Union Budget 2022: New sectors expected to get infra, industry status

21/01/2022
new delhi, jan 20: The Centre might bestow infrastructure as well as industry status to new sectors to boost several pandemic hit industries in the upcoming Union Budget. Industry insiders said that several sectors and sub-industries such as hospitality, automobile retail, specific diganotics facilities and companies engaged in installation of EV charging stations amongst others might get the status. The infra tag will enable these sectors to avail tax breaks, incentives and credit on lower i...

Air India resumes Boeing 777 operations to US amid 5G rollout

21/01/2022
new delhi, jan 20: Amid 5G rollout by the US, Air India has resumed B777 operations to the country on Thursday after approval from the US authority, said Airline officials. Due to the 5G rollout, Air India had earlier cancelled more than eight flights to the USA. "Boeing has cleared Air India to operate in the USA on B777. Accordingly, the first flight has left this morning to John F Kennedy. Other flights leaving in the day are to Chicago and San Francisco. Arrangements to carry stranded pas...

CEAT shares fall over 7 pc to hit 52-week low on weak earnings

21/01/2022
new delhi, jan 20: Shares of CEAT Ltd witnessed heavy selling pressure in early trade on Thursday after the tyre major reported a consolidated net loss of Rs 20 crore for the December 2021 quarter. The stock slumped to a 52-week low of Rs 1,051.30 on the BSE, registering a fall of 7.24 per cent over its previous closing price. It was later trading at Rs 1,104, down 2.81 per cent on the BSE. On Wednesday, CEAT reported a consolidated net loss of Rs 20 crore for the December 2021 quarter, due...

Sensex sinks 634 pts to end below 60k

21/01/2022
Mumbai, jan 20: Falling for the third straight session, equity benchmark Sensex tumbled 634 points on Thursday to close below 60,000-mark, tracking losses in index majors Infosys, TCS and RIL amid a fresh sell-off in European markets. The continued flight of foreign capital from Indian markets also affected the market sentiment, traders said. The 30-share BSE index ended 634.20 points or 1.06 per cent lower at 59,464.62. Similarly, the NSE Nifty plunged 181.40 points or 1.01 per cent to 17,...

HUL Q3 results: Net profit rises 17% to Rs 2,243 cr

21/01/2022
new delhi, jan 20: FMCG major Hindustan Unilever on Thursday reported 17% jump in net profit at Rs 2,243 crore for the quarter ending December 31, 2021 as it gained market share in both urban and rural areas as India emerged from coronavirus-related lockdowns. It posted net profit of Rs 1,921 crore in year-ago period. Growth in the quarter was competitive and profitable with domestic consumer growth of 11%. Business fundamentals remained strong with handsome market share gains in all our divis...

India, Tesla in ‘weird stalemate’ on tax cut demands: Report

21/01/2022
new delhi, jan 20: Talks between India and Tesla Inc over potential tax benefits are deadlocked as the government is not keen to give the company any breaks without a commitment to manufacture locally, people familiar with the discussions told. Tesla is desperate to import and sell its electric vehicles in India and has for nearly a year lobbied officials in New Delhi to reduce tariffs, which the company's billionaire CEO Elon Musk says are among the highest in the world. But Indian official ...

India Ratings sees FY23 GDP growth at 7.6% on sustained govt spending

21/01/2022
new delhi, jan 20: India Ratings & Research expects India’s real gross domestic product to grow 7.6 per cent in fiscal year 2022-23, helped partly by a continued government spending and favourable global trade outlook, the ratings agency said on Thursday. “After a gap of two years, the Indian economy will show a meaningful expansion, as the real GDP in FY23 will be 9.1 per cent higher than the FY20 (pre-Covid level) GDP level. However, the size of the Indian economy in FY23 will be 10.2 per ce...

