BUSINESS
Indices end marginally down, Sensex dips over 150 points
At close, Sensex ended 168.08 points or 0.28 per cent down at 59,028.91, and Nifty closed 31.20 points or 0.18 per cent at 17,624.40. About 2,138 shares have advanced, 1,318 shares have declined and 123 shares have remained unchanged. BSE Midcap and Smallcap were up 0.46 per cent and 0.73 per cent, respectively. However, BSE LargeCap ended down 0.15 per cent.
Indian macros appear to be relatively stable despite headwinds: George Thomas
Though the GDP growth was below estimates, a revival in domestic demand was visible in strong growth in private consumption (59.9 per cent of GDP) at 9.1 per cent compared to the pre-pandemic level (Q1, FY20). Gross Fixed Capital Formation (34.7 per cent of GDP) recorded a growth of 3.6 per cent in the same period.
India needs to be self-reliant in semi-conductor technology: Gautam Adani
Addressing the India Ideas Summit organised by US-India Business Council, he said that US' help would be critical in helping India become self-reliant in semi-conductor manufacturing. Due to global shortage of semi-conductor chips, which are vital for running everything from cars to computers to aircrafts and military equipments, industries are suffering, Adani said.
Building three giga factories in India for green energy value chain: Gautam Adani
Speaking at an event where he was conferred the USIBC Global Leadership Award, Adani said this will extend from polysilicon to solar modules, complete manufacturing of Wind Turbines, and the manufacturing of Hydrogen Electrolyzers. "As a result, we will generate an additional 45 GW of renewable energy to add to our existing 20 GW capacity, as well as 3 million tonnes of hydrogen, all of which will be completed before 2030," Adani said.
Asia-Pacific logs record $41.8 bn in fintech investment in 2022 1st half
The region saw a diversity of jurisdictions attract good-sized deals, according to the KPMG in India report. In the Asia-Pacific region, a number of fintech subsectors that attracted substantial interest and hype over the past 12 to 24 months cooled off considerably in the reported period, including retail payments, insurtech, and B2C solutions. Crypto, NFTs and blockchain also came off the investment burner.
Digital currency to be launched as pilot project this year: RBI Deputy Governor
Addressing the India Ideas Summit, RBI Deputy Governor T. Rabi Sankar said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Finance Minister Nirmala Sitharaman had announced in the Union Budget that CBDC would be launched during 2022-23.
Inflation not 'red lettered' priority: Sitharaman
Addressing the India Ideas Summit, she said that the Centre's priority is job creation and income distribution. She further said that India is taking up the G20 president-ship in challenging times when global supply chains have been damaged and geo-political equations are volatile. Sitharaman said uncertainties in the energy sector were an area of concern for the Centre.
ED arrests NSE's former CEO and MD Ravi Narain in phone tapping case
An ED official said that there was need to arrest Narain so that he could be interrogated. "Money was laundered in the phone tapping matter. The payments made in the phone tapping is alleged proceeds of crime. There are shell companies. We want to know who was handling the entire operation," the ED had said. NSE's former CEO and MD Chitra Ramkrishna and former Mumbai Police Commissioner Sanjay Pandey were placed under arrest in the case by the agency in July. The ED has claimed that Pandey received Rs 4.54 crore to tap the MTNL line to help Ramakrishna.
Apple set to produce 85% iPhones in India in big push for govt's local push
The import of iPhones to India is likely to come down to 15 per cent this year (from 50 per cent in 2019), while domestic manufacturing by the Cupertino-based tech giant is set to go up substantially to 85 per cent, according to market intelligence firm CyberMedia Research (CMR). "Driven by a conducive policy environment and deepening manufacturing ecosystem in India, Apple's Made-in-India iPhones will potentially account for close to 85 per cent of its total iPhone production this year," Prabhu Ram, Head-Industry Intelligence Group (IIG), CMR, told IANS.
Flipkart forays into hospitality sector, opens hotel bookings
"We are excited to launch Flipkart Hotels on the Flipkart app, which will provide access to affordable hotel stays convenient for the customers. Flipkart Flight is on a steady path of growth in the travel industry since we entered this space," Adarsh Menon, Senior Vice President, Flipkart, said in a statement.
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