BUSINESS
India's digital ad market to hit $30 billion in next decade: Report
The digital ad market is likely to contribute 70-85 per cent of the total ad market, which currently stands at 33 per cent in the country. The main growth drivers for this trend are growth in GDP/capita, increasing digital consumption and the rise of direct-to-consumer (D2C)/challenger brands which will drive the next phase of growth for digital ads.
Profit booking, global cues subdue equity markets
Initially, the equity markets had a gap-down opening due to negative global cues. Consequently, the BSE Sensex traded at 52,756.55 points, at 10.30 a.m., lower by 383.51 points or 0.72 per cent from its previous close. The Nifty50 on the National Stock Exchange traded at 15,822.25, lower by 101.15 points or 0.64 per cent from its previous close.
Razorpay acquires lending startup TERA Finlabs
TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement.
Markets to see volatile movements on account of midweek holiday
The broader indices like the BSE100, BSE200 and BSE500 saw gains of 1.35 per cent, 1.41 per cent and 1.51 per cent respectively. BSEMIDCAP gained 1.39 per cent while BSESMALLCAP was up 2.27 per cent. The benchmark indices made new lifetime intraday highs of 53,290.81 points and 15,962.25 points on Friday while closing highs were made on Thursday at 53,158.85 points and 15,962.25 points respectively.
Goenka's latest swipe at Zomato fuels debate on bumper IPO despite losses
The much-anticipated initial public offering (IPO) of Zomato was subscribed over 38 times by the end of the final day of the issue on Friday. According to data on the BSE website, qualified institutional buyers (QIB) subscribed 51.79 times of their earmarked portion. The portion of the non-institutional investors was subscribed 32.96 times. Further, retail investors subscribed 7.45 times of the portion allocated to them.
Shareholder agreement for development of Noida Int'l Airport inked
"The shareholder agreement marks another important milestone for the Noida International Airport project and the much-awaited aviation infrastructure in the NCR and in Uttar Pradesh," an official statement said. Besides, the statement said that jointly committed, ZAIA and the UP government are developing the Noida International Airport as an upcoming world-class airport.
GST payable only on profit earned from resale of gold jewellery
The ruling was made in reference to the application filed by Aadhya Gold Pvt Ltd seeking clarity whether goods and services tax (GST) is to be paid only on the difference between the selling price and purchase price as stipulated under Rule 32(5) of CGST Rules, 2017, if the applicant purchases used or second-hand gold jewellery from individuals.
Several factors still hinder monetary transmission to bank rates: RBI
The RBI Bulletin for July 2021 noted that the central bank has made several attempts to improve the effectiveness of monetary transmission by refining the process of interest rates setting by banks. In response to the cumulative reduction of policy repo rate by 250 basis points, the one year median marginal cost of funds-based lending rate of SCBs declined 155 bps during February 2019 to June 2021.
RIL's retail business likely to grow 3x in next 3-5 years
Digital or new commerce continues to scale up and contributes 10 per cent of sales, it said. It further said that, RIL's recently announced clean energy business may well be create a valuation of about $36 billion. It said clean energy has the potential to be value accretive if Reliance can pull it off. Reliance recently announced a plan to invest $10 billion in a new energy business over the next 3 years.
FPIs pull out Rs 4,515 cr from Indian equities so far in July
Analysts said, the concerns over the 'Delta' variant of Covid-19 and rising oil prices have weighed in on the investor sentiments. The sell-off comes after FPIs were net buyers of Indian equities in June. Last month, FPIs made a net investment of Rs 17,215 crore in the equities segment. With the net selling in July so far, the net FPI investment in 2021 stands at Rs 55,829 crore, backed by robust investment in January-March.
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