ICICI Direct has worked out its Q1'FY22 earnings estimates for the Retail sector. The brokerage house expects Avenue Supermarts to report a net profit at Rs. 144.5 crore up 260.6% YoY (down 65.1% QoQ). Net Sales are expected to increase by 32.1% YoY (down 30.8% QoQ) to Rs. 5,131 crore. EBITDA is likely to rise by 134.1% YoY (down 57.3% QoQ) to Rs. 261.7 crore.

Amazon.com's legal challenge to the 2019 US Defense Department decision to award a $10 billion JEDI cloud-computing project to rival Microsoft Corp was dismissed by a US judge after the Pentagon cancelled the contract. Amazon.com accused then-President Donald Trump, alleging that the former president exerted improper pressure on military officials to steer the contract away from Amazon.

Bank Nifty experienced a steep selling pressure on Friday with the Index diving 202.15 points (-0.57%). This is primarily because there is a new mounting fear about the increasing spread of the Delta variant of the coronavirus which can arrest economic recovery. Three underperformers include: [1] HDFC (-1.06%), [2]Axis Bank (-0.93%), [3]IndusInd Bank (-0.64%). Will the market recover next week?

TCS targets to complete vaccination of over 5 lakh employees by September and get them back to office on a regular basis, said Rajesh Gopinathan, CEO. This will be the first step in implementing the company’s 25×25 vision, where the firm does not expect more than 25 per cent of the employees to work in the office only 25 per cent of the time.

Novo Nordisk, the Danish pharma giant that holds the biggest market-share in the Indian insulin market, is eyeing to introduce two anti-diabetes medications from its global portfolio in 2022. The two drugs include different formulations of Semiglutide or a glucagon-like peptide-1 (GLP-1) molecule. While Rybelsus is an incretin mimic in a pill form, Wegovy is taken as an injection.

Federal Bank shareholders nodded to the re-appointment of Shyam Srinivasan as the Managing Director and Chief Executive Officer of the lender for a period of three years. His reappointment will come into effect from September 23, 2021, to September 22, 2024. Additionally, During the 19th AGM of Federal Bank, shareholders approved adopting audited FY21 financial statements and 35% dividend.

Kitex Garments forayed into Telangana with an initial investment of Rs 1,000 crore, state Industries and Commerce Minister KT Rama Rao announced on July 9. The announcement comes days after it decided to withdraw its investment plan in Kerala citing the "harassment" by state officials. The company will set up factories at the Kakatiya Mega Textile Park in the Warangal district.

In a crucial transformation to introduce transparency in the trading of shares of companies undergoing Corporate Insolvency Resolution Process (CIRP), stock exchanges BSE and National Stock Exchange have issued guidelines to safeguard the rights of investors. These guidelines come into effect after the massive loss of money suffered by investors in Dewan Housing Finance Corp. Ltd (DHFL) shares.

TikTok owner ByteDance, on Friday, announced that it would formally terminate its weekend overtime policy from August 1, two weeks after its short-video rival Kuaishou announced a similar decision. The latest decision came as Chinese tech companies face fierce nationwide debate about whether to end the infamous "996" style of working 9 am to 9 pm six days a week.  

48 of the 67 mines up for sale as part of its plan to open up coal mining to private companies received no bids. It reflected little investor appetite for a sector clouded by environmental concerns and low margins. Prime Minister Narendra Modi last year offered financial incentives to the private sector and removed restrictions on the end-use of the fuel in a bid to reduce imports.

India's foreign exchange reserves increased by $1.013 billion to touch a lifetime high of $610.012 billion in the week ended July 2, RBI data showed on Friday. In the previous week ended June 25, 2021, the reserves had jumped by $5.066 billion to reach $608.999 billion. During the reporting week, the rise in the forex kitty was primarily due to an increase in foreign currency assets.

G R Infraprojects and Clean Science and Technologies IPO successfully closed on Friday with overall subscription figures of 102.5 and 95.5 times respectively, as investors across categories bid heavily for the shares of these companies. In the G R Infra IPO, the QIB category was subscribed 168.58 times. For Clean Science IPO, the QIB portion was subscribed 159.93 times.

Star Paper Mills partially resumed production of the plant at Saharanpur (UP) from today onwards after implementing necessary precautions. Production will be further ramped up in a phased manner. Earlier, the company had temporarily suspended production in the plant at Saharanpur (UP) due to an ongoing COVID-I9 pandemic and thereafter collapse of a part of the roof of one of a plant-building.

Easun Capital Markets appointed Amit Sureka as Independent Director and Chairman of the Company. Amit Sureka is a qualified Chartered Accountant and Company Secretary with vast experience in Accounts, Audit, Finance, Taxation & Costing. For the last four years, he was associated with a reputed Chartered Firm in Kolkata, where he looked after the audit, accounts & taxation work of major Clients.

CARE Ratings modified Texmaco Infrastructure & Holdings Limited rating on long-term bank facilities to CARE BBB+; Stable from previous CARE A-; Stable. CARE has withdrawn ratings on long-term and short-term facilities. CARE said that the revision in the ratings assigned to Texmaco Infrastructure & Holdings is due to the moderation in the company’s financial credit profile in FY21.