Business
No cuts in Interim Budget allocations: Nirmala
The FM also said that prices of essentials have come down due to steps taken by the government to contain inflation
RBI Bars Paytm Bank from Offering Banking Services After February 29
Paytm customers can continue to utilise balances from their accounts, including savings and current without restriction
Union Cabinet approves subsidies for fertilisers
Govt approved implementation of 'PM-Surya Ghar: Mufti Bijli Yojna' rooftop solar scheme, allocating over Rs 75,000 cr for its execution
NDA revived economy after UPA mess: Centre
UPA grossly mismanaged economy: FM
India emerges fourth largest stock market
Edges Hong Kong with $4.4 tn market capitalisation
Economy
Nirmala meets IMF chief; discusses impact of geopolitical situation on global growth
IMF chief highlighted India's well-targeted policy mix which helped the country's economy remain resilient even with a limited fiscal space
GST Council puts off compensation decision till August
A final decision is likely to be taken at the next meeting of the council in the first week of August
RBI hikes benchmark lending rate by 35 basis points to tame inflation
This is the fifth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June, August and September
Insurers pruning branch networks
The government's focus has now shifted more towards consolidation and profitability than expansion, and hence, the restructuring exercise
Lok Sabha passes Finance Bill
The Union Budget 2022-23 had proposed taxing crypto assets at the rate of 30 per cent, effective from April 1
Market
Relief packages buoy stock market
The Nifty-50 closed above 17500 for the first time as it gained 139.45 points or 0.80 per cent to close at 17519.45
Brokers can’t sell digital gold, NSE says
The direction came after the Sebi said certain members are providing a platform to their clients for buying and selling digital gold
Sensex slumps 617 pts; Nifty falls below 17,000
Asian markets in Tokyo, Hong Kong, Seoul and Shanghai settled significantly lower
Inflation falls for 3rd month
There has been a marginal slowdown in output in almost all the segments, including manufacturing
Fuel price hike: Mumbai becomes first metro city to see diesel price cross Rs 100
The price of petrol in Delhi rose to its highest-ever level of Rs 103.84 a litre and Rs 109.83 per litre in Mumbai
Companies
Google to invest USD 1 bn in Airtel; to buy 1.28 per cent stake for USD 700 mn
Google made the investment as part of its Google for India Digitization Fund
India’s anti-money laundering agency summons Amazon
We are in receipt of summons issued by the ED in connection with the Future Group, an Amazon spokesperson said
Sebi approves LIC draft papers; clears decks for mega IPO
The IPO is offer for sale (OFS) by Government of India and there will be no fresh issue of shares by LIC
BMW bullish on expanding Indian luxury market
BMW, IIndia's second largest German luxury car maker, is targeting strong double digit growth this year
Amazon boosts hourly pay to over $18, to hire 125,000 workers
Amazon did not give exact figures, but a $1 raise on a $17-per-hour wage would amount to about a 6% hike
Autos
Hyundai vs Tesla: Hyundai race to produce electric cars as Tesla takes off
No traditional automaker has been successful yet in catching up with Tesla, which retains an edge in battery and software technology
Ashok Leyland resumes production across India
The commercial vehicle major will be ensuring all the necessary health and safety protocols with regard to COVID-19 in its facilities
India's car sales plunge amid lockdown
Government last week sent India into a 21-day lockdown to try to curb the spread of the virus, forcing automakers to suspend manufacturing
BMW records first loss since 2009 as pandemic hits sales
The company reported an operating loss of 666 million euros, compared with an operating profit of 2.1 billion euros in 2019
Bajaj Auto focuses on exports as India battles COVID-19 pandemic
Between January and June, it exported 6,64,000 motorcycles while selling 5,89,000 in India, company data showed
In Other News
IndiGo slashes pay up to 35% for senior employees
From May onwards, IndiGo had implemented pay cuts of up to 25 per cent for its senior employees
India, Australia ink trade pact, Modi calls it 'historic moment'
Tariffs on goods of both countries to be removed or reduced
Net Direct Tax Collection Surges by 19%
The government has budgeted to collect Rs 18.23 lakh crore from direct taxes, 9.75% higher than Rs 16.61 lakh crore mopped up last fiscal
Mukesh Ambani buys Dubai's costliest home ever for his son
The beach-side mansion sits in the northern part of Palm Jumeirah and has 10 bedrooms, a private spa, and indoor and outdoor pools
Largest UK delegation expected at Bengal Global Business Summit
The UK, in collaboration with the Bengal Chamber of Commerce and Industry, will facilitate business-to-business meetings during the summit