BUSINESS
IMF approves largest SDR allocation in history
"This is a historic decision, the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis," Xinhua news agency quoted IMF Managing Director Kristalina Georgieva as saying on Monday. Noting that the SDR allocation will benefit all IMF members, address the long-term global need for reserves.
IMAC announces closing of $200 mn IPO
The units were sold at a price of $10 per unit, resulting in total gross proceeds of $200 million, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit consists of one share of common stock, one right to receive one-twentieth of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths of a share of common stock at a price of $11.50 per whole share.
Faster economic rebound lift equities, Nfty crosses 16k mark
Notably, the Nifty has breached the all-time high of 16,000. Besides, healthy macro-economic data as well as better-than-expected quarterly results boosted investors' sentiments. Segment wise, FMCG, Consumer Durables and Telecom shares saw healthy demand. Consequently, the S&P BSE Sensex hit a record level of 53,478.57 points and the Nifty50 touched a new high of 16,025 points.
SEBI bars Green Money Solution for unauthorised investment advisory
In an interim ex-parte order, SEBI said that in October last year, it had a complaint that GMS allegedly had taken a total amount of Rs 64,048 plus GST in the name of providing investment advisory services in the securities market with Rs 4,500 profit per week, and for assistance in opening demat account. The SEBI conducted an examination in relation to the affairs of M/s Green Money Solution and its proprietor.
Fuel prices remain static for 17 consecutive days
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Tuesday. The pump price of fuel has been static since July 18. With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval. The pump price of fuel has been static since July 18.
Sensex, Nifty hit new record highs
The Sensex hit a record level of 53,292.82 and the Nifty50 touched a new high of 15,970.65 points. Around 10.20 a.m., Sensex was trading at 53,269.01, higher by 318.38 points or 0.60 per cent from its previous close of 52,950.63. The Nifty50 on the National Stock Exchange was trading at 15,964.70, higher by 79.55 points or 0.5 per cent from its previous close.
PNB's YoY Q1FY21 net profit up 232%
The lender's net profit rose to Rs 1,023 crore in Q1FY22 from Rs 308 crore, during the like period of the previous fiscal. Besides, its net interest income grew by 6.6 per cent, on a YoY basis, to Rs 7,227 crore in Q1FY22. In addition, Gross Non Performing Assets (GNPA) stood at Rs 1,04,076 crore as on June 2021 as against Rs 1,01,849 crore in the like period of last year.
India's July YoY exports rise by over 47%
Exports during July 2020 stood at $23.78 billion. The data by Ministry of Commerce and Industry showed that in comparison to July 2019, last month's exports rose by 34.06 per cent. "Exports during April-July 2021 were $130.56 billion, up by 73.86 per cent over the same period of 2020 ($75.10 billion) and up by 21.85 per cent over same period of 2019 ($107.15 billion)."
Mahindra Auto's July YoY PV sales up 91%
Passenger vehicle sales increased to 21,046 vehicles in July from 11,025 units sold during the corresponding period of 2020. On an overall basis, auto sales including passenger vehicles, CVs and exports for the month of July 2021 stood at 42,983 vehicles. Similarly, exports for the month of July 2021 were up 45 per cent to 2,123 vehicles from 1,467 units shipped abroad during the corresponding poeriod of 2020.
Govt gets 61% revenue boost from excise in FY21
The Centre's total revenue (tax and non tax, and after adjusting state's share in central taxes) for financial year 2020-21 stood at Rs 16,32,094, crore a marginal 3.09 fall over the non-Covid year 2019-20 when total revenue stood at Rs 16,84,059 crore. Had it not been for a substantial jump in Centre's excise duty collections, Covid-triggered economic disruptions would have put given a big hit to government revenues.
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