1 Market Buzz
Reliance Industries AGM today
India’s most valued private company Reliance Industries Limited (RIL) will hold its 43rd Annual General Meeting (AGM) on July 15. It will be the first virtual AGM for the oil-to-retail major, which recently crossed Rs 12 lakh crore in market capitalisation, the first listed Indian company to achieve the feat. Reliance Industries share has rallied over 120 percent from its March 23 low and was one of the key drivers of the Nifty’s 44 percent rally during the period. Since its last AGM, the scrip has returned over 68 percent. There is an increased interest in the meeting this time after investors lined up to pick up a stake in Reliance Jio, the company’s digital arm, say experts. Investors, including Facebook, Intel and KKR & Co, have already poured in a combined Rs 118,318.45 crore for a 25.24 percent stake in Jio. What to expect from AGM? Read here.
2 Big Story
Economists for second round of stimulus
The Centre should announce a second round of stimulus at the earliest, economists have said, with one of them emphasising that the government ought to err on the side of being liberal. A greater focus should be on small businesses in the designing of the package, they said, adding that even after the partial yet widespread lifting of the COVID-19 lockdown, demand continued to be elusive. “What has happened to businesses? Lockdown is lifted, but the demand doesn't exist. What you are going to see is a bloodbath among MSMEs (micro, small and medium enterprises). Do we need stimulus? Yes!” Pronab Sen, Programme Director for the International Growth Centre (IGC)-India Programme and former chief statistician said during a seminar organized by academic institution SPJIMR. Read here.
3 Your Money
Do you know how much your bank charges, penalises you?
Having a bank account and making use of all the services that it offers doesn’t come free. It is not just about maintaining a minimum balance. Your bank deducts amounts periodically for various services from your account. It is all out there but most of us don’t bother to read the terms and conditions of the bank along with charges applicable for the services. Every savings account requires a certain minimum balance, failing which bank imposes a charge. The debit card also comes at a price, more feature-rich the card, higher the fee. There is a limit to free ATM transactions and money transfers are also charged. How much does it all cost you, read here.
4 Global Watch
South China Sea storm
The top US diplomat for East Asia said on July 14 that the United States could respond with sanctions against Chinese officials and enterprises involved in coercion in the South China Sea. "Nothing is off the table ... there is room for that," David Stilwell, the assistant secretary for East Asia, told a Washington think tank when asked if sanctions were a possible response to Chinese actions. The warning comes a day after the US rejected China's disputed claims to offshore resources in most of the South China Sea. China has offered no coherent legal basis for its ambitions and for years has been using intimidation against other Southeast Asian coastal states, Secretary of State Mike Pompeo said. Read here.
5 Tech Tattle
Best five smartphones for under Rs 15K
Want a new smartphone but stuck with a restricted mid-range budget? No worries, you still have a lot of options. Good looks, a battery that can last up to two days as you go on a gaming spree and a fast charge thrown in. A wide-angle camera, a portrait lens and a macro lens for some great selfies--there is a lot that can be packed in a phone these days. If patience is not your strongest point, one of the phones gives you a 50 percent charge in less than 30 minutes. You also get a 6.67-inch display with a 16MP in-screen selfie camera. If a monster battery, which can deliver up to 26 hours of video playback on a single charge, you are after, we have you covered. There is more, click here.
6 Startup Tales
Walmart to pump in $1.2 billion into Flipkart
US retailer Walmart announced it will lead a $1.2 billion fresh investment in its ecommerce business Flipkart, which it acquired in 2018, at a valuation of $24.9 billion. The development comes at a time when domestic rival Reliance Industries’ ecommerce venture JioMart, part of the Jio is busy raising billions of dollars from marquee investors. This fresh investment in Flipkart will see participation from a group of existing shareholders. It will be funded in two tranches over the remainder of FY21. Founded in 2007, the Flipkart group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart, a logistics and delivery service focused on solving the last mile in India's Tier II and III cities. Read here.
7 Tailpiece
Bastille Day honours corona warriors
France celebrates its national day, commonly known as Bastille Day, on July 14. Bastille Day, or the French National Day, dates back to the 1789 French Revolution. On that day, citizens stormed the Bastille fortress, which was used to detain prisoners and had become a symbol of the harsh rule of the French monarchy. However, this year due to the ongoing coronavirus pandemic, such traditional events were held as a precautionary measure to stem the outbreak. This year on its biggest national holiday, France redesigned the Bastille Day parade to celebrate heroes of the coronavirus pandemic and honoured ambulance drivers, health workers, postal workers, medics who died fighting COVID-19. Click here.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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