BUSINESS
US economy grew at 6.4% in 2021 Q1
Upward revisions to non-residential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of gross domestic product (GDP), according to the latest estimate released on Thursday by the Department's Bureau of Economic Analysis.
Sensex sheds initial gains to trade flat
The Indian stock market shed its initial gains on Friday morning to trade on flat-to-negative note. Healthy buying was witnessed in metal and auto stocks. However, oil and gas stocks were under heavy selling pressure. Around 10.06 a.m., Sensex was trading at 52,635.33, lower by 63.67 points or 0.12 per cent from its previous close of 52,699.00 points.
NAFED plans to open about 200 grocery stores by end of fiscal
The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED), the Central government agency engaged in procurement, processing, distribution, export and import of various agricultural commodities, has, in collaboration with the Tirupati Cooperative, opened its first grocery store in the name of NAFED Bazar in Gurugram.
High fuel prices: Pradhan asks OPEC to phase out oil output cuts
During his meeting with OPEC Secretary General Mohammed Sanusi Barkindo, Pradhan said that high crude prices are adding significant inflationary pressure on India, said an official statement. Both sides discussed recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest.
India may be world leader in green buildings by 2022: NAREDCO
India is currently placed third after China and Canada in terms of green buildings. During a webinar on 'India's Leadership Role in Advancing Green Buildings', which was jointly organised by NAREDCO, CII and Indian Green Building Council (IGBC), the apex bodies noted that the developers are firm believers of sustainable development.
GST officials asked to ensure consumers benefit from rate cut of Covid-related items
In an office memorandum, NAA said that the supplies are required to commensurately reduce the prices of each of the supplies of gods and services are made by them to that the benefit of the reduction in tax rates and input tax credits is passed on t the consumers. It further asked GST officials "to all possible steps evisage the GST laws".
RIL can catalyse investments of over $200 bn: Mukesh Ambani
Addressing RIL's annual general meeting (AGM) here on Thursday, Ambani noted that in the last 10 years, Reliance has invested over $90 billion in creating substantial wealth for the nation and value for the shareholders. "Reliance has the capacity to catalyse investments of over $200 billion directly and through partners. These investments will create value on an exponential scale.
RBI issues guidelines for NBFCs' dividend declarations
These guidelines shall be effective for declaration of dividends from the profits of the financial year ending March 31, 2022 and onwards. "In order to infuse greater transparency and uniformity in practice, it has been decided to prescribe guidelines on distribution of dividend by NBFCs," the RBI said.
RIL unveils Rs 60K cr green energy plan, to build 4 Giga factories
During the 44th annual general meeting of RIL, Ambani said the investment would go into the setting up of four Giga factories that will manufacture and fully integrate all the critical components of the new energy ecosystem involving production of solar energy, storage of intermittent energy, production of green hydrogen and converting hydrogen into motive and stationary power.
Saudi Aramco chairman to join RIL Board
Addressing the 44th Annual General Meeting on Thursday, Ambani said that he expects RIL's partnership with Saudi Aramco will be to be formalised in an "expeditious manner during this year", after obtaining required regulatory clearances. He said that Rumayyan's joining the board is also the beginning of internationalisation of Reliance and more announcements on international plans of the company would come in times to come.
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