BUSINESS
Markets mildly in green, IT stocks shine
Accordingly, both the key indices opened in the green and maintained their northward trajectory. In the domestic market, among sectors, IT stocks gained the most. Consequently, the BSE Sensex traded at 53,132.45 points, higher by 228.40 points or 0.43 per cent from its previous close. The Nifty50 on the National Stock Exchange traded at 15,914.95, higher by 61 points or 0.38 per cent from its previous close.
Serious racial inequality persists at top US firms: Report
At the largest and most powerful companies in the US, only one in every 443 Black or Hispanic workers holds a top job, while one in every 97 white workers is an executive, reflecting huge inequality in this country's corporate employment sector, a media report has revealed.
Indian publishing to be Rs 800 billion industry by 2024: EY Parthenon
Indian Publishing is the key enabler for education attainment, continuous learning, and recreation, promoter of Indian culture, values and excellence and is one of the country's largest media-related industries, larger than print media, digital media, filmed entertainment (movies), and radio and music, the report, drawn up in collaboration with the Association of Publishers in India (API), said.
Marico acquires majority stake in Ayurvedic beauty brand Apcos
Co-founded by CEO Arush Chopra, and Brand Director Megha Sabhlok, Apcos Naturals Private Ltd owns "Just Herbs, a line of bespoke and Ayurvedic results-driven skin and hair care offerings. The investment is in line with Marico's strategy to accelerate its digital transformation journey through building scalable digital-first brands, either organically or inorganically, as well as to premiumise its play in personal care.
RBI proposes changes in fund raising norms of urban co-operative banks
The central bank released a draft circular for issue and regulation of share capital and securities of primary (urban) co-operative banks. "UCBs are permitted to raise equity share capital, as hitherto, by way of issue of equity shares to persons within their area of operation enrolled as members, in accordance with the provisions of their bye-laws, and issue of additional equity shares to the existing members," it said.
Zomato IPO fully subscribed in the first day of bidding
Data available on BSE showed that the issue got subscribed 1.05 times at the end of the first day of the IPO. The issue period continues till July 16. By the end of the IPO market on Wednsday, the shares earmarked for the qualified institutional buyers (QIBs) were subscribed 0.98 times, while those of non-institutional investors was subscribed nearly 0.13 times .
RBI imposes curbs on Mastercard over data storage
The RBI said that the restrictions have been imposed as in spite of lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on storage of Payment System Data. The supervisory action has been taken in exercise of powers vested in the RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).
India's June WPI inflation eases on lower food prices
However, the inflation rate alarmingly remained above the 12 per cent mark. The WPI rose by 12.07 per cent in June from a rise of 12.94 per cent in May. The monthly rate of inflation, in June 2020, stood at (-) 1.81 per cent. On a sequential basis, the month over month change in WPI index for June 2021 as compared to May, was 0.75 per cent. WPI food index rose by 6.66 per cent from 8.11 per cent reported for May.
India to sign pact with Russia on making steel
The pact will be signed between India's Ministry of Steel and Russia's Ministry of Energy. "The MoU shall benefit the entire steel sector by reducing their input cost. This may lead to reduction in cost of steel in the country and promote equity and inclusiveness," said a government statement after the decision was taken in the Cabinet Committee meeting chaired by Prime Minister Narendra Modi earlier in the day.
Quess Corp counters IT Dept, denies 'concealing' income
Quess Corp has said that the Income Tax Department conducted a survey under Sec 133A of the Income Tax Act, 1961 at its Registered Office, and at that of its subsidiary Terrier Security Services, during July 8-10, 2021. "We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date," it said in a regulatory filing.
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