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By Avishek RakshitAn increase in wages of entry-level employees, together with the company's initiatives to improve service levels and build capacity, led retailer Avenue Supermarts Ltd. to report its lowest year-on-year net profit growth in seven quarters. Read more
The Securities and Exchange Board of India Friday issued four master circulars. These are on listing non-convertible securities, securitised debt instruments and commercial paper, on credit rating agencies, on real estate investment trusts, and on infrastructure investment trusts. Read more
By Narayana KrishnaThe pharmaceutical sector is likely to have hit a rough patch in the June quarter in terms of their sales and pricing power, particularly in the US. Higher exposure to US generics would have likely spelt trouble for Indian pharma companies. In contrast, the pharma demand is seen to have been steady in the domestic market, according to analysts. Read more
The division bench of the Bombay High Court has upheld an arbitration award from 2013, which asked Oil and Natural Gas Corp. Ltd. to pay $14.7 million along with interest to Jindal Drilling and Industries Ltd. "We accordingly proceed to dismiss the appeals by upholding the impugned judgment and order dated Apr. 28, 2015 passed by the single judge as well as the impugned award dated Oct. 9, 2013 passed by the Arbitral Tribunal," said the bench of Chief Justice Alok Aradhe and Justice Sandeep V. Marne. Read more
Access to fuel for both the engines was cut off moments before the Air India flight crashed in Ahmedabad on Jun. 12, according to a preliminary report investigating the accident involving the Tata group-owned airline's Boeing B787-8 aircraft released late Friday. Cockpit voice recording reveals that one of the two pilots flying the plane asked the other why he cut off fuel access to the engine, to which the other pilot responded by saying "he did not do so," according to the report by the Aircraft Accident Investigation Bureau. Read more
The government's net direct tax collections for Apr. 1-Jul. 10 were down 1.3% on year at INR 5.628 trillion because of a sharp rise in refunds issued, data released Friday by the finance ministry showed. Net direct tax collections so far account for 22.3% of the Budget target of INR 25.20 trillion for the current financial year. Read more
The Reserve Bank of India Friday issued draft directions to address regulatory compliance issues involving reconciliation of small-value exports in the Export Data Processing and Monitoring System. The central bank has sought feedback on the draft directions by Jul. 31. Read more
By Shubham RanaThe Reserve Bank of India's Monetary Policy Committee could see space opening up for more interest rate cuts going ahead if CPI inflation stays below the central bank's forecasts, according to Ashima Goyal, former member of the rate-setting panel. "If inflation persists below forecasts then there will be room for more cuts," Goyal said in an email interview to Informist. Read more
The International Energy Agency has once again lowered its forecast for growth in global oil demand for 2025 by 20,000 barrels per day to 700,000 barrels per day. The agency has also lowered its forecast for growth in global oil demand for 2026 to 720,000 barrels per day from 740,000 barrels per day in its previous forecast. Read more