BUSINESS
$18bn worth of loans to India realty under 'severe stress', $67bn stress-free
Another 15 per cent, is under some pressure but has scope for resolution with certainty on at least the principal amount, according to the report. The report noted that around 18 per cent of the overall lending to Indian real estate is under 'severe stress', implying that there has been high leveraging by the concerned developers who have either limited or extremely poor visibility of debt servicing due to multiple factors.
Sensex inches higher to reclaim 53,000-mark amid choppy trade
Healthy buying was witnessed in healthcare and IT stocks. Around 10.20 a.m., Sensex was at 53,007.05, higher by 31.25 points or 0.06 per cent from the previous close of 52,975.80. It opened at 52,985.26 and has touched an intraday high of 53,052.68 and a low of 52,783.63 points. The Nifty50 on the National Stock Exchange was trading at 15,867.55, higher by 11.50 points or 0.07 per cent from its previous close.
China trying to paint dark outlook for Indian economy
Global Times warned regional governments to be wary. "The 1997 Asian financial crisis started in Thailand. If a similar crisis happens to India, it would likely send the regional financial markets into an even more severe mess. Governments in the region need act quickly to avert a deepening health and economic crisis," it said.
Elon Musk wants to bring Tesla to India, blames high import duties
Replying to an Indian YouTuber on Twitter, who asked him to launch Tesla cars ASAP in India, Musk blamed high import rates in the country. "We want to do so, but import duties are the highest in the world by far of any large country!" he wrote. "Moreover, clean energy vehicles are treated the same as diesel or petrol, which does not seem entirely consistent with the climate goals of India," he added.
RIL likely to produce natural gas from MJ field starting Q3FY23
The company, in an investor presentation, said that the first offshore installation campaign has been completed and the second offshore installation campaign will commence in November 2021. Noting that drilling and completion of wells are underway and FPSO and Subsea Production System on track, the presentation said: "First gas expected by 3Q FY23."
OPPO group reaches 2nd spot globally in May
OPPO and its subsidiaries with a 16 per cent share of unit sales were followed by Apple at 15 per cent. Xiaomi was in fourth place with a 14 per cent share. "OPPO and its subsidiaries' combined global smartphone sales surpassed Apple and Xiaomi in April and May, taking the vendor to second place globally," Jene Park, senior analyst at Counterpoint Research, said in a statement.
New-age stocks poised to enter Nifty50 index
An ICICI Securities report said that based on data till July 19, the upcoming semi-annual NIFTY50 reshuffle could result in Info Edge being the closest contender to replace IOCL on September 29. "However, Info Edge is marginally behind in terms of average free-float market capitalisation criteria ($5bn and 3.7 per cent lower than 1.5x that of IOCL."
CII suggests mandatory life insurance cover for PMAY borrowers
CII Director General Chandrajit Banerjee said: "There is a need for a relaunch of the PMAY scheme with an in-built credit-linked insurance or a mandatory life insurance for all borrowers under the PMAY scheme to ensure that the intent of providing 'Housing for All' does not take a hit due to death or disability of the primary borrower. The family should inherit a home, not a loan."
E-commerce rules: CAIT calls for strict monitoring, says draft norms to end crony capitalism
In a letter to the Ministry of Consumer Affairs, it has also suggested the penal actions should be taken in case the rules are violated. CAIT Secretary General Praveen Khandelwal said that the foreign-funded e-tailers and some of the prominent industry chambers are giving lame arguments to oppose draft rules.
India's gold imports surge in Apr-Jun, silver imports fall
This rise in gold imports can be attributed to low imports during the same period last year owing to the nationwide lockdown and the revived consumer demand in this financial year. During the same period last fiscal, gold imports stood at $687.83 million. As per data from the Commerce Ministry, import of the yellow metal in July also registered a nearly 60 per cent rise to $969.87 million.
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