BUSINESS
Government ready for another cut in import duty on steel to tame prices
In budget 2021-22, Finance Minister Nirmala Sitharaman had revoked the anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products while reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels from 10-12.5 per cent levels earlier. She also brought down import duty to nil on steel scrap to support user industries hit hard by a sharp rise in steel prices.
Solar PLI scheme to benefit incremental demand till FY30: Ind-Ra
"The scheme can facilitate additional 8-12GW annual solar cell or module manufacturing capacity in India. Sales up to 50 per cent of the manufacturing capacity set up by the winning bidder will benefit from PLI. This estimate assumes the base PLI rate of Rs 2.25 per watt power and entirely greenfield expansion."
Equity MFs' net inflows at over Rs 3k cr in April: AMFI
In March, the equity-linked mutual fund schemes' net inflows stood at Rs 9,115.12 crore. Whereas, in February, the equity-linked mutual fund schemes' net outflow stood at Rs 4,534.36 crore. Similarly, there was an outflow in January of Rs 9,253.22 crore and of Rs 10,147.12 crore in December 2020.
Mid-sized EPC segment revenue to grow 15% this fiscal: Crisil
The second wave of the pandemic, slowdown in project execution, and labour migration are expected to curb the performance of these companies in the first quarter of this fiscal sequentially. The slowdown, however, will be less severe on-year because activities had ground to a halt amid a nation-wide lockdown in the first quarter of last fiscal, the ratings agency said.
Sensex falls 500 points; banking, metal stocks in red
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The market has opened with a gap down, but is still maintaining the 14,700 support level. We could work our way through this fall by strategically buying into the index. The risk reward is favorable. If we move up from here, the target should be 15,200 and a close below 14,700 is the stop loss."
'Centre, states need to bolster RBI steps via vaccination, better health infra': SBI
"The RBI has played an amazing role through the pandemic, and we only hope that fortune favours the brave! But for that, vaccination and specific administrative reforms by Centre and states in the interregnum in enabling a better medical infrastructure to prevent any further wave hold the ace," said the SBI Ecowrap report on Monday. It said that the challenges posed by the pandemic are being exacerbated by the confounding market behaviour.
SBI General Insurance fined Rs 30L by IRDAI
The charge against SBI General Insurance Company was that it had repeatedly failed to comply with Section 32D of the Insurance Act and the IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 that mandates underwriting of minimum motor third party insurance business.
2nd wave of Covid threatens economic growth: Crisil
It said that base GDP growth forecast for fiscal 2022 at 11 per cent, with risk firmly tilted downwards. As per the report, the GDP growth rate may drop to 9.8 per cent, if the second wave peaks by May-end and if the peak is reached by June-end, the GDP growth rate is likely to fall to 8.2 per cent. It further said that India Inc's revenue growth is projected at 15 per cent for fiscal 2022 on a low base of two years in base case.
Apple awards $45M to Corning to expand manufacturing capacity
Corning is a supplier of precision glass for iPhone, Apple Watch, and iPad and has a long history of working together with Apple. The company has already received $450 million from Apple's $5 billion Advanced Manufacturing Fund over the last four years. "From the very first iPhone glass, to the revolutionary Ceramic Shield on the iPhone 12 lineup, our collaboration has changed the landscape," said Jeff Williams
Global cues, Q4 lifts equities; metal stocks shine
Globally, Asian stock markets were mostly higher on Monday, following the positive signs from the US on Friday as rising commodity prices and weaker than expected US job growth in April calmed fears about higher inflation, interest rates and a cutback in stimulus.
Don't Miss
Advertisement