BUSINESS
US economic growth in Q1 unrevised at annualised 6.4%
Upward revisions to consumer spending and non-residential fixed investment were offset by downward revisions to exports and private inventory investment, according to the latest estimate released on Thursday by the Department's Bureau of Economic Analysis, a month after the "advance" estimate.
Karnataka puts brakes on decision to sell land to JSW Steel
On April 26, the cabinet headed by Chief Minister B.S. Yediyurappa had decided to sell off a whopping 3,667 acres land to JSW Steel, a deal it had opposed in 2019 when it was in the opposition and the ruling Congress-JD(S) coalition government had favoured the lease-cum-sale agreement.
Paytm to break even in 12-18 months: Bernstein
According to reports, Paytm is aiming to raise about $3 billion in an initial public offering (IPO) late this year, which could be the country's largest debut ever. The startup, backed by investors including Berkshire Hathway, Softbank and Ant Group, plans to list in India in November around Diwali. Paytm, formally called One 97 Communications, is targeting a valuation of around $25 billion to $30 billion, as per reports.
ED attaches properties worth Rs 166 cr in bank fraud case
An ED official said that the financial probe agency had registered a case of money laundering on the basis of an FIR registered by the CBI against (late) Shrikant Pandurang Sawaikar, Director of Varron Industries and unknown officials of Bank of India and Canara Bank. He said that the ED probe revealed that a criminal conspiracy hatched by Sawaikar
TCS completes acquisition of GE's stake in its Saudi arm
In a regulatory filing, the company said that the acquisition was completed on May 26. TCS had announced to acquire the stake in January. The acquisition was to be completed within 3-6 months. In September 2013, TCS had created of a first of its kind All-Women Business Process Services Center in Riyadh (Saudi Arabia), in partnership with GE.
Infections-restrictions-vaccinations to vary state fiscal outcomes: ICRA
According a projection made by ICRA, the GST compensation requirement of states would work out to more than double of last year at Rs 2.65 lakh crore in the current year. This is based on estimates that FY22 state GST (SGST) collections of all states would be to the tune of Rs 6.1 lakh crore. If this is the case, the Centre would be hard-pressed to compensate states even in the current year.
Real Boom: 85% in NCR bought 1st home, 65% in MMR upgraded post Covid
An Anarock report showed that out of the total housing sales in NCR (nearly 21,750 units) and MMR (around 47,140 units) took place in the nine months between July 2020 and March 2021. While 85 per cent of buyers in NCR purchased their very first homes; in MMR, a massive 65 per cent of buyers upgraded to bigger properties. Just 15 per cent of end-users in NCR felt the need to upgrade to bigger homes.
Lenovo logs record $1.66B sales in India in FY21 in remote era
The company represented year-on-year growth of 14.5 per cent for the full year, logging $399.5 million in revenue for Q4 (representing year-on-year growth of 76.9 per cent). "We saw strong demand across businesses in India over the past four quarters. As individuals, companies, and institutions address the demands of the ongoing pandemic, they are transforming their relationship with technology," said Shailendra Katyal, Managing Director, Lenovo PCSD
Lockdowns led to 12% fall in liquor sales in FY21: CIABC
Though the sales picked up in the second half of 2020-21 in most parts, the States which imposed high Corona cess and other taxes after the first wave of Covid-19 showed poor recovery. The total sales of IMFL products in 2020-21 was 305 million cases (9 litres each) which is nearly 12 per cent below the previous year
Health crisis can be more pervasive, debilitating for economy: RBI
It added that private investment is the missing piece in the story of the Indian economy in 2020-21; reviving it awaits an environment in which "animal spirits" are rekindled and entrepreneurial energies are released so that backward and forward linkages and multipliers prepare the ground for a durable investment-driven recovery.
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