Here are the top stories this evening:
'These are extraordinary times': FM Sitharaman on windfall tax on oil producers, fuel exports
Finance Minister Nirmala Sitharaman has defended the government's move to impose a windfall tax on oil producers and levy a special additional cess on the export of fuel products, saying the current situation is "extraordinary". According to the finance minister, while the government does not grudge companies making profits, it was happening at a time when the supply of fuel was being affected and measures were required to tackle the situation.
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Windfall tax: Morgan Stanley says ONGC to be bruised but RIL is better placed
Morgan Stanley believes the windfall tax on “extraordinary” profits from the export of petroleum products will leave ONGC battered while Reliance Industries can manage the changes in a better way.
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Gold prices may rise by Rs 2,000 per 10 gm as govt hikes import duty
The government on July 1 increased gold import duty to 15 percent from 10.75 percent to stem the steep decline in the rupee and curb the widening current account deficit (CAD) amid the surging import of the yellow metal which touched $23.33 billion in May. "Considering the fact that we largely import gold to meet domestic demand, this is likely to lead to a proportionate rise in the price of domestic gold by around Rs 2,000 per 10gm," said Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking Ltd.
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CRISIL retains India’s GDP growth forecast at 7.3%, sees a few silver linings
CRISIL retained its real GDP growth forecast for India at 7.3 percent in the current financial year, seeing positivity in certain pockets as the world grapples with inflation and growing recessionary fears. However, the Indian unit of S&P Global also said there might be more downside risks to its forecast. CRISIL said the global economy, including India, faces a plethora of factors.
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If self-regulation fails, stringent guidelines will be formulated: Centre to Edu-tech firms
The Central government on July 1 warned Edu-tech companies against unfair trade practices, with the Consumer Affairs Secretary threatening them with stringent guidelines if self-regulation fails to put things back in order.
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Cashew nut consumption in India soars, making up for a decline in exports
Indians are munching more cashew nuts than ever before, compelling manufacturers and processors to shift their focus to the domestic market from shrinking exports. India has been the biggest consumer of cashew in the last few years, but consumption had taken a beating when COVID-19 hit the world in 2020. As lockdowns were lifted and the economy stabilized, people turned more to health foods, which included nuts as well, to develop immunity.
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PE-VC funding rose 11% to $26.5 bn in first half of 2022: Venture Intelligence data
Amid fears of a funding winter, private equity and venture capital (PE-VC) deal value rose 11 percent to $26.5 billion in the first half of 2022, compared to $23.9 billion in the year-ago period, according to data from Venture Intelligence. However, the average cheque size has decreased by 12.5 percent to $39.5 million even as the number of deals struck rose 27 percent to 667.
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