BUSINESS
GST Council meet begins, may consider duty cuts on medical supplies
The meeting is being chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are also present in the meeting. The meeting is taking place after the 43rd meeting of the Council on May 28 announced a series of duty concessions on Covid relief items in addition to relaxation of compliance measures for taxpayers.
UK GDP grows 2.3% as lockdown eases
The service sector grew by 3.4 per cent month-on-month, whereas output in the production and construction sector fell by 1.3 per cent and 2.0 per cent respectively, the Office for National Statistics (ONS) said.
Double century in Sri Ganganagar: Petrol-diesel above Rs 100/l mark
The city already had the distinction of having the highest pump price of petrol across the country at Rs 107.23 a litre. With diesel prices now increasing there by another 25 paisa per litre on Saturday it reached Rs 100.06 a litre.
India's forex reserves rise by over $6 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $605.008 billion from $598.165 billion reported for the week ended May 28. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Low base pushes India's April IIP higher than pre-pandemic period
The Index of Industrial Production (IIP) for April zoomed to 126.6 (index reading) over the same month a year ago, when the gauge's value stood at 54. The April 2021 level was marginally higher from 126.5 index value which was reported for April 2019. However, on sequential basis, April figure was lower when compared to March's index reading of 145.5.
Covid dent: passenger vehicles sales down by over 61% from May'19 levels
However, base effect along with low interest rates and some pent-up demand showed an accelerated rise in domestic demand in May 2021 on a year-on-year basis. Accordingly, sales of passenger vehicles increased to 88,045 in May this year compared to 33,546 units sold during the same period of 2020. The May 2021 figures were lower by 61.2 per cent from 2,26,975 units sold during May 2019 levels.
Full recovery of Indian economy likely only by Q3FY22: Brickwork
It noted that second wave of the coronavirus pandemic has completely shattered confidence and has put businesses at great risk and uncertainty. Although the declining numbers of new infections provide a glimmer of hope, fast pacing the recovery process is possible only when new infections are contained and a significant proportion of the population is vaccinated, it said.
Flyhomes raises $150M Series C funding
As part of the transaction, Lisa Wu of Norwest Venture Partners and Roger Lee of Battery Ventures will join the Flyhomes Board of Directors. Flyhomes brings every step of the homebuying process, from brokerage to mortgage, together in one seamless experience and innovates on financial products to help their clients win faster and for less money.
Crisil assigns 'highest' corporate governance rating to Bharti Airtel
As per Crisil's website, the capability of entities graded CRISIL 'GVC Level 1' with regard to corporate governance and value creation for all stakeholders is 'excellent'. Last month, the telco had reported a net profit of Rs 759 crore for the January-March quarter. Its revenues for the period under review rose 17.6 per cent to Rs 25,747 crore.
Apple supply chain creates 20K jobs in India: Report
Manufacturers including Foxconn, Wistron and Pegatron were all committed to creating certain numbers of job opportunities when they applied to enter the subsidies programme under India's Production Linked Incentive (PLI).
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