Market and Business News

New Delhi, 25 June 2021 Friday Anurag Thakur said that in the case of FY 2019-20 and subsequent FY, if an employer pays money to an employee or another person for treatment of Covid 19, the recipient will be exempted from tax on that amount. . Similarly, in the event of death due to Covid-19 in the financial year 2019-20, in case of ex gratia payment made by the employer to the family of the employee or any other person to the family of the other, the receiving family will be exempted from tax on this. But the condition is that the limit of ex gratia payment given by one person to another person's family should be Rs 10 lakh. However, there is no limit to the ex gratia payment received from the employer. Apart from this, the government has extended the last date for linking Aadhaar with PAN by three months to September 30. The government extended several tax-related deadlines for tax deductions, including investments in residential buildings, payments under the Dispute Resoluti

MUMBAI: India's crude oil imports from the Middle East hit a six-month low in May. The government's instruction to rely on other markets for crude oil supply in the country has resulted in a decline in oil imports from Middle Eastern countries. The Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia ignored the government's request to ease restrictions on crude oil supplies to India, and the government instructed refineries to look to other markets for crude oil imports. Saudi Arabia is a major exporter of crude oil. India is the third largest importer of oil in the world. In May, India's daily crude oil imports stood at 3 lakh barrels per day. The share of Middle Eastern countries in these imports fell to 8.50 per cent, the lowest since April 2016. In April, 2.50 per cent of India's total crude oil imports came from the Middle East. Saudi Arabia, India's second-largest supplier after Iraq, has seen its imports fall by 5 per cent year-o

(Commercial Representative) MUMBAI: Reliance Retail's business is expected to triple in the next three to five years, according to Reliance Industries CMD Mukesh Ambani. Reliance's retail business is one of the fastest growing retailers in the world. The company is committed to ranking its business in the top 10 retailers in the world. He said that Reliance Retail has not only saved employment but also created 5,000 new jobs. Addressing the company's AGM, Mukesh Ambani said that Reliance Industries has invested in state-of-the-art supply chain infrastructure by connecting all major sources and outlets across India. Which will maximize efficiency and minimize losses in the supply chain. This will enable both consumers and manufacturers to share the benefits. Reliance has recently acquired NetMeds, Urban Ladder and Zivem, continuing acquisitions for the rapid growth of its retail business. The deal with Reliance Industries as well as Saudi Aramco will be completed this yea

(Gujarat News Office) MUMBAI: Silver prices rose sharply in the Mumbai gold and silver market today as gold prices fell amid two-way volatility. Silver prices in the world market were reported to have crossed the level of 4 an ounce. In Ahmedabad jewelery market, silver prices rose by Rs 200 per kg to Rs 30,000 today. Silver rose by લર 4.5 to ૮૯ 7.5 an ounce and traded at ૬ 2.05 to ૭ 2.08 an ounce today. Meanwhile, gold prices in the world market rose by ૭૮ 151 to ૭૮૨ 16 an ounce from ૭૮ 16 to ૭૮૭ 16 an ounce today, but gold prices remained sluggish in the jewelery market as the dollar weakened against the rupee in the domestic currency market today, market analysts said. Meanwhile, gold prices in the Ahmedabad market today fell by Rs 100 per 10 grams to Rs 200 from Rs 8.50 and Rs 900 from Rs 7.50. Platinum was trading at ૯૫ 105 to ૯૬ 105 an ounce, up from ૯૨ 105 to ૯૩ 105 an ounce, while palladium was quoted at ૨૬૩૬ 5 to ૨૬૩૭ 8 an ounce, hitting ૨૫૯૪ 6 to ૨૫૯૪ 8 an ounce. There wa

(Gujarat News Correspondent) MUMBAI: At the end of June trends in derivatives, funds, experts led by IT-software services, technology stocks booked broad gains in side market small, mid-cap stocks against the bullish trend of the Sensex-Nifty-based market. Addressing the 9th Annual General Meeting (AGM) of Reliance Industries today with the end of June trend, Mukesh Ambani said the group plans to invest Rs 300 crore in the clean NG sector in three years by introducing a strategy of rapid growth in the retail NG sector. Profit bookings in Reliance stocks today limited the index-based rally in the market despite the announcement of the plan. Along with this, rising prices of crude oil and rising prices of petrol and diesel were also expected to have a negative impact on the economy. Of course, in IT stocks as well as metal-mining, banking-finance stocks, the Sensex jumped 4.5 points to close at 9 and the Nifty jumped 104.60 points to close at 190.8. Sensex ready to jump above 5000 leve

