BUSINESS
Chip to Chaos: Longer waiting period to dent auto sector growth
The phenomenon has been blamed on the exponential rise in demand for personal electronics such as cellphones and laptops during the ongoing pandemic. On technical basis, semiconductors play a critical part in the production of internal combustion engines. They are an integral part of all kinds of sensors and controls in any vehicle.
Dollar Run: Strong greenback to pound Indian rupee
"Global cues such as a strong US dollar as well as a weak CNH (Renminbi Offshore) will weaken the Indian rupee further. It is expected to trade between 74.25 to 74.60 with an depreciation bias," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. On Friday, the rupee marked its biggest weekly loss in one-and-a-half months, although it was better than its Asian peers.
Auto Sector: Continued sequential recovery seen in July, says Ind-Ra
Ind-Ra believes that the 18 per cent sequential and 4 per cent year-on-year (YoY) increase in the domestic auto sales volumes in July 2021 was led by the continued easing of lockdown restrictions. According to Ind-Ra, the passenger vehicle (PV) segment continued to benefit from the increasing preference for personal mobility, pent-up demand and new launches, leading to 45 per cent YoY growth in domestic sales volumes.
NTPC commissions largest floating solar PV project in the country
The floating solar installation, which has a unique anchoring design, is spread over 75 acres in an RW reservoir. The project has the potential to generate electricity from more than 1 lakh solar PV modules. This would not only help light around 7,000 households, but also ensure that at least 46,000 tonnes of CO2e are kept at arm's length every year during the lifespan of this project.
'Q1FY22 corporate earnings in line with elevated expectations'
"Q1FY22 earnings have been in line with our expectations, led by cyclical sectors such as metals and oil and gas, benefitting from high commodity price realisations," MOFSL said. "Large private banks' earnings have indicated a sequential increase in asset quality pressure, led by the retail segment. Private banks' earnings have grown 29 per cent YoY," it said.
Global hardcopy peripheral shipments grow in double digit: IDC
HP Inc. and Epson grew 11.7 per cent and 57.1 per cent year over year, respectively while Canon declined 5.9 per cent due to semiconductor shortages and stock issues, according to new data from the International Data Corporation (IDC). As with Canon, Brother also experienced significant challenges regarding production and stock availability causing it to contract 4.9% year over year.
No formal communication from SEBI on Adani Wilmar IPO being kept in abeyance: Adani Grp
The Capital markets regulator has kept the proposed Rs 4,500-crore initial share-sale of edible oil major Adani Wilmar Ltd (AWL) in "abeyance". Without disclosing the reason, Sebi said "issuance of observations kept in abeyance" with regard to the Adani Wilmar IPO, according to an update in the SEBI website as on August 13. While the regulator has not given reasons, reports have suggested that Adani Wilmar IPO was put on hold.
Music streaming giant Spotify to spend $1 bn buying its own stock
"Repurchases of up to 10,000,000 of the Company's ordinary shares have been authorised by the Company's general meeting of shareholders, and the Board of Directors approved such repurchases up to the amount of $1.0 billion. The authorisation to repurchase will expire on April 21, 2026," it said in a statement late on Friday.
Petrol, diesel prices remain unchanged on Saturday
Accordingly, in the national capital, diesel continues to be sold for Rs 89.27 per litre. Diesel was priced at Rs 89.87 a litre on Tuesday but came down to current level in three successive price cuts of 20 paisa each between Wednesday and Friday. Unlike diesel, petrol prices have not be changed by OMCs for past 35 days and the fuel continues to be priced at Rs 101.84 a litre in Delhi, the same price level that was reached on July 17.
Jewellers to go on strike on Aug 23 over 'arbitrary' hallmarking norms
The strike has been called by the National Task Force for Hallmarking, formed by 350 associations and federations representing all four zones of the entire gems and jewellery industry. The objective of this committee is to ensure a smooth implementation of mandatory hallmarking across the country, said a statement by the task force on Friday.
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