Maker Village signs MoU with Cochin Shipyard Ltd

21/01/2022
Kochi, jan 20: Maker Village, one of the largest electronic hardware incubators in the country, has signed a memorandum of understanding with Cochin Shipyard Ltd (CSL) for the development of indigenised technology and related aspects in the marine engineering sector. The MoU was signed here by Deepu Surendran, General Manager of CSL, and Nizam Mohammed, CEO of Maker Village, an official statement said. The hardware ecosystem set up by Digital University Kerala, IIITMK, and Kerala Startup Miss...

Rupee slips 7 paise to close at 74.51 against US dollar

21/01/2022
Mumbai, jan 20: The rupee on Thursday slipped 7 paise to close at 74.51 (provisional) against the US dollar, tracking a lacklustre trend in the domestic equity market. Forex traders said sustained foreign fund outflows and firm crude oil prices weighed on the local unit. Moreover, investors remained cautious ahead of the US Federal Reserve's meeting due next week. At the interbank foreign exchange market, the local currency opened at 74.43 against the greenback and witnessed an intra-day high...

Paytm slips 5% to hit new low; falls 26% in past three weeks

20/01/2022
Mumbai, jan 19: Shares of One97 Communications, the parent company of digital payments major Paytm, hit a new low of Rs 990, down 5 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. The stock is less than 10 per cent away from touching brokerage firm Macquarie's target price of Rs 900 apiece. In the past three weeks, the stock price of Paytm has slipped 26 per cent, whereas it has declined 54 per cent against the issue price of Rs 2,150. The company had made it...

Sensex sheds 656 pts, Nifty ends below 18K amid weak global cues; PSBs soar

20/01/2022
Mumbai, jan 19: Benchmark indices ended lower for a second straight day on Wednesday as rising bond yields continued to shift investors away from riskier asset classes. The 10-year US Treasury yield hit 1.9 per cent today, its highest point since December 2019. Brent crude futures, too, topped the $88 per barrel-mark. Given this, the frontline BSE Sensex index plunged 656 points, or 1.08 per cent, to 60,099. The Nifty50, on the other hand, shut shop at 17,943, down 170 points or 0.9 per cent...

RBL Bank to seek PE funding amid concerns over financial health: Report

20/01/2022
new delhi, jan 19: RBL Bank Ltd., the Indian lender at the center of turmoil after the nation’s banking regulator appointed a director last month, is seeking to raise new capital in a bid to allay investor concerns over its financial health, according to people familiar with the matter. The Mumbai-based bank has approached private equity firms for funds in exchange for a stake, the people said, asking not to be identified as the information is private. The bank is looking to raise as much as R...

Cabinet okays disbursement of additional compound interest waiver claims

20/01/2022
new delhi, jan 19: The Union Cabinet has approved an additional payment of about Rs 973 crore on account of pending claims for the government’s compound interest waiver scheme that reimbursed “interest-on-interest” charged on small ticket loans up to Rs 2 crore. The Centre received total claims of Rs 6,473 crore from 238 million borrowers under the “Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan ac...

IEX divests 4.93% equity stake in gas arm to Indian Oil

20/01/2022
new delhi, jan 19: India Energy Exchange (IEX) on Wednesday announced divesting 4.93 per cent equity stake in its gas exchange, IGX, to India's largest oil company Indian Oil Corporation. IEX chairman and managing director SN Goel said that the move augurs well in the joint endeavour to build the gas market in India and is aligned with the government's vision of accelerating the share of gas in the energy mix to 15 per cent by 2030. "We strongly believe that IndianOil will bring huge value thr...

Air India to prepay debentures at a premium on investors’ insistence

20/01/2022
Mumbai, jan 19: The investors of Air India's debentures have asked the airline to prepay the bonds at a premium instead of the airline agreeing to prepay the bonds on par in November last year. Prepaying the bonds at a premium would entail additional cost to the Indian government which was prepaying Air India's debt as part of the airline’s privatisation plan. In November last year, the airline had announced that it would prepay non-convertible debentures worth Rs 12,900 crore (Two series of...

