BUSINESS
Logistics aggregator platform Shiprocket raises Rs 305 cr
The New Delhi-based company said that it aims to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue market expansion and accelerate overall growth. Direct-to-consumer (D2C) commerce forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years.
IMF calls for urgent action to address worsening 'two-track' recovery
"The world is facing a worsening two-track recovery, driven by dramatic differences in vaccine availability, infection rates, and the ability to provide policy support," IMF Managing Director Kristalina Georgieva wrote in a blog on Wednesday, noting that it is a "critical moment" that calls for urgent action by the G20 and policymakers across the globe, Xinhua reported.
Petrol, diesel prices continue to rise touching new highs across country
Accordingly, the price of petrol increased by 35 paise from Rs 100.21 on Wednesday to Rs 100.56 a litre on Thursday in Delhi. Diesel prices also increased in the city but a tad lower by just 9 paise per litre to touch Rs 89.62 a litre. Across the country as well retail prices of both petrol and diesel increased for the second consecutive day but the actual rates varied depending on the level of local taxes in states.
MSME registration now allowed for wholesalers, retailers: RBI to banks
The Ministry of Micro, Small and Medium Enterprises through an office memorandum had said that retail and wholesale trade would be classified as MSMEs for the limited purpose of priority sector lending and they would be allowed to be registered on Udyam Registration Portal. The beneficiary segments of the change in norm would be wholesale and retail trade and repair of motor vehicles and motorcycles,
JSPL reports record steel production during Covid 2.0
JSPL's steel production during the April-June quarter of the fiscal surged 20% y-o-y to 2.01 million tonnes (June 21 - 0.64 million tonnes), marking a record first quarter production and second highest quarterly production ever. The company said that the decision to divert oxygen towards saving precious lives led to production getting impacted slightly, still it was able to produce more than before.
Amid disinvestment push, FinMin to now house Dept of Public Enterprises
The department, which was under the Ministry of Heavy Industries and Public Enterprises so far, would look into the residual work relating to erstwhile Bureau of Public Enterprises including the Industrial Management Pool. It would also look into coordination of matters of general policy affecting all public sector enterprises (PSEs). Review of capital projects also would be taken care of by the department.
Sensex, Nifty close at record levels on last hour surge
Healthy buying was witnessed in metal and realty stocks. The BSE Sensex closed at 53,054.76, higher by 193.58 points or 0.37 per cent from its previous close of 52,861.18. It had opened at 52,919.71 and touched an intra-day high of 53,105.41 points and a low of 52,751.76 points. The Nifty50 on the National Stock Exchange also settled at a record closing high of 15,879.65, higher by 61.40 points or 0.39 per cent from its previous close.
Piramal ascribes Re 1 to Rs 45,000 cr recoveries in DHFL: 63 moons objects at NCLAT
Notably, Piramal Capital and Housing Finance Ltd has ascribed only a sum of Re 1 to Rs 45,000 crore worth of potential recoveries from DHFL promoters. The Mumbai-based fintech company has urged the NCLAT to ensure that the proposed recovery of Rs 45,000 crore from Wadhawans and their associates and companies must benefit only creditors and not unjustly enrich a resolution applicant like Piramal Group.
Edtech firm upGrad earmarks $250 mn for M&A, non-linear growth
upGrad is set to cross $500 million annual revenue run rate by March 2022 and is looking to raise close to $400 million at a $4 billion valuation. "Outside of cash, we see a very strong value currency in our stock to look to merge/acquire companies with exceptional founders who will join us as fellow entrepreneurs to build this out over the next decade," said Ronnie Screwvala, Co-founder, and Chairman, upGrad.
Strong potential for further recovery in air traffic: IndiGo
IndiGo's Chief Commercial Officer William Boulter said: "We have witnessed increasing loads and demand for travel after mid-May and look forward to achieving 80 per cent capacity utilisation that we had in February by end of this year." At present, airlines' permissible capacity deployment is at 65 per cent of pre-Covid levels applicable up till July 31, 2021.
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