BUSINESS
Consumers may get respite from frequent fuel price hike this month
After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts. With price pause on Friday, petrol continues to be priced at Rs 100.56 a litre and diesel 89.62 a litre in the national capital. Across the country as well the fuel prices remained unchanged on Friday. Fuel prices were revised upwards on previous two days.
Global cues subdue equities, markets in red
The S&P BSE Sensex traded at 52,337.13 points around 9.55 a.m. lower by 231.81 points, or 0.44 per cent, from its previous close. Similarly, the Nifty50 on the National Stock Exchange closed at 15,669.85, lower by 58.05 points, or 0.37 per cent, from its previous close.
EU fines Volkswagen, BMW 875mn euros for emissions cartel
The European Union's (EU) antitrust authority found that the two companies had made illegal agreements between June 2009 and October 2014 to limit the introduction of AdBlue (an aqueous urea solution) to diesel engine exhaust gases, reducing its effectiveness as a way to produce cleaner emissions, the Xinhua news agency reported.
TCS logs 28.5% rise in Q1 net profit at Rs 9,008 crore
During the same period last fiscal, the company had reported a consolidated net profit of Rs 7,008 crore. TCS's revenue from operations during the quarter under review was Rs 45,411 crore, higher by 18.5 per cent from Rs 38,322 crore earned in the first quarter of FY21. In a regulatory filing, the company also said that its Board of Directors have declared an interim dividend of Rs 7 per equity share of Rs 1 each of the company.
RBI asks banks to prepare for transition from LIBOR
"Banks and financial institutions are encouraged to cease, and also encourage their customers to cease, entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted ARR (Alternative Reference Rates), as soon as practicable and in any case by December 31, 2021," an RBI circular said on Thursday.
Global cues, profit booking pulls equities down
Weak global cues triggered profit booking. Besides, selling was broad-based as most of the sectoral indices on both the key indices closed in the red. The S&P BSE Sensex closed at 52,568.94, lower by 485.82 points, or 0.92 per cent, from its previous close of 53,054.76. It had opened at 53,065.69 and touched an intra-day high of 53,103.03 and a low of 52,428.84 points.
SEBI bars Allegro Capital, its CEO over insider trading in Biocon shares
"Kunal Ashok Kashyap and M/s Allegro Capital Private Limited shall not buy, sell or otherwise deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period of one year from the date of this order," it said. The market regulator has also imposed a penalty of Rs 10 lakh each on the investment advisory firm and its head.
Reliance Infra-led BSES discoms geared up for monsoons
Some of the unique problems during the rainy season are water-logging, strong winds uprooting trees, and falling branches that damage electricity installations, resulting in power outages. In order to safeguard human lives and electrical equipment, it also becomes necessary to switch off the electricity supply to an affected area as a precautionary measure
Amazon announces Prime Day sale on July 26-27 in India
It will also include Amazon devices, fashion and beauty products, home and kitchen, furniture, everyday essentials and more to Prime members, along with new launches, entertainment benefits and much more. Over 91,000 sellers from over 5,900 pin codes saw success during Prime Day 2020; more than 62,000 were from non-metro and tier 2/3 cities across India and 31,000 sellers witnessed their highest sales.
Cabinet announces Rs 23K cr package to fight Covid
Addressing a press conference here, newly-appointed Union Health Minister Mansukh Mandaviya said: "Rs 23,000 crore package to be given to deal with the problems that occurred in the second wave of Covid-19. The package will be used jointly by the Central and state governments." He said the Centre will share Rs 15,000 crore while the state governments will share Rs 8,000 crore of the said package.
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