BUSINESS
Sensex trims losses after losing 600 points
The key Indian equity indices have somewhat recovered from the initial losses, however, they are still in the red. The BSE Sensex fell as much 604.26 points during the initial trade to touch an intra-day low of 51,740.19. At around 10.05 a.m., it was trading at 52,042.18, lower by 302.27 points or 0.58 per cent from its previous close of 52,344.45.
Import of US blueberries to India increases: USHBC
In a statement, the USHBC said that imports of US blueberries in all forms have increased since 2009, and the council intends to continue to develop new opportunities for Indian consumers to enjoy the flavour and unique health benefits of blueberries and blueberry ingredients. It noted that US blueberries not only have a reputation for consistent quality, but also offer many nutritional and health benefits.
Reliance Group market capitalization surges 1,000% to nearly Rs 8K cr
The market cap of the group, which stood at Rs 733 cr in March, jumped to Rs 3,890 cr in May 2021, and Rs 7,866 cr on the last trading day of this week i.e. June 18, 2021. The market capitalization of the group companies, Reliance Infrastructure, Reliance Power, and Reliance Capital has more than doubled over the last 20 trading days.
Current bull market in India is up 106%, the historical average is 284%
"If we exclude the 2003-08 bull market, the average duration of the other four bull markets is 72 weeks, compared with 64 weeks for the ongoing one. Given our view of a likely new profit cycle, the 2003-08 bull market duration may be the template for the ongoing bull market," Morgan Stanley said in a report.
FIDC urges govt to address issues of MSME borrowers & NBFCs
The industry body of retail NBFCs had a virtual meeting with Nitin Gadkari, the Minister of MSMEs on June 15. On Friday, FIDC wrote to the minister outlining the needs of the sector. FIDC in its letter has requested the minister to include wholesale and retail trade in the list of activities allowed for registration as MSME and also make consequent changes to the 'Udyam' portal.
SEBI asks PNB Housing to halt Rs 4,000 cr preferential issue of shares
"The current resolution bearing item no. 1 of EGM notice dated May 31, 2021 is ultra-vires of AOA (articles of association) and shall not be acted upon until the company undertakes the valuation of shares as prescribed under 19(2) of AOA, for purpose of preferential allotment, from an independent registered valuer as per the provisions of applicable laws," a regulatory filing by PNB Housing Finance quoted the letter as saying.
India may open derivatives market for power sector next fiscal
The introduction of derivate products has got delayed over jurisdictional issues between the Securities and Exchange Board of India (SEBI) and the Central Electricity Regulatory Commission (CERC) and a case pending in the Supreme Court also needs to be cleared. Sources privy to the development told IANS that the SEBI and the CERC have reached an understanding to allow futures trading in electricity.
NTPC reports highest ever FY21 profit at 13.8k cr
The net profit of the company for FY21 grew 36.16 per cent over Rs 10,112.81 crore profit reported in FY20. NTPC's total income for 2020-21 stood at Rs 103,552.71 crore as against Rs 100,478.41 crore in FY20, registering an increase of 3.06 per cent. In FY21, NTPC group recorded the highest ever gross generation of 314.07 billion units.
India's FY22 GDP expected to grow by 8.7%: MOFSL
MOFSL now projects real GDP growth of 8.7 per cent in FY22, down from 11.1 per cent expected earlier. Nonetheless, it revised upwards its FY23 forecasts to 5.4 per cent now from an earlier 4 per cent. It also said that nominal GDP growth is now projected at 15.6 per cent for FY22 vis-a-vis 15.1 per cent earlier and 10 per cent for FY23.
FPOs federation needed to enhance farmers income: Grant Thornton Bharat
"The next big step could be to confederate a few FPOs in a district or state into a federal body through an SPV, to carry out intensive and vigorous marketing activities with greater scale economies, and leverage upon newly proposed schemes to promote agri infrastructure, establish storage facilities etc," the report said.
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