#Mandi- China's services sector expands at a slower pace in July
Growth in China’s services sector slowed in July as new export business fell and job losses continued.
The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 54.1 from June’s 58.4, which was the highest reading since April 2010. The 50-mark separates growth from contraction on a monthly basis.
#Mandi- India's fuel demand to take 6-9 months to return to normal, says IOC
Indian Oil Corporation (IOC) Director Finance SK Gupta sadi that India's fuel demand may take six to nine months to rebound to normal levels. He believes continued lockdowns in select states remains the biggest drag for demand revival.
Fuel sales had fallen by a record 45.8% in April, following nationwide lockdown. The restrictions have been progressively eased from May onwards but now several states are imposing lockdown to curb record daily infection rates.
#Teji- Axis Bank sets floor price of Rs 442.19 per share for QIP
Axis Bank has set a floor price of Rs 442.19 per equity share for its proposed qualified institutional placement (QIP).
The bank has obtained the board's approval to raise Rs 15,000 crore. It was also cleared by the shareholders at the annual general meeting held on July 31, 2020.
