BUSINESS
SEBI bars Green Money Solution for unauthorised investment advisory
In an interim ex-parte order, SEBI said that in October last year, it had a complaint that GMS allegedly had taken a total amount of Rs 64,048 plus GST in the name of providing investment advisory services in the securities market with Rs 4,500 profit per week, and for assistance in opening demat account. The SEBI conducted an examination in relation to the affairs of M/s Green Money Solution and its proprietor.
Fuel prices remain static for 17 consecutive days
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Tuesday. The pump price of fuel has been static since July 18. With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval. The pump price of fuel has been static since July 18.
Sensex, Nifty hit new record highs
The Sensex hit a record level of 53,292.82 and the Nifty50 touched a new high of 15,970.65 points. Around 10.20 a.m., Sensex was trading at 53,269.01, higher by 318.38 points or 0.60 per cent from its previous close of 52,950.63. The Nifty50 on the National Stock Exchange was trading at 15,964.70, higher by 79.55 points or 0.5 per cent from its previous close.
PNB's YoY Q1FY21 net profit up 232%
The lender's net profit rose to Rs 1,023 crore in Q1FY22 from Rs 308 crore, during the like period of the previous fiscal. Besides, its net interest income grew by 6.6 per cent, on a YoY basis, to Rs 7,227 crore in Q1FY22. In addition, Gross Non Performing Assets (GNPA) stood at Rs 1,04,076 crore as on June 2021 as against Rs 1,01,849 crore in the like period of last year.
India's July YoY exports rise by over 47%
Exports during July 2020 stood at $23.78 billion. The data by Ministry of Commerce and Industry showed that in comparison to July 2019, last month's exports rose by 34.06 per cent. "Exports during April-July 2021 were $130.56 billion, up by 73.86 per cent over the same period of 2020 ($75.10 billion) and up by 21.85 per cent over same period of 2019 ($107.15 billion)."
Mahindra Auto's July YoY PV sales up 91%
Passenger vehicle sales increased to 21,046 vehicles in July from 11,025 units sold during the corresponding period of 2020. On an overall basis, auto sales including passenger vehicles, CVs and exports for the month of July 2021 stood at 42,983 vehicles. Similarly, exports for the month of July 2021 were up 45 per cent to 2,123 vehicles from 1,467 units shipped abroad during the corresponding poeriod of 2020.
Govt gets 61% revenue boost from excise in FY21
The Centre's total revenue (tax and non tax, and after adjusting state's share in central taxes) for financial year 2020-21 stood at Rs 16,32,094, crore a marginal 3.09 fall over the non-Covid year 2019-20 when total revenue stood at Rs 16,84,059 crore. Had it not been for a substantial jump in Centre's excise duty collections, Covid-triggered economic disruptions would have put given a big hit to government revenues.
HDFC's consolidated net profit up 31%
The company's consolidated net profit rose to Rs 5,311 crore from Rs 4,059 crore in the previous year. Besides, for the quarter ended June 30, 2021, the consolidated profit after tax attributable to the corporation stood at Rs 5,041 crore as compared to Rs 3,614 crore in the previous year, representing a growth of 39 per cent. As per the statement, cumulative Covid-19 provision as at June 30, 2021 was Rs 1,017 crore.
Tata Motors to increases passenger vehicle prices by average of 0.8%
Besides, the company said it will offer protection from the price increase for 'New Forever range' of vehicles that will be retailed on or before August 31. The price protection is applicable only on vehicles which are retailed or billed on or before August 31, 2021.
Healthy data, global cues buoy indices; realty stocks' gain
Besides, IMD's latest forecasts, which showed that 2021 monsoon appears set to exceed the long period average supported the market's upmove. The equity markets had a gap up opening due to positive global cues and investors' optimism over healthy Q1FY21 results. Sector-wise, realty, oil and gas, auto and IT indices gained the most.
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