BUSINESS
In major Covid relief, Centre's monetary support for several sectors
Accordingly, Finance Minister Nirmala Sitharaman announced these measures here. The schemes entail enhancement of existing relief measure such as ECGLS and support for state governments. Besides, a total four new measures were announced to provide loans to micro finance credit users as well as tourism industry.
Robust earnings growth seen in mid, small-cap space over FY21-23
"Given the significant loss pools in the small and midcap indices, earnings growth expectations over FY21 -23 are steep and not comparable to the NIFTY50 growth," said an ICICI Securities report. However, removing the loss to profit companies the growth expectations of mid and small caps appear stronger than Nifty50 especially in FY23, it added.
GoM may consider privatisation of IOB, Central Bank this year
Sources said that the high level panel of secretaries met in the middle of last week to thrash out the regulatory and administrative issues concerning the PSU bank privatisation and have identified banks that would be put up disinvestment. The panel will now send the names of the shortlisted PSU banks to the group of ministers on disinvestment or Alternative Mechanism (AM) for approval.
slice raises $20mn to challenge credit card industry in India
slice has raised this amount from existing investors Gunosy, Blume Ventures among others. "The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument. Therefore, banks' main focus is to optimise the fees related to credit cards and there are portfolio teams to increase the loan book," Rajan Bajaj, Founder & CEO, slice, said in a statement.
UK watchdog bans cryptocurrency exchange Binance
The watchdog didn't say just why it blocked Binance but noted that an "imposition of requirements" kept Binance from operating. Binance has until June 30 to confirm that it's honoring the FCA's demands, citing Financial Times, Engadget reported.
Fuel price rise paused on Monday after rising for 2 days
Accordingly, the price of petrol remains at Rs 98.46 a litre and diesel at Rs 88.90 a litre in the national capital. Similarly, the price of the fuel in the other key metros also held Sunday's price line but not before reaching new historic high levels. Petrol is most expensive in Rajasthan's Sri Ganganagar where it now retailing at Rs 109.67 per litre. Even diesel in the city is priced at a high of Rs 102.12 a litre.
Sensex reverses gains after touching fresh high
The Nifty50 on the National Stock Exchange also hit a fresh all-time high of 15,915.65 points. Healthy buying was witnessed in metal stocks while IT stocks slumped. Around 10.25 a.m., Nifty was trading at 15,858.00, lower by just 2.35 points or 0.01 per cent from its previous close.
SIDBI ties up with GAME to help MSMEs revive
The broad themes covered under the MoU include expanding credit access, increasing formalisation, building competitive clusters, and improving the legal framework for ease of doing business. The two organisations committed that at least 25 per cent of beneficiaries from the partnership would be women entrepreneurs.
Cairn sets eyes on more state-owned assets to recover dues from Indian govt
According to people in the know, the British energy major may file lawsuits across several countries to make government firms and banks liable to pay the dues. Cairn Energy already moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes.
Adani Ports aims 40% market share by 2025
With 247 million tonne of cargo throughput in 2020-21, the company enjoys a 25 per cent market share of India's exim cargo. "We intend to enhance our country coverage beyond 90 per cent, increasing market share from an existing 25 per cent at the close of 2020-21 to a projected 40 per cent by 2025," said Adani Ports' CEO Karan Adani in his message to the shareholders in the company's annual report.
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