Morning News - 24-July-2017

  • The overall export of cotton textiles has declined by 10 per cent over the past three years. The cotton textiles export comprises cotton yarn, other textile yarn, fabric, madeups articles, cotton raw waste and cotton fabrics and madeups, which include products like bedsheets, blankets and curtains.According to data shared by the minister, the shipments of cotton textiles from India stood at Rs 70,936 crore during 2016-17, as against Rs 72,994 crore in the previous financial year and Rs 71,913 crore in 2014- 15.  
  • Gold imports stood at USD 4.90 billion in April-June 2016-17, according to the data of the commerce ministry. Increase in the imports influences India's current account deficit (CAD).In June this year, the imports of the precious metal had risen to USD 2.45 billion from USD 1.20 billion in the same month previous year. Surge in gold imports in June contributed to the widening of trade deficit to USD 12.96 billion as against USD 8.11 in June 2016.Silver imports in June, however, dipped by 28.6 per cent to USD 178 million. 
  • India is expected to import 14.3 million tonnes of edible oils in the year to end-October 2017, down 300,000 tonnes or 2 percent from the previous year.
  • Lower interest burden helped Avenue Supermarts. That runs the D-Mart chain of supermarkets, to report a healthy 47.6 per cent jump in net profit for the June quarter at Rs 174.77 crore. 
  • Vijaya Bank on Sunday reported 57.5 per cent increase in net profit at Rs 254.69 crore for June quarter owing to healthy growth in retail income aided by a marginal fall in bad loan proportion.
  • At the 40th Annual General Meeting (AGM), Reliance Industries Chairman MukeshAmbani unveiled the JioPhone. The features phone will not only be available at zero cost but will also operate on voice command in 22 Indian languages.