BUSINESS
Amazon's Small Business Days sees record sales for over 84K SMBs
Amazon India's recently held Small Business Days (SBD) has helped more than 84,000 Small and Medium Businesses (SMBs) to bounce back from the economic disruptions caused by the second wave of Covid-19, the company said on Sunday. The three-day event was held between July 2 and 4.
FPIs pull out Rs 2,249 cr from Indian equities so far in July
They have withdrawn net investments worth Rs 2,249 crore from the equities in July, showed data on the NSDL site. The concerns over the 'Delta' variant of Covid-19 and rising oil prices have weighed on the investor sentiments, analyst said. Kotak Securities' Executive Vice President, Equity Technical Research, Shrikant Chouhan, said: "FPIs have been net seller in Indian equities in July 2021 till date."
Jet staff to get plummeted relief, only Rs 52 cr earmarked for employees
The admitted claims of employees stood at Rs 1,265 crore, while the consortium has proposed Rs 52 crore to settle their claims. According to employees, the airline owes at least Rs 3 lakh to each employee which may well go up to Rs 85 lakh, while now each employee is being offered a total of around Rs 23,000, which one employee, who did not want to be named, described as "peanuts".
Amit Mitra might not continue as Bengal Finance Minister
West Bengal Finance Minister Amit Mitra might end his ten year stint as he has conveyed in his close circles that he is not willing to contest elections any more and wants to spend some time with his daughter abroad. Mitra who is seriously ill didn't even present the Budget in the Assembly and interacted with the media after the session virtually.
CEOs expect swifter recovery post 2nd Covid wave: CII Poll
A CII CEOs Poll of 119 corporate heads showed that about 59 per cent of the CEOs polled expect the recovery in sales to be better than in the first wave for their companies, while 46 per cent of them expressed a similar trend for their respective industry sectors. The poll results revealed that 55 per cent of employees of the polled firms have been vaccinated with at least the first dose of the vaccine.
Bidding deadline for transaction advisor for IDBI Bank sale extended
Further, the deadline for submission of bids for legal adviser has also been extended by nine days till July 22. The bid submission for transaction advisor and legal advisor ends at 3.30 p.m. and 4 p.m., respectively on July 22, and the bids will be opened 3.50 p.m. and 4.30 p.m. on July 23, respectively, said the Department Of Investment & Public Asset Management (DIPAM).
CGST officials bust network of 23 firms over bogus ITC claims
A finance ministry statement said that the modus operandi involved floating of multiple firms with the intent to avail or utilise and passing on of inadmissible credit. The firms involved in this network are Girdhar Enterprises, Arun Sales, Akshay Traders, Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with intent to pass on fraudulent ITC without paying actual GST to the government.
Foreign e-commerce cos creating false narrative against draft rules: CAIT
In a statement, the traders' body said that the draft e-commerce rules under the Consumer Protection Act have been designed in a way to set the basic fundamentals and parameters of e-commerce business in India which has registered an exponential growth since last year but suffers with various kinds of irregularities, anomalies and unhealthy business practices of some of the major foreign funded e-tailers.
No change in petrol and diesel prices on Sunday
Petrol and diesel prices remained unchanged across the four metro cities on Sunday. The pause comes after petrol prices were raised by 35 paise on Saturday. In the national capital, petrol is selling at Rs 100.91 per litre, unchanged from its previous levels. Further, diesel prices also remained unchanged in tandem with petrol prices. Fuel prices have so far been increased on 38 days and remained unchanged on 34 days since May 1
Covid to dampen Q1FY22 results, subdue sentiments
The scale of this expected trend might only be known via the impact on revenue that different sectors sustained in respect to lockdown's effect on operations and sales. Other factors such as high commodity and fuel prices along with impact of rural Covid spread on the FMCG demand will exert pressure on Q1 revenues. In contrast, pharma companies could benefit due to the second Covid wave, besides, metals, BFSI and IT are expected to drive earnings' growth.
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