BUSINESS
Fixed line Internet service providers come together to form industry body
Noting that in the last 15 months broadband data consumption has seen a massive spike owing to the pandemic, the newly formed industry body said in a statement that the fixed line broadband players have enabled entire industries to seamlessly migrate to a work from home setup, keeping the wheels of the economy running.
Rising Trend: India's May exports up over $32 bn
The exports last month recorded a 8.11 per cent growth over the May 2019 levels. The country's merchandise exports in April 2021 had risen to $30.63 billion. As per the data, the value of non-petroleum and non-gems and jewellery exports in May 2021 was $23.97 billion, as compared to $16.36 billion in May 2020, registering a positive growth of 46.50 per cent.
Indian firms earn 72% of revenue from domestic market: Morgan Stanley
Titled 'Global Exposure Guide 2021', the report showed that 18.7 per cent of the revenue comes from developed economies and 9.3 per cent from the emerging market economies. It noted that Taiwanese, Saudi Arabian, Hong Kong, Singaporean, South African, and Mexican companies derive more than half of their revenue from foreign markets.
Power Finance Corporation logs highest-ever net profit in FY 21
In FY20, the PFC had reported a net profit of Rs 5,655 crore on a standalone basis. The company's consolidated net profit also increased by 66 per cent in FY21 to Rs 15,716 crore against Rs 9,477 crore reported in FY20. During 2020-21, the power sector lender increased its net interest income to Rs 12,951 crore in compassion to Rs 10,097 crore reported in FY 20.
Siemens to deliver digitalised switchgears to 3 steel manufacturers in India
The installation includes 11 bays of state-of-the-art 132 kilovolts (kV) Gas Insulated Switchgears (GIS) which have a modular design and will enable increased efficiency, reduced operational costs and ensure safe operations even under extreme environmental conditions. The GIS will be designed as Sensgear devices, first of its kind.
Wherehouse.io raises seed capital in Better Capitals-led funding round
Besides Better Capital, the other key investors were Java Capital, Titan Capital, First Cheque, and Upsparks. The first round of funding validates the rapid progress and the significant market opportunity for Wherehouse.io and shall enable it to meet the market demand that would help new age e-tailers drive revenue, said a statement by Wherehouse.io.
May retail sales fall 79% from pre-Covid levels in 2019
The decline comes on the back of the lockdowns across states amid the second wave of Covid-19. With sales down 34 per cent in May 2021, categories such as food and grocery fared better than categories like footwear (-86 per cent), beauty, wellness and personal care (-87 per cent) and sports goods (-80 per cent) as compared to pre-Covid sales levels (May 2019).
Adani stocks characterised by similar set of FPIs, low mutual fund holdings
The Adani Group stocks also have the same set of foreign portfolio investors among the big shareholders in that category. Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies were in a controversy yesterday on reports that their share accounts were frozen but was later clarified that they are active.
'Equity AUM reaches new highs of Rs 11 lakh cr, net inflows rise to Rs 10,500 cr in May 21'
According to the Fund Folio report by Motilal Oswal Financial Services, the increase in MF industry's AUM was primarily led by an MoM increase in AUM of equity funds, other ETF funds, and balanced funds. But, liquid funds and income funds posted a decrease MoM, the report said.
43% of consumers did not buy Chinese products in last 12 months
The Majority of Indian consumers who purchased made in China products did so because they are the cheapest available option and offer value for money. However, 40 per cent of them also highlighted uniqueness and 38 per cent highlighted quality as a differentiator and that is something the Government of India and Indian manufacturers and MSMEs must act upon.
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