BUSINESS
India's June WPI inflation eases on lower food prices
However, the inflation rate alarmingly remained above the 12 per cent mark. The WPI rose by 12.07 per cent in June from a rise of 12.94 per cent in May. The monthly rate of inflation, in June 2020, stood at (-) 1.81 per cent. On a sequential basis, the month over month change in WPI index for June 2021 as compared to May, was 0.75 per cent. WPI food index rose by 6.66 per cent from 8.11 per cent reported for May.
India to sign pact with Russia on making steel
The pact will be signed between India's Ministry of Steel and Russia's Ministry of Energy. "The MoU shall benefit the entire steel sector by reducing their input cost. This may lead to reduction in cost of steel in the country and promote equity and inclusiveness," said a government statement after the decision was taken in the Cabinet Committee meeting chaired by Prime Minister Narendra Modi earlier in the day.
Quess Corp counters IT Dept, denies 'concealing' income
Quess Corp has said that the Income Tax Department conducted a survey under Sec 133A of the Income Tax Act, 1961 at its Registered Office, and at that of its subsidiary Terrier Security Services, during July 8-10, 2021. "We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date," it said in a regulatory filing.
IT spending in India to grow 8% in 2021 amid pandemic
Worldwide IT spending is projected to total $4.2 trillion in 2021, an increase of 8.6 per cent from 2020. "The second wave of the pandemic and associated lockdowns have brought a significant sluggishness during most of the second quarter of 2021. However, demand is witnessing a rapid recovery across majority of the sectors," said Naveen Mishra, senior research director at Gartner.
U.S. budget deficit soars to USD 2.24 trn in first 9 months of fiscal year 2021
Federal revenue for the nine-month period ending in June rose to 3.05 trillion dollars, while total outlays rose to 5.29 trillion dollars, driven by payments for jobless benefits and COVID-19 relief programs, according to the department. Earlier this month, the Congressional Budget Office estimated that the U.S. budget deficit for fiscal year 2021 would reach 3 trillion dollars,
Pandemic pain: Fuel prices rose over Rs 20/ltr in FY21, by Rs 10 this yr
The rise of diesel has been sharper in FY21 in Mumbai where it rose by Rs 21.75 per litre from Rs 66.21 a litre last year to Rs 87.96 a litre this year March end. In the current fiscal, diesel rates have risen by Rs 8.85 in Delhi from Rs 80.87 on April 1 to Rs 89.72 now. In Mumbai, the fuel has risen by Rs 9.33 per litre to Rs 97.29 a litre now. The fuel is most expensive in Mumbai among all the metros.
Reliance Power shareholders approve preferential offer to RInfra with over 94% votes in favour
Accordingly, Reliance Power shall allot 59.50 Crore equity shares and 73 Crore warrants convertible into equivalent number of equity shares of the Company at a price of Rs.10 each by conversion of debt, aggregating upto Rs 1,325 Crore, to Reliance Infrastructure Limited (Reliance Infrastructure), a listed promoter company.
Zomato IPO anchor portion subscribed
The investors include New World Fund at 3.91 per cent, Tiger Global at 3.87 per cent, Fidelity Funds-India Focus Fund at 2.54 per cent, Baillie Gifford Pacific Fund at 2.99 per cent, Morgan Stanley Asia Opportunity Fund at 2.74 per cent, Canada Pension Plan Investment Board at 2.99 per cent, Government of Singapore at 2.30 per cent, Kotak Flexicap Fund at 2.17 per cent.
Hitachi completes $9.6 billion acquisition of GlobalLogic
Japan's Hitachi on Wednesday said that it has completed the acquisition of US-headquartered digital engineering services company GlobalLogic for $9.6 billion. The acquisition will help the company expand digital operations in a number of businesses, including IT, energy, industry and mobility.
$345 billion loss in trade for Commonwealth nations amid pandemic
However, among developing nations only India in Asia recorded higher overall foreign direct investment (FDI) inflows in 2020 compared with this previous average. The review, 'Energising Commonwealth Trade in a Digital World: Paths to Recovery Post-COVID', provides a timely and comprehensive analysis of the impact of the pandemic on the trade and investment flows of Commonwealth member countries.
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