BUSINESS
India's consumer digital economy to touch $800 bn by 2030
The digital economy includes 60 per cent of travel, 40 per cent of non-grocery retail, 30 per cent of education, 25 per cent of food and beverages services and 6 per cent of pharma/grocery, RedSeer said during its flagship event 'Ground Zero 5.0' attended by Niti Aayog CEO Amitabh Kant, T.V. Mohandas Pai, Chairman, Manipal Global Education Services and Sanjeev Bikhchandani, co-founder, Info Edge.
$30-$35 bn of value pool will be created in agri-logistics, offtake, and agri-input delivery by 2025
Agritech and agri-ecosystem sectors have received significant interest from the investor community, making India the third-largest nation in terms of agritech funding and the number of agritech startups. Estimates indicate that approximately $30-$35 billion of the value pool will be created in agri-logistics, offtake, and agri-input delivery by 2025. These are among the findings of Bain & Company's ;Indian Agriculture: Ripe for Disruption', the report, released on Wednesday.
Fear & Loathing: FY22 pent-up demand likely to fizzle away
At present, India suffers from a resurgence of Covid cases. However, a sharp decline in new infection rate has triggered hopes of economic normalisation. In contrast, low consumer sentiment as well as falling household income levels amid job losses will negatively impact the off-take of several sectors. Consequently, the current situation has led various multilateral organiations to revise India's GDP growth rate downwards.
Personal loan offtake rose in FY21, industrial loans contracts
Data released by the Reserve Bank of India (RBI) also showed that credit to the household sector rose by 10.9 per cent on a year-on-year basis (YoY). The share of credit to household sector in total credit increased to 52.6 per cent in March 2021 from 49.8 per cent a year ago showed 'Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks for March 2021'.
Stock Talk: Top 5 gas distribution companies stocks on Sensex today
City Gas Distribution (CGD) market in India is forecast to witness a CAGR of 10% to grow from an estimated 9,223 MMSCM (Million Metric Standard Cubic Meter) in 2020 to 25,570 MMSCM by 2030.
RBI raises average base rate for NBFC-MFI to 7.98%
The rate has been increased from 7.81 per cent that was applicable in the April-June quarter. "The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2021 will be 7.98 per cent," said an RBI statement.
Jet shares hit 5% upper circuit as monitoring panel put in place
With the approval of the National Company Law Tribunal to the Kalrock-Jalan consortium's resolution plan, the Corporate Insolvency Resolution Process (CIRP) of the bankrupt airline has concluded and Ashish Chhawchharia has ceased to be the resolution professional of the company, effective from June 25, 2021.
Fuel prices rise by Rs 8.50 per litre during peak of Covid
Starting from a price line of Rs 90.40 a litre on May 1, petrol is now priced at Rs 98.81 a litre in the national capital, rising by a sharp Rs 8.41 per litre in the last 60 days. Similarly, diesel price in the capital also rose by Rs 8.45 per litre in the past two months to reach Rs 89.18 a litre in Delhi.
E-comm rules: Fight between Amazon, Flipkart vs Reliance, Tata to intensify
Foreign brokerage, Jefferies said in a note, "The proposed rules now target indirect ownership in vendors, own label, flash sales. Fight between foreign cos (Amazon, Flipkart) & Indian cos (Reliance, Tata Grp) is set to intensify". nIndia's e-commerce industry faces complex regulations, the note said. While B2B & single brand retail have a stable framework, FDI in inventory-led e-comm. is prohibited.
Sensex up 200 points; IT, metal stocks rise
The domestic market traded in tandem with its Asian peers. Further healthy buying in the IT and metal stocks supported the indices. Around 10.15 a.m., Sensex was trading at 52,752.58, higher by 202.92 points or 0.39 per cent from its previous close of 52,549.66. It opened at 52,651.09 and has so far recorded an intraday high of 52,764.28 and a low of 52,630.91 points.
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