BUSINESS
Banks' exposure to better-rated large borrowers declining
Within the domestic financial system, credit flow from banks and capital expenditure of corporates remains muted, said a report by the central bank. "While banks' exposures to better rated large borrowers are declining, there are incipient signs of stress in the micro, small and medium enterprises (MSMEs) and retail segments," said the recently released Financial Stability Report for July 2021.
IL&FS Securities, AFSPL fined for fraudulent transfer of MF units
The SEBI has imposed a total penalty of Rs 26 crore on IL&FS Securities Services Ltd. In a separate order, the capital market regulator has imposed penalties of Rs 3 crore on AFSPL and another Rs 3 crore on its MD, Awanish Kumar Mishra. It has also imposed fines of Rs 14 lakh and Rs 7 lakh on its directors Himanshu Arora and Jitendra Kumar Tiwari.
Samsung's EV battery business to swing to profit in Q2
Samsung SDI, the battery arm of Samsung Electronics Co., was forecast to have posted 3.4 trillion won ($3 billion) in sales and 252.7 billion won in operating profit in the April-June period, according to the data from 15 local brokerage houses compiled over the past month. The company supplies batteries to German automaker BMW, and its batteries are set to be used in U.S. electric vehicle startup Rivian's upcoming electric pickups and SUVs.
Petrol nears Rs 100/ltr in Delhi with another 35p hike
In the other key cities too petrol prices continued to climb to new highs. In Mumbai, it was priced at Rs 105.58 per litre, while in Chennai also it has surpassed the Rs 100-mark and is currently at Rs 100.44 a litre. Price of petrol in Kolkata is also inching closer to the three-figure mark and on Sunday it was sold for Rs 99.45 a litre.
Government may issue guidelines for 'flex-fuel' vehicles by October
The government is also working on an incentive scheme to promote manufacture and use of flex engines in vehicles. The details would be specified when policy in this regard is unveiled. The use of flexible fuel vehicles (FFVs) is being actively looked at by the government to ensure increased use of bio-fuels for running vehicles, Petroleum Secretary Tarun Kapoor had told IANS earlier.
2-wheeler industry's FY22 volumes likely to grow by 12-14%: Report
"While the overall consumption and investment demand may take some time to recover after the devastating second wave, India's rural economy is expected to provide some support," ICRA said in a research note. According to the ratings agency, continued preference for personal mobility solutions amid the pandemic would also drive-up some demand.
EVs set to raise India's import from Germany: Report
The report cited that total import to India from Germany has increased by 3.56 per cent for the period April 2020-January 2021. "Germany delivers a $11,420 (9,480 euros) subsidy for EVs, with $4,192 (3,480 euros) of that chipped in by OEMs. The economic and trade relations between the countries are strong, with Germany being India's largest trading partner in Europe."
Government spending grew 2% YoY in FY21: MOFSL
In FY21, India's real GDP contracted 7.3 per cent marking the worst fall in the past seven decades. "Our calculations suggest that while real spending by the private sector fell 10 per cent in FY21, government spending grew 2 per cent in real terms." Consequently, while the private sector deducted 8.7 percentage points from the real GDP growth, the government added 0.3pp in FY21.
Fuel price rise paused, retail rates unchanged on Saturday
Across the country as well the fuel prices remained unchanged on Saturday. Fuel prices were last revised upwards on Friday. The price rise pause has come not before the fuel rates have reached new highs across the country through numerous increases in last two months.
India's merchandise exports hit historic high levels in Q1FY22
Commerce and Industry Ministry Piyush Goyal said that sector specific interventions, involvement of all the stakeholders and functioning of the government as a whole helped in achieving the growth. Simplification of procedures, and extension of timelines and licences has also resulted in the record performance of exports, he added.
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