1) The government has moved to curb imports on coloured TVs and place them into the restricted category. More than 25% of TVs in India are imported from countries such as China and Vietnam. This ban applies to LED televisions of all sizes, and any importer must have a licence to import. It’s a very beneficial move for local manufacturers as TVs sold in India will have to be manufactured in India.2) State Bank of India reported a standalone profit of Rs 4,189.34 crore for the quarter ended June 2020, a growth of 81.2% over a year-ago period driven by stake sale in life insurance business, but the provisions and lower non-interest income limited growth. The provisions and contingencies at Rs 12,501.3 crore increased by 36% year-on-year including additional provision of Rs 1,836 crore on account of COVID-19 related accounts, ad-hoc provision of Rs 1,614 crore for wage revision and Rs 5,230.4 crore towards fraud accounts. However, provisions on sequential basis fell 7.4%. Net interest income, the difference between interest earned and interest expended, increased 16% to Rs 26,641.56 crore in June quarter compared to Rs 22,938.8 crore in year-ago period. #MOMarketUpdates #SBI #DixonTechnology #MotilalOswal #IndianStockMarket #NSE #BSE #ManufacturedInIndia #Nifty
Posted On: 31 Jul 2020 5:18 PM
