BUSINESS
Radico Khaitan's Q1 net profit up 36%
During the same period of FY21, the company has reported a net profit of Rs 4,407.29 crore. Lalit Khaitan, Chairman and Managing Director said: "After closing FY2021 on a positive note, it is heartening to report a robust performance in Q1 FY2022. The disruptive second wave of the pandemic impacted businesses from the second half of April."
No revision in fuel prices for 12 straight days
However, oil companies have stopped short of reducing the retail price of petrol and diesel during the week as more time will be required to study oil price movement before any downward revision. Already, crude has firmed up a bit for last few days and this could prevent price cut by OMCs.
52,391 entities recognized as startups, 53 unicorns currently in India
The startups are recognised by Department for Promotion of Industry and Internal Trade (DPIIT) and as of July 14, more than 5.7 lakh jobs have been reported by more than 50,000 startups, Minister of State for Commerce and Industry, Som Parkash, told the Lok Sabha in a written reply.
Now SEBI nails Raj Kundra and Shilpa Shetty
Kundra, Shetty and Viaan have been fined for a three-year delay in the disclosure of an allotment of preferential shares. In 2015, Viaan Industries had made a preferential allotment of 500,000 equity shares. Of this 128,800 equity shares each were allotted to Kundra (referred to as Ripu Sudan Kundra) and Shetty, the promoters of the company.
'Amendments to LLP Act to boost ease of doing business'
"Amendment in LLP act proposes to now remove the criminality angle in respect of violations and will now only entail pecuniary penalty by way of a fine with no criminal action. This will facilitate the middle-level entrepreneur in their business activities and growth," Resurgent India Managing Director Jyoti Prakash Gadia said. ADIF Executive Director Sijo Kuruvilla George said that it is founder-friendly development.
Cabinet okays multilateral MoU between IFSCA and global agencies
Addressing the media, post the Cabinet meeting, Finance Minister Nirmala Sitharaman the pact will enable ease of doing business for companies in GIFT city. "This is one of the biggest multilateral forum which has several regulators coming into it. It has 124 signatories. India joining this will enable all kinds of exchange of information and ease of doing business for those who are registering themselves in the gift city," she said.
Capital markets to play bigger role in funding economic growth: SEBI chief
"Going forward, the capital markets are going to play a bigger role in funding the economic growth," he said. Addressing the 18th Annual Capital Markets Conference, organised by FICCI, Tyagi said that going forward the focus area for the SEBI will be on strengthening the robustness of capital markets. The SEBI chief said that the regulator has been active in the efforts to strengthen the market.
Centre clears DICGC Bill 2021 ensuring Rs 5 lakh for depositors
According to Finance Minister Nirmala Sitharaman, the bill will increase insurance amount on each depositor's bank deposit to Rs 5 lakh in both principal and interest. The increase in insured amount from Rs 1 lakh to Rs 5 lakh will cover 98.3 per cent of all deposit accounts and 50.9 per cent of deposit value. " Various definitions would also be changed under the new bill to cover a larger section of depositors.
Asian cues, Fed meet keep markets subdued, auto stocks' dip
The benchmark equity indices opened flat and started to fall from the first few minutes of trade. Among sectors, metal and telecom stocks gained while auto and realty sectors fell. The S&P BSE Sensex closed at 52,443.71, lower by 135.05 points, or 0.26 per cent, from its previous close. The NSE Nifty50 ended the day's trade at 15,709.40, lower by 37.05 points, or 0.24 per cent, from its previous close.
Flipkart urges SC to restrain CCI probe
The request, in a court filing more than 700 pages long that has not been made public, illustrates the e-commerce giant's level of concern over the investigation, which has prompted public spats between US firms and the Indian government. In its investigation, which includes Amazon.com, the Competition Commission of India (CCI) sought a list of Flipkart's top sellers, online discounts and pacts with smartphone makers.
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