(Gujarat News Office) MUMBAI: Cingulum oil prices in the Mumbai oilseeds market softened today behind the scenes. Cottonseed oil prices were also on the rise. Among imported edible oils, palm oil and soyoil prices declined today. Against sunflower oil prices were rising. World market news showed a softening in edible oils. Prices were also seen under pressure in various futures today behind the domestic spot market. New demand was also very low in the Hajdar market today. In the Mumbai spot market, the price of 10 kg of cingulum oil fell from Rs 1,215 to Rs 150 today, while the price of cottonseed oil fell further by Rs 150 to Rs 150. Mustard prices, however, remained calm at Rs 150 and refined at Rs 150. Meanwhile, manufacturing companies today saw a further fall of Rs 150 to Rs 12 to Rs 150 to Rs 12 per kg of washed cotton, while prices of cingulum oil were reported to be between Rs 15 to Rs 1,200 and Rs 200 to Rs 50 per 15 kg amid a slow decline. Meanwhile, in the Mumbai spot ma

New Delhi: Flight cancellations tripled in April compared to April due to other restrictions, including lockdown in the second phase of the epidemic. The number of passengers, on the other hand, also declined. According to data released by the DGCA, a total of 4.5 per cent flights were canceled in April. During the month, flights were canceled by an increase of 3%. Thus the cancellation rate was tripled. The highest number of flight cancellations was recorded by the taxi company. This was followed by Air India's 14 per cent, Vistara's 4.5 per cent and other companies' flights of 1 to 5 per cent. Due to the increasing number of transit restrictions, many passengers had to cancel their flights and airlines had to cancel their flights. Apart from this, 13 per cent of the cancellations were due to bad weather, 2.6 per cent due to operational complications and 1 per cent due to technical reasons. The number of air passengers also dropped drastically during this time. In Ap

Mumbai: The financial position of insurance companies has come under pressure as a result of the sharp rise in insurance claims due to the Corona epidemic in 2020. To alleviate this pressure, health insurance companies are increasing the premiums of group insurance. This increase is seen to be between 5 and 20 per cent. Companies that have adopted a work-from-home policy will not see a significant increase in group insurance premiums because of the lower risk of illness for employees working from home. In comparison, group insurance premiums will be higher for companies operating in the field. The epidemic of corona has also invited other ailments such as mental disorder, heart disease etc. The second wave of Corona has dealt a major blow to the profitability of health insurance companies. Big companies as well as smaller ones are now offering group insurance for their employees to keep them financially equipped in the next wave of corona. Corona is also increasing the demand for

MUMBAI: Gold imports fell sharply in May after being high in March and April this year, and are expected to remain low in the coming months. Traders are not particularly keen on importing gold due to fears of a third wave of Corona, market sources said. The third wave of Corona in the country is expected to arrive in September-October and these two months remain festive months in India. Traders in the country usually stockpile gold by importing gold in July-August for the festive and wedding seasons. Consumers' purchasing power is also declining this year due to the third wave after the second wave of Corona and demand for gold is not expected to pick up for the upcoming festivals and wedding season, sources said. Gold imports fell to ડો 0.50 billion in May from 2.50 billion in March and ૩ 2.50 billion in April this year. The Corona epidemic has affected gold demand for the second year in a row due to economic downturn, employment and wage cuts. Sources also said that the dema

Mumbai, Thursday 24 June 2021 At the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) held online for the second year in a row today, Reliance Industries Limited owner Mukesh Ambani announced that the chairman of Saudi Aramco and the governor of Saudi Arabia's Public Wealth Fund, Yasser Al Rumair has come. He added that Rumayan's joining the board is also the beginning of Reliance's internationalization and more announcements will be made on the company's international plans in the near future. Addressing the 44th Annual General Meeting on Thursday, Ambani said he hoped RIL's partnership with Saudi Aramco would be formally announced "soon during this year" once the necessary regulatory approvals were received. At the 44th AGM, Mukesh Ambani also announced another new business. The company will now venture into the business of eco-friendly green energy. 60 thousand crore will be spent on this business in 3 years. At its 2019 annu

