BUSINESS
IDBI Bank privatisation: Deloitte, KPMG in race for transaction advisor
The other bidders in the fray are EY, ICICI Securities, JM Financial, RBSA Capital Advisors, and SBI Capital Markets. The bidders would make virtual presentations before the Department of Investment and Public Asset Management on August 10. In the Union Budget for FY22, Finance Minister Nirmala Sitharaman said privatisation of the IDBI Bank, along with two state-run banks, would be done in this financial year.
Will RBI joining NGFS help in climate finance?
Loss of infrastructure apart from loss of lives and livestock is a major setback after every such disaster. For instance, several areas of Konkan that witnessed huge floods in July were without power for many days as the entire power department infrastructure suffered massive damage.
SEBI took up 94 cases for probe in alleged violation of norms in FY21
In its annual report for 2020-21, the capital market regulator said that it completed investigation of 140 cases during the year. "During 2020-21, 94 new cases were taken up for investigation and 140 cases were completed in comparison to 161 new cases taken up and 170 cases completed in 2019-20," it said. The SEBI noted that after completion of investigation, enforcement action is initiated.
Not just Flipkart, ED should send notice to Amazon also: CAIT
"The notice sent by the Enforcement Directorate to Flipkart is a much-awaited right step. Both Amazon and Flipkart are conducting a preferential seller system on their respective marketplace which is against the FDI in e-commerce policy for which CAIT has been raising its voice since a long time.
Real GDP growth of 20% YoY expected in Q1FY22: Report
According to MOFS' EcoScope report, the 'Economic Activity Index' for India's real GVA grew by 11.6 per cent YoY in June, after growing 22.8 per cent YoY in May. "It implies EAI-GVA growth of 22.6 per cent YoY in 1QFY22, following a contraction of 14.4 per cent YoY in 1QFY21. A low base led to higher double-digit growth in the non-farm sector, while farm activity grew 6.6 per cent in the quarter," the report said.
Dollar dilemma: Inflationary woes to weaken rupee
Besides, Reserve Bank's dollar buying spree is expected to support this trend. "Rupee is expected to weaken on the back of a strong US dollar and rising inflation concerns," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "It is expected to trade between 74.05 to 74.60 with an upward bias." Last week, the rupee strengthened to 74.16 per USD due to four bumper IPOs hitting India's stock markets.
Rising Trend: Macro-data expected to trigger equities' northward moves
Build-up of investors' hopes on faster economic recovery as well as easing Covid restrictions are likely to trigger this trend. However, rotational profit-booking could induce some volatility during the week ahead. "Nifty could rise some more in the coming week in the absence of any major negatives emerging," said HDFC Securities' Retail Research Head Deepak Jasani.
India offers Cairn Energy $1bn refund
The lower house of parliament on Friday approved a draft law introduced the previous day, cancelling a 2012 policy that enabled New Delhi to tax some foreign investments retrospectively. The upper house is expected to approve the law as early as next week. New Delhi would also drop $13.5 billion in outstanding claims against multinationals such as telecoms group Vodafone.
Fuel price pause remains
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly breaching to $77 a barrel, and then fall below $70 a barrel to crossing $75 a barrel later in the month. The oil prices have softened again to just over $70 a barrel on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.
PM Modi asks diplomats to showcase India's 'manufacturing prowess' abroad
Addressing the Indian Missions across the globe virtually, Modi also called for close co-ordination among the diplomats, Commerce Ministry, Indian exporters and producers in a bid to boost exports from the country. He was of the view that now is the time to move ahead with targets in terms of 'Brand India'. The Prime Minister said that there is scope to increase the share of exports in the GDP.
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