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Windfall tax to cut RIL & ONGC profits, govt will earn 94,800 crore: Moody's

The windfall taxes on domestic crude oil production and fuel exports will generate close to USD 12 billion ( 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. Read more

International oil price falls as recession fears boost fuel demand concerns

Oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. Read more

Instant loan apps charged 25% interest rate from 58% Indians

At least 58% of Indian citizen were charged an annual interest of over 25 percent, when they or someone in their family/household staff took a loan using instant loan apps in the last 2 years, a report published by community driven social media platform Local Circles showed. Read more

Indians prefer to buy television sets online

Most Indians prefer buying television sets online these days, medium with three of five offline buyers keen on exploring their next TV purchase online. Among online buyers, Amazon is the most preferred online site for the purchase, while Croma is the preferred destination for offline buyers, according to data from Cyber Media Research (CMR). Read more

Zyla Health raises $1 mn in pre- Series A round

Personalized care management platform, Zyla Health on Tuesday raised fresh funding to the tune of $1 million as part of its pre-series A round led by seeders and prominent angel investors, to accelerate its growth. Read more

Nifty hits 16,000 for first time in a month; Sensex up 600 points

Nifty hit the 16,000 level for the first time since 10 June, while Sensex jumped 550 points amid positive Asian cues on Tuesday. Read more

India services growth in June fastest in more than 11 years: PMI survey

India's dominant services sector expanded at the fastest pace in over 11 years in June amid improvements in demand conditions, according to a private survey. But inflation remained a concern as prices charged rose at the sharpest rate in almost five years, the survey showed. Read more

LIC fixes record date for its dividend payment

While unveiling its first earnings post listing, India's biggest insurer and largest domestic financial investor Life Insurance Corporation of India also announced a dividend of 1.50 per share with a face value of 10 each, which is subject to shareholders’ approval at its upcoming annual general meeting (AGM). Read more

Gold prices today rise to over 2-month highs, silver rates jump

Gold rates in India continued their recent uptrend with futures on MCX hitting over two-month high of 52261 per 10 gram, up 0.2% from previous close. Silver futures rose 0.5% to 58,780. Despite inflation and growth worries, gold has been under pressure in the past few months amid rate hikes by central banks to tame runaway inflation. Read more

LIC shares: Motilal Oswal initiates coverage with 'Buy' tag

Life Insurance Corporation (LIC) has maintained its market leadership position in the life insurance industry underpinned by its strong brand, vast distribution, and superior customer-connect despite the advent of a large number of private players. Read more

Mint Morning Digest

Stocks, US Futures advance amid tariff speculation

Most Asian stocks rose Tuesday along with US equity futures amid speculation the Biden administration could scrap some Trump-era tariffs on Chinese consumer goods. Read more

Trading dries up on India crypto exchanges as new tax kicks in

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Read more

Trade deficit at a record in June amid rupee slump

India’s trade deficit widened to a record in June, adding further pressure on the Indian currency, which has hit new lows against the dollar in the past weeks. Read more

Market  regulator  shifts focus to monitoring AIFs

The Securities and Exchange Board of India (Sebi) is often criticised for failing to enforce regulations on alternative investment funds (AIFs) with consistency. However, a recent Sebi order indicates a change in approach and shows that perhaps monitoring, investigation, and enforcement with regard to such funds is increasing. Read more

New norms disallow service fees at eateries

The government on Monday dealt a blow to restaurateurs across the country with the Central Consumer Protection Authority (CCPA) disallowing them from adding a service charge to food bills. Read more

NSE’s international exchange finds few takers for US stocks

NSE International Exchange, or NSE IFSC Ltd, offers trading in 50 popular US stocks such as Apple, Amazon, and Tesla. Yet, investors don’t seem impressed—none of the scrips has witnessed active trading over the past few sessions, data from the company’s website showed. Read more

Crypto startups are betting on rewards, cashbacks, ETFs

Cryptocurrency and investment startups are betting on cashbacks, rewards, fixed interest investment schemes and exchange-traded funds (ETFs) to keep trading volumes from falling drastically as the government enforces its new tax deducted at source (TDS) rule.The government had announced a 1% TDS on crypto transactions effective 1 July. Read more

 

 

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