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India’s stock benchmarks closed at record on Monday aided by gains in Tata Steel Ltd. and index heavyweight Reliance Industries Ltd. There was relief on the macro-economy front as wholesale inflation eased for the second straight month in July. The S&P BSE Sensex gained 0.26% to 55,582.58, a record close for the 30-stock index which hit a new high of 55,680.75 in intraday trade. The NSE Nifty 50 advanced by a similar magnitude to close at a record 16,563.05. The 50-stock index had hit a high of 16,589.40 in intraday trade. ....
Customs duty hikes: Companies to look at rejigging sourcing structures February 03, 2021 Will need to increase local sourcing, say players With the Central government continuing with its strategy to hike customs duties in the latest Budget in a bid to boost domestic manufacturing, consumer durables and footwear companies said they are re-looking at their supply chains to step up focus on sourcing of components or parts domestically.
Kamal Nandi, President CEAMA and Business Head & Executive Vice President,Godrej Appliances, said, “Consumer durable brands will need to increase local sourcing, which will, in turn, encourage the growth of the component ecosystem and this will enable them to attain scale. The hike in the basic customs duty on compressors, used to make refrigerators and air-conditioners, is a step in the right direction to encourage development of the component ecosystem in the country in the long term.” ....
Push on infrastructure, textile to benefit retailers: Experts SECTIONS Share Synopsis The focus on ‘Make in India’ and increased custom duties, are also expected to result in promoting domestic manufacturing, improving employment rate, experts said. Getty Images NEW DELHI: The push on infrastructure spends across roads, rural, textile parks and agri-sector support will put more money in the hand of consumers and will drive consumption across categories, experts from retail sector said. In addition, the infrastructure focus will enable companies to expand their rural and urban coverage, further helping drive consumption across the country, enabling the “One India One Market” vision, said Rajat Wahi, partner, Deloitte India. ....