BUSINESS
49% Indian startups now from tier 2, 3 cities: Jitendra Singh
These startups from smaller cities are working in the fields like IT, agriculture, aviation, education, energy, health and space sectors, the Minister said while delivering keynote address at "DST StartUp Utsav" here. As per the latest data, there are currently 105 unicorns, out of which 44 were born in 2021 and 19 in 2022. "The decade 2021-30 is expected to bring transformational changes for Indian science, technology and innovation (STI)," said the Minister.
Rupee, bond yield ends almost flat ahead on long weekend
At the interbank foreign exchange market, the rupee ended at 79.66 against the US dollar, as against 79.64 at the close of the previous trading session. The 10-year benchmark 6.54 per cent-2032 bond yield ended at 7.2894 per cent, marginally higher than 7.2673 per cent close on the previous trading session.
India ranks 3rd in global startup ecosystem & number of unicorns, says Minister
Union Minister of State (Independent Charge) Science & Technology, Jitendra Singh while delivering a keynote address at 'DST StartUp Utsav' at Dr Ambedkar International Centre, said that Prime Minister Narendra Modi's special focus on Science, Technology and Innovation has fired the imagination of the youth in the country to innovate and solve problems with new ideas.
4.2 mn EVs sold in first half of 2022 globally, China leads
China alone witnessed the sale of 2.4 million EVs, 26 per cent of all passenger cars delivered in the country against just 10 per cent in the first half of 2021, according to latest Canalys research. EVs include 4.2 million electri (BEVs) and plug-in hybrid electric vehicles (PHEVs). "EV sales in Mainland China more than doubled in H1 2022 and it is now by far the biggest EV market. Fifty-seven per cent of global EV sales were in Mainland China. With 118 per cent year-on-year growth, it is the fastest-growing market as well," said Jason Low, principal analyst at Canalys.
Page Industries stock hit Rs 50,000 apiece on multi-fold jump in net profit
At 1.21 p.m., shares of Page Industries were trading at 49,103.00, up 91.00 or 0.19 per cent. On Thursday, Page Industries reported a multi-fold increase in its net profit in Q1FY23. The company reported net profit of Rs 207.03 crore, as against just Rs 10.94 crore in the same period last year. The revenue from operations during the quarter under review was at Rs 1,341.26 crore.
British economy contracts in Q2, stokes recession fears
The gross domestic product (GDP) fell by 0.1 per cent during the second quarter, dpa news agency quoted the Office for National Statistics (ONS) as saying. It is a big step down from the first quarter of the year, when GDP rose 0.8 per cent. The service sector was particularly badly hit, falling by 0.4 per cent over the quarter, ONS experts said.
OPEC further lowers forecasts for global economy and oil demand in 2022
The oil alliance said on Thursday in its monthly report that the world economy is expected to grow by 3.1 per cent in 2022, compared to its forecast of 3.5 per cent in the previous three months. Explaining the downward revision, OPEC cited "weaker second-quarter growth in the major economies and an observed soft trend in some key economies". In its May report, OPEC had already lowered its forecast for global economic growth this year from 3.9 to 3.5 per cent. This projection was maintained until July, Xinhua news agency reported.
'American firms in Bengaluru bolstering US-India economic ties'
Lacina acknowledged the immense contributions of over 650 US companies in Bengaluru that employ tens of thousands of Indian citizens in high-standard work environments in the formal sector. She applauded their immense contribution to the US-India bilateral relationship -- not only through their economic ties and investments but also through corporate social responsibility initiatives and a commitment to the development of employee skills. Joining her in Bengaluru were US Consul General in Chennai Judith Ravin and Director of the US National Science Foundation (NSF) Dr. Sethuraman Panchanathan.
Indian general insurance sector logs 21% premium growth in July
According to the Insurance Regulatory and Development Authority of India (IRDAI) the non-life insurance sector had earned a premium of Rs 23,392.46 crore in July 2022 up from Rs 20,157.23 crore. The growth would have been higher but for the negative premium growth posted by Agricultural Insurance Company of India Ltd and ECGC Ltd.
'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap
Meanwhile, an interesting development is taking place in the global currency market. There has been a significant jump in the demand for Yuan arising from short-circuiting the sanctions in place by corporates in select jurisdictions who have been utilizing multitude of non-dollar currencies to procure crude and other commodities viz. coal through striking deals in Renminbi/HKD/AED pairs at discounted rates, SBI Ecowrap report said.
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