New Delhi, 24 June 2021 Thursday Foreign direct investment (FDI) has also increased amid the second wave of Corona in the country. Figures from the Ministry of Commerce and Industry show that in April this year, 38% more FDI came to the country than last year. India is the destination of choice for foreign investors. Foreign direct investment in the country has increased by 38 per cent amid the second wave of Corona in April. FDI of 24 6.24 billion In April this year, the country received a total of 24 6.24 billion (approximately Rs. 463.10 billion) in FDI. This is an increase of 38 per cent over 4. 4.53 billion (about Rs 336.19 billion) in April last year. The highest FDI in the country came from Mauritius, with 24% of the total FDI coming from the Mauritius route, followed by Singapore at 21% and Japan at 11%. Equity came in at 4.4 billion In April 2021, the country received F 4.4 billion in FDI through equities. This is 60 percent more than in April 2020. The country then re

New Delhi, 24 June 2021 Thursday Corona has hit economic savings hard. Bank deposits and equity investments of Indian households have declined. According to the RBI's preliminary estimates, households' financial savings accounted for 8.2 per cent of GDP in FY20-21. The share was 10.4 per cent in the second quarter (September quarter). The share was 21 percent in the June quarter. In the June quarter of the financial year 2002-21, the total financial assets of Indian households stood at Rs. 815,886 crore. But in September, it fell to Rs. 4,91,906 crore. These assets stood at Rs 4,44,583 crore in the December quarter. Household bank deposit ratio down to 3% of GDP The RBI said that in the December quarter (2020-21), the household bank deposit ratio fell to 3 per cent of GDP. The ratio was 7.7 percent in the September quarter. As per the information received, in September (2020), the household bank deposit was Rs. 1,73,042 crore, while in the December (2020) quarter it decline

New Delhi, 24 June 2021 Thursday Reliance Industries' Reliance Retail will provide more than 1 million jobs in the next three years. Mukesh Ambani made the announcement at the 44th AGM of Reliance on Thursday (June 24, 2021). Reliance Retail will triple in the next 3 to 5 years, he said. Mukesh Ambani said that the company has done well in the retail sector. Last year, it sold 180 million dresses and shoes that could simultaneously cover the entire population of Britain, Germany and Spain. Retail could be Reliance's growth engine in the next ten years, Goldman Sachs said. Goldman Sachs, the group's global retail brokerage and research firm, said the group's retail business revenue (EBITDA) could grow tenfold in the next ten years. The brokerage firm said that Reliance Industries is fully focused on strengthening its digital capabilities during the deteriorating macro situation. In the coming days, Reliance will strengthen its omnichannel, which is gearing up to deliv

MUMBAI: Countries around the world are battling savings and spending during the Corona epidemic. A report released by the Central Bank of India warns that India's household debt is on the rise and the opposition's savings are also steadily declining. According to preliminary estimates released by the Reserve Bank of India (RBI), household financial savings declined for the second consecutive quarter in the third quarter of FY 2021-21 to 7.5% of GDP. In the previous two quarters, the savings-to-GDP ratio has been steadily declining from a peak of 31% and 10.6% respectively. During the second quarter of the last financial year 2015-2020, household savings remained stable at 7.1%. The RBI report found a decline in people's savings due to declining financial resources and rising debt. Domestic debt is also on the rise. The debt-to-GDP ratio, based on selected financial instruments, has been steadily rising since March 2016. It has risen to a record level of 6.4% at the end

