BUSINESS
Yes Bank lowers its FY22 growth estimate for India
Its previous projection was 10.5 per cent. "While all indications pointed to a stable recovery process before the 2nd wave struck, this is now likely to be pushed back to an extent. For FY22, we expect real GDP growth at 8.5 per cent, weaker than our previous estimate of 10.5 per cent," said the report titled 'India GDP: Marathon effort ahead' prepared by Yes Bank's Economist department.
Top Information Technology Giants In India
Despite a dip in global technology spending amid the coronavirus pandemic, India's information technology sector is set to post a 2.3% rise in revenues to $194 billion in the current fiscal, Nasscom said in its report.
ED files final charge sheet against Musaddilal Group in demo deposit case
An ED official said that the financial probe agency filed the charge sheet on Monday after extensive investigation, against the main accused Kailash Gupta, Nitin Gupta, and Nikhil Gupta and their firms Musaddilal Gems and Jewellery, Musaddilal Jewellers Pvt Ltd and Vaishnavi Bullion Ltd, their chartered accountants, gold bullion dealers, and also the major contributors of the black money, who were involved in this fraud.
Covid to impact performance of asset-backed securities: Moody's
"Slowing economic activity in India due to the second wave (of Covid-19) will constrain commercial vehicle owners' capacity to pay auto loans. As a result, commercial vehicle loan delinquencies will increase in India and collection rates will remain below the March levels over the next three to six months," said Dipanshu Rustagi, Assistant Vice President and Analyst at Moody's.
Tesla S, X model have PS5 level entertainment computing power: Musk
AMD has revealed that the new Tesla infotainment system consists of an AMD Ryzen processor paired with an AMD RDNA 2 GPU. "Yeah, new Model S & X have PS5 level entertainment computing power," reacting on a tweet related to the announcement, Tesla CEO Musk tweeted. Musk had earlier claimed that one would be able to play The Witcher 3 and Cyberpunk 2077 on a 10 teraflop gaming rig stuffing into the new Tesla Model S and X.
BLS International to help Amazon expand India footprint
The service through BLS centres will help the e-commerce giant to provide an e-shopping experience and order fulfilment in urban, semi-urban and rural areas in the country. "We are delighted to collaborate with Amazon in making the online shopping experience available to the people living in remote areas through our 10,000 centres in the country," said Shikhar Aggarwal, Joint Managing Director, BLS International.
Edtech startup Avishkaar raises Rs 5 cr, clocks 5X growth
The company which clocked 5 times growth in FY21 focuses on robotics, AI, coding etc for children between age 5-15 through its hardware and software products. "Avishkaar's approach is one of a platform that comprises hardware kits, software solutions and Live online classes to ensure that children have the right tools, curriculum and coaching to excel at these skills," said Arun Bhalla, Co-founder and CEO, Avishkaar.
Nifty turns flat after touching new high
Nifty50 touched an all-time high of 15,660.75 earlier in the session. Around 10.30 a.m., it was trading at 15,581.65, lower by just 1.15 points or 0.0 per cent from its previous close. The BSE Sensex was trading at 51,925.51, lower by 11.93 points or 0.02 per cent from its previous close of 51,937.44. It opened at 52,067.51 and has so far touched an intra-day high of 52,228.65 and a low of 51,836.16 points.
Fuel prices continue northward march; petrol, diesel rise again
The pump prices of petrol and diesel increased by 26 paise and 23 paise per litre to Rs 94.49 and Rs 85.38 per litre respectively in Delhi on Tuesday. This is the second consecutive increase in fuel prices in as many days. Petrol and diesel prices had risen up to 29 paise per litre even on Monday.
Double-digit growth for FY22 uncertain, overall impact of 2nd wave may not be large: CEA
Addressing the media after the release of the GDP numbers, the CEA also said that giving any actual numbers for economic forecast would not be prudent as the pandemic is evolving and the economic trajectory of the country totally depends on the severity of the pandemic. "Whether or not that will be double digit or single digit there is uncertainty because scientists are also talking of a possibility of a third wave"
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