BUSINESS
5G spectrum receives bids worth Rs 1.49 lakh cr on Day 2
Vaishnaw expressed happiness over the response received for the pricey 700 MHz band, which was left unsold in the last auctions. The spectrum bidding will continue on Thursday. Bands such as 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2500 MHz, 3300 MHz, and 26 GHz saw biggest investment bids.
Reduction in rice, cereals sown area worrisome: Bank of Baroda
The sowing area for rice declined by 17.4 per cent. According to the report, the uptick in the rainfall has resulted in pick-up of kharif sowing which rose by 0.1 per cent. Out of 36 subdivisions, only 7 have received deficient rainfall during this period. "However, there has been uneven distribution of rainfall and there is growing concern that this might translate in to lower sowing, resulting in lower production.
DGCA orders Spicejet to operate only 50% of its flights for eight weeks
"In view of findings of various spot checks, inspections and the reply to the show cause notice submitted by SpiceJet, for continued sustenance of safe and reliable air transport service, the number of departures of SpiceJet are restricted to 50 per cent of the number of departures approved under Summer schedule 2022 for a period of eight weeks," said the Director General of Civil Aviation (DGCA) in an order.
Rupee falls 13 paise to 79.91 against dollar ahead of US Fed meeting
"Rupee traded weak by 0.10 points at 79.90 drawing down on back of crude strength as Brent crossed above $104$ keeping pressure on rupee. Fed policy later in day shall give further impetus to dollar as any hawkish stance gives support to dollar and neutral statement can bring down the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Rs 70,000 crore lying unclaimed with banks, insurers, MFs
In the case of banks, the unclaimed amount is over Rs 48,200 crore at the end of FY22, according to a Reserve Bank of India (RBI) report. The unclaimed deposits in the banks - deposits-SB/CA/fixed, not claimed for 10 years, was over Rs 48,200 crore last year, up from about Rs 39,200 crore in 2021 and about Rs 24,000 crore in 2020, as per the report.
Maruti Suzuki posts PAT of Rs 1,012 crore
According to Maruti Suzuki, its revenue from operations stood at about Rs 25,286 crore and it posted an after tax profit of about Rs 1,012 crore for the period ended June 30, 2022. For the previous year's corresponding period the company's operational revenue was at about Rs 16,798 crore and the net profit was about Rs.440 crore. The car maker sold a total of 467,931 (domestic 398,494 units, exports 69,437 units) vehicles during the quarter under review.
India at 5th spot for lowest mobile data prices worldwide: Report
Amid the 5G spectrum auction, India has been ranked fifth for the cheapest mobile data pricing in the world, says a new report. According to the report by Cable.co.uk, the five cheapest countries in terms of the average cost of 1 GB of mobile data are Israel ($0.04), Italy ($0.12), San Marino ($0.14), Fiji ($0.15), and India ($0.17) in the Worldwide Mobile Data Pricing 2022 list.
Tencent pips Sony, Apple in 'strategic' gaming investments
Tencent invested in gaming companies in the US, Europe and South Korea. "Data from ITjuzi compiled by Nikkei shows that 40 per cent of Tencent's investment deals in the first half of 2022 were outside China, a large jump from the 18 per cent share for all of 2021," the report noted. Tencent took this route to avoid larger scrutiny, as it is a Chinese firm.
China smartphone sales hits new low, Honor fastest growing
The last time the sales were lower than this point was nearly a decade ago in Q4 2012, when the iPhone 5 was introduced. With a 19.8 per cent share, Vivo retained its first place in Q2, followed by Honor (18.3 per cent) and OPPO (17.9 per cent), according to Counterpoint Research. The quarter's volumes were 12.6 per cent lower than the level seen during the severe pandemic-hit Q1 2020.
Indian EV industry attracted $1.7 bn of PE/VC funds in 2021: IVCA
According to IVCA President Rajat Tandon, a sum of $1.7 billion was invested by private equity funds and venture capitalists in the Indian EV sector, while during 2022, the investment has touched $66 million so far. The IVCA also launched a report on 'Electrifying Indian Mobility' in partnership with EY and IndusLaw which estimated the Indian EV industry to create over 10 million direct and 50 million indirect jobs by 2030.
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