Indian stocks rose for a third straight session on signs of a revival in economic growth even as coronavirus cases continue to rise.
The S&P BSE Sensex climbed 0.5% at the close in Mumbai, marking its highest close since March 6. The measure scored a third consecutive weekly gain, the longest stretch since November. The NSE Nifty 50 Index also added 0.5% on Friday. Gains in global equities after a better-than-expected U.S. jobs report gave a further boost to sentiment.
Asia’s third-biggest economy has seen a fall in the jobless rate and a rebound in the manufacturing purchasing managers index for June amid a gradual easing of lockdown rules. Earlier this week, the government pledged to support the nation’s poorest for an extended period, while the central bank asked the State Bank of India to indirectly buy debt from shadow lenders to ease the pressure on the economy.
“There is ample liquidity in the system and the rural economy is improving with the demand for tractors and two-wheelers coming back,” said Abhimanyu Sofat, head of research at IIFL Securities Ltd. in Mumbai. Click to read more.
The next 10 years is going to be India’s “golden moment” in key sectors like technology, pharmaceutical, e-commerce and manufacturing, said a top venture capitalist from Silicon Valley, pointing at the USD 20 billion foreign direct investment in the country amidst the coronavirus outbreak.
“Coronavirus is sweeping the world, especially the US and India. In spite of that, the amount of investment going into India is mind-boggling,” Silicon Valley’s top venture capitalist, entrepreneur and philanthropist M R Rangaswami told PTI in an interview. Click to read more.
Eight years ago, Necia Boston founded her own business, BAABS Beauty, a Greenville, North Carolina-based beauty bar offering spa services and a full line of hypoallergenic and cruelty-free cosmetics. Necia is a pro: a determined, straight-talking, clear thinking, and effective leader. She comes from a family of women and men business builders, so striking out on her own after college felt natural: “I was lucky to have family members, women in business, so there was no question of can I or should I. It was simply a matter of how I can get it done.”
Necia is not alone. According to the 2019 American Express State of Women-Owned Businesses Report, the number of women-owned businesses is growing two times the rate of all businesses nationwide, now representing 42 percent of all businesses. Click to read more.