Reliance Jio topples BSNL as largest fixed line broadband provider

20/01/2022
new delhi, jan 19: In about two years of commercial roll out of its fixed-line broadband services, Reliance Jio has toppled 20 -year-old state-run telecom company BSNL as top service provider in the segment. According to a monthly telecom subscribers report released by the telecom regulator Trai on Tuesday, Jio now leads the fixed-line broadband segment with 4.34 million customers. The segment had been dominated by the state-run telecom since its inception about 20 years ago. Reliance Jio fi...

Flipkart to host first-ever dedicated Samarth sale event on January 26

20/01/2022
Bengaluru, jan 19: E-commerce firm Flipkart said it is hosting its first-ever dedicated Flipkart Samarth sale event - ‘Crafted by Bharat’ to be held on January 26, marking the occasion of India’s Republic Day. The event will focus on celebrating India’s rich culture and heritage by showcasing the wide range of handicrafts and handlooms from across the country. The pandemic has accelerated the shift to e-commerce, and more consumers are expected to shop online at a higher frequency this year ...

NTPC steps up coal imports, seeks to avoid power crunch later this year

20/01/2022
new delhi, jan 19: India’s largest electricity producer is stepping up a campaign of coal imports as the nation seeks to avoid a new power crunch. State-run NTPC Ltd. has sought about 10 million tons of overseas coal since it issued its first international tender in two years in October, according to documents posted on its website. The reversal after years of supporting the government’s push to favor local producers underscores concern about a repeat of fuel shortages that triggered outages...

Power Finance Corp, REC reduce lending rates by 40 bps

20/01/2022
new delhi, jan 19: State-run non-banking financial firms Power Finance Corporation (PFC) and REC Ltd have reduced their lending rates across all types of loans by 40 basis points. PFC and REC Ltd have further reduced their lending rates across all types of loans by 40 Bps, a power ministry statement said. The reduction in rates has been possible due to lower cost of borrowings by these organisations. It is pertinent to note that PFC and REC are already providing short-term loans at interest r...

Antrix-Devas case a fraud against country, we’ll fight it: FM Sitharaman

19/01/2022
new delhi, jan 18: The Antrix-Devas matter was a fraud against the country, and the previous Congress administration should explain how the fraud was perpetrated, Finance Minister Nirmala Sitharaman said. The Finance Minister said Devas claimed to own a technology that did not exist. Based on this, an agreement with Indian Space Research Organisation (Isro) was signed, Sitharaman said. “The fraud began there,” Sitharaman said. The United Progressive Alliance-led government took six years to c...

Sensex tanks 550 pts; Nifty slumps below 18,150

19/01/2022
Mumbai, jan 18: Equity benchmark Sensex plunged by 554.05 points on Tuesday, tracking deep losses in realty, auto and metal stocks amid widespread selling pressure in global markets. The 30-share index slumped by 554.05 points or 0.90 per cent to end at 60,754.86. The broader NSE Nifty fell by 195.05 points or 1.07 per cent to 18,113.05. Maruti was the top loser in the Sensex pack, shedding over 4 per cent, followed by Tech Mahindra, HCL Tech, Tata Steel, IndusInd Bank and L&T. Sectorally, B...

Tata Motors to increase passenger vehicle prices from January 19

19/01/2022
new delhi, jan 18: Tata Motors on Tuesday said it will increase prices of its passenger vehicles by an average of 0.9 per cent with effect from January 19, in order to partially offset the impact of rise in input costs. The Mumbai-based automaker sells various models like Tiago, Punch and Harrier, in the domestic market. Effective January 19, 2022, an average increase of 0.9 per cent will be implemented, depending on the variant and model, the automaker said in a statement. At the same time, ...

Rupee continues to fall for 3rd day, slumps 33 paise to close at 74.58

19/01/2022
Mumbai, jan 18: Continuing its fall for the third consecutive session, the rupee on Tuesday slumped 33 paise to close at 74.58 (provisional) against the US dollar as strong American currency and elevated crude oil prices continue to weigh on investor sentiments. Forex traders said muted domestic equities and dollar buying by banks on behalf of importers also dragged the local unit down. At the interbank foreign exchange market, the local currency opened at 74.36 against the American currency ...

