BUSINESS
Moody’s cuts India’s GDP growth rate to 9.6%, says slow vaccination rate can create problems
Moody’s said that a faster rate of Covid vaccination would create a positive effect on the country’s economy and would minimise the restriction on GDP flow. But the second wave of Covid slumped the economy which will result in slower growth than previously estimated, it added.
Focus on 'toyconomy': PM's call to India's toy industry
By focusing on toy and gaming sector, the Prime Minister said that country's crores of rupees going outside can be saved. "Today, we import around 80 per cent of our toys as well. That is, crores of rupees of the country are going out on these.
Samsung affiliates fined $206M for unfair business practice: Report
The Korea Fair Trade Commission (KFTC) also said it will file complaints with the prosecution against Samsung Electronics Co. and its former executive Choi Gee-sung over alleged unfair support for Samsung Welstory Inc., the group's food service affiliate.
RIL's performance in FY21 exceeded expectations: Mukesh Ambani
Addressing the Annual General Meeting (AGM) of the oil-to-telecom giant, Ambani also commended the company and its employees for the humanitarian efforts during the pandemic. "I feel both proud and humbled to share with you that throughout the COVID crisis, our Reliance Family has risen to the occasion with a sense of purpose and national duty," he said.
Stock Talk: Top Retailing companies on Sensex today
Indian retail industry is one of the fastest growing in the world. As per Forrester Research, in 2020, India's retail sector was estimated at US$ 883 billion, with grocery retail accounting for US$ 608 billion.
Indian banks recover over 7,000 crores from Vijay Mallya by selling his company shares
On June 23, the banks sold 15 per cent of Vijay Mallya's shares in United Breweries to Heineken international and recovered Rs 5,800 crore. Earlier, the banks had sold Rs 1,357 crore worth of Mallya's shares in United Breweries (UB) and United Spirits Ltd (USL). They are also planning to sell another Rs 800 crore worth of shares by June 25, according to media reports.
New home launches declined 42% in April-June, sales down 58%
As the second wave of Covid-19 and lockdowns across states impacted economic activities, housing launches decline 42 per cent on a quarter-on-quarter (QoQ) basis in the April-June quarter, according to a report by Anarock Property Consultants. The top seven cities saw around 36,260 new units launched in Q2 2021, as compared to 62,130 units in Q1.
S&P lowers India's FY22 growth to 9.5%
According to the ratings agency, India's growth in fiscal 2023 (ending March 31, 2023) will likely come in at 7.8 per cent. "A gradual revival is underway after a severe second Covid-19 outbreak in April and May led to lockdowns across much of the country and to a sharp contraction in economic activity," S&P Global Ratings said in a report.
Equity indices in green, Sensex up 200 points
The key Indian equity indices traded in the positive territory on Thursday morning with the BSE Sensex rising over 200 points. IT stocks witnessed healthy buying so far, while heavy selling in oil and gas and power stocks capped the gains. Around 10.07 a.m., Sensex was trading at 52,517.27, higher by 211.19 points or 0.40 per cent from its previous close of 52,306.08.
Guenter Butschek to step down as Tata Motors CEO and MD
Butschek had earlier informed the company of his desire to relocate to Germany at the end of the contract for personal reasons. Tata Group Chairman N. Chandrasekaran said: "I would like to thank Guenter for leading Tata Motors successfully over the last 5 years and creating a strong foundation for the future. I look forward to his continued inputs as a consultant to the Company."
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