BUSINESS
Global cues subdue equity indices; oil and gas stocks' slip
Initially, market indices' opened a gap down in line with losses in the Asian markets. The two key indices later tried to recover, making a higher bottom on an intraday basis. Consequently, the S&P BSE Sensex at 1.10 p.m. traded fell to 55,286.25, lower by 343.24 points or 0.62 per cent from its previous close. Similarly, the NSE Nifty50 traded lower. It fell to 16,433.10, lower by 135.75 points or 0.82 per cent from its previous close.
Adobe acquires video collaboration platform Frameaio for $1.275 bn
With over a million users across media and entertainment companies, agencies and global brands, Frame.io streamline the video production process by enabling video editors and key project stakeholders to seamlessly collaborate using cloud-first workflows. "We have entered a new era of connected creativity that is deeply collaborative, and we imagine a world where everyone can participate in the creative process," said Belsky.
Three US giants to invest in UP
According to a state government spokesman, the factories being set up by the three US-based multinational companies will provide employment to 7,500 people. Microsoft and MAQ Software will set up their units in Noida whereas PepsiCo has started construction of its factory in Mathura, said an Industrial Department official.
Diesel price cut by 20 paise, no change in petrol price
In the national capital, diesel was sold for Rs 89.27 per litre, 20 paise lower than the previous level. Petrol price was at Rs 101.84 per litre. Similarly, in Mumbai, diesel price also fell 20 paise to Rs 96.84 a litre, while petrol was unchanged at Rs 107.83 per litre. The pump prices of auto fuels have been static since July 18.
Sensex slumps as banking, metal stocks plunge
The domestic market declined in line with the Asian stocks over concerns of rising cases of Delta variant of Covid-19 and its impact on the global economic recovery. The selloff was led by banking and metal stocks. The BSE Sensex fell as much as 615 points to touch an intraday low of 55,013.98 points. It has, however, recovered from the lows.
Builders only understand 'colour of money' or a jail term: SC
A bench headed by Justice D.Y. Chandrachud told real estate firm Ireo Grace Realtech Pvt Ltd that the court had directed it to refund the money, but it filed a plea seeking modification of the order. This plea was dismissed in March and the top court had directed that the money should be paid to the home buyers within two months.
Flipkart Wholesale eyes 3-fold growth in its India footprint
Launched in September 2020, Flipkart Wholesale has witnessed strong growth in the first half of 2021, spearheaded by the adoption of e-commerce by retailers and kiranas, said a company statement. E-commerce adoption by kiranas on Flipkart Wholesale doubled in January-June this year compared to last year. This is projected to see 180 per cent growth in July-December 2021, as against the same period last year.
'E-buses to account for 8-10% of new bus sales in India by FY2025'
ICRA expects e-buses to account for 8-10 per cent of new bus sales by FY2025. "The traction in the e-bus segment is already visible over the recent months, despite the overall stress in the public transportation segment in the past year-and-a-half due to the Covid pandemic," the ratings agency said. "The traction in the e-bus segment is already visible over the recent months, despite the overall stress in the public transportation segment in the past year-and-a-half due to the Covid pandemic," the ratings agency said.
Target $2 trillion exports by 2030, says Goyal
In a meeting, Goyal asked the export community to target $2 trillion exports by 2030, comprising $1 trillion merchandise and $1 trillion services exports. He announced two separate divisions that are being set up in the Commerce Ministry are focused on the services sector in order to attain the $1 trillion services export target. Goyal urged all export promotion councils to take immediate and effective steps.
India's YoY FY22 GDP growth expected at 9.4%: Ind-Ra
According to Ind-Ra, the GDP trend is supported by ebbing of Covid 2.0, along with Kharif sowing, which has seen a significant pick-up with the revival of south-west monsoon and robust exports volume. "If India is able to vaccinate its entire adult population by December 31, 2021, the GDP growth is expected to come in at 9.6 per cent YoY in FY22, otherwise it may slip to 9.1 per cent," the ratings agency said.
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