BUSINESS
Reliance Jio clocks strong subscriber adds in Q1
This along with lower churn, resulted in 14.3 million net additions in Q1. Assuming 0.6m additions on Jiofiber, Reliance Jio added 13.8m mobile subscriber on net basis which surprised positively given 1Q was impacted by Covid. "We expect Jio's subscriber additions to remain robust led by recent capacity additions, JioPhone offers and launch of JioPhone Next", the report said.
IPO fund outflow, commodity prices to keep rupee subdued
Besides, high imported commodity prices is expected to subdue the Indian rupee against the US dollar. "Expect rupee to depreciate in the coming week due to Zomato outflows and other IPO money going back," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "Crude can again head towards 75 dollar per barrel mark and concerns over the Delta variant can keep markets nervous."
We can make next 30 years the best in India's history: Mukesh Ambani
Ambani said India and the world changed dramatically at the beginning of the 1990s. Communist Soviet Union collapsed. The cold war ended. And India embarked on a bold new path of economic reforms. "Thirty years later, the global order is changing fundamentally yet again. The speed, scale and substance of this change are unprecedented, even unpredictable. Yet, one thing is absolutely predictable: India's time has come", Ambani said.
RBI plans to introduce Digital Currency in India | 10 key points
The introduction of CBDC will create an India-centric legal and legitimate form of digital currency that will be on par with other already established cryptocurrencies, according to Deputy Governor of RBI T Rabi Sankar. Sankar further said that the central bank is working on a legal framework so that the CBDC can coexist with cash and digital payment methods in India.
US Treasury Secretary urges Congress to raise debt limit
"As you know, the Bipartisan Budget Act of 2019 suspended the statutory debt limit through Saturday, July 31, 2021. I am writing to inform you that beginning on Sunday, August 1, 2021, the outstanding debt of the US will be at the statutory limit," Yellen wrote in a letter sent to congressional leaders on Saturday.
Bharat Biotech terminates Covaxin supply deal with Brazil amid corruption row
The deal, which was signed through a Memorandum of Understanding (MoU) back in November 2020, has been scrapped with immediate effect, Bharat Biotech officials said in a statement. The move comes after Brazilian authorities suspended the $324 million contract, signed for procuring a total of 20 million covid vaccines, amid a major political row in Brazil. It even launched an investigation into the deal.
7-day relief: No revision in fuel prices in a week
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision Already, crude has firmed a bit for last few days and this could prevent price cut by the OMCs. With no change in prices on Saturday, in the national capital petrol continues to be sold for Rs 101.84 per litre, while diesel remains at the unchanged price of Rs 89.87 a litre.
RBI raises loan limit to Directors on bank boards to Rs 5 crore
In a circular issued on Friday, the central bank said that unless sanctioned by the Board of Directors or the Management Committee, banks should not grant loans and advances aggregating Rs 5 crore and above to any relative other than spouse and minor or dependent children of their own Chairmen and Managing Directors or other Directors. Same would be the rule in terms of relatives of Chairman or Managing Director or other directors of other banks.
Railways opens bid to operate 29 private trains
A railway spokesperson said that after detailed exercise and multiple rounds of discussion with the industry players, the bids for PPP in passenger train operations project were opened on Friday. "This is an entirely new attempt to bring world class trains through PPP in India," he said. "The Ministry of Railways will expeditiously complete the evaluation and decide the bids," he added.
India's forex reserves rise by over $800 million
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $612.730 billion from $611.895 billion reported for the week ended July 9. 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).
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