BUSINESS
Swiggy acquires retail distribution company Lynk to enter retail market
Lynk will continue to operate as an independent business post the acquisition led by Co-founder and CEO, Shekhar Bhende, Swiggy said in a statement. The acquisition will help Swiggy’s entry into the huge retail market with a technology-led distribution platform.
IT heavyweights power Sensex towards 66k mark
IT stocks powered the Sensex rally with TCS, Infosys, Tech Mahindra up by more than 2 per cent. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the ongoing global rally in stock markets will get a further mild boost from the latest US consumer inflation for June which has come at 3 per cent, better than market expectation of 3.1 per cent.
Musk explores setting up Tesla supply chain ecosystem in India: Report
As first reported by The Economic Times, citing government sources, the electric car-maker has engaged in talks with Indian officials to set up its auto parts and electronics chain in India, along with seeking incentives and tax benefits. If all goes well, Tesla can reportedly produce 5 lakh electric vehicles annually that starts from Rs 20 lakh.
BSE Sensex crosses milestone of 66,000 points led by IT heavyweights
BSE Sensex is up 625 points in a ferocious rally at 66,019 points powered by positive cues from the US market. Sensex was up 586 points at 65,980 points in Thursday morning trade. IT stocks powered the Sensex rally with TCS, Infosys, Tech Mahindra up by more than 2 per cent.
TCS closes Q1 with 16.8% higher net, declares interim dividend of Rs 9 per share
The Board of Directors have declared an interim dividend of Rs 9 per equity share of Re1 each. In a regulatory filing, the company said it had posted a total revenue of Rs 59,381 crore (previous year Rs 52,758 crore) and a net profit of Rs 11,074 crore (Rs 9,478 crore).
ISRO to transfer SSLV rocket technology to profitable companies with minimum Rs 400 cr turnover
The IN-SPACe is the regulator for private players in the Indian space sector. As per the conditions, the interested private players or the leader of the consortium should have a minimum turnover of Rs 400 crore and be profitable.
Signs of overheating in small cap stocks
"This is an indication of froth building in this space. Investors should exercise caution chasing small-cap stocks. Liquidity can drive markets higher. So it makes sense to remain invested in this market. But optimism has to be tempered with some caution," V. K. Vijayakumar, added.
Corporates need to be responsibly competitive and lead in climate action: Sanjiv Puri
This report marks two decades of sustainability reporting for ITC. The company’s innovative business models have positioned it as the sole enterprise worldwide, comparable in size and scope, to have achieved and maintained the three crucial global environmental sustainability indices.
Several states protest move to bring GST network within money laundering law's ambit
Delhi minister Atishi, who holds the Finance portfolio, told reporters outside Vigyan Bhavan, where the GST council is currently meeting under Union Finance Minister Nirmala Sitharaman. Even Punjab Finance Minister Harpal Singh Cheema told reporters during a break in the proceedings, that bringing GST under PMLA's ambit may even lead to tax terrorism.
28% GST to be levied on full value of online gaming, horse racing, casinos
Among other issues, the Council approved exemption of GST on import of cancer drug Dinutuximab and on Food for Special Medical Purposes (FSMP) that are used in the treatment of rare diseases. Maharashtra's Forest, Culture and Fisheries minister Sudhir Mungantiwar told reporters that the GST council also approved setting up of appellate tribunals.
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