BUSINESS
India, UK FTA likely to be finalised this year, says Commerce Secretary
Commerce Secretary Sunil Barthwal told media persons that the deal is likely to be finalised before end of this year, as all contentious issues have been resolved. The deal is aimed at propelling growth and creating jobs. Commerce Minister Piyush Goyal had recently visited London to conclude the 11th round of talks to finalise the FTA. Barthwal too had accompanied him.
IPO-bound Ola Electric recorded operating loss of $136 mn in FY23: Report
The company reported sales of over 1,50,000 electric scooters for FY23, media reports said, citing sources. In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year's end.
DGCA slaps Rs 30 lakh fine on IndiGo for frequent tail strikes, airlines says studying order
Within a six-month period this year, the airline had four tail strikes on their A321 aircraft, leading to the regulatory action. Moreover, the DGCA has directed IndiGo to make necessary amendments to their documents and procedures in accordance with DGCA requirements and Original Equipment Manufacturer (OEM) guidelines.
Gaming industry proposes new GST levy formula to government
On July 11, the GST Council, headed by Finance Minister Nirmala Sitharaman, had decided to levy the highest slab of 28 per cent GST on the full value of money paid by users to play skill-based games, without any differentiation between games of skill and chance.
Nifty remained under pressure but showed some recovery in late trade
Sectorially, it was mixed with major buying seen in Realty (+1.8%). Power stocks were in the limelight on the back of attractive valuations and huge investments in the sector.
FPIs sold stocks for Rs 3,979 cr in cash market
While these strong headwinds can impact the market, support can come from the strong US 2nd quarter GDP number of 2.4 per cent. Since the ongoing global rally, led by the mother market US, is primarily driven by the US soft landing narrative, this data can provide some support when the market turns weak.
Sensex plunges below 66k mark
The headwinds for the markets come from the US 10-year yield rising sharply to 4 per cent, the dollar index rising to 101.7, Brent crude rising above $83 and FPIs selling stocks for Rs 3979 crores in the cash market on Thursday, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
PM Modi promises 50% financial support to firms investing in semiconductor sector
Now technology firms will be given 50 per cent financial assistance to set up semiconductor manufacturing facilities in India, he said, adding, “We are continuously carrying out policy reforms to accelerate the growth of the country's semiconductor sector” He was addressing a gathering after inaugurating SemiconIndia 2023 at Mahatma Mandir here.
The Dow is on pace for its best run in 126 years
The blue-chip stock index on Wednesday notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022, CNN reported. If the Dow closes higher for a 14th consecutive session, that would be its longest run of consecutive gains since May 1897, it said.
'Time to move back to US': Bengaluru CEO after struggling months to register his firm
Brij Singh, who has worked in the technology and finance sectors in India and the US for 18 years, as per his LinkedIn profile, said he loves Bengaluru but has had difficulty getting his company registered there. "Love Bangalore / India, but I have learnt more in last 3 days in Bay Area than I could in a month back home. Spent 2 months just to try to register a co in India & it's still not done," he tweeted.
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