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In value terms, HDFC, Reliance Industries and HDFC Bank contributed to most of the gains on the Sensex.

Today's top business news: Stocks slip as virus fears persist, housing sales down 67% in April-June, traders bet on return of inflation, and more

The Hindu Net Desk Updates from the world of economy, markets, and finance

6hrs

Denial of COVID-19 moratorium benefit by banks should not affect viability of businesses: Karnataka HC

Krishnaprasad Court directs RBI to monitor enforcement of moratorium circular by banks, set up grievances redressal mechanism

4hrs

Worst over: Most customers had weathered the initial disruption and stabilised operations, the CEO said. REUTERS

TCS net falls 13.8% to ₹7,008 cr. as COVID-19 hurts Q1 margins

Special Correspondent Pandemic shrank all verticals save healthcare; impact has ‘bottomed out’: CEO

Ajay Prakash Sawhney

Make smartphones with Indian DNA: IT Secretary

Special Correspondent ‘Focus should now be on software’

Tata Steel sales slump 22.8% as pandemic hits demand, output

Image for representational purposes only.

e-Commerce portals reminded of ‘country of origin’ directive

Cognizant Chairman and Managing Director Ramkumar Ramamoorthy. File

Cognizant’s India chief Ramkumar Ramamoorthy resigns

Coronavirus | Mastercard commits ₹250 crore for SME related initiative

Kalyan Krishnamurthy, CEO, Flipkart Group. File

Flipkart Group invests ₹260 crore in Arvind Youth Brands

Special Correspondent Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products.

Representational image only.

Zoom plans to make significant investment, ramp up hiring in India: Official

PTI “Some of the misconceptions are disheartening, especially those about Zoom and China,” Zoom’s president of product and engineering Velchamy Sankarlingam said in a blog post, adding that Zoom is a U.S. company.

Opinion & Analysis

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PARLEY | Comment

Parley: Does the Budget do enough in providing a stimulus to growth?

Suresh Seshadri By not cutting spending despite constraints, the Budget ensures momentum doesn’t backslide

A government that is clueless on the economy

Pulapre Balakrishnan Listening to the Budget speech, one would hardly get any indication of either the economic slowdown or the unemployment rate, which is the highest in decades

A Budget exercise that is designed for stressed times

T.T. Ram Mohan The FM deserves credit for keeping the capital expenditure steady amid receipts shortfall; but her plan does not meet market expectations of sweeping reforms

Markets

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The rupee opened at 74.94 against the U.S. dollar, then gained further ground and touched 74.91 against the US dollar, up 11 paise over its previous close.

Rupee rises 11 paise to 74.91 against U.S. dollar in early trade

PTI Forex traders said positive domestic equities and weak U.S. currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.

Sensex jumps over 200 pts in early trade; Nifty tests 10,750

PTI Tata Steel was the top gainer in the Sensex pack, rising around 2%, followed by IndusInd Bank, Bajaj Finance, ICICI Bank, M&M, SBI and Axis Bank.

Economy

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Silver lining: Despite the drop in equity fund inflows, equity-linked savings schemes got ₹587 crore.

Equity Mutual Funds inflows tumble 95% in June on profit booking: AMFI

PTI Inflows decline for 3rd month in row; AUM rise to ₹25.5 lakh crore at end June

State governments are set to raise an additional ₹1.65 lakh crore by the end of September.

State borrowings set to rise 53% in first half: Care Ratings

Lalatendu Mishra In an indication of liquidity issues, 13 States are found to have raised ₹12,750 crore through auction of State Government securities or State Development Loans (SDLs) on July 7. This is ₹1,250 crore more than the notified amount since Punjab, Tamil Nadu and Telangana exercised the green shoe option, Care Ratings said in a note.So far in the current fiscal (April 7-July 7), 23 States and one UT have cumulatively raised ₹1.8 lakh crore via market borrowings, which is an increase of 75% from the

Industry

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Seven higher education institutions to introduce cloud computing curricula from Amazon

PNB reports fraud of ₹3,688.58 cr. in DHFL account

Union Bank reduces MCLR by 20 bps across tenors

Denial of COVID-19 moratorium benefit by banks should not affect viability of businesses: Karnataka HC

Rupee weakens by 17 paise against U.S. dollar in opening trade

Sensex down over 173 points in early trade; financial stocks drag

Today's top business news: Stocks slip as virus fears persist, housing sales down 67% in April-June, traders bet on return of inflation, and more

Updates from the world of economy, markets, and finance

Siemens Gamesa to make ‘next-gen’ wind turbines

They can adapt to India’s extreme weather conditions: official

Hitachi ABB wins ₹120-cr. CLW order

Hitachi ABB Power Grids India said it has won a ₹120-crore order from state-owned Chittaranjan Locomotive Works (CLW) for delivering transformers for

RIL to rebrand fuel stations as ‘Jio-BP’ for JV

BP and Reliance Industries Ltd (RIL) have announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Ltd.

Tata Steel sales slump 22.8% as pandemic hits demand, output

Consolidated production in April-June quarter falls 28.5%

Loyal Textile introduces ‘triple viral shield’ range

Partners HeiQ, RIL for coating, fibre

Make smartphones with Indian DNA: IT Secretary

‘Focus should now be on software’

Insurers see sharp slump in new business in Q1

First year life premium declines 18.6%

TCS net falls 13.8% to ₹7,008 cr. as COVID-19 hurts Q1 margins

Pandemic shrank all verticals save healthcare; impact has ‘bottomed out’: CEO

Country of origin tag a must: Ram Vilas Paswan tells e-commerce portals

The Ministry’s reminder to e-commerce portals is part of a concerted effort by the government to have ‘country of origin’ declarations on these websites.

