BUSINESS
Sensex, Nifty climb new highs; banking, IT stocks rise
The BSE Sensex has touched its record intra-day high of 54,772.07 points, while the Nifty50 on the National Stock Exchange has hit its all-time high of 16,359.25 points. Around 11.45 a.m., Sensex was trading at 54,746.06, higher by 343.21 points or 0.63 per cent from its previous close of 54,402.85. It touched an intra-day low of 54,450.34 points. The Nifty50 was trading at 16,348.40, higher by 90.15 points or 0.55 per cent from its previous close.
Reliance New Energy Solar to invest in US-based energy storage firm Ambri Inc
The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri. Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries.
Sensex up 200 points, banking stocks rise
Healthy buying was witnessed in banking and finance stocks. Around 10.05 a.m., Sensex was trading at 54,626.70, higher by 223.85 points or 0.41 per cent from its previous close of 54,402.85. It opened at 54,461.31 and has so far touched an intra-day high of 54,683.45 and a low of 54,450.34. The Nifty50 on the National Stock Exchange was trading at 16,311.40, higher by 53.15 points or 0.33 per cent from its previous close.
Tesla aims to sell 20 mn EVs per year by 2030
In its '2020 Impact Report', the Elon Musk-run EV maker said that its customers helped accelerate the world's transition to sustainable energy by avoiding 5.0 million metric tons of CO2e emissions last year. "Our vehicles emit much less CO2 than ICE (internal combustion engine) vehicles, considering both vehicle manufacturing & electricity emissions," the company informed. Tesla said that usually, vehicles in the US get scrapped after approximately 200k miles but Tesla batteries are designed to outlast the vehicle
Fuel prices remain unchanged for 24th consecutive day
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month. The oil prices have softened again to under $70 a barrel on the concerns of growing Covid cases, lockdowns in China, slowing industrial recovery globally and rising US oil inventory.
NSE IFSC to introduce trading in US stocks
The offering will be in the form of unsponsored depository receipts. IFSCA has facilitated the same under the regulatory sandbox, said a company statement. The entire trading, clearing, settlement, and holding of US stocks will be under the regulatory structure of the IFSC Authority. This initiative is a first of its kind at the IFSC where Indian retail investors will be able to transact on the NSE IFSC .
Diesel not under GST but taxable at 18% as part of composite service
In a significant order, the Karnataka bench of Authority for Advance Ruling (AAR) has ruled that the cost of the diesel incurred for running diesel generator (DG) sets in the course of providing DG rental service is nothing but additional consideration for the supply of DG sets on rent as per section 15 of the CGST/KGST Act and hence attracts 18 pet cent GST (CGST @9 per cent and KGST @ 9 per cent).
Adani Group likely to take over Guwahati airport in October
An Airport Authority of India (AAI) official said that a nine-member team of the Adani Airport Holding Ltd (AAHL) led by Chief Airport Officer Utpal Baruah, an aviation industry expert who also hails from Assam, on Monday formally started its "Observation Period" and is likely to take over charge in October.
Amazon, Catamaran to discontinue joint venture in May 2022
The joint venture has been running successfully for the past seven years and is coming up for renewal on May 19, 2022. "The two partners today announced they have mutually decided to not continue their joint venture beyond the end of its current term," said a joint statement. The joint venture has enabled over 3,00,000 sellers and entrepreneurs to go online and enabled 4 million merchants with digital payment capabilities
IPO rush to continue this week, 4 cos aim to raise Rs 14K cr
The offers of CarTrade and Nuvoco Vistas opened on Monday and will close on Wednesday. On the first day of the CarTrade IPO, 41 per cent shares on offer were subscribed. Around 53,00,406 shares were subscribed out of the 1,29,72,552 on offer. Retail investors have subscribed 51,87,906 shares (80 per cent), out of the 64,86,276 shares earmarked for them, at the end of day 1, showed BSE data.
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