One-off taxes on domestic crude oil production and fuel exports will generate nearly USD 12 billion ( 94,800 crore) for the government in the remainder of the current financial year while cutting profits at companies such as Reliance Industries Ltd and ONGC, Moody’s Investors Service said on Tuesday. Read more

International oil price drops as recession fears heighten concerns over fuel demand

Oil prices fell on Tuesday, reversing earlier gains, as fears of a possible global recession slashing demand for fuel outweigh fears of supply disruption, highlighted by an expected production cut in Norway. Read more

Instant loan apps charge 25% to 58% interest rate Indians

At least 58% of Indian citizens have been charged annual interest of more than 25%, when they or a family member/domestic staff took out a loan using instant loan apps in the past 2 years, a report by community-focused social media platform Local Circles showed. Read more

Indians prefer to buy TVs online

Most Indians prefer to buy TVs online these days, with three out of five offline buyers keen to explore their next TV purchase online. Among online shoppers, Amazon is the preferred online site for shopping, while Croma is the preferred destination for offline shoppers, according to data from Cyber ​​Media Research (CMR). Read more

Zyla Health Raises $1 Million in Pre-Series A

Personalized care management platform Zyla Health on Tuesday raised $1 million in new funding in its pre-Series A led by leading seeders and angel investors to accelerate its growth. Read more

Nifty reaches 16,000 for the first time in a month; Sensex up 600 points

Nifty hit the 16,000 level for the first time since June 10, while Sensex jumped 550 points amid positive Asian indices on Tuesday. Read more

India’s June services growth fastest in over 11 years: PMI survey

India’s dominant services sector grew at the fastest pace in more than 11 years in June amid improving demand conditions, according to a private survey. But inflation remained a concern as prices charged rose at the fastest rate in nearly five years, the survey showed. Read more

LIC sets record date for its dividend payment

While unveiling its first post-results listing, India’s largest insurer and largest domestic financial investor Life Insurance Corporation of India also announced a dividend of 1.50 per share with a par value of 10 each, which is subject to shareholder approval at its next Annual General Meeting (AGM). Read more

Gold Prices Reach 2+ Month Highs Today, Silver Rates Jump

Gold prices in India continued their recent uptrend with MCX futures reaching over two months of 52261 per 10 grams, up 0.2% from the previous close. Silver futures rose 0.5% to 58,780. Despite inflation and growth concerns, gold has been under pressure over the past several months due to rate hikes by central banks to tame runaway inflation. Read more

LIC Shares: Motilal Oswal initiates coverage with “Buy” tag

Life Insurance Corporation (LIC) has maintained its position as market leader in the life insurance industry, underpinned by its strong brand, broad distribution and superior customer connection despite the advent of a large number of players private. Read more

Mint Morning Digest

US stocks and futures advance amid price speculation

Most Asian stocks rose on Tuesday along with U.S. stock futures amid speculation that the Biden administration could scrap some Trump-era tariffs on Chinese consumer goods. Read more

Trade Dries Up on India’s Crypto Exchanges as New Tax Takes Effect

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trade are coming true, with volumes evaporating since the tax took effect. Read more

Trade deficit hits record high in June amid falling rupiah

India’s trade deficit widened to a record high in June, adding further pressure on the Indian currency, which has hit new lows against the dollar in recent weeks. Read more

Market regulator focuses on oversight of AIFs

The Securities and Exchange Board of India (Sebi) is often criticized for not consistently applying Alternative Investment Funds (AIF) regulations. However, a recent Sebi order indicates a shift in approach and shows that monitoring, investigation and enforcement of these funds may be on the increase. Read more

New standards prohibit restaurant service charges

On Monday, the government dealt a blow to restaurateurs across the country, with the Central Consumer Protection Authority (CCPA) banning them from adding service charges to food bills. Read more

NSE’s international stock exchange finds few takers for US stocks

NSE International Exchange, or NSE IFSC Ltd, offers trading in 50 popular US stocks such as Apple, Amazon and Tesla. Still, investors seem unimpressed — none of the scrips witnessed active trading in recent sessions, according to data from the company’s website. Read more

Crypto startups bet on rewards, cashbacks, ETFs

Cryptocurrency and investment startups are betting on cashback, rewards, fixed-rate investment programs and exchange-traded funds (ETFs) to keep trading volumes from dropping drastically as the government is applying its new withholding tax (TDS) rule. The government had announced a 1% TDS on crypto transactions starting July 1. Read more

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