Economy
Global cues, profit booking pulls equities down
Weak global cues triggered profit booking. Besides, selling was broad-based as most of the sectoral indices on both the key indices closed in the red. The S&P BSE Sensex closed at 52,568.94, lower by 485.82 points, or 0.92 per cent, from its previous close of 53,054.76. It had opened at 53,065.69 and touched an intra-day high of 53,103.03 and a low of 52,428.84 points.
DBS India grows profitability despite Lakshmi Vilas Bank amalgamation impact
In FY21, the bank's net revenues grew by 85 per cent to Rs 2,673 crore (including Rs 134 crore from the Lakshmi Vilas Bank (LVB). The results also include the LVB's performance since November 20, 2020, the date when it amalgamated with the DBIL. The bank's profit before tax rose to Rs 679 crore from Rs 170 crore in FY 2020. This is despite absorbing the LVB's pre-tax losses of Rs 341 crore.
Zomato's IPO opens on July 14, price band fixed at Rs 72-76
A company statement said that the price band of the offer has been fixed at Rs 72 to Rs 76 per equity share. Bids can be made for a minimum of 195 equity shares and in multiples of 195 equity shares thereafter. The IPO consists of fresh issue aggregating up to Rs 9,000 crore (fresh issue) and an offer for sale by Info Edge (India) Ltd aggregating up to Rs 375 crore (offer for sale).
Global gold ETF flow subdued in June at 2.9 tonne
A report by World Gold Council (WGC) said that inflows into North American and Asian funds were primarily offset by outflows from European funds. "Overall, the positive flows came in spite of significant gold price weakness in the latter half of the month on the heels of a relatively hawkish Federal Reserve (Fed) outlook, suggesting that investors may have taken advantage of the lower price level to gain long gold exposure," it said.
JSPL reports record steel production during Covid 2.0
JSPL's steel production during the April-June quarter of the fiscal surged 20% y-o-y to 2.01 million tonnes (June 21 - 0.64 million tonnes), marking a record first quarter production and second highest quarterly production ever. The company said that the decision to divert oxygen towards saving precious lives led to production getting impacted slightly, still it was able to produce more than before.
Edtech firm upGrad earmarks $250 mn for M&A, non-linear growth
upGrad is set to cross $500 million annual revenue run rate by March 2022 and is looking to raise close to $400 million at a $4 billion valuation. "Outside of cash, we see a very strong value currency in our stock to look to merge/acquire companies with exceptional founders who will join us as fellow entrepreneurs to build this out over the next decade," said Ronnie Screwvala, Co-founder, and Chairman, upGrad.
Myntra's day 1 of EORS brings joy of shopping to 12L customers
Nearly 53 per cent of first-time customers came from Tier 2-3 and beyond making their first purchase on Myntra, giving the 14th edition a major fillip. In the biggest ever spike, one million new customers installed the Myntra app, making the most of the day 1 value offers. Myntra witnessed 6 times growth over BAU on the first day, with a majority of shoppers placing orders for men's casual wear.
Info Edge halves its OFS size in Zomato IPO to Rs 375 cr
In a regulatory filing on Sunday, Info Edge (India) said that the Committee of Executive Directors has approved the reduction in the size of the offer for sale by the company. The Board of Directors of Info Edge had in April approved for its participation in the offer for sale of up to such number of equity shares of Zomato, as would aggregate up to Rs 750 crore.
Chaos and unrest in jewellery industry
On June 15, All India Gem & Jewellery Domestic Council (GJC), along with the expert committee of hallmarking had a detailed meeting with Union Minister of Consumer Affairs Piyush Goyal and DG BIS Pramod Tiwari wherein many of the key concerns pertaining to Hallmarking regime were discussed and agreed upon, while mandatory Hallmarking was being implemented w.e.f. June 16.
Payments made in advance may not absolve you from TDS/TCS provisions
In a clarification issued by the Central Board of Direct Taxes (CBDT), it said that since the threshold of Rs 50 lakh for the payment of TDS or TCS is with respect to the previous year, calculation of sum for triggering TDS under Section 194Q shall be computed from April 1, 2021. The Finance Act, 2021 inserted a new Section -- 194Q -- in the Income-Tax Act, 1961, which took effect from July 1, 202I.
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