BUSINESS
Drugs and Pharma sectors lead growth in exports from SEZs
Exports from these zones had taken a hit during the fiscal year 2020-21 due to Covid disruptions and lockdown. The main reasons for the growth in exports from SEZs in April-June quarter has been good performer shown by drugs and pharmaceuticals sectors that are meeting the global needs of medicines amidst the pandemic. But the performance of engineering goods and gems and jewellery sectors has also been good.
Kotak Mahindra Bank to sell 8.5% stake in Airtel Payments Bank to Bharti Enterprises
Kotak Mahindra Bank Limited has executed a share purchase agreement for the sale, the bank said in a regulatory filing. It said that the shares were acquired for an aggregated consideration of Rs 200 crore invested in tranches during calendar years 2016 and 2017. The cash consideration for the share sale would be equal to or higher than Rs 294.8 crore.
Nifty hits 17,000 for first time, Sensex well above 57,000 (Ld)
The landmark feat comes just after the BSE Sensex hit the 57,000 marks earlier in the day. The Nifty50 has touched a new record high of 17,048.80 points, while the Sensex has hit an all-time high of 57,280.44 points. Healthy buying was witnessed in telecom and healthcare stocks. The rise in Indian indices came amid a mixed trend in the global markets.
PayU to acquire homegrown BillDesk for $4.7 bn
The proposed acquisition will see PayU, the payments and fintech business of Prosus that operates in more than 20 high-growth markets, become one of the leading online payment providers globally by total payment volume.The transaction, which is subject to approval from the Competition Commission of India, builds on previous successful acquisitions by PayU in India.
Global growth rebound solidifies while risks broaden away from pandemic: Moody's
According to the credit ratings agency, G-20 economies are expected to grow by 6.2 per cent as a whole in 2021, after a 3.2 per cent contraction last year, followed by 4.5 per cent growth in 2022. In the grouping, advanced economies will grow by 5.6 per cent collectively in 2021 and by 4.2 per cent in 2022, while emerging markets will collectively expand by 7.2 per cent in 2021, and slow to 5.1 per cent growth in 2022
OMCs keep petrol, diesel retail prices unchanged for a week
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel Rs 88.92 a litre on Tuesday. This is the seventh consecutive day or one full week when fuel prices have escaped any revision. Across the country as well fuel prices remained unchanged on Tuesday, but their retail rates varied depending on the level of local taxes in each state.
Era of leaded petrol finally over globally: UN
Since 1922, the use of tetraethyllead as a petrol additive to improve engine performance has been a catastrophe for the environment and public health. By the 1970s, almost all petrol produced around the world contained lead. When the UN Environment Programme began its campaign to eliminate lead in petrol in 2002, it was one of the most serious environmental threats to human health.
India's rice bowl states see deficient Aug rainfall, farmers worried
Cumulative data rainfall for the month till Monday (i.e. between August 1 to 30) shows that Madhya Pradesh, Chhattisgarh, Jharkhand, Odisha, Maharashtra, Telangana, Goa and Karnataka in central peninsular India, Punjab, Himachal Pradesh, Haryana, and Delhi in the northwest India, and Nagaland, Manipur, and Mizoram in the northeast have received deficient rainfall.
NTPC gears up electricity generation as power demand rises
"The country is witnessing a sharp increase in power demand and NTPC is making all efforts for meeting demand as per the grid requirement," it said. "NTPC has geared up to meet the increasing demand and the generation from NTPC group stations have registered a 23 per cent growth compared to the previous year." Under flexible utilisation of coal policy, NTPC is arranging coal at the stations.
Record highs: Global cues, hopes of healthy macros boost equities
Initially, both the key indices opened on a gap-up not and swiftly rose in the early part of the day. After a brief sideways move, they again resumed the upward march and ended almost at the intra-day high levels. Globally, Asian shares perked up after US Federal Reserve Chairman Jerome Powell struck a dovish tone at the central bank's long-awaited symposium.
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