Tuesday, Jul 23, 2019 | Last Update : 02:39 PM IST

Economy

High-end phones that are getting sold in the grey market are estimated to cause a loss of Rs 2,500 crore annually on account of non-payment of basic customs duty (BCD) and also goods and services tax, said ICEA Chairman Pankaj Mohindroo.

Grey market sales of high-end phones causing revenue loss of Rs 2,500 cr: ICEA

The industry body has suggested imposing a maximum customs duty of Rs 4,000 on handsets priced above Rs 20,000.

In the previous reporting week, the reserves had surged by USD 2.236 billion to scale a new life-time high of USD 429.911 billion. (Photo: PTI)

First time in a month, forex reserves fall by USD 1.11 billion

The country's reserve position with the fund also declined by USD 1.5 million to USD 3.345 billion.

DBS Bank report argued that increasing the ceiling on foreign portfolio investors in government securities is a better option considering the huge risks in raising debt in a foreign currency.

Govt may cap overseas borrowing at USD 5 billion this year: Report

DBS Bank suggested hiking the cap on foreign funds' investment in domestic debt is a better option.

Mahajan, the co-convenor of Swadeshi Jagran Manch (SJM). (Photo: DC/G N Jha)

RSS' economic wing says India should not issue foreign currency bonds

Swadeshi Jagran Manch will campaign against the plan by convening meetings of influential economists.

The GDP figures are within the government's target range of 6.0-6.5 per cent for the whole year.

China GDP growth slows to 6.2 per cent in second quarter

The slowing economy makes it more difficult for President Xi Jinping to fight back forcefully against the US.

Market

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 170 to Rs 35,670 and Rs 35,500 per 10 gram, respectively. (Photo: Representational)

Gold rises by Rs 170 on jewellers' buying, silver jumps Rs 910

Despite gold losing steam overseas, the precious metal saw upward trend due to rise in domestic demand, traders said.

Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, having fallen sharply earlier in the week on hopes for easing Middle East tensions as well as demand concerns and a dwindling storm impact.

Oil jumps after US Navy downs Iranian drone

Brent crude futures were up USD 1.17, or 1.9 per cent, at USD 63.10 a barrel by 0505 GMT.

The broader NSE Nifty sank 82.10 points or 0.72 per cent to close at 11,337.15.

Sensex tanks 306 points; HDFC twins sink

The 30-share index cracked 305.88 points or 0.80 per cent to settle at 38,031.13.

Traders attributed the rise in gold prices to strong demand from local jewellers.

Gold touches all-time high of Rs 35,970 per 10 gram

Globally, spot gold was trading almost flat at USD 1,425.60 an ounce, while silver quoting higher at USD 16.40 per ounce.

Companies

Total remuneration paid to Mittal was over Rs 31 crore and Vittal was paid Rs 20.9 crore against the ceiling of around Rs 9.8 crore and Rs 12 crore respectively for 2018-19. (Photo: PTI)

Airtel to seek shareholders' nod for waiver of recovery of excess pay to Mittal

Bharti Airtel will seek the approval at its annual general meeting to be held on August 14 in New Delhi.

In a statement on July 19, the company said its board has decided to seek shareholders' approval for expanding the board to enable the induction of an independent woman.

IndiGo to expand board; to have 4 independent directors

Sebi and the corporate affairs ministry are looking into the alleged governance lapses at InterGlobe Aviation.

The company, beginning mid-2020, will bring to production three sets of new discoveries in the block that will reverse the years of decline in production.

Reliance says its main gas fields in KG-D6 block in late life stage

The fields produced an average of 1.76 million standard cubic metres per day of gas during April-June, the firm said.

During the review period, IL&FS Group had availed rating services from Crisil Ltd, CARE Ratings, ICRA, India Ratings (a Fitch group company) and Brickwork.

IL&FS case: Sebi widens probe into role of rating agencies

Grant Thornton was asked to review ratings provided by various credit rating agencies (CRAs) to IL&FS group companies.

Providing new formats for audit report and limited review report in the circular, Sebi said that in view of revision in auditing standards (SA 700) by the Institute of Chartered Accountants of India (ICAI), "audit report formats need to be aligned with SA 700 (revised)".

Sebi changes formats for limited review, audit reports

This circular shall be applicable with respect to financial results for quarter ending September 30, 2019 and after, Sebi said.

Autos

Isuzu specialises in making diesel engines, and this shows in the  MU-X’s powertrain – for its 3.0-litre oil burner.

Likeable and in control

Amidst the beauty, Isuzu MU-X, looks the way the way a noraml SUV should look; simple yet elegant.

Hyundai, India’s second biggest Korean car maker’s new attractive sub-compact SUV model Venue has bucked the trend of steep falling cars sales in Asia’s third biggest economy.

Hyundai Venue crosses 34,000 bookings

The sales of Maruti Vitara Brezza, which were between 13,000 units to 14,000 units every month, had come down to about 8,000 units last month.

Techo Electrica claims that Neo, Raptor and Emerge electric scooters have a range of 70-80km.

Techo Electra launches Neo, Raptor and Emerge electric scooters In India

These electric scooters are available in 50 dealerships across the country, with prices starting from Rs 43,000.

Globally spot gold was trading at USD 1,420.80 an ounce. Similarly, silver was also up at USD 15.24 per ounce in New York.

Gold prices zoom Rs 930 on firm global cues

Gold is trading at Rs 35,800 per 10 gram tracking positive overseas trend after US Federal Reserve Chairman hinted at a rate cut.

In Other News

Lower demand from the Indian diamond processing industry has pulled down the quarterly sales of Alrosa, the world's second largest diamond miner, as inventories rose 36 per cent.  (Photo: Representational/Pexels)

Dip in India demand hits Russian diamond miner

Alrosa expects the situation to ease in the September quarter as demand from jewellery consumers remains stable.

 Life Insurance companies are expected to report strong first quarter earnings, as the individual new business premium (NBP) growth for them has been over 30 per cent.

Life insurers set to report strong quarter

Policies sold rose 8.4 per cent YoY in June 2019, while the retail APE ticket size fell by 7.7 per cent YoY.

Sachin Bansal

Sachin Bansal in talks for Essel Mutual Fund

Sachin Bansal and former Bank of America director Ankit Agarwal are in joint talks for acquiring Essel MF.

MSME-dominated diamond cutting and polishing industry is facing a crisis. Several units have reduced their production days and thousands of labourers have gone out of job.

Jobs hit as diamond industry cuts output

According to him, multiple issues are affecting the industry. Companies have been facing working capital crunch due to shortage of bank finance.

Darshan Hiranandani

Hiranandani forays into data centre parks

About the family business, the senior Hiranandani said his son Darshan will be his successor.