BUSINESS
RBI to the rescue: Sizeable intervention seen to arrest rupee fall
The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit. However, the decline might trigger again on the back of continuous selling by FIIs in the secondary market. Lately, growing cautiousness over a US Fed's tapering measures as well as scare around the Omicron variant of the Covid-19 impacted investors sentiments.
Centre cuts over 25,000 compliances for 'Ease of Living', 'Ease of Doing Business'
Addressing the session, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said India's compliance systems for citizens must be based on the basis of trust, while calling for a focus on initiatives which can reduce the compliance burden to provide timely delivery of services.
China denies reports of $313bn bank notes printed without authorisation
Officials from the Currency Gold and Silver Bureau of the People's Bank of China (PBC) said that the printing and issuing of renminbi has strict working procedures and technical standards, and the PBC has been carrying out relevant work in accordance with laws and regulations, Global Times reported. The bank strongly condemned the rumour-mongering and has reported the case to the public security organ.
Equities settle in green for second consecutive session
The Sensex and Nifty settled at 56,930 points and 16,955 points, respectively, both up 1.1 per cent from their previous close. All sectoral indices rallied during the day's trade, with pharma, auto, metal and PSU banks jumping the most. Among the stocks, Hindalco, Tata Motors, Divi's Labs, Eicher Motors and Bajaj Finance were some of the top gainers, NSE data showed, rising 4.0 per cent, 3.7 per cent
E-commerce firm Amazon to acquire Catarman's stake in Prione Business Services
Founded in mid-2014, Prione Business Services provides digital and internet services to Indian small and medium sized businesses, while Catarman is a venture capital and private equity investing firm. The acquisition would be subject to requisite regulatory approvals. On August 9, the two firms announced their decision to not continue the joint venture beyond the current term to be ended in May 2022.
HP begins manufacturing laptops, multiple PC products in India
The company has begun manufacturing multiple models of laptops, desktop towers, mini desktops at the Flex facility in Sriperumbudur near Chennai, Tamil Nadu.
HP is also manufacturing display monitors in India. Some of these products qualify under public procurement order of the government and will be available on the Government e-Marketplace (GeM) portal to meet the demands of the government departments and other customers, according to the company.
Mohandas Pai invests in Monster.com as it raises Rs 137.5 cr
The online talent platform said that the funds will be utilised towards enhanced investments on product development and marketing in India, SEA and Middle-East markets. Post the funding, Monster.com is now valued at $100 million. In 2018, Quess Corp acquired Monster.com's businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, the UAE and Kingdom of Saudi Arabia.
Freight train service launched to boost trade between Pakistan, Iran and Turkey
Pakistan Minister for Railways Azam Khan Swati along with Pak Foreign Minister Shah Mahmood Qureshi and Adviser to the Pak Prime Minister on Commerce Abdul Razak Dawood, inaugurated the Islamabad-Tehran-Istanbul (ITI) freight train at Margalla railway station. Ambassadors of Turkey, Iran, Kazakhstan and Uzbekistan were also present on the occasion.
Inflation Check: Centre extends 'free' import policy for three pulses till Mar '22
Earlier, only tur and urad were under the 'free' category, which was supposed to be over by December 31, an industry insider said.
The move entails that 'bill of lading' or 'lorry receipts' from the originating countries need to be obtained on or before March 31, 2022, and the cargoes should reach Indian ports by June 30, 2022, the Ministry of Commerce and Industry said in a notification.
JSW Cement says SBI acquires Rs 100cr worth stake in Co
"The conversion of such CCPS into common equity of the company will be linked to the company's future business performance and valuation determined at the time of the proposed initial public offering," the cement producer said. Accordingly, this capital infusion will support JSW Cement's expansion from the current 14 metric tonne per annum to 25 metric tonne per annum, it said.
Don't Miss
Advertisement