BUSINESS
Cash-driven informal credit market reaches $500 bn in India
While India has a highly under-penetrated formal credit market, it has a very large informal credit market. As per estimates by the Bengaluru-based market research firm RedSeer, more than $200 billion of loans are given informally to friends and family in India each year. Moreover, more than $300 billion of spending is shared with family/dependents.
MFs to focus on stronger inclusion of investors from deeper geographies, mass income segments
Stronger inclusion of investors from deeper geographies and from mass income segments can contribute towards its growth story in coming times, the report said after deliberations of CII Mutual Fund Summit. India has witnessed tremendous growth in its mutual funds industry that has grown from Rs 1.13 lakh crores to Rs 31.7 lakh crores in AUM from March 2000 to February 2021.
Vehicle retail sales rise in June: FADA
Accordingly, the data released by the Federation of Automobile Dealers Associations (FADA) showed a rise of 22.26 per cent during the month under review from the level of June 2020. The vehicle retail sales rose to 12,17,151 units last month from 9,92,610 units sold during June 2020. On sequential basis, FADA had reported an overall vehicle retail sales figure of 5,35,855 units for May 2021.
Cairn gets French court nod to takeover Indian assets in Paris to recover arbitration award
According to the people in the know and reports, French courts completed the legal process on Indian asset takeover on Wednesday that started last month when it had ordered the takeover in favour of the energy company. The British energy major has said that it may file lawsuits across several countries to make government firms and banks liable to pay the dues.
Bill, Melinda Gates may not run foundation together after 2 years
In their divorce announcement in May, Bill and Melinda fully committed to continuing to work together at the foundation to advance its programme and policy objectives. However, to ensure the continuity of the foundation's work "if after two years either decides they cannot continue to work together as co-chairs, French Gates will resign her position as co-chair and trustee," said a statement from the philanthropy on Wednesday.
Sensex in red after choppy start; HDFC Bank, RIL fall
The decline in the index-heavyweights -- HDFC Bank and RIL weighed in on the Sensex. Around 10.25 a.m., Sensex was trading at 52,929.62, lower by 125.14 points or 0.24 per cent from its previous close of 53,054.76. It opened at 53,065.69 and has so far touched an intra-day high of 53,103.03 and a low of 52,917.56 points.
Logistics aggregator platform Shiprocket raises Rs 305 cr
The New Delhi-based company said that it aims to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue market expansion and accelerate overall growth. Direct-to-consumer (D2C) commerce forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years.
IMF calls for urgent action to address worsening 'two-track' recovery
"The world is facing a worsening two-track recovery, driven by dramatic differences in vaccine availability, infection rates, and the ability to provide policy support," IMF Managing Director Kristalina Georgieva wrote in a blog on Wednesday, noting that it is a "critical moment" that calls for urgent action by the G20 and policymakers across the globe, Xinhua reported.
Petrol, diesel prices continue to rise touching new highs across country
Accordingly, the price of petrol increased by 35 paise from Rs 100.21 on Wednesday to Rs 100.56 a litre on Thursday in Delhi. Diesel prices also increased in the city but a tad lower by just 9 paise per litre to touch Rs 89.62 a litre. Across the country as well retail prices of both petrol and diesel increased for the second consecutive day but the actual rates varied depending on the level of local taxes in states.
MSME registration now allowed for wholesalers, retailers: RBI to banks
The Ministry of Micro, Small and Medium Enterprises through an office memorandum had said that retail and wholesale trade would be classified as MSMEs for the limited purpose of priority sector lending and they would be allowed to be registered on Udyam Registration Portal. The beneficiary segments of the change in norm would be wholesale and retail trade and repair of motor vehicles and motorcycles,
Don't Miss
Advertisement