BUSINESS
India Inc credit outlook turns positive, upgrades rise: Crisil
The increase in coverage of vaccinations should mitigate the impact of a third wave if it comes about, the agency said. "The credit ratio (upgrades to downgrades) in the first four months of this fiscal improved to more than 2.5 times," the agency said. "It had touched a decadal low of 0.54 time amid the first wave in the first half of fiscal 2021, before recovering to 1.33 times in the second half, buoyed by a rebound in demand."
India's GDP expected to grow by 20% YoY in Q1FY22: ICRA
ICRA also expects the gross value added (GVA) at basic prices at constant 2011-12 prices at 17 per cent in Q1FY22. The ratings agency said that the trend has been supported by healthy Central and state government capital spending, robust merchandise exports and resilient demand from the farm sector. Muted base of last year's nationwide lockdown has aided in concealing the impact of the second wave of Covid-19.
RBI announces Open Market Purchase under G-sec Acquisition Programme 2.0
The open market purchase was announced by the RBI after the Monetary Policy Review meeting early this month. It had said that it will conduct auctions of Rs 25,000 crore each on August 13 and August 26. In the fresh auction, the RBI will purchase government securities through a multi-security auction using the multiple price method. The purchase will be of securities maturing between January 2026 and June 2035.
21st Welcomhotel from ITC Hotels opens in Katra, targets pilgrims, adventure sport lovers
Announcing the launch, Anil Chadha, COO, ITC Hotels, said, "Katra truly offers the best of enriching experiences for both pilgrims and leisure tourists." He added that ITC hotels follow the globally acknowledged DNV Platinum-certified WeAssure health and hygiene protocols so that travellers "enjoy their holiday with complete peace of mind." The hotel is located 45km from the Jammu airport.
Global cues, profit booking subdue indices
Accordingly, market breadth turned weak after a healthy buying spree due to profit booking. Initially, the key indices had a gap-up opening. The two key domestic indices gradually rose to touch record high levels. Consequently, the NSE Nifty50 touched a record high of 16,701.8 points, while S&P BSE Sensex reached 56,118.57 points during the session. Nevertheless, profit booking and negative European cues dented sentiments.
RBI suggests startups to convert 'innovative ideas' into breakeven, profits
In its Bulletin for August, RBI has lauded the recent IPOs of tech-based companies such as Zomato which received enthusiastic investor interest and said that 2021 could well turn out to be India's year of the initial public offering (IPO). Debut offerings by Indian unicorns -- unlisted start-ups -- kicked off by a food delivery app's stellar IPO that was oversubscribed 38 times, have set domestic stock markets on fire and global investors in a frenzy.
HDFC Bank can now issue new credit cards; shares rise
The restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by RBI. "The RBI vide its letter dated August 17, 2021 has relaxed the restriction placed on sourcing of new credit cards. The Board of Directors of the bank has taken note of the said RBI letter," HDFC Bank said in a regulatory filing.
Market climbs new high, Sensex hits 56,000
The key Indian equity indices has touched a new high of 56,086.50 points and the Nifty50 on the National Stock Exchange has recorded an all-time high of 16,693 points. Around 10.05 a.m., Sensex was trading at 56,036.78, higher by 244.51 points or 0.44 per cent from its previous close of 55,792.27. It opened at 56,073.31 and has so far touched an intraday low of 55,961.73 points.
No respite for petrol consumers, but diesel prices finally cut
The companies, however, kept petrol prices unchanged for the 32nd consecutive day as they wanted to wait and watch the global oil market for some more time before any revision. With the cut, diesel is now priced at Rs 89.67 while with no change petrol continues to be sold for Rs 101.84 per litre in Delhi. Across the country as well, diesel prices fell between 20-25 paise per litre while petrol remained at the same level.
SC gives last chance to Unitech home buyers seeking refunds to reconsider decision
A bench of Justices D.Y. Chandrachud and M.R. Shah told amicus curiae, advocate Pawanshree Agrawal, to open the web portal for 30 days, to enable 1,197 home buyers, who have opted for refund, one last chance to reconsider their decision. In December 2019, the portal was closed for registration.
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