BUSINESS
India's online smartphone market to cross 50% in Q2 2021
The 5G smartphone shipments were up from 7 per cent in Q1 2021 to 15 per cent in the second quarter, as nearly every player doubled down on launching 5G-ready affordable devices. "Both April and May were better than expected as we have already mentioned that smartphone market stays resilient and we have seen a strong pent-up demand in June," according to CounterPoint Research.
Sensex zooms over 500 points, Nifty above 15,750
The Nifty50 on National Stock Exchange (NSE) was also trading above the 15,750-mark. The across-the-board rise was led by metal and finance stocks. Around 10.30 a.m., Sensex was trading at 52,743.38, higher by 544.87 points or 1.04 per cent from its previous close of 52,198.51. It opened at 52,494.56 and has touched an intra-day high of 52,774.47 and a low of 52,471.23 points.
ICICI Securities' YoY consolidated net profit up 61%
The consolidated net profit for Q1FY22 rose to Rs 311 crore from Rs 193 crore in Q1FY21, on account of growth in revenue and improvement in margins. According to the company, the rise was aided by strong all-round performance in equities and allied business, distribution business, distribution business, private wealth management business, as well as investment banking business.
RBI allows IDFC to exit IDFC First Bank
In a regulatory filing made to the BSE, IDFC said that the RBI on July 20 clarified that "after the expiry of lock-in period of 5 years, IDFC Limited can exit as the promoter of 'IDFC FIRST Bank Limited'" Accordingly, the company can now exit as promoter of IDFC First Bank, as the five year lock-in period has ended. The IDFC Bank was created by demerger of the infrastructure lending business of IDFC to IDFC Bank in 2015.
'SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters'
The CBIC letter said that tax authorities can continue to hear and dispose off proceedings where they are performing the functions as quasi-judicial authority. This may interalia include disposal of application for refund, application for revocation of cancellation of registration, adjudication proceedings of demand notices, and others.
Byju's acquires US-based Epic for $500mn, to invest $1bn in US
Epic CEO Suren Markosian, and co-founder Kevin Donahue, will remain in their roles and continue carrying out Epic's mission to unlock the potential of every child through reading, the company said. "The alignment of our missions and shared passion makes Byju's the perfect partner, as we're confident this acquisition will ignite excitement for learning around the world," said Markosian.
Treading with caution: Markets to remain under valuation pressure
According to market watchers, inflationary and growth concerns will continue to impact investors' sentiments. The key equity indices were closed on Wednesday on account of Eid. For the week so far, NSE Nifty50 is down 1.83 per cent after making multiple tops on weekly charts in the 15,901-15,962 band. Besides, market watchers, expect some mild recovery till the 15,962 level is not breached, however, possibility of a correction still remains.
Maruti Suzuki attains 50L sales-mark cumulatively
The company currently has over 1,700 customised outlets in rural parts of the country. "Rural markets have a very special place in our business. Over the years, we have carefully studied the needs of this segment. While the aspirations of upcountry customer are very similar to those at metros, they demand more attention and care," said Shashank Srivastava.
India's textile sector needs more support to arrest shrinking market share
Lack of free trade agreements (FTAs) and significant improvement in peer competitiveness are the main reasons for this fall. Textiles is important to India's $313 billion merchandise exports as it accounts for 11 per cent of the pie. The sector is also a significant employment generator. Given its economic importance, the sector has seen a slew of measures from the government of late.
GE wins orders of transformers, reactors from India's largest transmission utility
The contracts have been awarded by Power Grid Corporation of India Limited (PGCIL), India's largest state-owned transmission company. As part of the order, GE will provide 13 units of 765 kV transformers and 32 numbers of 765 kV reactors.GE's transformers and reactors will be installed in the new substations that will be set up in the Indian state of Rajasthan by PGCIL.
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