BUSINESS
India's smartwatch market grows highest ever at 312%, Fire-Boltt leads
Noise was second with a 26 per cent share (best-selling brand in online channels) and boAt, together with its sub-brands, maintained the third place with a 19 per cent share, according to Counterpoint Research. Online channels contributed 67 per cent to the total shipment volume with Amazon as the leader. "India's Smartwatch shipments grew by 4 times annually in Q2 2022, with Fire-Boltt leading.
India probes may adversely affect operating results or cash flows: Xiaomi
The company, which registered around 20 per cent drop in its global sales at $10.31 billion in the June quarter (Q2), said that "it is not practical to quantify" related financial effects (of India probes) "at this stage". "The management assessed the aforesaid matters related to Xiaomi India, taking into consideration opinions from professional advisors and concluded Xiaomi India has valid grounds to respond to the relevant Indian authorities," the group said in its quarterly financial statement.
Fugitive diamantaire Nirav Modi's HCL House to be auctioned on Sep 23
As per the Mumbai DRT-I's order, HCL House in Marol shall be put up for e-auction on September 23, with a reserve price of Rs 52 crore, against the massive amounts outstanding since nearly five years to the PNB and 15 more banks.
`Markets offer risk-reward play to build a long term portfolio'
"The recent cool off in key commodity prices viz. metals, crude among others, comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation," the report notes. Management commentary is upbeat on demand prospects and recovery in margin profile amid muted corporate earnings for Q1FY23, which witnessed low single digit QoQ growth in topline and double digit bottomline decline with pressure on gross margins.
Inflation fuels jump in UK govt debt costs
The Office for National Statistics (ONS) said Government borrowing hit 4.9 billion pounds in July, reports dpa news agency. It is significantly ahead of the predictions of analysts, who had forecast 2.8 billion pounds in borrowing last month. Nevertheless, borrowing was 0.8 billion pounds below levels from the same month last year, but represented a 5.9 billion pounds surge from pre-pandemic levels in 2019, when the government reported a surplus of 0.9 billion pounds.
`PSBs privatisation should be gradual and not a big bang approach'
Large scale privatisation of PSBs or the big bang approach will do more harm than good, said Snehal S. Herwadkar, Sonali Goel and Rishuka Bansal of the Banking Research Division, Department of Economic and Policy Research, in an article published in the RBI's monthly bulletin. "The government has already announced its intention to privatize two banks.
Small greed, big loss! Netizens falling prey to web of 'fake clothing websites'
With each passing day, as more people use the Internet, digital fraud has become a dangerous trend. Time and again, the police across the country alert and make the people aware about these online frauds. But every time, the thugs manage to trap people with new techniques. The latest one is fake clothing websites, which are duping customers in the name of providing less expensive products.
Nitin Gadkari launches India's first electric double-decker bus
Taking to his Twitter handle, Gadkari said, "Ushering Sustainable Revolution! It gives me immense pleasure to launch the Ashok Leyland's Electric Double-Decker Bus in Mumbai today." The minister also said the initiative will give a dynamic boost to the sustainable transport sector. "Giving Dynamic Boost to the sustainable transportation sector, such initiatives are cost-effective solutions & achieve PM Shri Narendra Modi Ji's vision of Aatmanirbhar Bharat by cutting down oil imports and promoting indigenous resource & services," the minister said in another tweet.
Government reviews windfall gains tax, cuts cess on crude oil
According to a Finance Ministry notification, export duty on aviation turbine fuel (ATF) has been hiked to Rs 2 per litre from zero. At the same time, a Rs 2 hike was effected on export duty on diesel to Rs 7 per litre from Rs 5 per litre. All these changes will come into effect from August 19.
Interest rates of small savings schemes static due to interest burden on banks
Small savings schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Post Office Savings Scheme and Sukanya Samriddhi Yojana are vital savings instruments for the common man, as they provide long-term benefits. However, given that both public and private sector banks have raised their term deposit as well as home loan rates drastically since May 2022, keeping the rates of small savings schemes unchanged for the past two years has come as a surprise.
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