BUSINESS
Strong buffers to help Indian banks withstand asset risks: Moody's
"A severe deterioration of banks' asset quality is unlikely, despite an expected rise in new loan impairments, particularly among individuals and small businesses that were hit hardest by the virus outbreak. This is because government initiatives like the emergency credit linked guarantee scheme (ECLGS) have been effective in providing immediate liquidity for businesses," Moody's Vice President Alka Anbarasu said.
India saw shipment of 11.2 mn wearable units in Q2
According to the International Data Corporation's (IDC) India Monthly Wearable Device Tracker, watches continued to be the fastest-growing category accounting for 81.2 per cent share in the wristwear category that includes watches and wristbands, up from 35 per cent a year ago. The earwear category also maintained its momentum, doubling its shipments in 2Q21 and remains the largest category in wearables.
Liberalised 'Drone Rules, 2021' to generate employment, economic benefits
The Minister, in a conference cited that the new policy will enable the usage of drones in multiple sectors. "The new policy will promote research and development, manufacturing, service delivery in the country," he said. "There are already 200 Startups in the country even before the announcement of this policy. We expect generation of thousands of jobs via this policy."
'Govt's push for chip manufacturing, a step in right direction'
Speaking at the 61st ACMA Annual Session, Ayukawa said: "The invitation by the government for 'Expression of Interest' for manufacturing semiconductors in India is a much needed, long-term step, in the right direction." Lately, the global semiconductor supply chain has become increasingly at risk due to several factors. It has impacted auto industry since last year and continues to be a big challenge.
RBI appoints Ajay Kumar as new executive director
An RBI statement on Thursday said that the appointment came into effect from August 20. Prior to being promoted as ED, Kumar was heading the New Delhi Regional Office of the Bank as Regional Director. Over a span of three decades, he has served in foreign exchange, banking supervision, financial inclusion, currency management and other areas in RBI, said an RBI statement.
Equity market in green after opening flat
The market rose after a flat opening on the back of gains in the index-heavyweight Reliance Industries. At around 10.05 a.m., Sensex was trading at 56,065.82, higher by 121.61 points or 0.22 per cent from its previous close of 55,944.21 points. It opened at 55,988.41 and has so far touched an intra-day high of 56,068.73 points or a low of 55,854.07 points. The Nifty50 on the National Stock Exchange was trading at 16,673.55, higher by 38.90 points or 0.23 per cent from its previous close.
Petrol, diesel prices remain static for 2nd day
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel at Rs 88.92 a litre. Across the country as well, fuel prices remained unchanged on Thursday. Global crude oil prices have fallen on past few days but has again firmed up a over $71 a barrel now. With more barrels set to enter the markets next month and demand conditions remain fluctuating, there may be downward pressure on crude again. But, rising demand in the US and falling inventory levels there could change the pricing momentum.
Procter and Gamble's Apr-Jun net profit down 29% but sales up
The company reported a net profit of Rs 48.98 crore in the quarter ended June 2021 as against a net profit of Rs 69.21 crore in the same period of the previous year. Sequentially, the company's profits fell sharper as it had reported net profit of Rs 98.33 crore in the January-March quarter. Though profit during the quarter under review fell, the company actually improved on its sales.
Govt to launch special incentive scheme to support 75 startups
The scheme will be launched by the Biotechnology Industry Research Assistance Council (BIRAC), a public sector enterprise under the Department of Biotechnology, government of India, a release said on Wednesday.
Union Minister of State for Science and Technology, Jitendra Singh, said that instructions to this effect have been conveyed to the members of BIRAC led by its chairperson Renu Swarup.
SEBI orders release of Rana Kapoor's bank, demat accounts
In March, the SEBI had attached his bank accounts, and mutual fund holdings to recover dues of over Rs 1.04 crore, after the Yes Bank founder failed to pay the fine imposed on him. The regulator had imposed a penalty of Rs 1 crore on Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.
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