BUSINESS
Benchmark indices fall marginally after rising for six straight days
At close, Sensex ended down 51.73 points or 0.09 per cent at 58,298.80, while Nifty ended lower by 6.15 points or 0.04 per cent at 17,382.00. Both the indices were trading in green in the early trade due to gains in information technology stocks, but turned negative in the latter part of the day. State Bank of India, Axis Bank, Kotak Mahindra Bank, among others, were the top losers on Sensex on Thursday.
Indian rupee falls 30 paise to close at 79.46 against US dollar
At the interbank foreign exchange market, the rupee opened at 79.21 and then fell to 79.46 against the US dollar. The rupee ended at 79.16 against the dollar on Wednesday. Market participants said that most traders remained cautious ahead of the Reserve Bank of India's (RBI) monetary policy due on Friday. "Rupee dragged lower below 79.75 as volatility increased in the market on the back of geopolitical issues which may arise between US-China conflict over Taiwan.
New PDP Bill must address cross-border data flow, tax evasion, cryptos: Industry
IT industry's apex body Nasscom said that data is the bedrock for 'Digital India' and the new framework can build on the learnings from global implementation of data privacy laws and stakeholder feedback on the earlier bill. "The key imperatives will be to operationalise the fundamental right of privacy and enable data protection in a manner that grows trust in data driven businesses and allows data led services to grow in a safe and trusted manner," Nasscom said in a statement.
Quality infra key to build robust global value chain linkages in India: Report
The most urgent policy change required to support GVC integration is investing in quality infrastructure -- both physical (such as power supply and transport networks) and digital (such as clarity on data rules and data centres), according to the report jointly published by the Observer Research Foundation (ORF) and ORF America.
ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23
The Company's EPS increased by 22.7 per cent to Rs 33.2 in Q1 FY2023 against Rs 27.0 in Q1 FY2022. The quarter saw an increase in global inflation; this coupled with the upward revision of the repo rate during the quarter, has translated into increasing bond yields. The employee benefit expenses registered a decline of 2.1 per cent to Rs 28.4 crore in Q1 FY2023, accounting for 35.4 per cent of the company's total income.
Reliance Jio may launch 5G services in India on Independence Day
"Jio is committed to offering world-class, affordable 5G and 5G-enabled services. We will provide services, platforms and solutions that will accelerate India's digital revolution, especially in crucial sectors like education, healthcare, agriculture, manufacturing and e-governance," Akash Ambani had emphasised after emerging as the leader in the 5G spectrum auction, including the pricey 700 MHz band.
Companies rushed to raise funds via CP to lock in lower rates ahead of RBI policy
According to the data compiled from market sources, companies raised Rs 37,920 crore through commercial papers (CP) since July 25, with highest being raised on July 27 worth Rs 13,425 crore. Small Industries Development Bank of India raised Rs 9,450 crore, the highest among all the companies who raised funds in last few days, which was followed by Reliance Jio Infocomm Ltd raising Rs 6,450 crore, Hindustan Petroleum Corp Ltd raising Rs 5,400 crore, and Larsen and Toubro Ltd raising Rs 5,000 crore.
India diversifying its oil import sources'
In a report, S&P, citing sectoral experts, said India is keen to explore such opportunities in other Latin American countries. "Besides expanding strategic petroleum reserves and diversifying its crude supply sources, the government is making effort to bring oil from overseas equity assets in the event of a supply disruption," said Lim Jit Yang, advisor for Asia-Pacific oil markets at Platts Analytics.
Liquor traders unwilling to place bulk orders, leading to shortage in Delhi
The liquor traders are afraid that if they place orders in bulk, they will be under pressure to clear the inventory anyhow by the end of this month after their licence expires on August 31. The capital city is not experiencing the liquor crisis for just premium brands, even the non-premium brands are not available at many outlets. Meanwhile, a total of six zonal licensees have opted out of the extension and surrendered their licences even as private shops reopened on Tuesday after LG V.K. Saxena's approval for one month extension. It has resulted in the closure of 126 stores out of the total 468 that were presently operating in the city.
ED attaches Rs 105.32 cr bank balances of fintech firms having Chinese links
The ED initiated money laundering investigation on the basis of various FIRs registered by Cyber Crime police station, Hyderabad under various sections of IPC and section 67 of IT Act, following suicides by various persons over alleged harassment for loan repayments.
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