Cognizant’s India chief Ramkumar Ramamoorthy resigns

To get into education, reskilling space

Rupee recovers to 74.99 against Dollar amid gains in equity markets

Forex traders said positive domestic equities and weak U.S. currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.

Markets resume upward march; HDFC twins, RIL sparkle

Bajaj Finance was the top gainer in the Sensex pack, spurting 3.93% , followed by SBI, Tata Steel, HDFC, Bajaj Finserv, HCL Tech and Axis Bank

Coronavirus | Mastercard commits ₹250 crore for SME related initiative

This is an extension of Mastercard’s expanded worldwide commitment to financial inclusion.

Flipkart Group invests ₹260 crore in Arvind Youth Brands

Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products.

Zoom plans to make significant investment, ramp up hiring in India: Official

“Some of the misconceptions are disheartening, especially those about Zoom and China,” Zoom’s president of product and engineering Velchamy Sankarlingam said in a blog post, adding that Zoom is a U.S. company.

Rupee rises 11 paise to 74.91 against U.S. dollar in early trade

Forex traders said positive domestic equities and weak U.S. currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.

Indian-origin business leaders in U.S. back ‘Black Lives Matter,’ call for racial, gender justice

Focus is on what can be controlled, they say

Sensex jumps over 200 points in early trade; Nifty tests 10,750

Tata Steel was the top gainer in the Sensex pack, rising around 2%, followed by IndusInd Bank, Bajaj Finance, ICICI Bank, M&M, SBI and Axis Bank.

Today's top business news: Stocks up over 1%, Zoom plans significant investment and more hiring in India, India’s GDP to contract by 3% in FY21, and more

Updates from the world of economy, markets, and finance

TVS Srichakra Director P. Vijayaraghavan passes away

Having joined the Sundaram Industries in 1969 at a young age of 21 years, he served the TVS Group for over five decades

Cipla’s pricing for Remdesivir among lowest

Drugmaker Cipla Ltd. has priced its generic version of Remdesivir, Cipremi, at ₹4,000 rupees per 100 mg vial, according to several sources, making it

SBI to invest ₹1,760 cr. in Yes Bank FPO

The executive committee of State Bank of India (SBI), the country’s largest lender, has approved a further investment of up to ₹1,760 crore in the

Amazon boosts India unit with $308 million infusion

Singapore arm contributes to capital

Tata Motors offers 6-month EMI holiday on 3 cars

Tata Motors has announced a financing scheme for its Tiago, Nexon and Altroz models, whereby customers can make nil down payment, avail a 6-month EMI

ICICI Bank to raise ₹15,000 crore

ICICI Bank Ltd. plans to raise ₹15,000 crore in capital through issuance of securities to shore up its capital base. “The board has approved raising

Rossari Biotech IPO to open on Monday

Rossari Biotech Ltd., a specialty chemicals manufacturer focusing on home, personal care and performance chemicals, will open its initial public

Equity Mutual Funds inflows tumble 95% in June on profit booking: AMFI

Inflows decline for 3rd month in row; AUM rise to ₹25.5 lakh crore at end June

Bharat Forge unveils AI-based health risk monitoring system to facilitate safe reopening

Bharat Forge Ltd (BFL), in collaboration with AI start-up Blackstraw, has introduced Health Risk Monitoring System (HRMS), an AI-based solution that

Data Ingenious Global rolls out a video conferencing platform

Rajasthan-based Data Ingenious Global Ltd. has rolled out a video conferencing platform ‘VideoMeet’ in a limited way and will enter into four more

COVID-19 impact for insurers may pave way for Pandemic Risk Pool

IRDAI forms 9-member panel to study, make recommendations on such a mechanism

ITI in talks with TCS for joint bid in BSNL 4G project

Aims to bid for all 5 zones in upcoming ₹9,000 crore tender

SC pulls up auto dealers on sale of BS-IV vehicles

‘Online sales, a misuse of relaxation’

Bumpy road ahead for auto dealers: study

Vehicle sales to drop 25% in FY21: Crisil

HC to hear suits versus Franklin Templeton

The Karnataka High Court on Wednesday issued formal notices to the Centre, the Securities Exchange Board of India and Franklin Templeton group

State borrowings set to rise 53% in first half: Care Ratings

In an indication of liquidity issues, 13 States are found to have raised ₹12,750 crore through auction of State Government securities or State

Govt. to infuse ₹12,450 cr. in 3 state insurers

The Cabinet on Wednesday approved a capital infusion of ₹12,450 crore into three public sector general insurance companies to make them more

Insurers get IRDAI nod to extend loan moratorium

Interest will continue to accrue, it says

Tata Motors offers 6-month EMI holiday on Tiago, Nexon and Altroz

Tata Motors has announced a financing scheme for its Tiago, Nexon and Altroz models whereby customers can make zero down payment, avail a 6-month EMI

Scaler Academy to hire 500 instructors this year

The instructors will help upskill 50,000 learners — young software engineers — to better deal with the changed job scene owing to COVID-19.

Government approves ₹12,450-crore capital infusion in three State-run general insurers

The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the additional capital, Information and Broadcasting Minister Prakash Javadekar said.

Coronavirus | Bharat Forge unveils AI-based Health Risk Monitoring System

The solution has been developed to empower workplaces with worker safety once they reopen.

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