More than nine lakh jobs are available on the Delhi government job portal that was set up last month to help both jobseekers get employment and employers to hire their required manpower. So far, 6,271 companies have posted 22 lakh jobs on the job portal, of which 10 lakh vacancies have been filled. Nearly 3.5 lakh entries were cancelled due to duplication. Many of those who have registered on the portal are from outside Delhi. The government has allowed multiple sectors of the economy to open, and migrants who left Delhi due to the uncertainty about economic activities are returning.
Zoom CEO and co-founder, Eric Yuan said India is the second largest market for the company after the US. He said the new office in Bangalore will help get more feedback from local users in India. Yuan said that his favorite usage of Zoom in India is telemedicine and the access to a doctor from any part of the country is very impressive. Another best usage is online class and online teaching from central universities, schools and colleges, people are using zoom to continue studies. Apart from this, there are lots of yoga and fitness classes through Zoom in India.
Reliance Industries Ltd’s chairman Mukesh Ambani is now worth $80.6 billion, according to the Bloomberg Billionaires Index. Mukesh Ambani is now the world’s fourth richest man, overtaking France’s Bernard Arnault, Europe’s wealthiest man. With LVMH Moet Hennessy Louis Vuitton SE’s shares down this year, Arnault’s net worth has plunged $25.1 billion to $80.2 billion. Asia’s richest man, Ambani has already surpassed some of the biggest tycoons in recent weeks -- a list that includes Silicon Valley titans such as Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the Oracle of Omaha himself, Warren Buffett.
Provision for statutory dues and mounting losses have driven Vodafone Idea’s net worth to negative Rs 19,500 crore at June end, meaning the company’s liabilities exceed its assets. Vodafone Idea on Thursday had posted a net loss of Rs 25,460 crore in the June 2020 quarter led by exceptional loss of Rs 19,923.20 crore. Exceptional loss includes integration and merger related cost, provisions, licence fees and SUC on AGR and one-time spectrum charges including interest. The telco needs to pay around Rs 50,400 crore more to the telecom department (DoT) in license fee, spectrum usage charges (SUC), interest and penalties.
Mahindra & Mahindra reported a consolidated net profit of Rs 68 crore, down 97% YoY for the quarter ended June 2020. The company had reported a profit of Rs 2,260 crore a year ago. “After the first ever zero sales in the month of April, the industry is finding its way back. The company's key brands which have a strong rural bias saw good demand in the month of June,” the company said. It sold 27,565 units of vehicles and 64,140 units of tractors during the quarter, down 78% and 22% YoY. Total exports were at 3,109 units, down 72%.
A gold loan is a loan against gold. It is a secured loan given by banks and NBFCs where gold articles such as gold jewellery, ornaments etc. are taken as collateral by the lending institution. The amount and the tenure of gold loan will vary from lender to lender. While taking a gold loan, apart from processing fees, an applicant may be asked to pay for valuation charges. To avail a gold loan, the bank or NBFC will ask you to provide various identity proof documents including PAN, Aadhaar etc. and proof of address like Aadhaar, passport, Voter-ID card etc.
Consumer confidence fell to a record low at 53.8 in India last month as citizens grew more pessimistic about their jobs, incomes and spending, RBI data showed. That’s well below the 100 mark, which represents the dividing line between pessimism and optimism. The survey was conducted in thirteen major cities. Perceptions and expectations on general economic situation, employment scenario, overall price situation and own income and spending obtained from 5,342 households were significantly lower than that in May 2020. Most respondents reported a reduction in discretionary spending” and didn’t expect to increase non-essential spending in the coming year as well.
Mindspace Business Parks REIT made a decent stock market debut on Friday, as the scrip got listed at Rs 304 on BSE, a 10.55% premium over its issue price of Rs 275. Mindspace Business Parks REIT became the second only such issue to be listed after Embassy Office Park REIT. The latter REIT raised nearly Rs 5,000 crore last year. The Rs 4,500-crore Mindspace Business Parks REIT issue, which was sold from July 27 to July 29, was subscribed 13 times. Real estate investment trust (REIT) is aimed at attracting investment in the real estate sector by monetising rent-yielding assets.
Delhi Chief Minister Arvind Kejriwal launched the 'Delhi Electric Vehicle Policy' under which his government will waive registration fee and road tax, and provide incentive of up to Rs 1.5 lakh for new cars in the national capital. Under the policy, the Delhi government will give incentive of up to Rs 30,000 for two-wheelers, autos and e-rickshaws while for cars, it will give incentive of up to Rs 1.5 lakh. The Delhi government will set up 200 charging stations in one year. "After launching this policy, we expect five lakh new electric vehicles in the next five years,” Kejriwal said.
A straddle is a neutral options strategy. A trader buys/sells a Call option and a Put option simultaneously for the same underlying asset with the same strike price and the same expiry date. Investors use a straddle when they anticipate a significant movement in a stock’s price but are unsure about the direction trend. To buy the two options, an investor needs to pay one premium for the call option and another premium for the put option. The strategy is profitable only when the stock either rises or falls from the strike price by more than the total premium paid.
The increase in loan to value (LTV) ratio for gold loans is a significant step taken by the Reserve Bank of India, which is good for banks but negative for gold loan financing companies, experts feel. Gold loan companies – Muthoot Finance and Manappuram Finance corrected 11% and 8% from their intraday highs on Thursday. On the contrary, Bank Nifty gained more than 0.5%. A move to raise LTV from 75% to 90% is positive. It will make banks and NBFC more competitive as compared to money lenders and the borrowing public will get loan at lower rates versus money lenders.
Gold prices on August 6 rose by Rs 466 to touch Rs 55,914 per 10 gram in the Mumbai bullion market on positive global cues. This was gold’s seventh consecutive day of price increase. The spot gold touched a new lifetime high of $2,061.76 in London market today as the rally in yellow metal continues due to weakness in US dollar. The rate of 10 gram 22-carat gold in Mumbai was Rs 51,217 plus 3 percent GST, while 24-carat 10 gram was Rs 55,914 plus GST. The 18-carat gold quoted at Rs 41,936 plus GST in the retail Indian market.
Chinese smartphone manufacturer Vivo has decided to walk out of two more major title sponsorship deals — the Pro Kabaddi League (PKL) and the ‘Bigg Boss’ reality show — after parting ways with the cricket board for the 2020 edition of the IPL. Vivo’s deal for PKL was worth Rs 60 crore per year, while it paid the Viacom18-owned Colors channel Rs 30 crore for Bigg Boss a season. Vivo has become one of the largest advertisers in India, courtesy its Rs 2,190 crore IPL title sponsorship deal with the BCCI. The company will focus on selling products via more retail discount.
The RBI has kept policy rates unchanged in its monetary policy announced earlier today. In keeping with this status quo, debt fund investors too may retain their holdings in these schemes. RBI governor Shaktikanta Das said that the monetary policy committee’s stance is ‘accommodative.’ Thus, the RBI is open to making reductions in interest rates later, if found necessary for reviving growth. When interest rates fall, prices of bonds – and therefore the net asset values of debt funds invested in them – rise. Investors should stay invested in shorter-tenure and Banking & PSU debt funds and avoid investing in longer-tenure funds.
SEBI has amended disclosure norms pertaining to intimation of record date to stock exchanges. Under the norms, listed companies will intimate the record date for corporate events, including dividend declaration, bonus share and rights issue, to stock exchanges. A company is required to inform all stock exchanges where it is listed or where stock derivatives are available on its stock or where its stock forms part of an index on which derivatives are available. Record date refers to a particular date fixed by issuing company to identify investors who are eligible to receive corporate dividends or bonus shares among others.