BUSINESS
Air travel may become expensive as jet fuel prices increase again
In the National capital, ATF prices for domestic airlines increased by 2.44 per cent from Rs 68,262.35 per kilo litre on July 1 to Rs 69,857.97 on July 16. In Mumbai too ATF rose from a level of Rs 66,482.90 per Kl to Rs 68,064.65 per Kl on Friday. The move is expected to make air travel more expensive, further impacting demand.
FedEx invests Rs 100 million in Delhivery to unlock India's cross-border trade
FedEx Express, a subsidiary of FedEx Corp and homegrown logistics and supply chain services company Delhivery on Friday announced they have entered into a pact to unlock India's international trade potential. FedEx will make a $100 million equity investment in Delhivery as part of the deal. The companies will enter into a long-term commercial agreement.
Sensex, Nifty turn flat after touching new highs
The BSE Sensex touched an all-time high of 53,290.81 and the Nifty50 on the National Stock Exchange hit a record level of 15,952.35 points. Healthy buying witnessed in telecom, metal and healthcare stocks, while banking stocks fell. Around 10.20 a.m., Sensex was trading at 53,149.24, lower by 9.61 points or 0.02 per cent from its previous close of 53,158.85.
RBL, Yes Bank, Bajaj Finserv most impacted by RBI curbs on Mastercard
Japanese brokerage Nomura said in a note that these three entities are the most impacted by the RBI move. HDFC Bank has 60 per cent of its card schemes tied to Mastercard, Amex and Diners, while for Axis Bank and ICICI Bank, this is about 35-36 per cent. "That said, we don't know the individual card schemes' contribution to overall profitability of the issuers to assess the potential impact," it added.
RBI Restriction: Martercard's loss may well be Visas' gain
Homegrown RuPay is also likely to benefit and grow its network further, experts said. The issuance of cobranded cards with Mastercard will also stop due to the RBI restriction. If a particular Mastercard cobranded credit card has high contribution to the overall mix of a credit card player, it will have a higher impact on the issuer's business growth, said an ICICI Securities report.
Indian economy to see 'substantial slack' in FY22 despite growth: RBI
The RBI Bulletin for July 2021 noted that the economy is struggling to regain the momentum of recovery that had started in the second half of 2020-21 but was interrupted by the second wave of Covid. "Even with a 9.5 per cent GDP growth in 2021-22, there will be substantial slack in the economy and demand pressures may take some more time to become evident," it said.
Centre releases Rs 75K cr to states as GST compensation shortfall
This year, the shortfall amount over GST compensation is expected at Rs 1.59 lakh crore. This would be over and above the compensation in excess of Rs 1 lakh crore (based on cess collection) that is estimated to be released to states and UTs with legislature during this financial year. The sum total of Rs 2.59 lakh crore is expected to exceed the amount of GST compensation accruing in FY 2021-22.
Green power to help RInfra-led BSES, Delhi consumers save Rs 800 cr/yr
There are a total of seven power stations that are supplying expensive power (above Rs 6 per unit) to Reliance Infrastructure-led BSES. Of these, five stations, including Dadri-I, have completed 25 years from COD. Additionally, two more power stations will complete 25 years by August 2021 and April 2022. These power plants supply around 830 MW power to BSES.
Netradyne raises $150 mn in funding round led by SoftBank Vision Fund
Netradyne will use the new funding to advance its core technology, expand into new geographies and accelerate hiring across R&D, marketing and customer support. Netradyne provides fleets of all sizes with an advanced video safety camera and fleet performance analytics tracking, as well as driver awareness tools to help reduce risky driving behavior and reward safe driving decision-making.
Reliance Commercial Finance resolution plan approved by lenders
Authum Investment and Infrastructure's (Authum) resolution plan has been selected as the successful plan, after several rounds of bidding and negotiation by the lenders and the lead bank with several bidders. Authum's plan with the highest NPV of Rs 1,585 crore has received over 80 per cent of the votes. The plan had crossed the fair value as assessed by two independent valuers.
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