Reliance Jio gets new chairman

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⭐ Reliance Jio gets new chairman 👨

The board of Reliance Jio, the telecom subsidiary of Reliance Industries, has appointed Akash Ambani as its chairman. Akash joined Jio in 2014. The move comes a day after Mukesh Ambani’s resignation from the position of company’s director came into effect.

⭐ Auto stocks race ahead 🚘 

Auto was among the top Nifty sectoral indices on Tuesday, rising 1.25% ahead of the release of June sales volume data. Stocks like TVS Motor, Ashok Leyland and M&M were up between 1.5 and 3%. The auto index is trading at a five-month high, on the back of stabilising prices of metals, which are an important raw material for vehicle makers.   

⭐ Sponge iron makers may need to import coal 😥

India's sponge iron producers might soon run out of fuel, as the country prioritises supply of coal to power plants to avoid blackouts. Supply to some iron firms from Coal India is scheduled to end from August. Thus, they may be forced to rely on the more expensive imports. Sponge iron is a key raw material used to manufacture steel.

Global markets (at 7:30 AM today)

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Fact of the day

A man in Chile was erroneously paid 286 times his salary by his company. He initially promised to return it, but later resigned and took off with the money. The company paid around 165 million Chilean pesos (₹1.42 crore) to him instead of 500,000 Chilean pesos (₹43,000).

Source: ET

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