BUSINESS
Hopes of healthy Q1 results to push equities higher
Accordingly, market observers, expect a status-quo on key lending rates as well as hopes of healthy Q1 earnings to push the indices' higher. Besides, the direction of foreign fund flows, will also impact investors' sentiments. Earlier, India's equity markets ended the previous week almost on a flat note - with NSE Nifty50 down by 0.59 per cent, while S&P BSE Sensex was down 0.73 per cent.
Static fortnight: No change in fuel prices
Accordingly, in the national capital, petrol continues to be sold at Rs 101.84 per litre, while diesel also is unchanged at Rs 89.87 a litre. The pump price of fuel has been static since July 18. With the OPEC reaching an agreement to raise crude production, oil prices were expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.
SpiceJet to launch 16 new flights from August
Accordingly, they will add Bhavnagar in Gujarat to its domestic network. Bhavnagar will now be connected to Delhi, Mumbai and Surat with direct flights starting August 20. Besides, the budget carrier will also launch 10 more flights that will connect Gwalior with Jaipur, Kishangarh (Ajmer) with Mumbai, Belagavi with Delhi and Vishakhapatnam with Bengaluru, and add an additional frequency to the Delhi-Jammu sector.
Elon Musk refutes claim that he tried to replace Tim Cook as Apple CEO
The book, titled 'Power Play: Tesla, Elon Musk, and the Bet of the Century' by The Wall Street Journal reporter Tim Higgins, claims that Musk reportedly wanted to become the Apple CEO in a 2016 phone call with Cook, who suggested to Musk that the iPhone maker acquire the electric car-maker.
US squashes Bezos' protest against NASA-SpaceX $2.9 bn contract
Blue Origin and defence contractor Dynetics had filed a protest with the US GAO against NASA for awarding $2.9 billion contract to SpaceX for landing astronauts on the Moon by 2024. The US space agency was expected to pick two lunar lander prototypes (including one of Blue Origin's) but funding cut from US Congress led the agency to select SpaceX over Blue Origin
Tata Steel deploys EVs for transportation of steel
This will be the first-ever deployment of EVs by any steel producer in the country for the transportation of finished steel. Tata Steel has contracted 27 EVs, each with a carrying capacity 35 tonnes of steel (minimum capacity). The company plans to deploy 15 EVs at its Jamshedpur plant and 12 at its Sahibabad plant.
India's forex reserves fall by over $1.58 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $611.149 billion from $612.730 billion reported for the week ended July 16. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
India's April-June fiscal deficit reaches 18.2% of FY22 target
The fiscal deficit -- the difference between revenue and expenditure -- for April-June 2021-22 period stood at Rs 274,245 crore, or 18.2 per cent of the budget estimates (BE). The FY22 deficit has been pegged at Rs 15.06 lakh crore. Besides, the CGA data showed that the fiscal deficit during the corresponding months of the previous fiscal was 83.2 per cent of that year's target.
India's eight core industries' June production up around 9%
The Index of Eight Core Industries' (ICI) reading for last month showed an expansion of 8.9 per cent from a decline of 12.4 per cent in output during the same month of the last year. Last year, the pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, and it was only on June 1, 2020, that the partial unlock measures were implemented.
Another Indian on Top: Shailesh Jejurikar appointed Global COO of P&G
This is in line with the change made by the FMCG major at the CEO-level with Jon Moeller taking over from David Taylor. His appointment further ensures great news for P&G India as India has been a talent factory for P&G globally and one of the largest exporters of top talent to P&G globally. The company has approximately 350 Indian expats in roles across the company.
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