BUSINESS
Major headway for LIC IPO with CCEA's green signal
A top official source said that the CCEA in its meeting on July 7 approved the reworked plan for IPO finalised by the Department of Investment and Public Asset Management (DIPAM), clearing the several impediments for the country's largest IPO. "We have also fixed the way for the offer and how investors should be roped in to the insurer. The government expects to bring the IPO around Diwali this year.
Flipkart raises $3.6 bn, valuation surges to $37.6 bn
This round of funding was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
DRI seizes 100 kg Gold Potassium Cyanide worth Rs 32 crore
The Directorate of Revenue Intelligence (DRI) has seized a consignment of 100 kg of Gold Potassium Cyanide (GPC) worth Rs 32 crore at the Air Cargo Complex here. The consignment was being exported to Dubai by a Mumbai based firm. Based on prior intelligence, the DRI seized the consignment on Sunday.
Lenovo leads as global PC market hits 83.6 mn units in Q2: IDC
Lenovo led the segment with 23.9 per cent market share, followed by HP Inc at 22.2 per cent and Dell at 16.7 per cent market share globally. Apple was fourth with 7.4 per cent share and Acer closed the top 5 list with 7.3 per cent share. The surge in PC demand continued through the second quarter of 2021, despite global component shortages and logistics issues, according to IDC's Worldwide Quarterly Personal Computing Device Tracker.
Keralite Sohan Roy to receive Better World Fund Unity Award
Sohan Roy, a Keralite marine professional based in the United Arab Emirates (UAE), will on Monday receive the prestigious Better World Fund Unity Award which spreads the message of responsible mining across the globe. Roy will get this award for directing the documentary "Black Sand", which is based on environmental degradation and unscientific mining methods adopted in Alappuzha's Alappad region.
Sensex gains 245 points, Nifty above 15,750-mark
Rise in the shares of index-heavyweights Reliance Industries and ICICI Bank lifted the index. Around 10.15 a.m., Sensex was trading at 52,631.44, higher by 245.25 points or 0.47 per cent from its previous close of 52,386.19. It opened at 52,634.33 and has touched an intra-day high of 52,685.90 and a low of 52,568.92 points.
Petrol costlier, diesel rate cut 1st time in 3 months
Before Monday, the retail prices of petrol and diesel rose by a sharp 35 paise and 26 paise per litre on Saturday while it remained unchanged on Sunday. Global cues pushed fuel prices to increase again across the country on Monday adding more misery to the common man already grappling with rising food prices amid shrinking income. Reduced the primp price of diesel for the first time in close to three months.
Markets shift focus to peak growth, subsequent slowdown: Report
Bond yields have gyrated to now factoring in the post-Covid boom slowdown and central banks continuing with their ultra-loose monetary stance from earlier factoring in the post-Covid boom and central banks exiting their ultra-loose monetary stance, said a report by Kotak Institutional Equities. In other words, it looks like markets have moved 'forward' to the post-Covid boom 'slowdown' while central banks are still focused on the current Covid-related 'slowdown', it said.
Harsh Goenka surprised at Zomato valuations despite losses compared to hotel, QSR chains
"Can anyone explain to me - Top 20 hotels including global Indian hotel brands - Total Market cap - 44,000 crs. Top 6 QSR chains serving millions of consumers - Total Market cap- 60,000 Crs. ZOMATO - Continuing huge losses. Hold my vadapav! Market cap - 60,000 Crs ???," Goenka said in a tweet. The market cap of Indian Hotels is Rs 17,446 crore, EIH Limited is Rs 7,063 crore, Mahindra Holidays is Rs 3,763 crore, Chalet Hotels is Rs 3,893 crore.
Amazon's Small Business Days sees record sales for over 84K SMBs
Amazon India's recently held Small Business Days (SBD) has helped more than 84,000 Small and Medium Businesses (SMBs) to bounce back from the economic disruptions caused by the second wave of Covid-19, the company said on Sunday. The three-day event was held between July 2 and 4.
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