BUSINESS
Tata Steel deploys EVs for transportation of steel
This will be the first-ever deployment of EVs by any steel producer in the country for the transportation of finished steel. Tata Steel has contracted 27 EVs, each with a carrying capacity 35 tonnes of steel (minimum capacity). The company plans to deploy 15 EVs at its Jamshedpur plant and 12 at its Sahibabad plant.
India's forex reserves fall by over $1.58 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $611.149 billion from $612.730 billion reported for the week ended July 16. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
India's April-June fiscal deficit reaches 18.2% of FY22 target
The fiscal deficit -- the difference between revenue and expenditure -- for April-June 2021-22 period stood at Rs 274,245 crore, or 18.2 per cent of the budget estimates (BE). The FY22 deficit has been pegged at Rs 15.06 lakh crore. Besides, the CGA data showed that the fiscal deficit during the corresponding months of the previous fiscal was 83.2 per cent of that year's target.
India's eight core industries' June production up around 9%
The Index of Eight Core Industries' (ICI) reading for last month showed an expansion of 8.9 per cent from a decline of 12.4 per cent in output during the same month of the last year. Last year, the pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, and it was only on June 1, 2020, that the partial unlock measures were implemented.
Another Indian on Top: Shailesh Jejurikar appointed Global COO of P&G
This is in line with the change made by the FMCG major at the CEO-level with Jon Moeller taking over from David Taylor. His appointment further ensures great news for P&G India as India has been a talent factory for P&G globally and one of the largest exporters of top talent to P&G globally. The company has approximately 350 Indian expats in roles across the company.
IOC Q1 profit soars on big inventory gains
Presenting the company financials, IndianOil Chairman, S M Vaidya, said, "IndianOil sold 20,325 million tonnes of products, including exports, during the first quarter of financial year 2021-22. Our refining throughput for Q1 2021-22 is 16.719 million tonnes and the throughput of the Corporation's countrywide pipelines network is 19.875 million tonnes during the same period."
India extends international flights suspension to August 31
"In partial modification of circular dated June 26, 2020, the competent authority has further extended the validity of circular issued on the above subject... regarding scheduled international commercial passenger services to or from India till 2359 hrs IST of August 3, 2021," the circular issued by the Directorate General of Civil Aviation (DGCA) said. The circular said that the restriction shall not apply to international all-cargo operations.
Elon Musk's Neuralink raises $205mn Series C funding
The company said that they are also happy to share that a group of leading executives and entrepreneurs in areas of strategic importance are also joining the round, including Robert Nelson (Co-Founder of ARCH Venture Partners), Blake Byers (Byers Capital), Sam Altman (Chairman of YC Group and CEO of OpenAI), Fred Ehrsam (Co-founder of Paradigm and Coinbase) and Ken Howery (Co-Founder of PayPal and Founders Fund).
Hopes of healthy Q1 results lift equity indices
Consequently, the BSE Sensex traded at 52,744.44 points, at 9.50 a.m., higher by 91.37 points or 0.17 per cent from its previous close. The Nifty50 on the National Stock Exchange traded at 15,811.65, higher by 33.20 points or 0.21 per cent from its previous close.
No revision in fuel prices for 13th day
Accordingly, in the national capital, petrol continued to be sold for Rs 101.84 per litre, while diesel was being sold at the unchanged rate of Rs 89.87 a litre on Friday. The pump price of fuel has been static since July 18. One of the main reasons for the pause is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just couple of weeks back.
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