Top headlines: More pain in store for market; top realtors see green shoots

From reality check for stock markets to tremors of PUBG ban in the gaming community, here are top headlines this morning

More pain in store? Reality check for stock markets after a dream run

After a relentless run, stocks are set for a reality check as investors evaluate how much the markets can be devoid of economic fundamentals. On Friday, equities posted their biggest weekly drop since May, with the benchmark Sensex and Nifty dropping nearly 3 per cent amid a sharp sell-off in technology stocks in the US. Read More

Vodafone decides to stick with no-equity plan after decade of washout

Vodafone has written off nearly $12 billion, in various phases, on account of its Indian investments, both in Vodafone India and after its merger with Aditya Birla-owned Idea Cellular. That is even higher than what the UK telecom giant paid to acquire Hutchison Essar back in 2007 as it began its tryst with India. And while it has invested over $16.4 billion in the country, it has hardly made any returns for its UK shareholders. Read More

Shingo La project: Centre plans Zojila-like tunnel to Ladakh region

The road transport and highways ministry has started discussions with the defence ministry to build another such all-weather connectivity to the Ladakh region — this time, via Shingo La or Shinkula mountain pass in Himachal Pradesh. The two departments are in preliminary talks to build a tunnel that would reduce the travel time to the Ladakh region by 15-20 per cent and would come up close to the Atal tunnel near Rohtang Pass. Read More

Covid triggers wave of innovations as consumers turn finicky about hygiene

Over the past few months, Megha Ranade, 35, has been worried that the fruit and vegetables she brings home may not be safe for consumption. Her fears have been triggered in part by the infectious nature of Covid-19, known to spread easily across surfaces. While she monitors everything that comes home, fruit and vegetables seem to escape this all. Read More

Top realtors see green shoots as conversion rates rise by up to 25%

Even as the Indian economy grapples with the pandemic-induced lockdowns, top realtors claim they are now witnessing green shoots in the sector. According to them, conversion rates — from enquiries to sales — have risen to 20-25 per cent, from the single-digit levels of pre-Covid days. The average unit sizes of sales have also gone up.Residential property sales dropped 81 per cent in the top Indian cities in the April to June quarter of this year. Read More

Tremors of PUBG Mobile ban shake up India's entire gaming ecosystem

Last Wednesday, the government banned 118 games and apps to “safeguard the interests of crores of Indian users”. The decision, it said, was a “targeted move to ensure safety, security and sovereignty of Indian cyberspace”. The ban follows on the heels of an earlier ban that blocked 59 apps, including TikTok. The Indian gaming community is hit because PUBG (pronounced “pub-jee”) is on the list. Read More

From Mahindra to Tata Motors, automakers charge ahead with EV plans

The core internal combustion engine-powered vehicles of auto manufacturers may have been badly bruised by the pandemic, but that has not derailed the electric vehicle (EV) revolution. Encouraged by a pick-up in demand, most firms are going ahead with earmarked investments and have planned roll-outs, said top officials. Read More

Experts advise caution on stagflation fears amid 24% GDP contraction

The economy seems to have hit stagflation with gross domestic product (GDP) contracting 23.9 per cent in the first quarter of the fiscal year, leading to job losses and the consumer price index (CPI) crossing the Reserve Bank of India’s (RBI’s) comfort zone of 6 per cent for the fourth month on the trot. Read More

India Inc mirrors GDP contraction in Q1: Revenues of 2,170 firms dip 24.3%

It’s not often that the macroeconomy and microeconomy move together and mirror each other. Mostly the latter reacts with some lag. In the April-June quarter (Q1), however, India Inc numbers have perfectly mirrored the country’s macroeconomic headline. The combined revenues of 2,170 listed firms was down 24.3 per cent year-on-year during Q1, mirroring 23.9 per cent contraction in India’s gross domestic product (GDP) for the same period. Read More