BUSINESS
Global crypto market hits $2tn, Bitcoin surges again
Bitcoin has crossed the $46,000 mark (more than Rs 34 lakh for single coin) once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $848 billion, according to CoinMarketCap. "The world's oldest cryptocurrency, Bitcoin has witnessed a fantastic rally recently and the latest Ethereum upgrade, also known as London Hard Fork, has boosted the Ether price," said Shivam Thakral, CEO, BuyUcoin.
New UP companies to get priority listing at BSE, NSE
According to additional chief secretary (ACS) MSME, Navneet Sehgal this was decided in a meeting with NSE senior manager Rakesh Kumar on Thursday. Sehgal said that virtual meetings would be organised between the two exchanges and industry bodies like FICCI and Laghu Udyog Bharti so that they could encourage their members to get listed on the stock exchange.
Sensex crosses 55,000 for the first time on improved macroeconomic data
Sensex has hit an all-time high of 55,199.42 and the Nifty50 on the National Stock Exchange touched a record high of 16,468.45. On Thursday, the Index of Industrial Production (IIP) for June showed a rise of 13.6 per cent from a decline of (-) 16.6 per cent reported for the like month a year ago.
Twin crises of Covid, climate change offer opportunities: Amitabh Kant
"The industry organisations have to 'restructure', 'resize' and 'redesign' and the role of the CII is to prepare and guide its membership to adapt to the new environment. The pandemic has presented the industry with an opportunity to be globally competitive by developing quality products and becoming a part of global supply chains."
Hero MotoCorp logs Q1 net profit of Rs 365.4cr
The net profit witnessed nearly 6-fold growth compared to Rs 61.31 crore reported during the same period of FY21. Its revenue from operations during the period under review increased 84.65 per cent to Rs 5,487.07 crore, compared to Rs 2,971.54 crore earned in Q1 FY21. In a statement, the company said that during the quarter the two-wheeler major recorded sales of 10.25 lakh units of motorcycles and scooters despite Covid-19 related disruptions.
B Govindarajan to lead Royal Enfield as Vinod Dasari quits
B. Govindarajan will take on the responsibility of leading Royal Enfield. Effective August 18, he will be inducted as a Wholetime Director on the Board of Eicher Motors Ltd and will take on as Executive Director - Royal Enfield. Govind has been the Chief Operating Officer at Royal Enfield since 2013.
Low base, rising demand accelerates June YoY industrial production
Wavering impact of Covid 2.0 and easing of travel restrictions triggered demand and subsequently the production rate. The Index of Industrial Production (IIP) for June showed a rise of 13.6 per cent from a decline of 16.6 per cent reported for the like month a year ago. However, the production rate was lower than the exponential growth of over 28.60 per cent seen for May. In June, the IIP index reading stood at 122.6 as against May's 116.
Power Finance Corporation profit up 34% in Q1 FY22
The company's net profit in the Q1 period of FY22 stood at Rs 2,275 crore as compared to profit of 1,700 crore in the same period of previous year. During the quarter, the financier's Net Interest Income rose 15 per cent to Rs 3,525 crore as against Rs 3,073 crore in Q1'21. PFC declared Interim Dividend of Rs 2.25 per share.
Gates and Bezos-backed firm to pay $15 mn to hunt metals for EVs
KoBold will spend $15 million through 2024 to help Bluejay locate natural resources as part of its Disko-Nuussuaq project in Central West Greenland. "The Disko region has seen the rare convergence of events in earth's history that could have resulted in forming a world-class battery metal deposit," said Kurt House, CEO of KoBold.
'Rigorous' work underway to achieve privatisation targets: Nirmala Sitharaman
The government has set a target to complete the privatisation of Air India and BPCL, among other state-run companies and banks, in FY22. Calling upon the industry to invest more in the country, the minister further said that it is time that the Indian industry comes out and shows its risk-taking abilities and takes decisions to expand.
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