After the massive sell-off since October, foreign portfolio investors (FPIs) are no longer the biggest non-promoter-shareholders in top Indian companies. This has happened for the first time in over a decade. “At 25.6 per cent ownership of India’s largest 75 companies, domestic investors are now larger holders than FPIs for the first time since 2010,” said Morgan Stanley strategists Ridham Desai, Sheela Rathi and Nayant Parekh in a note.
Posts tagged Rediff
Data protection bill: New law by next Budget session (04-08-2022)
After withdrawing the personal data protection bill, the government is hopeful of getting a new legislation passed by the next Budget session of Parliament, Union minister Ashwini Vaishnaw has said. The government on Wednesday withdrew the Personal Data Protection Bill from the Lok Sabha. The Joint Committee on Personal Data Protection Bill, 2019, headed by BJP member P P Chaudhary, had tabled its report in Lok Sabha on December 16, 2021.
Lack of charging stations may short-circuit EV drive (04-08-2022)
Only a few thousand chargers dot the Indian landscape, some in working condition, others not, with some held hostage to the power supply vagaries of local utilities, reports S Dinakar.
RBI may raise interest rate on Friday (03-08-2022)
The Reserve Bank of India’s rate-setting panel on Wednesday began its three-day deliberations on the next bi-monthly monetary policy amid expectations of at least a 35-basis-point hike in the interest rate to check high inflation. If raised, it will be the third consecutive hike in the repo rate — the short-term rate at which the RBI lends money to banks. The central bank has already announced to gradually withdraw its accommodative monetary policy stance.
June credit card spends remain above Rs 1 trn (03-08-2022)
Credit card spends in June, although down marginally month-on-month (MoM), remained above the Rs 1-trillion mark for the fourth consecutive month. In June, credit card spends topped Rs 1.09 trillion, down 4.34 per cent MoM, revealed the data released by the Reserve Bank of India (RBI). However, on a year-on-year basis, spends were up 73 per cent. In May, credit card spends hit an all-time high, reaching Rs 1.14 trillion.
Swiggy launches industry-first ‘Moonlighting policy’ (03-08-2022)
Food ordering and delivery platform Swiggy on Wednesday said it has introduced an industry-first ‘Moonlighting policy’, wherein employees can take up external projects for pro-bono or economic consideration based on internal approvals. “This could encompass activity outside of office hours or on weekends that does not impact their productivity on the full-time job or have a conflict of interest with Swiggy’s business in any way,” a company release said. Moonlighting policy allows employees to work second jobs, outside normal business hours of the primary job, under certain conditions.
Sensex, NSE bounce back on fag-end buying (03-08-2022)
Equity benchmarks staged a comeback during the fag-end of trade on Wednesday, with the Sensex climbing over 214 points amid continuous foreign fund inflows and a largely positive trend in global markets. Buying in IT counters and Reliance Industries added to the momentum. In a volatile session, the 30-share BSE benchmark ended 214.17 points or 0.37 per cent higher at 58,350.53.
Services sector growth falls to 4-month low in July (03-08-2022)
India’s services sector lost momentum in July as demand was curtailed by competitive pressures, elevated inflation and unfavourable weather, a monthly survey said on Wednesday. The seasonally adjusted S and P Global India Services PMI Business Activity Index fell from 59.2 in June to 55.5 in July, pointing to the slowest rate of growth in four months. For the 12th straight month, the services sector witnessed an expansion in output. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Windfall tax on diesel, ATF export cut (03-08-2022)
The government has halved the windfall tax on the export of diesel and scrapped the levy on jet fuel (ATF) shipments but raised the tax on domestically produced crude oil. The tax on the export of diesel was cut to Rs 5 per litre from Rs 11, according to an official notification issued on Tuesday evening. Export of petrol will continue to attract nil tax. The tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd.
Wheat, pulses, LPG topped inflation charts in June (03-08-2022)
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.