BUSINESS
Edtech firm Unacademy raises $440 mn, now valued at $3.44 bn
The Series H funding round also saw participation from General Atlantic, Tiger Global and Softbank Vision Fund. Over the last 18 months, the valuation of the Unacademy Group has risen almost 10 times, one of the fastest growth rates witnessed by a mid-stage consumer internet startup in India, the company said in a statement. Founded in 2015 by Gaurav Munjal, Hemesh Singh and Roman Saini.
Auto makers register rise in July sales courtesy low base effect
Maruti Suzuki India sold a total of 1,62,462 units of vehicles in July 2021. During the same period last year, the company sold 1,08,064 vehicles. Similarly, Tata Motors sold 51,981 units last month, compared to 27,711 units during July 2020. The company sold 23,848 units of commercial vehicles in July 2021 against 12,688 units in the same month last year, Tata Motors said in a statement.
Tata Motors' domestic sales in July at 51,981 units
The nearly two-fold growth came on the back of low base as sales, during the corresponding period last year, were impacted due to Covid and the lockdowns. The company sold 23,848 units of commercial vehicles in July 2021 against 12,688 units in the same month last year, Tata Motors said in a statement. Total MHCVs sale in July 2021, including trucks, buses and international business stood at 6,314 units, compared to 2,150 units in July 2020, it said.
FPIs take exit route in July, net withdrawal from equities at Rs 11,308 Cr
Investors turned cautious amid concerns of rising cases of Covid-19 in several countries. High oil prices also weighed on the investor sentiments, analysts said. The outflow comes after net FPI investment in June stood at Rs 17,215 crore. Post the outflow last month, the net investment into the equities segment in 2021 stands at Rs 49,036 crore.
GST revenue collection for July at over Rs 1.16 lakh cr
Out of the total revenue collected CGST was Rs 22,197 crore, SGST was Rs 28,541 crore, IGST was Rs 57,864 crore -- including Rs 27,900 crore collected on import of goods -- and Cess was Rs 7,790 crore -- including Rs 815 crore collected on import of goods. The government has settled Rs 28,087 crore to CGST and Rs 24,100 crore to SGST from IGST as regular settlement.
Halt in fuel price revision continues, global oil rates above $75/bbl
The pump price of fuel has been static since July 18. One of the main reasons for the pause is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 a barrel just a couple of weeks ago. It has again risen close to over $75 a barrel on strong demand projections. The Brent crude oil is currently around $75.41 per barrel.
American investors rethink China after crackdown led to losses of $400 bn
Investors ranging from pension fund Orange County Employees Retirement System in California to money manager William Blair & Co are rethinking their portfolios following Beijing's decision last week to curtail the operations of China's for-profit tutoring industry along with its ongoing campaign to rein in tech companies. The moves fuelled large declines across sectors of China's stock markets.
Govt crackdown on erring insolvency professionals, IBBI institutes hefty penalties
Bankruptcy regulator, the Insolvency and Bankruptcy Board of India (IBBI) has tightened disciplinary proceedings for insolvency professionals (IPs), instituting heavy penalties for violations of laid down code of conduct with possibility of erring professionals also losing their licence to practice. The IBBI had decided that misconduct or violations by IPs would attract a penalty.
IDFC First Bank's Q1FY22 net loss at Rs 630 cr
"Net Loss of Rs 630 crore for Q1FY22 because of prudent provisions for Covid wave 2.0," the bank said in a statement. "Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," it added. Besides, its total income grew by 36 per cent on year-on-year basis to reach Rs 3,034 crore in Q1FY22.
IL&FS plans to sell stake in Shendra Green Energy
SGEL is a 100 per cent subsidiary of IEDCL. In an advertisement, IL&FS has said that LSI Financial Services Pvt Ltd is the transaction advisor to IL&FS for the potential transaction. SGEL is a 13 MW biomass-based power with 21.6 acres of land, incorporated on February 18, 2005 and is situated in Shendra MIDC Aurangabad, Maharashtra.
Don't Miss
Advertisement