BUSINESS
Russia lowers interest rate to 8%
The bank said it will consider the necessity of further rate cuts in the second half of 2022, and its next rate review meeting will be held on September 16. Russia drastically raised the key interest rate from 9.5 per cent to 20 per cent on February 28 to support financial and price stability and protect the savings of citizens from depreciation, just four days after it launched its invasion of Ukraine. The central bank slashed the rate to 17 per cent on April 8, to 14 per cent on April 29, to 11 per cent on May 26 and to 9.5 per cent on June 10.
FIIs turning positive boosts stock markets
Domestic equities continued its northbound journey on the back of positive global cues and better than expected 1QFY23 earnings. Nifty opened higher and sustained momentum to close near day's high with gains of 114 points (0.7 per cent) at 16,719. Barring IT, pharma and oil & gas, all other sectors ended in green with banking and financial services being top gainers, up more than 1 per cent.
Reliance Jio posts robust set of numbers for Q1 FY23
As per the results, Reliance Jio revenue from operations jumped 21.6 per cent to Rs 21,873 crore compared to Rs 17,994 crore in the June 2021 quarter. The pre-tax profits were up by 23.9 per cent to Rs 5,818 crore compared to Rs 4,695 crore in June 2021. The net profit for the quarter was up 23.8 per cent to Rs 4,335 crore compared to Rs 3,501 crore in the corresponding quarter of last year.
Reliance Industries posts record consolidated revenues at Rs 2.42 lakh crore in Q1 FY23
The consolidated Net Profit for the quarter was Rs 19,443 crore ($2.5 billion), higher by 40.8 per cent. EPS for the quarter was Rs 26.6 per share which increased by 42.7 per cent. Reliance's exports for the quarter was Rs 96,212 crore ($12.2 billion), higher by 71.3 per cent. RIL's capital expenditure (including exchange rate difference) for the quarter ended 30th June, 2022 was Rs 31,434 crore ($4.0 billion).
QR code labelling on electronics items to start soon: Top industry body
Last week, the Department of Consumer Affairs announced the first step to simplify labelling using digital QR code under a law that is over 30 years old. "The industry will start working alongside the government to start transforming labelling on electronics commodities over the next one year," said Pankaj Mohindroo, Chairman of ICEA.
Indian fintech ecosystem plugged corruption, leaks: Rajeev Chandrasekhar
India is among the world's fastest growing fintech markets with 6,636 startups. The Indian fintech industry's market size was $31 billion in 2021 and has the highest fintech adoption rate at 87 per cent. "There was a time when it was openly admitted that out of every Rs 100 disbursed by the government from Delhi, only Rs 15 reached the beneficiary, and the remaining of money got mysteriously siphoned off.
'Railways suffered loss of Rs 259.44cr during Agnipath protests'
"Separate data regarding the amount of refund granted to passengers due to disruption of rail services on account of public disorder consequent to agitation like those held after launching of Agnipath scheme is not maintained. However, during the period June 14 to 30, a total refund of approximately Rs 102.96 crore was granted on account of cancellation of trains," Vaishnaw said.
Demand for India's rice likely to shoot up in global market as floods hit crop in Southeast Asian nations
Even as sowing of the grain in India this year is estimated to be 17 per cent lower due to inadequate rains in states such as Bihar and Orissa, analysts said that there is no cause for any worry as the country is sitting on adequate stocks from last year. However they maintained that New Delhi must refrain from taking any "sudden decisions."
'You buy an umbrella to use when it rains': RBI Governor on using forex reserves
Das said in recognition of the fact that there is a genuine shortfall of supply of forex in the market relative to demand because of import and debt servicing requirements and portfolio outflows, the RBI has been supplying US dollars to the market to ensure that there is adequate forex liquidity. "After all, this is the very purpose for which we had accumulated reserves when the capital inflows were strong.
Smartphone shipments fall 5% in India in Q2 amid dwindling demand
Xiaomi retained its market-leading position, shipping 7 million units, despite experiencing another quarter of both annual and sequential decline. With 6.7 million shipments, Samsung came second, pulling closer to Xiaomi, according to market research firm Canalys. Remaining in third place, realme shipped 6.1 million units, while vivo and OPPO completed the top five, shipping 6 million and 5.5 million units, respectively.
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