Business news live: Flipkart Wholesale brings in credit programme for kiranas, retailers

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Flipkart Wholesale brings in credit programme for kiranas, retailers

Flipkart Wholesale, the digital B2B marketplace of the Walmart-owned company, has announced a new credit programme to help kiranas manage their working capital requirements and grow their business, PTI reported.

Through these new offerings, kiranas can avail credit at zero cost through end-to-end digital onboarding in partnership with IDFC FIRST Bank and other fintech institutions. The credit line will range from ₹5,000 to ₹2 lakh with an interest-free period of up to 14 days.

FM to meet CEOs of public sector banks on August 25

Finance Minister Nirmala Sitharaman will meet heads of public sector banks (PSBs) on Wednesday to review the financial performance of the lenders and progress made by them in supporting the pandemic-hit economy, PTI reported citing sources.

The meeting with MD and CEOs of PSBs assumes significance given the importance of the banking sector in generating demand and boosting consumption.

Supreme Court asks DoT not to invoke bank guarantees of Airtel for three weeks

The Supreme Court on Tuesday directed the Department of Telecommunications (DoT) to not invoke bank guarantees of Bharti Airtel for three weeks, towards recovery of ₹1,376 crore in AGR dues of Videocon Telecommunications Ltd. Videocon had sold its mobile spectrum to the Bharti group.

Open digital systems to unlock $700-billion opportunities by 2030: Nasscom

Open digital ecosystems will unlock more than $700 billion worth of business opportunities for India by 2030 across sectors such as healthcare, agriculture, MSMEs, education, and e-land records, industry apex body Nasscom said in a report on Tuesday.

Three of the largest public digital platforms in the world — Aadhaar, UPI, and CoWIN — were from India, which had significantly fast-tracked the country’s pivot to digitalisation and become integral to its $5-trillion dollar economy aspiration, the report titled Digital India: The Platformisation Play, said. 

Indian benchmark indices open higher, rise in early trade

Indian indices opened higher on Wednesday. BSE Sensex opened at 56,067.06, up 108.08 points, while Nifty opened at 16,654.00, up 29.40 points.

In Wednesday’s early trade (at 9:31 A.M.), Sensex gained 220.62 points or 0.39% to reach 56,179.60, while Nifty rose 73.90 points or 0.44% to reach 16,698.50.

On Tuesday, the 30-share BSE index ended 403.19 points or 0.73% higher at its lifetime peak of 55,958.98, while the broader NSE Nifty surged 128.15 points or 0.78% to its all-time closing high of 16,624.60.

Asian stocks hold gains on easing Fed taper worries

Asian shares held onto their recent gains on Wednesday after last week’s pummelling, as global equities rebounded thanks to a combination of positive COVID-19 vaccine news and easing worries over tapering of Federal Reserve stimulus, a Reuters report noted.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last off slightly, but still up 3.7% so far this week. Markets were mixed with Australian shares gaining 0.16%, but Chinese blue chips losing 0.24%.

Wall St extends rally, pushing S&P 500 to 50th all-time high close this year

Wall Street ended higher in a light volume rally on Tuesday as the FDA’s full approval of a COVID-19 vaccine on Monday and the absence of negative catalysts kept risk appetite alive ahead of the much-anticipated Jackson Hole Symposium, Reuters reported.

All three major U.S. stock indexes advanced higher, with the S&P 500 and the Nasdaq closing at all-time closing highs. The session marked the S&P 500’s 50th record high close so far this year.

The Dow Jones Industrial Average rose 30.55 points, or 0.09%, to 35,366.26, the S&P 500 gained 6.7 points, or 0.15%, to 4,486.23 and the Nasdaq Composite added 77.15 points, or 0.52%, to 15,019.80.

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