BUSINESS
Higher petroleum taxes to again rescue govt's stimulus packages this year
The sector met a large part of actual fund infusion required to support the biggest ever Rs 20 lakh crore economic package announcement by Prime Minister Narendra Modi in May, 2020 to revive the economy hit hard by the Covid-19 pandemic. A Rs 6.29 lakh crore stimulus has already been announced by the government again in 2021 and more is likely to come in the coming days.
Covid second wave to fray apparel retail growth, profitability
Says Anuj Sethi, Senior Director, CRISIL Ratings, "Revenue this fiscal will only be 70-75 per cent of the pre- pandemic level (60 per cent in fiscal 2021). Moreover, unlike the first wave that had higher impact in Tier-1 cities, the second wave has spread in Tier-2 and 3 cities and rural areas as well, resulting in a similar impact on departmental and value fashion retailers."
Residential sales surge by 83% YoY in Q2 2021: JLL
According to JLL's Residential Market Update - Q2 2021, released on Tuesday, sales were driven by the low base effect, less stringent lockdowns, and accelerating vaccination drives during Q22021, demonstrating improved resilience in the market. By comparison, in Q1 2021, sales of residential units continued an upward trajectory, increasing by 17 per cent on a sequential basis.
Pick up in economic activity may turn India's current account back to deficit in FY22
The brokerage report said that despite the position of the current account deficit this year, healthy capital flows will ensure FY22 BoP (balance of payment) remains in a surplus of $ 50 billion. However, global winds may imply foreign investors would start asking for a higher risk premium from EM and it could start pressurizing EM assets, including in India.
Info Edge halves its OFS size in Zomato IPO to Rs 375 cr
In a regulatory filing on Sunday, Info Edge (India) said that the Committee of Executive Directors has approved the reduction in the size of the offer for sale by the company. The Board of Directors of Info Edge had in April approved for its participation in the offer for sale of up to such number of equity shares of Zomato, as would aggregate up to Rs 750 crore.
Stock Talk: Top Breweries & Distilleries Stocks On Sensex Today
India alcoholic beverage industry is one of the biggest alcohol industry across the globe only behind from two major countries such as China and Russia.
NTPC seeks EoIs for fly ash sale in Middle East, other regions
Sustainable ash utilisation is one of the key concern areas at NTPC and the company is ensuring sustainable solutions for its complete utilisation, it said. A by-product of power generation with coal, the fly ash generated at NTPC stations is ideal for use in the manufacture of cement, concrete products, and cellular concrete products, along with its usage for the manufacturing of bricks, blocks and tiles.
In last 12 months, midcaps have risen 83% v/s rise of 53% for Nifty
The rally was on the back of strong FII inflows, receding of the second Covid wave boosting confidence in an economic recovery, and an inline earnings season. FIIs continued their buying streak in June'21 at 1.5 billion. DIIs saw inflows for the fourth consecutive month at $1 billion. Midcaps/small-caps outperformed large-caps by 3.7per cent/4.1 per cent in June'21.
Petrol nears Rs 100 a litre in Delhi with 35-paise hike
petrol prices are expected to cross the century mark in these two cities at next revision. With this the fuel will be over Rs 100 a litre in all four metros and other major cities across the country. In the financial capital Mumbai, petrol price now stands at Rs 105.92 while diesel costs Rs 96.91, data available on Indian Oil Corporation's website showed.
Equity indices in green, Sensex up 300 points
It opened at 52,682.89 and has so far touched an intra-day high of 52,814.28 and a low of 52,604.35 points. The Nifty50 on the National Stock Exchange was trading at 15,814.25, higher by 92.05 points or 0.59 per cent from its previous close.
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