BUSINESS
Foreign exchange reserves fall $897mn to $572.98bn in week ending Aug 5
The fall was witnessed after it rose during the week ending July 29 after falling for the four consecutive weeks earlier. The fall in this week has witnessed due to decline in foreign currency assets by $1.611 billion to $509.646 billion. Foreign Currency Assets (FCA) that is the most important component of the RBI's foreign exchange reserve are the assets like US Treasury Bills bought by the RBI using foreign currencies. The FCA is the largest component of the forex reserve.
LIC posts Rs 682 cr PAT, ranks 98 in Fortune 500 list
According to LIC, it closed the three months period ending June 30, with a net profit of Rs 682.88 crore on a total premium income of Rs 98,352 crore (previous year Q1 Rs 81,721 crore). The company said its overall market share by First Year Premium Income increased to 65.42 per cent for the quarter ended June 30, as compared to full year market share of 63.25 per cent for FY 2021-22. The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 per cent.
CPI numbers for March '23 could be even lower than 5%: SBI Ecowrap
On Friday, data by Ministry of Statistics and Programme Implementation showed that the CPI inflation moderated to 5-months low to 6.71 per cent in July due to easing of food inflation, while, core CPI also moderated to 10-months low to 5.79 per cent in July. Telangana clocked the highest inflation rate of 8.58 per cent in July, compared to 10.05 per cent in June. Further, Telangana's rural inflation is above the urban inflation. Internationally, the inflation in the US has also moderated which increases expectations that US Fed will go slow on rate hikes.
ED attaches Mantri Group's property worth Rs 300.4 cr for cheating home buyers
The ED said that Castles Vista Pvt Ltd (a subsidiary of Mantri Developers Pvt Ltd) and Buoyant Technology Constellations Pvt Ltd (another subsidiary) induced home buyers with rosily painted schemes, showing misleading brochures, falsification of delivery time lines, and window dressing. But the flats were not delivered even after seven to ten years of taking deposits from prospective home buyers. The ED lodged a PMLA case in this respect on the basis of the FIR registered by the Subramanyapura Police Station in Bengaluru.
Musk responds to Ford CEO's pickup truck jab
Farley, recently, drew a comparison between Tesla's long-delayed Cybertruck and Ford's plug-in pick up -- F-150 Lightning, while announcing a significant investment in solar energy. Meanwhile, replying to an account on the microblogging platform Twitter on the matter, Musk wrote: "Thanks, but I already have one." This week, after touting the company's move to more sustainable sources, Farley made a quick jab at his main rival in the EV space, whom he has praised for helping spur the industry toward electric vehicles.
Corporate tax collection rises 34% between April-July
"During 2021-22 fiscal, corporate tax collections stood at Rs 7.23 lakh crore, a 58% growth over 2020-21 mop up. Even when compared to collections of FY 2018-19 (pre-COVID period), the collections of FY 2021-22 are higher by over 9%, it tweeted. The corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34% over the corporate tax collections in the corresponding period of FY 2021-22," Income Tax Department said without giving an absolute figures.
India Cements PAT at Rs 76 crore, increases capacity utilisation
The company had posted a net profit of Rs 76.09 crore on operational revenue of Rs 1,454 crore, up from a net profit of Rs 37.42 crore on revenue of Rs 1,025.54 crore during the corresponding period of the previous year. The total comprehensive income for the company for the period under review stood at about Rs 80 crore
Benchmark indices rise marginally, Sensex ends over 59,400
At close, Sensex ended up 130.18 points or 0.22 per cent at 59,462.78, while Nifty closed 39.15 points or 0.22 per cent higher at 17,698.15. On the BSE, 1,828 shares advanced, 1,563 shares declined, while 152 shares remained unchanged. BSE largecap ended 0.31 per cent up, while smallcap and midcap ended up 0.39 per cent and 0.15 per cent, respectively.
CPI inflation eases to 6.71% in July, IIP falls to 12.3%
Easing inflation can be attributed to price cuts on edible oil and easing commodity prices globally. Even though the CPI inflation has eased, it still remained above the Reserve Bank of India's (RBI) upper tolerance band. The overall goods inflation came in at 6.75 per cent as compared to 7.75 per cent in the previous month, while, inflation in vegetables was at 10.9 per cent in July.
Johnson and Johnson to stop selling and making talc-based baby powder globally
The healthcare firm has faced tens of thousands of lawsuits from consumers who allege its talc products, including the instantly recognisable brand of Johnson's baby powder, caused them to develop cancer. "As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio," the company said in a statement, The Guardian reported.
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