A sharp recovery in equity markets from its March 2020 low has pushed the value of the equity portfolio of LIC by Rs 1.5 trillion since April. The insurer’s holdings in listed companies at the end of the March 2020 quarter stood at Rs 4.32 trillion, which is now valued at Rs 5.79 trillion, translating into a rise of Rs 1.47 trillion, or 34 per cent. Thus far in the financial year 2020-21 (FY21), the S&P BSE Sensex and the Nifty 50 have rallied around 30 per cent each. Read more
Innovating in pandemic, a third of companies will have new products
Around one out of every three companies expects to develop new products or offer new services as they recover from the coronavirus pandemic, according to a PwC India report released on Thursday. The audit and tax consultancy firm conducted an online survey of senior management personnel between 17 June and 10 July. There were 225 respondents across industries. Read more
Pichai says 'Google cares', Bezos 'can't remember' in Congressional hearing
Four big tech CEOs -- Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple -- pushed back against accusations during a US Congress panel hearing capping a yearlong investigation into these companies' market domination online. Facebook CEO Zuckerberg faced fire over the company's acquisition of Instagram and WhatsApp, while Google CEO Sundar Pichai struggled to deflect accusations of anti-conservative bias. Read more
Tamil Nadu extends lockdown till Aug 31, announces fresh restrictions
The Tamil Nadu government on Thursday extended the coronavirus-induced lockdown till August 31. The government has announced fresh restrictions and relaxations, a day after the Chief Minister held a meeting with all district collectors. Read more
The demand for gold jewellery
in India tanked a massive 74 per cent in the April – June 2020 quarter at 44 tonnes and sharply higher than the 33 per cent drop seen in China at 90.9 t during the same period, suggests the latest gold demand trends report by World Gold Council (WGC) released July 30. The fall in demand in both India and China – the biggest gold consumers in the world – led to an overall 53 per cent drop in the global demand for gold jewellery
at 251.5 t during the recently concluded quarter, WGC said. Read more
India, China don't care for air: Trump explains leaving Paris accord
US President Donald Trump has alleged that India, China and Russia do not take care of their air, while America does, noting that he withdrew from the Paris climate accord which would have made it a non-competitive nation. Trump said that under the last administration, America's energy industry was under relentless and unceasing attack. Read more
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