BUSINESS
India's forex reserves rises by over $2.8 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $592.894 billion from $590.028 billion reported for the week ended May 14. 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).
No IGST on imported Covid relief items till Aug 3, GoM to look at more relief
So far, IGST exemption was applicable only when these goods were imported 'free of cost' for free distribution. This exemption too has been extended till August 31. The exemption will be valid till August 31, 2021
Bank credit growth slowed down in March: RBI data
In March 2020, credit growth was 6.4 per cent. The central bank's 'Quarterly Statistics on Deposits and Credit of SCBs: March 2021' showed that combined credit by bank branches in top six centres -- Greater Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata -- which together accounted for over 46 per cent of total bank credit, declined marginally during 2020-21.
Indian Bank posts Rs 3,005 crore net profit for FY21
The bank had earned a total income of about Rs 44,099 crore and a net loss of Rs 4,643 crore for 2019-20. Last fiscal was the first full year of operations after the Allahabad Bank was merged with the Indian Bank. According to the Indian Bank, the figures for 2019-20 were arrived at by totaling the numbers of the two banks.
Unlock hopes, Covid decline pushes Nifty to record high
Accordingly, global cues and accelerated pace of economic recovery led both the indices - Nifty50 and S&P BSE Sensex - to open higher. During the trade session, all sectors barring Pharma and Auto traded in the green out of which Media and Metal sectors are showing the most strength. At 1.15 p.m., the Nifty50 of the National Stock Exchange ended the trade session at 15,431.80, up 93.95 points, or 0.61 per cent, from its previous close.
Amid Covid wave, GST Council meet begins; may consider duty cuts
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.
Tata Digital acquires majority stake in BigBasket
According to the company, E-grocery has been one of the fastest growing segments in the consumer e-commerce space and its growth is propelled with India's rising consumption and digital penetration. "The current pandemic has further accelerated its adoption as consumers seek the convenience of ordering quality groceries delivered safely at home."
Tesla releases driver monitoring system using cabin camera
The aim is to help make sure drivers pay attention to the road while using Autopilot, the company's advanced driver assistance system, reports Electrek. "The cabin camera above your rearview mirror can now detect and alert driver inattentiveness while Autopilot is engaged.
Nifty hits record high, metal stocks surge
The Indian stock market rose in line with the Asian indices. Healthy buying was witnessed in metal, finance and banking stocks. Around 10 a.m., Nifty was trading at 15,426.60, higher by 88.75 points or 0.58 per cent from its previous close 15,337.85 points.
Stock Talk: Top 5 Healthcare Stocks Comparison
Healthcare has become one of India’s largest sector, both in terms of revenue and employment. The hospital industry in India, accounting for 80% of the total healthcare market, is witnessing a huge investor demand from both global as well as domestic investors. The hospital industry is expected to reach $132 bn by 2023 from $ 61.8 bn in 2017.
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