BUSINESS
Stimulus hopes, healthy results push equities higher; banking stocks rise
Accordingly, both the key indices opened on a positive note and maintained their gains. Globally, stocks steadied on Friday after a volatile week, taking their lead from a stronger Wall Street as US data moderated inflation fears, while the dollar approached three-month lows on reduced bets of early Federal Reserve rate hikes. On the domestic front, banking stocks were the main gainers followed by telecom, power and realty.
Flipkart's kirana partners see 30% rise in average monthly delivery income
According to insights by Flipkart, the average monthly delivery incomes for kirana partners in the south grew the most, followed by east, west and north. Among the top cities, kirana partners from Hyderabad saw the highest growth followed by those from Ahmedabad, Mumbai, Bengaluru and Pune.
Petrol price inches closer to century mark in Mumbai
Continuing with fuel price hike momentum maintained this month, the Oil marketing companies (OMCs) raised the pump prices of petrol and diesel again on Friday across the country. The price of petrol increased by 17-19 paisa per litre while the diesel price increased by 28-30 paisa per litre across metro cities of the country.
EU, US working to settle aircraft dispute by July 11
Dombrovskis said at a press conference on Thursday that the deadline was "realistic" and that he was confident that an agreement will be reached, reports Xinhua news agency. We had intensive and broad discussions on this topic with US Trade Representative Katherine Tai last week and also during today's video conference she confirmed this timeline so we are working to reach this agreement by July 11," Dombrovskis said.
RBI to transfer Rs 99,122 cr as surplus to Centre
"With the change in the Reserve Bank's accounting year to April-March (earlier July-June), the Board discussed the working of the Reserve Bank of India during the transition period of nine months (July 2020-March 2021) and approved the Annual Report and Accounts of the Reserve Bank for the transition period," the RBI said in a statement.
US wants crypto transfers over $10K to be reported to IRS
"Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion. This is why the President's (Joe Biden) proposal includes additional resources for the IRS to address the growth of cryptoassets," the department said in a statement on Thursday.
Sensex up 600 points, Nifty reclaims 15,000 mark
The Nifty on the National Stock Exchange also traded above the psychological level of 15,000 points. The across-the-board gains were led by banking and finance stocks. At 10.22, Sensex was trading at 50,156.73, higher by 591.87 or 1.19 per cent from the previous close of 49,564.86 points.
US Treasury proposes global minimum tax rate of 15%
In a statement on Thursday, the Department said over the last two days, department officials participated in meetings with the Steering Group of the Inclusive Framework on base erosion and profit shifting, as part of the Organization for Economic Cooperation and Development (OECD)/G20 international tax negotiations, reports Xinhua news agency.
International Finance Corporation to invest $15M in South Asia Growth Fund II
The Fund's offshore sponsor is GEF Capital Partners, LLC, a Delaware limited liability company (GEF Capital). The Fund will engage GEF Capital to carry out certain investment management and administration duties. GEF Capital was founded in 2018 and is led by Raj Pai, Sridhar Narayan and four other partners, IFC said.
Bosch India's net profit down 26%
The company's annual net profit for FY20-21 stood at Rs 482.5 crore as against Rs 649.8 crore reported for the corresponding previous year. The company had made a provision of Rs 743.8 crore towards various restructuring, reskilling and redeployment initiatives during FY21. On a quarterly basis, the net profit after tax (PAT) increased to Rs 482 crore from Rs 81.1 crore in Jan-March 2020.
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