BUSINESS
'Rapid vaccination, better health infra needed for durable economic recovery'
Resilient tax collections of the central government in the first two months of FY 2020-21 and sustained momentum in capital expenditure, particularly in the road and rail sector, augurs well for continued economic recovery driven by capital expenditures, said the Monthly Economic Review for June 2021, released by the Department of Economic Affairs on Friday.
India-UK hold Financial Market dialogue
The Dialogue was led by senior officials from the Indian side by the Ministry of Finance and from the UK, Treasury, with participation from Indian and UK independent regulatory agencies, including the Reserve Bank of India, the Securities and Exchange Board of India, International Financial Services Centre Authority, Insurance Regulatory and Development Authority of India, the Bank of England, and the Financial Conduct Authority.
Airbus India put under 18% GST for services supply to French parent
Airbus Group India went to Karnataka bench of AAR seeking clarity on whether the services rendered by it to its holding company in France qualified as export of services and hence treated as zero rates supply not liable to GST. Airbus Group India Pvt Ltd is a subsidiary of Airbus Invest SAS, France (Holding Company) and its ultimate holding company is Airbus SE, Netherlands.
Equity MFs' net inflows at over Rs 5k cr in June: AMFI
As per the data furnished by the Association of Mutual Funds in India (AMFI) on Thursday, the net inflows stood at Rs 5,988.17 crore. In May, the net inflows had stood over Rs 10,000 crore, while in April, they were Rs 3,437 crore. In March, the equity-linked mutual fund schemes' net inflows stood at Rs 9,115.12 crore. Besides, the contributions through systematic investment rose on a sequential basis last month.
Stock Talk: Top 5 TEXTILE AND APPAREL companies stocks on Sensex today
The Textile industry in India is one of the largest sources of employment generation in the country with more than 45 mn people employed directly in 2018-19. The industry contributes to 7% of industrial output in value terms, 2% of India's GDP and 12% of the country's export earnings.
Paytm is building real revenue while competitors are bleeding double the money for cashbacks: Bernstein
Paytm is building 'real revenue' while its competitors continue to spend heavily on cashbacks and incentives to acquire users: The Bernstein report said, "PhonePe and Google Pay continue investing in providing customer incentives and spend on marketing at 2.5-3.0x revenue (FY20 MCA filings). Paytm has streamlined its marketing spending -- from 1.2x in FY17, to 0.4x in FY20, and now stands at 0.2x of revenue.
Consumers may get respite from frequent fuel price hike this month
After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts. With price pause on Friday, petrol continues to be priced at Rs 100.56 a litre and diesel 89.62 a litre in the national capital. Across the country as well the fuel prices remained unchanged on Friday. Fuel prices were revised upwards on previous two days.
Global cues subdue equities, markets in red
The S&P BSE Sensex traded at 52,337.13 points around 9.55 a.m. lower by 231.81 points, or 0.44 per cent, from its previous close. Similarly, the Nifty50 on the National Stock Exchange closed at 15,669.85, lower by 58.05 points, or 0.37 per cent, from its previous close.
EU fines Volkswagen, BMW 875mn euros for emissions cartel
The European Union's (EU) antitrust authority found that the two companies had made illegal agreements between June 2009 and October 2014 to limit the introduction of AdBlue (an aqueous urea solution) to diesel engine exhaust gases, reducing its effectiveness as a way to produce cleaner emissions, the Xinhua news agency reported.
TCS logs 28.5% rise in Q1 net profit at Rs 9,008 crore
During the same period last fiscal, the company had reported a consolidated net profit of Rs 7,008 crore. TCS's revenue from operations during the quarter under review was Rs 45,411 crore, higher by 18.5 per cent from Rs 38,322 crore earned in the first quarter of FY21. In a regulatory filing, the company also said that its Board of Directors have declared an interim dividend of Rs 7 per equity share of Rs 1 each of the company.
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