BUSINESS
Air passenger traffic recovery continued in July: ICRA
According to the ratings agency, the growth on YoY basis was 132 per cent. Besides, the airlines' capacity deployment for July 2021 was around 90 per cent higher than July 2020. On a sequential basis, the agency said that the number of departures in July 2021 were higher by 49 per cent, as Covid-19 infections demonstrated a downward trajectory.
FDI into Nepal thins as India pulls back investments
Though China topped the list of countries which invested the most in Nepal, overall FDI kitty has thinned. That apart, now with apprehensions that China could lower its investments in the coming months as Beijing tightened the norms of lending for its banks and local governments, Nepal's dependence on India is set to rise.
'We are compliant to Indian laws', says Flipkart on ED notice
Responding to a query on the notice, the company said in a statement: "Flipkart is in compliance with Indian laws and regulations, including FDI regulations.""We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice," it said. A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and nine others."
Buying support, global cues buoy indices; telecom stocks rise
Globally, Asian shares held onto this week's gains, however, uncertainty about Chinese policy made investors nervous. Consequently, the two key indices - S&P BSE Sensex and NSE Nifty50 - touched new intra-day record highs before ceding some of their gains. The Sensex touched a new high of 54,604.2 points and the Nifty50 hit a record 16,327.1 points. Amongst sectors, Telecom index gained the most while Realty was the main loser.
Petrol, diesel prices unchanged for 19th consecutive day
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month. The oil prices have softened again to just over $70 a barrel on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.
ED issues notices to Flipkart, its founders in forex violation case
A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and nine others." He, however, did not reveal the details of the persons to whom notices have been sent. According to financial probe agency sources, in the notice they have asked to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws.
Vodafone Idea shares continue freefall after Birla quit as Chairman
Its shares have been tumbling for the past three days after Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational. Around 11.50 a.m., its shares on the BSE were trading at Rs 5.33, lower by 11.61 per cent from its previous close. It touched a new 52-week low of Rs 4.55 per share.
JSPL's steel sales rise 21% in July
Steel sales were up 5 per cent Y-o-Y and surged 21 per cent M-o-M to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year. The recovery in sales indicates business resuming to normal post the second wave of the pandemic that resulted in lockdowns in various places across the country.
Sensex gives up gains after touching new high
The BSE Sensex touched a new high of 54,576.64, and the Nifty50 on the National Stock Exchange hit a record 16,294.65 points. Around 10.25 a.m, Sensex was trading at 54,284.73, lower by 85.04, or 0.16 per cent from its previous close of 54,369.77. It opened at 54,576.64 and has so far touched an intra-day low of 54,243.97 points. The Nifty50 on the National Stock Exchange was trading at 16,231.20.
New lockdowns impacted business in India in Q2: Uber
Overall, Uber's gross bookings reached $21.9 billion in the second quarter, up 114 per cent compared to the year-ago period, the company said in a statement late on Wednesday.The company recorded Mobility Gross Bookings of $8.6 billion and Delivery Gross Bookings of $12.9 billion. Net income was $1.1 billion, including $272 million in stock-based compensation .
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