BUSINESS
In last 12 months, midcaps have risen 83% v/s rise of 53% for Nifty
The rally was on the back of strong FII inflows, receding of the second Covid wave boosting confidence in an economic recovery, and an inline earnings season. FIIs continued their buying streak in June'21 at 1.5 billion. DIIs saw inflows for the fourth consecutive month at $1 billion. Midcaps/small-caps outperformed large-caps by 3.7per cent/4.1 per cent in June'21.
Petrol nears Rs 100 a litre in Delhi with 35-paise hike
petrol prices are expected to cross the century mark in these two cities at next revision. With this the fuel will be over Rs 100 a litre in all four metros and other major cities across the country. In the financial capital Mumbai, petrol price now stands at Rs 105.92 while diesel costs Rs 96.91, data available on Indian Oil Corporation's website showed.
Equity indices in green, Sensex up 300 points
It opened at 52,682.89 and has so far touched an intra-day high of 52,814.28 and a low of 52,604.35 points. The Nifty50 on the National Stock Exchange was trading at 15,814.25, higher by 92.05 points or 0.59 per cent from its previous close.
Telcos have spoken of stress, won't comment on speculations: VIL
"Industry players have pointed out the tremendous stress in the telecom sector. COAI, the industry body representing all three private operators, has, over the last two years, pointed out the need for support to the sector and unanimously asked for floor pricing to be set for restoring health of the sector. We would not comment on speculative commentary and ill-informed conclusions," Vodafone spokesperson said.
Auto demand remains skewed towards PVs, tractors
According to the report, commercial vehicles (CVs) and two-wheelers' (2Ws) sales are yet to catch up. "June '21 saw a gradual lifting of lockdown restrictions across states, with a good recovery witnessed in PVs and tractors." "Current valuations largely factor in a sustained recovery (our base case), leaving a limited margin of safety for any negative surprise."
Musk's Boring Company proposes Fort Lauderdale transit loop
According to The Verge, it is the latest city to become transfixed by Musk's quixotic "Tesla in a tunnel" concept. The report said that it is not a done deal, but Fort Lauderdale Mayor Dean Trantalis called it "an innovative and unprecedented approach to addressing traffic congestion and transit needs". Trantalis said the project, which would be called the "Las Ollas Loop," would connect Fort Lauderdale's downtown to the beach.
ONGC commits Rs 30,000 cr procurement to boost local ventures
In this process, the state-run energy major is taking steps to enhance transparency and streamlined contracting practices, which would enable the promotion of a business-friendly environment for ONGC's business partners. ONGC CMD Subhash Kumar said that the ONGC is adopting technology-enabled processes that can improve transparency, and minimise human intervention.
New norm to calculate interest on overdue term deposits
"On a review of these instructions, it has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower," the RBI said in a circular. There will be a similar norm in terms of term deposits in co-operative banks.
ONGC's rating downgraded in line with India's sovereign rating
"ONGC's ratings are constrained by the ratings of the state of India (BBB-/Negative), its majority owner, according to Fitch's Government-Related Entities Rating Criteria, and the Negative Outlook reflects that of the Indian sovereign," Fitch said in a statement. ONGC has not received any tangible financial support recently given its strong Standalone Credit Profile (SCP), the ratings agency noted.
Amazon launches IP accelerator in India to support sellers
"We are excited to launch IP Accelerator programme in India, to support lakhs of sellers, especially small and medium-sized sellers with nascent brands, in establishing IP protection," Amazon India's Director, MSME and Selling Partner Experience, Pranav Bhasin, said in a statement.
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