 cases during the year. "During 2020-21, 94 new cases were taken up for investigation and 140 cases were completed in comparison to 161 new cases taken up and 170 cases completed in 2019-20," it said. The SEBI noted that after completion of investigation, enforcement action is initiated.
Not just Flipkart, ED should send notice to Amazon also: CAIT
"The notice sent by the Enforcement Directorate to Flipkart is a much-awaited right step. Both Amazon and Flipkart are conducting a preferential seller system on their respective marketplace which is against the FDI in e-commerce policy for which CAIT has been raising its voice since a long time.
Real GDP growth of 20% YoY expected in Q1FY22: Report
According to MOFS' EcoScope report, the 'Economic Activity Index' for India's real GVA grew by 11.6 per cent YoY in June, after growing 22.8 per cent YoY in May. "It implies EAI-GVA growth of 22.6 per cent YoY in 1QFY22, following a contraction of 14.4 per cent YoY in 1QFY21. A low base led to higher double-digit growth in the non-farm sector, while farm activity grew 6.6 per cent in the quarter," the report said.
Dollar dilemma: Inflationary woes to weaken rupee
Besides, Reserve Bank's dollar buying spree is expected to support this trend. "Rupee is expected to weaken on the back of a strong US dollar and rising inflation concerns," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "It is expected to trade between 74.05 to 74.60 with an upward bias." Last week, the rupee strengthened to 74.16 per USD due to four bumper IPOs hitting India's stock markets.
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