India offers $500-mn fuel credit line to forex strapped Sri Lanka

19/01/2022
Colombo, jan 18: India offered a new $500 million credit line to Sri Lanka to fund fuel purchases, the Indian High Commission in Colombo said on Tuesday, as the island struggles to manage its worst financial crisis in years. The credit line, which was under negotiation since August 2021, will ease pressure on the country's dwindling reserves that dipped to $3.1 billion at the end of December. Last week India also granted Sri Lanka a $400 million swap arragement to boost its reserves and help ...

Union Budget 2022: MFIs, fintech expect bolder budget and allocation of more to MGNREGA scheme

19/01/2022
new delhi, jan 18: As Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2022 on February 1, MFIs and fintech sector emphasises on a strong need to simplify and standardize financing for MSMEs, and give impetus to consumption led growth of the economy. Sadaf Sayeed, CEO – Muthoot Microfin said, “The economy has been on a rapid recovery path post the second wave of pandemic, corporate earnings for Q3 have been good so far for the industry. Similar trend can be seen in ...

Delhivery gets Sebi’s go-ahead to raise Rs 7,460 crore via IPO

19/01/2022
new delhi, jan 18: Supply chain company Delhivery has received capital markets regulator Sebi's approval to raise Rs 7,460 crore through an initial public offering (IPO). The IPO comprises fresh issuance of equity shares worth Rs 5,000 crore and an offer for sale (OFS) component of Rs 2,460 crore by existing shareholders, according to the draft red herring prospectus (DRHP). Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery's co-founders will divest their shareholding i...

Max Healthcare to invest $450 mn over next 4 years to double India capacity

19/01/2022
new delhi, jan 18: Max Healthcare Institute Ltd., India’s second-largest hospital chain operator, plans to invest $450 million over the next four years as it gears up to add capacity after the country’s health care system last year was overwhelmed by the Covid-19 pandemic. “We are looking at doubling our capacity, we are fortunate to have land banks in our network” in cities including Mumbai and New Delhi, Abhay Soi, the company’s chairman and managing director, told Bloomberg TV Tuesday. Max ...

EKI Energy Services saw a profit of Rs 161 crore for December quarter

19/01/2022
new delhi, jan 18: EKI Energy Services Ltd reported a net profit of Rs 161.21 crore for the December 2021 quarter. The financial figure for the previous quarter was not provided by the company. However, the company reported that its net profit for the quarter ending September 30, 2021 was Rs 81.25 crore. In the quarter ending December 2021, its total income was Rs 688.52 crore. EKI Energy Services Ltd (EKI Energy) is a market leader in the development and distribution of carbon credits. The c...

TV18 Broadcast’s net profit falls 17.4% to Rs 311.5 crore in Dec quarter

19/01/2022
Mumba, jan 18: Media firm TV18 Broadcast Ltd on Tuesday reported a 17.4 per cent drop in its consolidated net profit to Rs 311.55 crore for the third quarter ended December 2021. The company had posted a net profit of Rs 377.20 crore for the October-December period of the previous fiscal, TV18 Broadcast said in a regulatory filing. However, its consolidated revenue from operations during October-December 2021 jumped 15.15 per cent to Rs 1,567.08 crore, against Rs 1,360.95 crore in the year-ago...

Icra maintains volume demand growth estimate for FY22 at 13-15%

18/01/2022
new delhi, jan 17: Ratings agency ICRA on Monday said it is maintaining the domestic demand growth in volumes estimate for the Indian tyre industry at 13-15 per cent for the ongoing fiscal year and 7-9 per cent for the FY22-25 period. While the stable demand from replacement and export segments support industry revenues, earnings have been affected by elevated input prices, ICRA said in a statement. "ICRA maintains its (volume) demand growth estimates of 13-15 per cent year-on-year (Y-o-Y) fo...

