BUSINESS
Fuel prices rise by Rs 8.50 per litre during peak of Covid
Starting from a price line of Rs 90.40 a litre on May 1, petrol is now priced at Rs 98.81 a litre in the national capital, rising by a sharp Rs 8.41 per litre in the last 60 days. Similarly, diesel price in the capital also rose by Rs 8.45 per litre in the past two months to reach Rs 89.18 a litre in Delhi.
E-comm rules: Fight between Amazon, Flipkart vs Reliance, Tata to intensify
Foreign brokerage, Jefferies said in a note, "The proposed rules now target indirect ownership in vendors, own label, flash sales. Fight between foreign cos (Amazon, Flipkart) & Indian cos (Reliance, Tata Grp) is set to intensify". nIndia's e-commerce industry faces complex regulations, the note said. While B2B & single brand retail have a stable framework, FDI in inventory-led e-comm. is prohibited.
Sensex up 200 points; IT, metal stocks rise
The domestic market traded in tandem with its Asian peers. Further healthy buying in the IT and metal stocks supported the indices. Around 10.15 a.m., Sensex was trading at 52,752.58, higher by 202.92 points or 0.39 per cent from its previous close of 52,549.66. It opened at 52,651.09 and has so far recorded an intraday high of 52,764.28 and a low of 52,630.91 points.
Zomato's $100M investment to turn Grofers into unicorn: Report
According to TechCrunch, the proposed investment values the seven-year-old startup Grofers, which counts SoftBank as its largest investor, at over $1 billion. Zomato's proposed investment is part of a broader round, in which others including Tiger Global and SoftBank Vision Fund 2 are expected to chip in some capital. Zomato said it had no comment to make, citing sources, the report said.
Strong fiscal policy support needed to kick start growth: EY India
According to the consultancy firm's June edition of Economy Watch: "The primary focus of the fiscal stimulus package should be on the health sector. "This could ensure meeting the short-term healthcare demand arising from Covid's second wave and a possible third wave besides supporting growth and employment in the economy."
ADNOC, Reliance sign pact for chemical project in Ruwais
The two on Tuesday announced that through the agreement, Reliance will join a new world-scale chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA'ZIZ in Ruwais, Abu Dhabi. The agreement capitalises on the growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders.
Finance Minister asks ministries to frontload capital expenditure
While reviewing the progress, the Finance Minister asked the Ministry of Housing and Urban Affairs to expedite the capital expenditure and make efforts for frontloading it, said an official statement, adding that the Steel Ministry was asked to frontload capex and facilitate private investment by providing support and removing bottlenecks.
Bharti to invest $500 million more in OneWeb
Post the investment, the total funding raised by OneWeb would amount to $2.4 billion. The latest investment announcement comes as OneWeb prepares for its eighth launch on July 1, delivering the highly anticipated and strategically valuable Arctic region coverage down to 50-degree latitude.
India's energy demand set to rise as Covid subsides: Ind-Ra
According to the ratings agency, the demand continued to see a recovery in June 2021 on a year-on-year basis. However, this will be below the pre-pandemic levels, due to the extension of Covid-19 restrictions, especially in southern states. "The southern states saw only a marginal increase of 1.9 per cent YoY of energy requirement during the first 20 days of June due to strong restrictions, given the higher cases than the rest of India."
SEBI board okays tightened norms regarding Independent Directors
As per the amended norms to be effective from January 1, 2022, appointment, re-appointment and removal of independent directors shall be made through a special resolution of shareholders for all listed entities. Further, the composition of NRC has been modified to include two-third IDs instead of existing requirement of majority of IDs.
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