BUSINESS
Not just Flipkart, ED should send notice to Amazon also: CAIT
"The notice sent by the Enforcement Directorate to Flipkart is a much-awaited right step. Both Amazon and Flipkart are conducting a preferential seller system on their respective marketplace which is against the FDI in e-commerce policy for which CAIT has been raising its voice since a long time.
Real GDP growth of 20% YoY expected in Q1FY22: Report
According to MOFS' EcoScope report, the 'Economic Activity Index' for India's real GVA grew by 11.6 per cent YoY in June, after growing 22.8 per cent YoY in May. "It implies EAI-GVA growth of 22.6 per cent YoY in 1QFY22, following a contraction of 14.4 per cent YoY in 1QFY21. A low base led to higher double-digit growth in the non-farm sector, while farm activity grew 6.6 per cent in the quarter," the report said.
Dollar dilemma: Inflationary woes to weaken rupee
Besides, Reserve Bank's dollar buying spree is expected to support this trend. "Rupee is expected to weaken on the back of a strong US dollar and rising inflation concerns," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "It is expected to trade between 74.05 to 74.60 with an upward bias." Last week, the rupee strengthened to 74.16 per USD due to four bumper IPOs hitting India's stock markets.
Rising Trend: Macro-data expected to trigger equities' northward moves
Build-up of investors' hopes on faster economic recovery as well as easing Covid restrictions are likely to trigger this trend. However, rotational profit-booking could induce some volatility during the week ahead. "Nifty could rise some more in the coming week in the absence of any major negatives emerging," said HDFC Securities' Retail Research Head Deepak Jasani.
India offers Cairn Energy $1bn refund
The lower house of parliament on Friday approved a draft law introduced the previous day, cancelling a 2012 policy that enabled New Delhi to tax some foreign investments retrospectively. The upper house is expected to approve the law as early as next week. New Delhi would also drop $13.5 billion in outstanding claims against multinationals such as telecoms group Vodafone.
Fuel price pause remains
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly breaching to $77 a barrel, and then fall below $70 a barrel to crossing $75 a barrel later in the month. The oil prices have softened again to just over $70 a barrel on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.
PM Modi asks diplomats to showcase India's 'manufacturing prowess' abroad
Addressing the Indian Missions across the globe virtually, Modi also called for close co-ordination among the diplomats, Commerce Ministry, Indian exporters and producers in a bid to boost exports from the country. He was of the view that now is the time to move ahead with targets in terms of 'Brand India'. The Prime Minister said that there is scope to increase the share of exports in the GDP.
IPO/FPO: SEBI eases lock-in norms for promoter shareholding
In its meeting on Friday, the SEBI board decided that the lock-in of promoters shareholding to the extent of minimum promoters contribution (20 per cent of post issue capital) shall be for a period of 18 months from the date of allotment in IPO/FPO instead of existing three years, if the object of the issue involves only offer for sale and if the object of the issue involves only raising of funds for other than for capital expenditure for a project.
Hiring in India surpasses pre-Covid levels in July: Report
The country's premier index on hiring trends grew by 11 per cent in July versus June, to touch 2,625, the highest it has ever been, including the pre-Covid timeline. The rapid digital transformation across all sectors drove up the demand for jobs in the IT sector by 18 per cent, the report showed. July also recorded a higher demand for jobs across all functional areas, with more job options for freshers.
Facebook's justification for banning US researchers inaccurate: US FTC
According to a report in The Washington Post on Thursday, Samuel Levine who is FTC's acting director for the Bureau of Consumer Protection has complained about the action on researchers to Facebook CEO Mark Zuckerberg. "Had you honoured your commitment to contact us in advance.
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