BUSINESS
Healthy demand to boost long-steel manufacturers in H2FY22: ICRA
"Over the past six years, given the multitude of policy and social/health disruptions, long steel demand grew at an anaemic 6-year CAGR (FY2016-2021) of 1.4 per cent. So far, available demand has been largely absorbed by the larger long steel manufacturers leading to a significantly divergent capacity utilisation trends between them and smaller long-steel manufacturers," said Jayanta Roy, Senior VP and Group Head at ICRA.
SEBI keeps Adani Wilmar IPO in abeyance
The website of the capital market regulator showed that the Rs 4,500 crore issue has been "kept in abeyance". As per the SEBI (Issuance of Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020, issued by the SEBI on February 5, 2020, the regulator is obligated to keep issuance of observations in abeyance for a period of 30 days or 45 days or 90 days or more, as the case may be.
Resurgence in inflation reignited debate on monetary policy response: RBI Guv
"The resurgence in inflation in May and June above the upper threshold has reignited the debate on the appropriate monetary policy response. The gains in monetary policy credibility since the adoption of inflation targeting have helped the MPC to respond effectively to growth-inflation trade-offs posed by an exceptional shock like the Covid-19 pandemic," Shaktikanta Das said.
India's direct selling industry bucks pandemic to grow 10% in FY21
Indian Direct Selling Association (IDSA) Vice President, Rajat Banerji, said that in the first six months of FY 2020-21, the direct selling industry in India registered a growth of 4.7 per cent over the corresponding period in FY 2019-20. While the first quarter of FY 2020-21 was largely impacted by the different phases of lockdowns, despite of all the challenges, the industry was able to register a minuscule growth, it showed.
Finance Ministry amends FEMA norms to raise FDI limit in insurance
As per the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021 notified by the government on Thursday, applications for FDI in private banks having a joint venture or subsidiary in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India.
GMR Group to take up development of Nagpur Airport
"Leveraging its experience in public-private partnerships (PPP) and extensive expertise in taking over legacy airport assets and developing them into modern aviation landmarks, GMR envisages development of the Nagpur Airport in phases to an ultimate capacity of around 30 million passengers annually, representing a capacity increase of over 1,000 per cent over the coming years," the company said in a statement.
India's Q1FY22 agri, processed food products exports up 44.3%
According the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of APEDA products has witnessed 44.3 per cent growth during April-June 2021 over the same period of previous year. The overall export of APEDA products increased from $3,338.5 million in April-June 2020 to $4,817.9 million in April-June 2021.
CarTrade makes weak stock market debut, lists below issue price
Around 12.40 p.m., shares of the company were trading at Rs 1,552.05, lower by Rs 47.95 or 3.00 per cent from its opening price and Rs 65.95 or 4.08 per cent from its issue price. Yash Gupta, Equity Research Associate, Angel Broking: "We suggest investors who have received the allotment hold the share for a short time as we expect the stock to show some recovery in the near future."
Microsoft invests $5 mn in OYO
According to a regulatory filing by OYO this week, Microsoft Corporation has invested $5 million (nearly Rs 37 crore) in the company via the issuance of equity shares and compulsory convertible cumulative preference shares (CCCPS). OYO was valued at just $3 billion in recent quarters by SoftBank, one of its largest investors.
Net debt of listed developers declines 37% amid Covid
An ICICI Securities report noted that the decline in debt levels has been achieved through a combination of reduction in cost of debt by 80-160 basis points (bps), reduction in corporate overheads by 20-40 per cent from pre-Covid levels, operating cash surpluses, asset sales and equity capital raise either through the QIP route or through dilution at the SPV level.
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