BUSINESS
Treading with caution: Markets to remain under valuation pressure
According to market watchers, inflationary and growth concerns will continue to impact investors' sentiments. The key equity indices were closed on Wednesday on account of Eid. For the week so far, NSE Nifty50 is down 1.83 per cent after making multiple tops on weekly charts in the 15,901-15,962 band. Besides, market watchers, expect some mild recovery till the 15,962 level is not breached, however, possibility of a correction still remains.
Maruti Suzuki attains 50L sales-mark cumulatively
The company currently has over 1,700 customised outlets in rural parts of the country. "Rural markets have a very special place in our business. Over the years, we have carefully studied the needs of this segment. While the aspirations of upcountry customer are very similar to those at metros, they demand more attention and care," said Shashank Srivastava.
India's textile sector needs more support to arrest shrinking market share
Lack of free trade agreements (FTAs) and significant improvement in peer competitiveness are the main reasons for this fall. Textiles is important to India's $313 billion merchandise exports as it accounts for 11 per cent of the pie. The sector is also a significant employment generator. Given its economic importance, the sector has seen a slew of measures from the government of late.
GE wins orders of transformers, reactors from India's largest transmission utility
The contracts have been awarded by Power Grid Corporation of India Limited (PGCIL), India's largest state-owned transmission company. As part of the order, GE will provide 13 units of 765 kV transformers and 32 numbers of 765 kV reactors.GE's transformers and reactors will be installed in the new substations that will be set up in the Indian state of Rajasthan by PGCIL.
Mature Indian investors scaling up exposure in ETFs in US markets
The Winvesta Investor Pulse Report' June 2021 is based on aggregated data from retail investors across India who invest in fractional shares of the US equities on its platform. As per the report, Exchange Traded Funds (ETF) investing remains more popular among matured Indian investors in the US markets. The AUM in ETFs at Winvesta grew 325 per cent in the last six months.
Fuel price cut relief may come soon as global oil softens
The benchmark Brent crude that had risen to $77 a barrel late last month has shed more than 10 per cent in the last fortnight to reach a level of $68.85 a barrel now. If the price line remains below $70 a barrel for a few more days, petrol and diesel prices could see a cut in the coming days.
India automotive electronics market to cross $18 bn by 2027: Report
"Passenger vehicles are expected to capture nearly two-thirds of the Indian automotive electronics market driven by the rising usage of telematics control unit (TCU), infotainment and other electronic components such as on-board diagnostics (OBD), electronic control unit (ECU) and anti-lock braking systems (ABS)," said research analyst Soumen Mandal.
CBDT grants further relaxation in e-filing of I Tax Forms
It has now been decided to extend the aforesaid date to August 15 from the earlier deadline of July 15, it said. As per the Income Tax Act, 1961, there is a requirement to furnish Forms 15CA and 15CB electronically. Currently, taxpayers upload Form 15CA, along with the Chartered Accountant Certificate in Form 15CB on the e-filing portal, before submitting the copy to the authorised dealer.
Wipro investing $1 billion to expand cloud services
"We will invest $1 billion over the next 3 years in cloud services, technologies, acquisitions and partnerships to simplify and accelerate business operations of our clients," said the city-based IT firm in a statement. "As the cloud opportunity accelerates, FullStride services bring together our full portfolio of capabilities, offerings and talent to our clients across verticals," it said.
All eyes on Ministry of Cooperation to dock agri-reforms with global best practices
"The new ministry needs to figure out ways which would allow the government to take the reform process forward in the agriculture sector," an insider said. How to strike the balance between farmers aspirations and agri-modernisation in tune with global best practices will be the challenge.
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