India’s exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country’s trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.6%. Exports in value terms declined by 12.4% to $21.9 billion in June on weak global demand due to Covid-19, official data showed. The outward shipments in June, however, recovered from a steeper decline of 60.3% in April and 36.5% in May. Imports also plunged for the fourth month in a row by 47.6% to $21.1 billion in June, leaving a trade surplus of $0.8 billion. It was in January 2002 when India last posted a trade surplus of $10 million.
Roshni Nadar is new chief of HCL Tech
Roshni Nadar Malhotra, India's wealthiest woman, is now the chairperson of HCL Technologies, the Noida-based IT company said. The 38-year-old succeeds her father, Shiv Nadar. The appointment of non-executive director Roshni to the new role takes effect immediately, the company said. Shiv Nadar will continue to be HCL Tech's managing director, with the designation as the chief strategy officer. Roshni has been the executive director and CEO of HCL Corporation, vice chairperson of the board of HCL Technologies, and trustee of the Shiv Nadar Foundation. At HCL Corporation, Roshni has been responsible for providing strategic guidance to the organisation. Roshni was inducted as an additional director on the board of India's third largest software exporter in 2013. This was four years after her appointment on the board of HCL Corp, the holding company of HCL Technologies and HCL Infosystems.
Home sales fall to decade low in H1 of ’20
Launches of new residential units and sales hit a decade-low in the first half of this year, a report from property consultancy firm Knight Frank showed. Launches were down 46% to 60,489 units compared to the year-ago period, while sales tanked 54% to 59,538 units. Inventory of unsold stock was stagnant, showing that negligible sales took place. “The residential real estate sector, which was already going through a rough patch, has got severely hit by the current crisis. With income uncertainty for future, demand for housing will take a hit,” Knight Frank India CMD Shishir Baijal said.
Tata Trusts looks to get Noel on Tata Sons board
Tata Trusts is considering appointing chairman Ratan Tata’s half-brother and trustee Noel Tata on the board of Tata Sons, in which the foundation is the controlling shareholder. Speculation over Noel’s induction has intensified with Trusts planning to expand its nominees on the board of the company. Currently, Trusts has just one representative on the board of Tata Sons -Venu Srinivasan, who is the vice-chairman of the foundation. Noel, 63, was appointed a trustee of the philanthropic organisation in February last year. “I won’t be surprised if Noel comes on the board of Tata Sons,” said a person close to both Ratan Tata and his half-brother. “They are closer than before.” Noel had backed Ratan Tata in the battle against Cyrus Mistry, former group chairman and his brother-in-law. The senior Tata is also believed to be close to Noel’s three children, who work in the conglomerate. Another person close to the two brothers said the Trusts is thinking of nominating Noel on the board of Tata Sons. Tata Sons’ Articles of Association states that Trusts can nominate a third of the directors on the board of the company as long as it holds at least 40%. Trusts, a cluster of more than a dozen charitable organisations, owns 66% of Tata Sons.
