BUSINESS
India smartphone market set to bounce back in Q3: Report
"Regional lockdowns, during April and May, in response to the second pandemic wave contributed to the decline. However, shipments bounced back in June. Xiaomi replaced Samsung at the top in terms of overall shipments for the second time in the last three years," said Shipra Sinha, Analyst-Industry Intelligence Group, CMR. For the entire year, CMR estimates point to a potential 5-8 per cent (YoY) growth in smartphone shipments.
Edtech firm UpGrad becomes new unicorn at $1.2 bn valuation
The company raised fresh funds from Temasek, IFC (International Finance Corporation, a sister organisation of World Bank) and IIFL. "We are very focused on our path to being in the top three-five companies globally in edtech and serving the one billion workforce across the age group of 18-60. We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek.
Retail holding at all time high while MFs reduce stake
In Rs value terms too, retail holding in companies listed on NSE reached an all-time high of Rs 16.18 lakh crore from Rs 13.94 lakh crore on March 31, 2021, an increase of 16 per cent. According to Pranav Haldea, Managing Director, PRIME Database Group, a buoyant secondary market and a flurry of new listings have helped in channelising retail savings into the capital market.
Volunteer for inquiry: SC refuses to stop CCI probe against Amazon, Flipkart
A bench headed by Chief Justice N.V. Ramana and comprising justices Vineet Saran and Surya Kant said: "Big organizations like you ( Flipkart and Amazon) should volunteer for inquiry... Inquiry has to be conducted." The bench declined to interfere with the orders of the Karnataka High Court, which refused to interfere with the preliminary enquiry ordered by the CCI into their alleged anti-competitive practices.
Stock specific action lift equity indices; Banking stocks gain
However, gains were capped as Asian shares fell, while rising Delta virus cases made investors' nervous. Amongst sectors, banking stocks gained the most while oil and gas and realty were the main loser. The Sensex at around 12.15 p.m. traded at 54,324.06, higher by 46.34 points or 0.085 per cent from its previous close. The Nifty50 traded at 16,244.60, higher by 6.40 points or 0.039 per cent from its previous close.
Digital transactions grow 80% in last 250 days: Report
Businesses, especially from tier 2 and 3 cities, have been a major boost for digital payments exhibiting a growth of 40 per cent from the first 250 days (March 25, 2020 to November 29, 2020) and the next 250 days (November 30, 2020 to August 6, 2021), according to the report by full-stack financial solutions company Razorpay.
Sensex gains over 200 points, banking stocks rise
Healthy buying was witnessed in banking and finance stocks. Around 10.15 a.m., Sensex was trading at 54,491.21, higher by 213.49 points or 0.39 per cent from its previous close of 54,277.72 It opened at 54,385.71 and has so far touched an intra-day high of 54,584.73 and a low of 54,336.86 points. The Nifty50 on the National Stock Exchange was trading at 16,289.05, higher by 50.85 points or 0.31 per cent from its previous close.
DGCA seeks India-UK airfare details from airlines
The development comes amid a uproar among the air travellers over high airfares as India-UK flights restart on Sunday after a pause of around three and half months. The minimum one-way fare on the Delhi-London non-stop route of the economy class in August for Vistara is in the range of Rs 1,03,191-1,21,356. The British Airways fares are in the range of Rs 1,28,916 to Rs 1,47,544.
JSPL accepts revised bidding offer from Worldone for stake sale in JPL
JPL is a material subsidiary of Jindal Steel and Power Limited (JSPL). Key features of the revised offer are that Worldone will buy out all the equity shares and redeemable preference shares of JPL held by JSPL for a total consideration of around Rs 7,401 crore of which Rs 3,015 crore will be payable by cash, and the balance of around Rs 4,386 crore will be by way of assumption and takeover of liabilities and obligations of JSPL.
CIABC cautions against high bid prices in Delhi liquor vend allotment
The industry body said that the high auction prices should not pass on to consumers in the form of higher prices, or to manufacturers in the form of demands for undue discounts. "We hope that the bidders have made realistic estimates of revenues and expenses and are able to achieve that without undue stress to themselves or to other stakeholders," he added.
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