Sensex gains 85 points to close at 61,308; Nifty ends above 18,300

18/01/2022
Mumbai, jan 17: Benchmark BSE Sensex rose by 85 points on Monday following gains in auto, IT, energy and FMCG stocks amid a firm trend in European markets. In a largely range-bound session, the 30-share index ended 85.88 points or 0.14 per cent higher at 61,308.91. Similarly, the NSE Nifty advanced 52.35 points or 0.29 per cent to 18,308.10. Ultratech Cement was the top gainer in the Sensex pack, surging nearly 3 per cent, followed by M&M, Maruti, Tata Steel, TCS, L&T, SBI and HUL. On the ot...

Kia India garners 7,738 bookings for Carens in one day

18/01/2022
new delhi, jan 17: Automaker Kia India on Monday said it has received 7,738 bookings of its upcoming model Carens on the first day of commencing the order process. The company had opened the pre-bookings for the new model on January 14 at an initial booking amount of Rs 25,000. We are delighted with the overwhelming response that Carens has received from customers, within the first 24 hours of starting the pre-bookings. It is the highest first-day booking we have received for any of our produc...

Despite pandemic, hospital chains set for revenue, margin growth in FY22

18/01/2022
new delhi, jan 17: Despite the third wave of the COVID-19 pandemic hitting elective surgeries and infecting a large number of medical personnel, hospitals are expected to close the current fiscal with robust revenue and margin growth, as healthcare facilities are reporting around 62 per cent occupancy, leading to a 6 per cent rise in returns per average room, says a report. Large hospital chains have reported a full 85 per cent growth in revenue leading to a 20 per cent growth in operating mar...

Amid Covid, India’s billionaire count rose by 40 to 142 in 2021: Oxfam

18/01/2022
new delhi, jan 17: The number of Indian billionaires grew from 102 to 142, while 84 per cent of households in the country suffered a decline in their income in 2021, which was also a year marked by tremendous loss of life and livelihoods, according to non-profit Oxfam India's latest report published on Monday. The report 'Inequality Kills' comes ahead of the World Economic Forum's Davos Agenda. It indicates that the collective wealth of India's 100 richest people hit a record high of Rs 57.3 ...

Budget 2022: FADA seeks GST rate cut on two-wheelers to 18 pc to spur demand

18/01/2022
new delhi, jan 17: Automobile dealers' body FADA has urged the government to reduce GST rates on two-wheelers to 18 per cent in order to generate demand in the segment. The Federation of Automobile Dealers Association (FADA), which represents over 15,000 automobile dealers having 26,500 dealerships, noted that two-wheelers are not a luxury item and hence GST rates need to come down. "FADA requests the Ministry of Finance to regulate and reduce GST rates on two-wheelers to 18 per cent and cont...

50 more in wings to be unicorns; over 100 startups with over $1 bn valuations by 2022-end: Report

18/01/2022
Mumbai, jan 17: India has 50 startups with the potential to achieve the coveted unicorn' status in 2022 and by the end of the year, the list of the new-age companies valued at over USD 1 billion will be at least 100, a report by a consultancy firm said on Monday. In 2021, which witnessed a huge spike in company valuations in the listed and unlisted space driven by ample liquidity, according to some watchers, India added 43 startups to the list and the number of unicorns shot up to 68 by the en...

Fantasy Sports added Rs 3,000 cr to Indian sports economy in FY21: Experts

18/01/2022
Bengaluru, jan 17: In the last year, the Indian fantasy sports industry contributed Rs 3,000 crore in FY21 to the sports ecosystem in India, through a multitude of avenues like sponsoring sports teams, leagues, players buying rights, and even supporting the development of sports at a grassroots level. This number is expected to double in the next three years alongside the growth of the industry and its participating user base. Niti Aayog in a recommendation paper launched in Dec 2020, has alr...

