BUSINESS
Petrol, diesel prices unchanged for 19th consecutive day
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and 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.
ED issues notices to Flipkart, its founders in forex violation case
A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and nine others." He, however, did not reveal the details of the persons to whom notices have been sent. According to financial probe agency sources, in the notice they have asked to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws.
Vodafone Idea shares continue freefall after Birla quit as Chairman
Its shares have been tumbling for the past three days after Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational. Around 11.50 a.m., its shares on the BSE were trading at Rs 5.33, lower by 11.61 per cent from its previous close. It touched a new 52-week low of Rs 4.55 per share.
JSPL's steel sales rise 21% in July
Steel sales were up 5 per cent Y-o-Y and surged 21 per cent M-o-M to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year. The recovery in sales indicates business resuming to normal post the second wave of the pandemic that resulted in lockdowns in various places across the country.
Sensex gives up gains after touching new high
The BSE Sensex touched a new high of 54,576.64, and the Nifty50 on the National Stock Exchange hit a record 16,294.65 points. Around 10.25 a.m, Sensex was trading at 54,284.73, lower by 85.04, or 0.16 per cent from its previous close of 54,369.77. It opened at 54,576.64 and has so far touched an intra-day low of 54,243.97 points. The Nifty50 on the National Stock Exchange was trading at 16,231.20.
New lockdowns impacted business in India in Q2: Uber
Overall, Uber's gross bookings reached $21.9 billion in the second quarter, up 114 per cent compared to the year-ago period, the company said in a statement late on Wednesday.The company recorded Mobility Gross Bookings of $8.6 billion and Delivery Gross Bookings of $12.9 billion. Net income was $1.1 billion, including $272 million in stock-based compensation .
Covid curbs still subdue India's services sector output: PMI
Business activity, new orders, and employment declined further, but in all cases, the rates of contraction moderated from June. Besides, firms were pessimistic about the 12-month outlook for output for the first time in a year. Consequently, the seasonally-adjusted India Services Business Activity Index was in contraction territory for the third month in a row.
Law to provide enhanced deposit insurance gets Parliamentary nod
The Deposit Insurance and Credit Guarantee Corporation Bill, 2021 on Wednesday got Parliament's nod, with the Rajya Sabha passing the legislation, which has already been cleared by the lower house. The bill proposes to provide relief to small depositors by providing guarantees on their life savings, increasing the insurance amount on each depositor's bank deposit to Rs 5 lakh in both principal and interest.
India, World Bank sign $250 mn project for making dams safe
The Second Dam Rehabilitation and Improvement Project (DRIP-2) will strengthen dam safety by building dam safety guidelines, bringing in global experience, and introducing innovative technologies. Another major innovation envisaged under the project, that is likely to transform dam safety management, is the introduction of a risk-based approach to dam asset management that will help to effectively allocate financial resources towards priority dam safety needs.
Gautam Thapar sent to one-day ED custody
The ED had demanded a 14-day custody, but the court sent Thapar to the custody of the financial probe agency for one day. After a day's custody, the agency will again produce him before the court. Thapar was arrested on Tuesday night after the ED carried out searches at multiple locations in Delhi and Mumbai.
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