BUSINESS
OPPO group reaches 2nd spot globally in May
OPPO and its subsidiaries with a 16 per cent share of unit sales were followed by Apple at 15 per cent. Xiaomi was in fourth place with a 14 per cent share. "OPPO and its subsidiaries' combined global smartphone sales surpassed Apple and Xiaomi in April and May, taking the vendor to second place globally," Jene Park, senior analyst at Counterpoint Research, said in a statement.
New-age stocks poised to enter Nifty50 index
An ICICI Securities report said that based on data till July 19, the upcoming semi-annual NIFTY50 reshuffle could result in Info Edge being the closest contender to replace IOCL on September 29. "However, Info Edge is marginally behind in terms of average free-float market capitalisation criteria ($5bn and 3.7 per cent lower than 1.5x that of IOCL."
CII suggests mandatory life insurance cover for PMAY borrowers
CII Director General Chandrajit Banerjee said: "There is a need for a relaunch of the PMAY scheme with an in-built credit-linked insurance or a mandatory life insurance for all borrowers under the PMAY scheme to ensure that the intent of providing 'Housing for All' does not take a hit due to death or disability of the primary borrower. The family should inherit a home, not a loan."
E-commerce rules: CAIT calls for strict monitoring, says draft norms to end crony capitalism
In a letter to the Ministry of Consumer Affairs, it has also suggested the penal actions should be taken in case the rules are violated. CAIT Secretary General Praveen Khandelwal said that the foreign-funded e-tailers and some of the prominent industry chambers are giving lame arguments to oppose draft rules.
India's gold imports surge in Apr-Jun, silver imports fall
This rise in gold imports can be attributed to low imports during the same period last year owing to the nationwide lockdown and the revived consumer demand in this financial year. During the same period last fiscal, gold imports stood at $687.83 million. As per data from the Commerce Ministry, import of the yellow metal in July also registered a nearly 60 per cent rise to $969.87 million.
Delhi Police arrest former IL&FS chairman Ramchand Karunakaran
"We had received a complaint from the director of Enso Infrastructures, Ashish Begwani, in 2018. He alleged that he was approached by Karunakaran, Ravi Parthasarthy and Hari Shankaran -- all former directors of IL&FS -- with an investment proposal in 2010. Begwani's company poured in Rs 170 crore for a 15 per cent share in IL&FS Rail Ltd. This was for the Gurgaon rapid metro project," R.K Singh, Additional Commissioner of Police (Economic Offences Wing), said.
Fuel prices unchanged at record levels for 8th straight day
International crude prices declined around 10 per cent to $69 a barrel from a high of over $77 a barrel just a few weeks ago. Currently, the Brent crude is above $72 per barrel. The oil marketing companies, however, stopped short of reducing the retail price of petrol and diesel as more time is required to study the oil price movement before any downward revision.
JSPL to launch bidding process for JPL divestment
After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone accommodating all of the investor feedback received by the Company. The key highlights of the revised Offer are that Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL.
Pandemic-hit govt finances get crude shock; oil import bill to fall to decade low levels
As per recent numbers on oil trade, the country's oil import bill has risen to $24.7 billion in the April-June quarter 2021-22, a whopping growth of over 190 per cent over $8.5 billion worth of imports made in Q11 of the last fiscal year FY21. And the high growth in oil bill during the first three months may just be the beginning as crude is set to get more expensive in coming months.
I-T Dept conducts pan-India searches on prominent business group
The July 22 operation conducted under section 132 of the Income Tax Act, 1961, included 20 residential and 12 business premises spread over nine cities, including Mumbai, Delhi, Bhopal, Indore, Noida and Ahmedabad. The group has more than 100 companies including the holding and subsidiary firms. It was found that they have been operating several companies in the names of their employees.
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