BUSINESS
Fuel price rise continues as OMCs cover gaps over possible cuts in rates
The retail prices of petrol and diesel rose by a sharp 35 paise and 26 paise per litre on Saturday to touch a new high of Rs 100.91 and Rs 89.88 per litre respectively in Delhi. With the rise, now diesel prices have reached very close to hitting the century mark all across the country. The fuel is already over Rs 100 per litre in some towns in Rajasthan and Madhya Pradesh.
EU confirms 47.5 bn euros owed by UK in post-Brexit settlement
The amount includes outstanding commitments made prior to January 1, 2020; contributions to the EU's pension and sickness schemes; as well as other minor items, according to Balazs Ujvari, the Commission's spokesperson for budget and human resources. The calculation was made in line with the provisions of the Brexit deal, Ujvari said. The total amount will be paid over several years in instalments.
Need to monitor economic scenario with real time data: Sanjeev Sanyal
In his remarks at a webinar, he also said that a quick response to the probable third wave and maintaining the pace of vaccination coverage would be a major move towards supporting the economy. "Responding quickly to the third wave and making sure that the vaccination keeps happening at the current rate is key," he said.
SpiceHealth alleges 'agreement violation' by GeneStore India
The two companies had entered into an agreement whereby SpiceHealth had acquired mobile labs, diagnostic kits, licenses, accreditations, equity shares, among others, from GeneStore by paying a considerable consideration. As per the agreement, GeneStore had agreed to observe non-compete obligations and had undertaken not to engage or participate in any venture or business concerning Covid-19 testing.
SEBI needs to act rationally in insider trading verdicts: Kiran Mazumdar-Shaw
She questioned the basis for relating the Mazumdar Shaw Medical Foundation to Biocon in the judgement. "SEBI bars Allegro Capital, its CEO over insider trading in Biocon shares - Crazy logic. What does MSMF have to do with Biocon? The officer concerned needs to explain her convoluted hypothesis. SEBI needs to act rationally in insider trading judgements," Shaw said in a tweet.
India's forex reserves rise by over $1 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $610.012 billion from $608.999 billion reported for the week ended June 25. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Give 10 days/yr leave to staff in sensitive areas, RBI to banks
"As a prudent operational risk management measure, the banks shall put in place a 'mandatory leave' policy wherein the employees posted in sensitive positions or areas of operation shall be compulsorily sent on leave for a few days (not less than 10 working days) in a single spell every year, without giving any prior intimation to these employees, thereby maintaining an element of surprise," the RBI said in a circular.
Finance Ministry cautions of inflationary risks on rising commodity prices, input costs
The Monthly Economic Review for June 2021 released by the Department of Economic Affairs (DEA) noted that inflationary pressures took an upturn in May 2021 with headline inflation (CPI-C) and WPI inflation touching a high of 6.3 per cent and 12.94 per cent, respectively. Supply-side disruptions in states and unfavourable base effects drove the broad-based momentum in retail inflation across food, fuel and core categories.
Ola raises $500 mn ahead of IPO
"Over the last 12 months, we've made our ride-hailing business more robust, resilient and efficient. With strong recovery post lockdown and a shift in consumer preference away from public transportation, we are well positioned to capitalize on the various urban mobility needs of our customers," said Aggarwal, Chairman and Group CEO, Ola.
India Inc likely saw 8-10% sequential dip in revenue in Q1FY22
The decline has been led by consumer discretionary products such as automobiles, which saw volumes impacted by the lockdowns across states to contain the second wave of Covid-19 infections. The note pointed out that improvement will be seen across sectors, riding on higher volume on a low base and higher realisations due to an increase in commodity prices.
Don't Miss
Advertisement