Farm tech platform DeHaat acquires agri-input marketplace Helicrofter

18/01/2022
Mumbai, jan 17: DeHaat, the technology-based platform offering end-to-end agricultural services to farmers in India, today announced its acquisition of Maharashtra-based B2B agri-input marketplace startup, Helicrofter. The financial details of the deal were not disclosed. Helicrofter encompasses over 2000 agri-input retailers and 30 sellers across Maharashtra. DeHaat serves over 700,000 farmers across Bihar, Uttar Pradesh, Jharkhand, West Bengal, Odisha, Madhya Pradesh and Rajasthan. The addi...

Rupee trades in a narrow range in early session against US dollar

18/01/2022
Mumbai, jan 17: The Indian rupee was trading in a narrow range in morning trade on Monday as elevated crude oil prices negated the impact of positive domestic equities. At the interbank foreign exchange, the rupee opened lower at 74.18 against the American dollar, then inched higher to 74.16, registering a fall of 1 paisa from the last close. On Friday, the rupee had slumped 25 paise to close at 74.15 against the US dollar. The dollar index, which gauges the greenback's strength against a ba...

PV exports from India rise 46 pc in April-Dec; Maruti Suzuki leads segment

17/01/2022
New Delhi, Jan 16: Passenger vehicle exports from India increased 46 per cent in the first nine months of the current fiscal year, with Maruti Suzuki India leading the segment with dispatches of around 1.68 lakh units, as per the latest data by SIAM. The total passenger vehicle (PV) exports stood at 4,24,037 units in April-December 2021-22 as compared with 2,91,170 units in the same period a year ago. Passenger car shipments saw 45 per cent growth at 2,75,728 units while utility vehicle expor...

Sun Pharma, Lupin recall products in US market

17/01/2022
New Delhi, Jan 16: Leading drug makers Sun Pharma and Lupin are recalling products in the US, the world's largest market for medicines, for different reasons. As per the latest enforcement report by the US Food and Drug Administration (USFDA), Sun Pharma is recalling 696 bottles of Pregabalin capsules (50 mg), used for the treatment of epilepsy, anxiety, and nerve pain, in the US market. According to the US health regulator, the Mumbai-based drug major is recalling the affected lot due to "fa...

India’s overall macroeconomic situation on recovery mode but facing stagflation: Kaushik Basu

17/01/2022
New Delhi, Jan 16: India's overall macroeconomic situation is in a recovery mode but the growth is concentrated at the top end, which is a worrying trend, according to former World Bank Chief Economist Kaushik Basu. Amid the rising inflationary trends, including the sharp increase in retail inflation last month, Basu, who has also served as Chief Economic Advisor to the Indian government during the UPA rule, said the country is facing stagflation and "very carefully curated policy intervention...

West Bengal govt assesses crop damage due to unseasonal rain

17/01/2022
Kolkata, Jan 16: The West Bengal government has started an exercise to assess crop damage due to recent unseasonal rain and advise farmers to take necessary steps to protect their produce from pest attacks, a minister said. State agriculture minister Sobhandeb Chattop-adhyay stated that his department is monitoring the situation so that there would be no shortage of foodgrains at a time when the economy is grappling with the COVID-19 pandemic and food inflation. Our officials have been sent to...

Gold imports jump over 2-fold to USD 38 bn in Apr-Dec 2021

17/01/2022
New Delhi, Jan 16: India's gold imports, which has a bearing on the country's current account deficit (CAD), more than doubled to USD 38 billion during April-December this fiscal on account of higher demand, according to data of the commerce ministry. The imports stood at USD 16.78 billion in April-December 2020. In December 2021, imports of the precious metal rose to USD 4.8 billion from USD 4.5 billion in the year-ago period. The surge in gold imports during the nine months contributed to t...

NCPCR chief calls for more taxes on tobacco products, OTT, films displaying their use

17/01/2022
New Delhi, Jan 16: National Commission for Protection of Child Rights (NCPCR) chairperson Priyank Kanoongo has advocated increasing taxes on tobacco products as well as on films, OTT platforms and other media that display use of such items in any form. He said affordability and easy availability of lethal tobacco products is harmful, especially for the youth, and an increase in taxes will not only make these products out of bounds, but the additional revenues earned can be used for the treatmen...

