BUSINESS
Sensex down 200 points, banking, oil & gas stocks fall
Heavy selling pressure was witnessed in banking, oil and gas, metal and auto stocks. Around 9.20 a.m., Sensex was trading at 52,338.24, lower by 215.16 points or 0.41 per cent from the previous close of 52,553.40 points. It opened at 52,432.88, and has touched an intra-day high of 52,465.03 and a low of 52,307.99 points. The Nifty50 on the National Stock Exchange was trading at 15,691.15.
DG GST Intelligence empowered to issue summons to taxpayers
The order has established what constitutes 'proper officer' who are selected by the CBIC for issuing summons in matters where inconsistencies are found in IGST refund claim or wrongful claim of input tax credit by the taxpayers. The high court said that there is no delegation of power as the CBIC, within its powers, assigned the officers of DGGI the functions of a poper officer.
Govt says some Adani group cos being probed; firm denies any communication from SEBI
In a written response to a question in the Lok Sabha on the opening day of Monsoon Session, Minister of State for Finance, Pankaj Chaudhary, said that SEBI is investigating some Adani group companies with regard to compliance with SEBI regulations while the Directorate of Revenue Intelligence (DRI) is also probing certain entities under the laws administered by it.
Reliance Infra allots 8.8 cr warrants to promoter group Varde Investment Partners LP
Post allotment, the holding of promoter group in Reliance Infra would increase to 22.06 per cent upon full conversion of warrants. Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the Defence sector.
Asset quality fears, global cues pull equities lower, banking stocks sink
Initially, equity markets had a gap-down opening on fears of lower than expected quarterly results of banks and financial sector in Q1FY22, due to fears over the impact on asset quality after the second Covid wave. Sectorally, banking, financials and metal sectors edged lower. The BSE Sensex ended the day's trade at 52,553.40 points, lower by 586.66 points, or 1.10 per cent, from its previous close.
Eyewear firm Lenskart raises $220 mn, now valued at $2.5 bn
The company recently raised $95 million from global investment fund KKR, taking the total transaction size to $315 million to date. The current round also saw participation from Bay Capital and Chiratae, the company said in a statement. The company said that fresh funds will help it expand its presence in India as well as scaling its growing operations in Southeast Asia and Middle East.
FY22 YoY current account deficit expected to widen: Report
The ratings agency estimates approximately $30 billion deficit vis-a-vis $26 billion estimate in FY21. "The anticipated surplus on the current account in Q1 FY22 is unlikely to sustain amidst the elevated level of commodity prices. More so, the gradual tapering of lockdown stringency at state level will continue to support revival in economic activity, which would further get a boost from anticipated ramp up in domestic vaccination drive in the coming months."
OPEC agreement on tapering production cuts spells good news for India
Higher production by OPEC could help balance oil prices that have remained high off late on the back of normalising economic conditions globally and rising oil demand. Benchmark Brent crude touched two year high level of $77 a barrel just couple of weeks back. It had since then softened a bit to stay around $73 a barrel now.
Vedanta Aluminium invites waste-to-wealth partnerships with cement industry
The company expressed its interest for long-term collaboration with cement industry players on opportunities of using fly ash (a by-product in thermal power generation) and bauxite residue (a by-product of producing alumina from bauxite) in cement manufacturing, in a national workshop conducted with global industry experts.
Investment surge in UP continues
The maximum number of industrial plots have been taken by investors from the Uttar Pradesh State Industrial Development Authority (UPSIDA), in western UP. According to the government spokesman, several new industries are now being set up in ten districts of west UP, namely Noida, Ghaziabad, Meerut, Hapur, Aligarh, Agra, Mathura, Firozabad, Bulandshahr and Saharanpur with permanent employment in these industries.
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