BUSINESS
Raghu Vamsi bags Boeing contract, to set up $15M facility in Hyderabad
The company also announced setting up a facility dedicated to Boeing's requirements in Adibatla, Hyderabad with an initial investment of $15 million. The unit will employ more than 300 people over the next three years. This manufacturing work will lead to the availability of a pool of skilled workforce in support of the growing aerospace and defence industry in Telangana.
Growth Rebound: India's July manufacturing output zooms, says PMI
Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 55.3 (index reading) in July as against a reading of 48.1 in June. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month. Besides, the latest reading pointed to renewed stream of new orders, exports, quantity of purchases and input stocks.
Healthy sales, tax data buoy indices; realty stocks' gain
Initially, the equity markets had a gap up opening due to positive global cues and investors' optimism over healthy Q1FY21 results. Sector wise, realty and oil and gas indices have gained the most in early trade. Consequently, the BSE Sensex traded at 52,946.95 points, at 11.35 a.m., higher by 360.11 points or 0.68 per cent from its previous close.The Nifty50 on the National Stock Exchange traded at 15,873.40.
No change in petrol, diesel prices for 16 straight days
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Monday. One of the main reasons for pause in fuel price rise is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel earlier last month. It had again risen close to around $75 a barrel on strong demand projections.
Positive global cues, hopes of healthy Q1 lift indices
Initially, the equity markets had a gap up opening due to positive global cues. Consequently, the BSE Sensex traded at 52,868.36 points, at 10.15 a.m., higher by 281.52 points or 0.54 per cent from its previous close. The Nifty50 on the National Stock Exchange traded at 15,851.55, higher by 88.50 points or 0.56 per cent from its previous close.
Jack Dorsey-run Square to acquire Afterpay for $29 bn
Afterpay, the pioneering global 'buy now, pay later' (BNPL) platform, will accelerate strategic priorities of Square, financial payments services run by Twitter CEO Jack Dorsey, for its Seller and Cash App ecosystems.
Edtech firm Unacademy raises $440 mn, now valued at $3.44 bn
The Series H funding round also saw participation from General Atlantic, Tiger Global and Softbank Vision Fund. Over the last 18 months, the valuation of the Unacademy Group has risen almost 10 times, one of the fastest growth rates witnessed by a mid-stage consumer internet startup in India, the company said in a statement. Founded in 2015 by Gaurav Munjal, Hemesh Singh and Roman Saini.
Auto makers register rise in July sales courtesy low base effect
Maruti Suzuki India sold a total of 1,62,462 units of vehicles in July 2021. During the same period last year, the company sold 1,08,064 vehicles. Similarly, Tata Motors sold 51,981 units last month, compared to 27,711 units during July 2020. The company sold 23,848 units of commercial vehicles in July 2021 against 12,688 units in the same month last year, Tata Motors said in a statement.
Tata Motors' domestic sales in July at 51,981 units
The nearly two-fold growth came on the back of low base as sales, during the corresponding period last year, were impacted due to Covid and the lockdowns. The company sold 23,848 units of commercial vehicles in July 2021 against 12,688 units in the same month last year, Tata Motors said in a statement. Total MHCVs sale in July 2021, including trucks, buses and international business stood at 6,314 units, compared to 2,150 units in July 2020, it said.
FPIs take exit route in July, net withdrawal from equities at Rs 11,308 Cr
Investors turned cautious amid concerns of rising cases of Covid-19 in several countries. High oil prices also weighed on the investor sentiments, analysts said. The outflow comes after net FPI investment in June stood at Rs 17,215 crore. Post the outflow last month, the net investment into the equities segment in 2021 stands at Rs 49,036 crore.
Don't Miss
Advertisement