BUSINESS
GST collections keep alive hope of 6.8% fiscal deficit in FY22
The June numbers for GST indicate a total collection of Rs 92,849 crore. While this is much lower than record number of Rs 1.41 lakh crore in April, and reasonably well collection of 1.02 lakh crore in May, it is still considered good as it largely records collections made during May, the peak of second Covid wave in India. Given localized and less stringent lockdowns this year, the dent in tax collections seems to have been lesser.
Stock Talk: Top 5 electronic goods companies stocks on Sensex today
According to Retailers Association of India (RAI), sales of consumer electronics increased by 2% in September 2020 and 8% in October 2020, as compared with same months in the last year
Samsung expects record $11 bn profit in Q2 on robust chip biz
In its earnings guidance, the South Korean tech giant estimated its operating profit at 12.5 trillion won ($11 billion) for the April-June period, up 53.4 per cent from a year ago. Its second-quarter operating income estimate beat the market consensus of 11.2 trillion won in a survey by Yonhap Infomax, the financial arm of Yonhap News Agency that surveyed 15 local brokerage houses last month.
Equity market flat amid volatility, weak global cues
A weak trend in the global markets also weighed on the domestic investor sentiments, analysts said. Heavy selling pressure was witnessed in oil and gas and power stocks, while realty stocks witnessed high buying activity. Around 10.25 a.m., Sensex was trading at 52,911.55, higher by 50.37 points or 0.10 per cent from its previous close of 52,861.18.
NSE seeks explanation from member for Nifty futures trades at higher than prevailing prices
In a statement issued on Tuesday, the exchange said that it has received some enquiries about certain Nifty futures trades that were higher than the prevailing price on July 5, 2021. "An explanation has been sought from the member as to why the order was placed at a price higher than prevailing price in the market which could have misled the market," it said.
SEBI defines 'same line of business' under delisting norms
The capital market regulator, defining 'same line of business', said that at least 50 per cent of revenue from the operations of the listed holding and listed subsidiary company must come from the same line of business. Further, not less than 50 per cent of the net tangible assets of the listed holding and listed subsidiary must have been invested in the same line of business.
Tata Motors shares hit 10% lower circuit
At 3 p.m., its shares on the BSE were at Rs 321.40, lower by Rs 24.65 or 7.12 per cent from its previous close. It has touched an intra-day low of Rs 311.45 per share. After a positive trend for a large part of the day, the decline started around 2 p.m. Retail sales for the first quarter ending June 30 were 1,24,537 vehicles, 68.1 per cent higher than the 74,067 vehicles sold in Q1 last year.
Amount of cash held up between companies and suppliers at record high
This is among the key findings of the 2021 edition of JP Morgan's Working Capital Index report published this month, Global Trade Review reported. "Covid-19 has further exposed the vulnerabilities of global supply chains, which were already under pressure in recent years as a result of the geopolitical trade tensions," said Gourang Shah, global head of treasury for wholesale payments at JP Morgan.
Rolls-Royce welcomes support from Jaguar Land Rover for world record attempt
The exciting project will be carbon neutral and to support this ground-breaking innovation, Jaguar Land Rover is loaning all-electric zero emission Jaguar I-PACE cars as towing and support vehicles. The aircraft has been created by the ACCEL programme, short for ‘Accelerating the Electrification of Flight', which includes key partners YASA, the electric motor and controller manufacturer.
Gold futures near Rs 48K/10 gm, silver above Rs 70K/kg
Currently, the August contract of gold on MCX is at Rs 47,882 per 10 gram, higher by Rs 583 or 1.23 per cent from its previous close. Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said that international gold prices rallied, giving breakout of short term resistance above $1,800 per ounce. The weaker dollar and economic growth concerns over higher oil prices.
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