BUSINESS
Pandemic disruptions push June GST collection below Rs 1 lakh cr, first time in 9 months
Though the GST revenues during June 2021 are lower than the over Rs 1 lakh crore collections recorded in the previous month and a record Rs 1.41 lakh crore collection made in April, it is still a growth over June 2020 collections when GST numbers had remained low due to the first set of lockdowns. Though the GST revenues during June 2021 are lower than the over Rs 1 lakh crore collections recorded in the previous month and a record Rs 1.41 lakh crore collection made in April, it is still a growth over June 2020 collections when GST numbers had remained low due to the first set of lockdowns.
Stock Talk: Top 5 diamond & jewellery companies stocks on Sensex today
As of January 2021, India’s gold and diamond trade contributed ~7.5% to India’s Gross Domestic Product (GDP) and 14% to India’s total merchandise exports. The gem and jewellery sector is likely to employ ~8.23 million persons by 2022, from ~5 million in 2020.
Sensex reclaims 53,000, hits new record high
Heavy buying activity was witnessed in banking and financial stocks. Around 2.15 p.m., Sensex was trading at 53,116.73, higher by 236.73 points or 0.45 per cent from its previous close of 52,880.00. It opened at 52,874.85 and has so far recorded an intra-day low of 52,805.88 points. The Nifty50 was trading at 15,897.10, higher by 62.75 points or 0.4 per cent from its previous close.
Delhi's new excise policy recommends sale norms for liquor brands
The policy has also divided almost all brands of liquors - Rum, Whiskey, Beer, Vodka, Wine into different categories which will be dependent on a particular brand's pricing and its sales figures outside the national capital. For Brandy, Vodka, Gin and mixed alcoholic beverages brands with less than 8 per cent alcoholic strength, no sale limit is prescribed, the policy said.
Tyre industry's demand expected to grow at 13-15% in FY22: ICRA
The agency in a note said that this trend is aided by a stable growth in both the original equipment manufacturer (OEM) and replacement segments. Accordingly, the note cited that growth will be aided by a sharp recovery in OEM tyre demand, lower base effect of FY2021, improving pace of vaccination, continued preference for personal mobility and healthy rural cash flows amid a normal monsoon forecast.
Operating margin of primary steelmakers to swell 500 bps over firm prices
While this will drive steelmakers to double down on capital expenditure, robust accruals will help them continue deleveraging and strengthening of balance sheets, leading to a positive credit outlook, a CRISIL study of the top five steelmakers - accounting for 58 per cent of domestic production last fiscal has showed.
SAT to hear matter on PNB Housing's preferential issue next week
The order in the matter was expected on July 5. "As sought by the company, Securities Appellate Tribunal, in its hearing on July 5, 2021, adjourned the case for Monday, July 12, 2021," the company said in a regulatory filing. PNB Housing Finance had filed an appeal before the SAT against the capital market regulator SEBI's directive to halt the company's proposed preferential issue.
No deal at OPEC to hit fuel consumers badly in India
At a meeting of OPEC plus (including Russia), differences surfaced between the world's largest oil producer Saudi Arabia and United Arab Emirates (UAE) over raising oil production marginally in August while maintaining production level at the same till 2022. This prevented a deal that would have helped to soften crude prices a bit next month on the back of increased oil production of 2 million barrels a day.
Petrol, diesel price rise paused a day after reaching new highs
Accordingly, petrol continued to be priced at Rs 99.86 a litre and diesel Rs 89.36 a litre in the national capital on Tuesday. Across the country as well the fuel prices remained unchanged on Tuesday. The prices were last revised upwards on Monday when OMCs raised the petrol rates by up to 35 paise per litre while keeping diesel rates unchanged.
Equity indices trade marginally higher after opening flat
Around 10.15 a.m., Sensex was trading at 52,940.22, higher by 60.22 points or 0.11 per cent from its previous close of 52,880.00. It opened at 52,874.85 and has so far touched an intra-day high of 52,984.71 and a low of 52,805.88 points. The Nifty50 on the National Stock Exchange was trading at 15,865.20, higher by 30.85 points or 0.19 per cent from its previous close.
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