BUSINESS
Schneider to infuse Rs 350-400 cr in Luminous Power Technologies
Luminous Power has performed exceedingly well during the pandemic, which has pushed the parent entity to give a fresh look at this subsidiary and strengthen its operations further, the company said. Schneider Electric proposes to use the fresh investment to pursue aggressive growth plans of Luminous, which entail doubling the battery and inverter production capacity, generating new employment opportunities, and ramping up its solar business.
Rise in auto fuels consumption to absorb cuts in cess: ICRA
"ICRA projects the year-on-year (YoY) growth in the consumption of petrol or motor spirit (MS) and high-speed diesel (HSD) in FY2022 at 14 per cent and 10 per cent, respectively, on the low base of FY2021," the report said. If this additional revenue of Rs 0.4 trillion is foregone, the report said, it can support a reduction in cesses by Rs 4.5 per litre each on MS and HSD.
India's IT exports may witness double-digit growth in FY22: Report
Noting that there has been strong spending across companies in the IT sector, the report said that the strength in spending will show in the strong growth of IT services companies. The compressed timelines have forced the companies to simultaneously transform multiple parts of their enterprise and reskill people instead of a sequential approach.
'Data breach in online trading platform has put millions of customers at risk'
The customers' data has been put up for sale on a data sharing platform on June 15 and the incident has been reported to Computer Emergency Response Team (CERT) by Technisanct. Nandakishore Harikumar, founder and CEO of Technisanct said that such incidents raise the possibilities of financial frauds among Indians.
India's FY22 GDP growth rate now expected at 9.6%: Ind-Ra
According to the rating agency, given the speed and scale of Covid 2.0, the earlier GDP growth estimated at 10.1 per cent for FY22 is unlikely to hold. Now, Ind-Ra expects GDP growth to come in at 9.6 per cent (base case) in FY22. This rate is, however, contingent upon India vaccinating its entire adult population by December 31, 2021.
ONGC Q4 FY21 net profit zooms on gains from exceptional item
The company's net profit for the January-March quarter stood at Rs 6,734 crore as against a net loss of Rs 3,214 crore in the same period of the previous fiscal. The gross revenue of the company, however, fell by 1.2 per cent to Rs 21,189 crore as compared to gross revenue of Rs 21,456 crore in the previous year.
SpiceJet monsoon sale offers air tickets at Rs 999
The low cost carrier is offering one way all-inclusive domestic sale fares starting from as low as Rs 999 for travel to select destinations such as Hyderabad-Belgaum, Belgaum-Hyderabad, Chennai-Hyderabad, Chennai-Bengaluru amongst others. On Thursday, full service carrier Vistara had announced a 48-hour 'Monsoon Sale' across its domestic network that offers a one-way all-in fare starting Rs 1,099.
Sitharaman points at investment opportunities in India to US investors
Finance Minister Nirmala Sitharaman discussed opportunities in India for growth and investment on the back of the reform measures taken by government, during a global investors roundtable organised by the US-India Strategic Partnership Forum (USISPF). The roundtable held through video conference witnessed participation of some of the largest foreign investors.
US economy grew at 6.4% in 2021 Q1
Upward revisions to non-residential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of gross domestic product (GDP), according to the latest estimate released on Thursday by the Department's Bureau of Economic Analysis.
Sensex sheds initial gains to trade flat
The Indian stock market shed its initial gains on Friday morning to trade on flat-to-negative note. Healthy buying was witnessed in metal and auto stocks. However, oil and gas stocks were under heavy selling pressure. Around 10.06 a.m., Sensex was trading at 52,635.33, lower by 63.67 points or 0.12 per cent from its previous close of 52,699.00 points.
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