BUSINESS
Startup funding plummets but India still one of top 3 funded geographies
The total funding in H1 2023 ($5.5 billion) declined by 24 per cent compared to H2 2022 ($7.3 billion), and a staggering 72 per cent drop compared to H1 2022 ($19.7 billion). The number of funding rounds also experienced a substantial decrease in H1 2023.
Former SKS Ispat CMD Anil Gupta accused of defrauding MNC of $1.8 mn for Juhu guest house
Earlier, the Enforcement Directorate (ED) had stated on June 28 that it has attached assets worth Rs 517.81 crore belonging to SKS Ispat & Power Ltd in connection with a bank fraud case of Rs 895.45 crore involving Cethar Ltd. The ED initiated proceedings under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the CBI against Cethar Ltd, a boiler manufacturing company based out of Trichy, Tamil Nadu.
High GST collection reflects India’s upbeat economic trend
The GST regime was rolled out by the Indian government six years back. Of the total Rs 1.61 lakh crore collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).
RBI issues directions on issuance of debit, credit cards
In the circular on arrangements with card networks for the issue of debit, credit and prepaid cards, the central bank said that the existing arrangements between card networks and card issuers i.e. banks and non-banks, are not conducive for customers.
RBI panel suggests inclusion of rupee in IMF's special drawing rights basket
SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. It is a potential claim on the freely-usable currencies of IMF members. SDRs can provide a country with liquidity. It is defined by a basket of currencies, namely the US dollar, euro, Chinese yuan, Japanese yen and British pound.
E-commerce growth in India to hit $150 bn by 2026: Report
“India has emerged as a global payments leader, developing the next generation of real-time payments infrastructure with the Unified Payments Interface (UPI), a project of the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI),” said the report.
Indian stocks hold on to all-time highs when market breadth is healthy
A strong advance-decline market breadth where the number of advancing stocks significantly outweighs the declining stocks is a positive signal for the market, the report said. It suggested broad participation and indicated a healthy market trend. Market Guru Bob Farell has said: “Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.”
During previous property bull run over 2004-08, retail flows into equities also rose
The post-Covid surge in direct retail activity has normalised as evident in the non-institutional share of market volumes which is off 12 ppt from peak. Data on 'active' accounts from NSE shows a 22 per cent decline in these accounts by May 2023 from the mid 2022 peak. Also, while the past few weeks has seen mid-cap stock volumes rise, they are still to reach levels associated with mid-cap index peaks.
Global XR headset shipments fell 33% in Q1 this year: Report
According to Counterpoint Research, customers are losing interest in the XR market, as Meta’s Quest series, the market leader, has not been refreshed in over two years. "The performance of the newly launched next-generation Sony PSVR2 (PlayStation VR2), along with the price reduction of the Quest 2 by Meta, saved the global market from a more drastic decline," said Senior Analyst Karn Chauhan.
RIL stock has historically outperformed going into AGM
“We expect similar announcements this year, especially around Jio Financial Services (JFS), clean energy and digital business. RIL stock has historically outperformed going into the AGM on most instances”, the report said. RIL is in the new list of 10 quarterly stock recommendations among Asia Pac companies based on the view that these stocks could have the most significant market and business-related catalysts in the quarter ahead, BofA said.
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