MUMBAI: Moody's Investors Services has slashed India's economic growth forecast for the current calendar year to 7.50 per cent. Earlier, Moody's had projected 18.50 per cent. Vaccination needs to be accelerated if economic losses are to be limited in the June quarter, according to a report released by it. The impact of the second wave of Corona may not be as severe as the first wave but high frequency economic indicators indicate that Corona has affected economic activity in India in April and May. The second wave of Corona has affected India's economic growth for 2021, but the impact is likely to be limited to the April-June quarter. Given the current situation, we expect India's economic growth to be 6.50 per cent in the current calendar year and 5 per cent in 203, the agency said in its report. In the last financial year, India's economic growth rate slowed to 2.50 per cent. The ten states that have been most affected by the second Corona wave accounted f

MUMBAI: Retail payments in the first three weeks of June this year have seen a significant increase over the same period in May, according to Reserve Bank of India data. This indicates an increase in retail demand in June with the unlock. As Corona's second wave cools, retail purchases are on the rise as regulatory measures by various states ease. In addition to the use of debit and credit cards for purchase payments, the use of net banking is on the rise. The value and volume of retail payments made through various mediums increased in the first three weeks of June. April and May saw a decline in transaction volume. Retail payments also saw a decline as mobility stalled due to lockdowns imposed by the states. Payments through the Unified Payment Interface rose 11 per cent in value to Rs 2.7 lakh crore, while volume grew by 12 per cent to 1.7 billion transactions. Credit card usage grew by more than 15 per cent to 38 million transactions, while debit card swipe volume rose by

(Gujarat News Office) MUMBAI: Prices in the Mumbai jewelery market were on the decline again today. The ups and downs were selected. New demand was slow. Gold prices in the world market today, however, rose by ૭૭૬ 15 to ૭૭૭ 12 an ounce and were reported to be at ૭૮ 161 to ૭૮૨ 15. Despite the global market rally, prices remained under overall pressure in the Mumbai jewelery market today on the back of a weakening dollar against the rupee in the domestic currency market, market sources said. Meanwhile, in the Ahmedabad jewelery market, gold prices fell by Rs 20 per 10 grams to Rs 2.50 and Rs 900 from Rs 4.50. Ahmedabad silver price rose by Rs 200 per kg to Rs 200 today. Silver prices were quoted at ૨૫ 4.5 to ૮૯ 6.5 an ounce, up ૨૫ 4.5 to ૮૩ 6.5 an ounce in today's trade. According to market analysts, the rise in silver prices was supported by a rise of 1.8 per cent to 1.50 per cent against the dollar in global markets this evening. Platinum, meanwhile, jumped from ૬ 1,071 to ૬૨ 1

(Gujarat News Office) MUMBAI: The Mumbai currency market today rallied against the rupee and the dollar fell again. World market news also showed a sell-off in the global dollar index. Demand from oil companies in dollar terms has recently picked up in the domestic currency market, market sources said today. In the Mumbai currency market, the dollar opened at Rs 6.5 against the dollar in the morning, touched a low of Rs 4.15 and a high of Rs 4.5. The overall decline was 11 paise. The dollar, which had gained ground in the previous two days, fell again today. Meanwhile, the dollar's index against various currencies in the world market was trading at a high of 61.8 today and a low of 31.50 and a low of 21.8. According to the chairman of the US Federal Reserve, despite the rise in inflation in the US, the government will not rush to raise interest rates there, and top monetary policy officials have indicated that the monetary policy will continue as the economic recovery continues.

(Gujarat News Office) MUMBAI: Overall new demand in the Mumbai oilseeds market was slowing down today amid two-way fluctuations in various edible oils. In imported palm oil, hawala resell traded at around Rs 90-100 per 10 kg at Rs 115 to Rs 115 today, while new direct delivery operations at refineries were non-existent today. Meanwhile, palm oil futures prices in Malaysia rose by 6, 7, 8 and 9 points in various deliveries in the global market today, while there were indications that the prices of palm products were in the range of ૫ 15 to ૨૫ 8 today. In the US agricultural markets, soybean oil prices were showing a rise of 4 to 5 points in the projection this evening. In the Mumbai spot market, the price of 10 kg of cingulum oil remained quiet at Rs 150 today. Cottonseed oil, on the other hand, fell by Rs 1,205 to Rs 150. Mustard was priced at Rs 120 for Rs 120 while refined was priced at Rs 150. Meanwhile, manufacturing companies today reported that the price of cingulum oil had g