BUSINESS
GERD as percentage share of GDP remained at 0.7% in last few years
This figure is lower when compared to the GERD of many other countries, including Israel, South Korea, the US, Japan and Germany, among others. This is significant as Prime Minister Narendra Modi on his Independence Day speech called for push into research and innovation. While addressing the nation, Modi added 'Jai Anusandhan' (research, innovation) to the 'Jai Jawan, Jai Kisan, and Jai Vigyan' slogan used by political leaders.
Can Bhavish Aggarwal pull off his electric car dream amid harsh ground realities?
Aggarwal has pressed the EV accelerator hard while Ola's electric two-wheeler sales are now going south. On August 15 when the company showcased its upcoming electric car that claims to give 500 km on single change and can go from zero to 100 kms within 4 seconds, the company had sold merely around 1,400 Ola S1 and S1 Pro scooters in the first 15 days of the month (according to the government VAHAN data).
China heat wave hits Apple, Toyota suppliers as production halted
China's Sichuan provincial government has told manufacturers, including suppliers to Apple and Toyota Motor, "to suspend production" keeping the intense heat wave in mind, reports Nikkei Asia. The city of Chengdu houses the main production base of Foxconn, which assembles iPads and Apple Watches. The report, citing sources, said that the plant has halted operations but the "impact is not significant at this time".
Indices end higher for third straight session, Sensex closes at 58,842
At close, Sensex ended up 379.43 points or 0.64 per cent at 58,842.21, while Nifty closed up 127.10 points or 0.72 per cent at 17,825.25. About 1,995 shares advanced, 1,553 shares declined, while 157 shares remained unchanged on Tuesday. Mahindra & Mahindra, Maruti Suzuki India, Asian Paints, Hindustan Unilever, Ultratech Cement and HDFC, among others, were the major gainers on the BSE.
Equity AUM of mutual funds rises more than 10% on-month in July
The month saw a decline of sales of equity schemes by 14.3 per cent on-month to Rs 304 billion and the pace of redemptions picked up to Rs 148 billion, up 16 per cent on-month. Consequently, net inflows slowed to Rs 157 billion in the July from Rs 228 billion in the previous month. The Nifty, after three consecutive months of decline, bounced back smartly in July with 8.7 per cent on-month gain, the highest since December 2020.
Wholesale Price Index (WPI) comes down to 13.93% in July
The wholesale price index (WPI) had spiked to 15.18 per cent during the month of June. The WPI in July 2021 was at 11.57 per cent. Inflation in July, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, electricity, chemicals & chemical products, food products, etc., as compared to the corresponding month of the previous year, said the ministry.
Ratan Tata invests in startup that connects the elderly with young graduates
In the last six months, "Goodfellows" has completed a successful beta and will now be available in Mumbai and soon in Pune, Chennai and Bengaluru. "The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue In India. I hope the investment helps the young team at Goodfellows grow," said Tata. During the beta testing, Goodfellows received a positive response with over 800 applications from young graduates looking to be employed at Goodfellows of which a shortlisted cohort of 20 provided companionship to the elderly in Mumbai.
Amul hikes milk prices by Rs 2 per litre
In a statement, Amul Dairy said in Gujarat, Delhi-NCR, Mumbai, West Bengal, its Taza milk 500 ml will cost Rs 25, Shakti 500 ml pouch Rs 28 and Gold Rs 31. Rs 2 per litre is increased for three ranges of milk." According to Amul, the hike is just a four per cent increase in price and lower than prevailing food inflation. Justifying the hike in prices, Amul said production and operation cost of milk has increased.
Global oil prices to fall to $70/barrel: Moody's Analytics
Pointing out the increase in oil prices to $120/barrel in June after Russia's invasion of Ukraine and its fall to $100/barrel in August Moody's Analytic said: "This trend will continue; we expect crude prices to fall to almost $70 a barrel by the end of next year. For the APAC region's big oil importers, notably Singapore and Hong Kong, this will ease pinching price pressures," Moody's Analytics said. According to Moody's Analytics, the impact of oil price increase has been varied for the APAC region.
Adani Logistics acquires ICD 'Tumb' (Vapi) from Navkar Corporation
The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs. The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in near future as additional industrial corridors and logistic parks get added along these DFC routes. The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land & bonded warehouse facilities. The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 crore, implying an EV/EBITDA multiple of 7.8x (based on FY23(E) EBITDA)
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