Bank NPAs could rise to 9.8% in March 2022, says RBI

The Reserve Bank of India (RBI) has said in its Financial Stability Report that Non-Performing Assets (NPA) at Scheduled Commercial Banks (SCBs) could rise to anywhere between 9.8% to 11.2% by March 2022. The Gross NPA ratio for SCBs stood at 7.4% in March 2021. The report further states that Public Sector Undertaking (PSU) banks could see their bad loans rise to 12.52% by March 2022. PSU Banks had reported a gross NPA ratio of 9.54% as of March 2021.

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Edelweiss Financial Services to exit insurance business

Edelweiss Financial Services will exit the insurance broking business by selling its 70% stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL) to US-based Arthur J. Gallagher & Co. (AJG). AJG currently holds a 30% stake in EGIBL. The transaction is likely to be completed within 10 months. This acquisition is subject to approvals by the Insurance Regulatory and Development Authority of India (IRDAI). 

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SBI MF launches ETF on Nifty India Consumption Index

SBI Mutual Fund is going to launch an exchange-traded fund that shall track the Nifty India Consumption Index. The new fund offer (NFO) which began on June 30, 2021, shall end on July 14, 2021. The Nifty India Consumption Index tracks a basket of companies that represents domestic consumption. The index contains stocks like Hindustan Unilever (HUL), ITC, Asian Paints, Bharti Airtel, Maruti Suzuki India, and many more.

Bharti Airtel launches ‘Black Plans’ to increase revenue

Bharti Airtel Ltd has announced a new plan known as ‘Airtel Black’. This plan intends to bundle telecom, DTH, and fibre under a single billing plan. The subscribers of Airtel Black will be entitled to priority resolution of faults and extra benefits. The move is aimed at attracting high-paying customers and driving average revenue per user (ARPU).

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India’s exports hit $95 billion in April-June 2021: Piyush Goyal 

India’s exports have touched $95 billion or nearly Rs 7 lakh crore in the April-June quarter this year, said Minister of Commerce and Industry Piyush Goyal at a conference. The minister also commented that despite Covid-19, India saw foreign direct investment (FDI) inflows of almost $81.72 billion (~Rs 6.09 lakh crore) for the financial year 2020-21 (FY21). The top investors who contributed to India’s high FDI inflow in FY21 include Singapore (29%), followed by the US (23%) and Mauritius (9%).

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Zydus Cadila gets USFDA approval to market generic HIV infection treatment tablets

Zydus Cadila has received approval from the US Food and Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets. The drug is used with other HIV medications to help control HIV infection. The tablets will be manufactured at the pharma company’s formulation facility at SEZ, Ahmedabad.

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Laurus Labs receives license to manufacture Covid-19 drug 2DG

The Defence Research & Development Organisation (DRDO) has granted a license to Laurus Labs to manufacture and market 2-Deoxy-D-Glucose (2DG). The Drugs Controller General of India (DCGI) has given emergency approval for 2DG for use on Covid-19 patients in our country. Two other companies— Shilpa Medicare and Dr Reddy’s Laboratories— have also received approval to market 2DG.

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Mindtree completes acquisition of NxT Digital Business from L&T

Mindtree Limited has completed the acquisition of Nxt Digital Business from Larsen & Toubro (L&T). This will enable the IT firm to capture opportunities in the Internet of Things (IoT) and Industry 4.0 space. The cost of the acquisition was Rs 198 crore. L&T is also the promoter/holding company of Mindtree with a 61.03% stake.

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Adani Ports registers 83% YoY rise in cargo volumes in June

Adani Ports and Special Economic Zone (APSEZ) handled cargo volumes of 25.54 million metric tonnes (MMT) in June 2021, registering a growth of 83% on a year-on-year (YoY) basis. In the container segment, APSEZ handled cargo volumes of 0.67 million twenty-foot equivalents (TUEs) in June. The company handled cargo volumes of 75.69 MMT for the April-June quarter (Q1 FY22).

UPI hits record 280 crore transactions in June 

The United Payments Interface (UPI) hit a record high of 280 crore transactions in the month of June 2021. The value of UPI transactions grew by 12% from Rs 4.5 lakh crore in May to Rs 5.5 lakh crore in June this year. The is mainly due to the recovery in our economy, as the number of Covid-19 cases slowly decline and businesses reopen.

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