BUSINESS
Akasa Air's financial muscle: Can induct 72 aircraft over next 5 yrs
The company added that it has received its third aircraft in Delhi which will be put into operation on the Mumbai-Bengaluru sector shortly. "We will continue to grow our fleet by adding one new aircraft every two weeks," Vinay Dube, Founder and CEO said in a statement. "Thanks in no small part to Jhunjhunwala, for which we will always be grateful, Akasa Air is a well-capitalised airline with the financial means to induct 72 aircraft over the next five years," he added.
Bharti Airtel stock ends 2.68% up after company pays spectrum dues upfront
At close, the stock ended 2.68 per cent up at Rs 722.95 on the NSE. Earlier on Wednesday, the telecom operator paid Rs 8,312.40 crore to the Department of Telecom (DoT) for 5G spectrum. "The company believes that this upfront payment, coupled with the moratorium on spectrum dues and AGR related payments for four years, will free up future cash flows," Bharti Airtel said in an exchange filing.
Flipkart to pay Rs 1L fine for selling sub-standard pressure cookers
According to CCPA Chief Commissioner Nidhi Khare, the CCPA has directed Flipkart to notify consumers of all 598 pressure cookers sold on its platform, recall the pressure cookers and reimburse their prices to the consumers and submit a compliance report of the same within 45 days. The company has also been directed to pay a penalty of Rs 1,00,000 for allowing sale of such pressure cookers on its e-commerce platform and violating rights of consumers.
Reliance Jio, Voda step up hiring as 5G related job postings up 65%
Active jobs were up by 46 per cent, whereas job closures went up by 75 per cent in the same period, according to GlobalData's analysis of 175 companies globally. Reliance Jio is hiring for 'Lead 5G Core & Cloud Architecture' to support diverse use cases and core products for 5G. Vodafone Idea's posting for an 'AGM-Practice Lead-Smart Mobility' will be required to have experience in the smart mobility vertical and 5G-connected cars and electric vehicles.
5G tablet shipments grew 71% YoY in India in Q2: Report
According to Cybermedia Research (CMR), the shipment of tablets with an eight-inch display constituted 78 per cent of the overall shipments in the Indian market. On the other hand, tablets with 10-inch and above displays contributed to 227 per cent of the YoY shipments. "Driven by the 5G rollouts in the near future, we foresee an impetus in 5G tablet shipments in the tablet market, similar to the trends observed in the 5G smartphone market," Menka Kumari, Analyst-Industry Intelligence Group (IIG), CMR, said in a statement.
Rupee's upside may limit on corporate outflows; local unit ends 22 paise up
But, further appreciation of rupee can be capped by the corporate outflows lined up in this week. At the interbank foreign exchange market, rupee ended at 79.44 as against 79.66 close on the previous trading session on Friday against the US dollar. Indian financial markets were closed on August 15 and 16 on account of Independence day and Parsi New year.
Indices end higher for 4th straight session; Sensex tops 60,000 mark
At close, Sensex ended up 417.92 points or 0.70 per cent at 60,260.13, and Nifty ended 119.00 points or 0.67 per cent higher at 17,944.25. About 2,019 shares have advanced, 1,405 shares declined and 132 remained unchanged. BSE midcap ended up 0.64 per cent, whereas BSE SmallCap and BSE LargeCap closed 0.53 per cent and 0.71 per cent, respectively.
Few stocks in Jhunjhunwala portfolio still trading down
Stocks such as CRISIL trading 2.03 per cent down, Federal Bank was down 1.09 per cent, Karur Vyasa Bank was down 0.92 per cent, Escorts Kubota was down 0.39 per cent during the afternoon trade. However, the stocks which was sharply down on Tuesday, the first trading day after Jhunjhunwala's death, are trading up today.
Benchmark bond yield fell by 10 bps on easing crude oil prices
At 1.42 p.m., yield on 6.54 per cent -2032 bond were trading at 7.1696 per cent, sharply down from its previous close on 7.2894 per cent on Friday. Indian financial markets were closed on Monday and Tuesday on account of Independence Day and Parsi New year, respectively. "Easing crude oil prices and inflation print resulted in falling yields on bonds today," a dealer with a state-owned bank said.
Foodgrain production estimated to be record 315.72 MT, up by 4.98 MT in 2020-21
The fourth advance estimates of production of major agricultural crops for the year 2021-22 have been released by the Union Ministry of Agriculture and Farmers Welfare. The production during 2021-22 is higher by 25 million tonnes than the previous five years' (2016-17 to 2020-21) average production of foodgrains.
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