Business in brief: Sensex down 300 points; LIC sees 20% fall in death claims post-COVID

Business in brief: Sensex down 300 points; LIC sees 20% fall in death claims post-COVID

The BSE Sensex closed 650 points down at 59,650 on Friday (August 19) after crossing the 60,000-mark last week. Even though the government announced on Thursday that it would raise taxes on fuel exports and reduce the windfall tax on local crude oil production, automobile manufacturers booked sharp losses, with Tata Motors and Hero Moto losing more than 2%. Banks, too, suffered losses while the tech stocks saw some positive movement.


The market opened in the red on Monday (August 22) with Sensex down 300 points at 59,315 while Nifty was at 17,653 points.

Also read: Development or profit focus? The way ahead for India’s dairy sector

Shopping malls

Vacant shops at malls are back to 2019 levels during Q1 (April-June).


The retail sector growth is a good indicator of the increasing purchase power of the consumers. It also shows that the real estate sector is rebounding as retailers scout for space in key areas of respective cities.

Attrition at IT companies

With IT companies delaying salary hikes, attrition is likely to increase further.


IT services companies might find themselves in a Catch-22 situation because salary costs are growing faster than revenue growth while the margins are shrinking. Something has to give way sooner than later.

Also read: 34% Indians want to switch jobs, 81% feel remote work feasible: PwC survey


India’s largest life insurance company data shows that death claims post-COVID-19 has fallen 20%.


While COVID cases may be rising in certain cities in the country, recoveries too are rising because of an increase in vaccination.


Cotton yarn mills are planning to stop production.


Cotton yarn mills across the country have suffered huge losses because of the decrease in exports and the apparel industry scaling down production. Because of the war in Ukraine, cotton prices have increased to ₹95,000 per candy (356 kgs) in August compared with ₹59,000 per candy same period last year. Other related industries such as spinning and dyeing are also expected to be impacted due to the current situation. India has the second largest capacity after China for sipping cotton yarn. Tamil Nadu alone accounts for 48% of the country’s total capacity.

Also read: No plan to levy charges on UPI, clarifies Finance Ministry


The Paytm founder Vijay Shekhar Sharma received nearly 100% votes during the shareholders’ meet to remain MD of the company.


The proxy advisory firms had suggested to the shareholders not to re-elect Sharma to the post of MD as the company’s shares had fallen 64% after share listing. Sharma’s charisma seems to have played a significant part in him getting the shareholders’ nod. If shares continue to fall because of sharper and more innovative players in the market, it could spell trouble for Sharma.

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