GAIL director arrested by CBI in bribery case

17/01/2022
New Delhi, Jan 16: The CBI has arrested E S Ranganathan, Director (Marketing) of GAIL, in a case of alleged bribery of over Rs 50 lakh for giving discounts to private companies buying petro chemical products marketed by the Maharatna PSU, officials said Sunday.The CBI had unearthed the alleged bribery scam involving Ranganathan, middlemen, and businessmen and arrested five individuals on Saturday, they said. The central agency had conducted searches at eight locations including the office and ...

Aluminium industry contributing towards self reliant India

17/01/2022
New Delhi, Jan 16: Bharat Aluminium Company Limited (BALCO), India's iconic Aluminium producer has not only set new benchmarks in the field of production, productivity, research and development, quality et al but has also impacted the society in a positive manner through its various flagship projects. These significant contributions of BALCO through its 56 years long developmental journey has led to the development of state and nation at large, thus, supporting India in its journey of becoming ...

Eight of top-10 firms add Rs 2.34 lakh cr in m-cap; Reliance Industries biggest gainer

17/01/2022
New Delhi, Jan 16: Eight of the 10 most valued companies together added a whopping Rs 2,34,161.58 crore in market valuation last week, with RIL, Infosys and TCS emerging as the lead gainers. The 30-share BSE benchmark Sensex last week zoomed 1,478.38 points or 2.47 per cent. The market valuation of Reliance Industries Limited (RIL) jumped Rs 69,503.71 crore to reach Rs 17,17,265.94 crore. Infosys added Rs 48,385.63 crore, taking its valuation to Rs 8,10,927.25 crore. The market valuation of Ta...

Amazon Great Republic Day Sale 2022: Major discounts on MacBook Pro, AirPods

17/01/2022
Mumbai, Jan 16: E-commerce giant Amazon kicks off its annual Great Republic Day sale, starting tomorrow. And in typical fashion, Prime members get early access to the offers a day before (January 16). The sale will be live until January 20 and see deals on various categories ranging from electronics, fashion, kitchen products, and more. Here’s a collection of the best deals you can avail in terms of technology. Also, owners of an SBI (State Bank of India) credit cards receive an instant 10 perc...

Minimum 6 airbags to be made mandatory in vehicles carrying up to 8 passengers from Oct: MoRTH

16/01/2022
new delhi, jan 15: The road transport ministry has said it will make it mandatory for carmakers to provide a minimum of six airbags in motor vehicles that can carry up to 8 passengers for enhanced safety of occupants from October this year. The Ministry of Road Transport and Highways (MoRTH) in a statement said that in order to enhance the safety of occupants of the motor vehicle against lateral impact, it has been decided to enhance safety features by amending the Central Motor Vehicles Rules...

Industrial, warehousing leasing up 35% in 2021; new supply rises 64%: Study

16/01/2022
new delhi, jan 15: Leasing of industrial and warehousing spaces across eight major cities went up by 35 per cent during 2021 to 35.1 million square feet, driven by higher demand from third-party logistics and e-commerce players, according to Savills India. The leasing stood at 26 million square feet in the previous calendar year. Property consultant Savills India highlighted in a report that fresh supply rose 64 per cent to 36 million square feet from 22 million square feet during the period ...

HDFC Bank’s Q3 net profit rises 18% to Rs 10,342 cr

16/01/2022
Mumbai, jan 15: Country’s largest private sector lender, HDFC Bank, on Saturday has reported an 18 per cent jump in net profit in the October–December quarter (Q3FY22) aided by higher credit growth and lower provisions. The lender’s profit after tax was to the tune of Rs 10,342.2 crore, in line with the Street estimates, compared to Rs 8,758.29 crore in the corresponding quarter of previous financial year (FY21). Analysts at Bloomberg had estimated a net profit of Rs 10,136 crore. Net interes...

RBI proposes adding corporate bonds in banks’ HTM category

16/01/2022
Mumbai, jan 15: The Reserve Bank of India (RBI) on Friday proposed allowing banks to keep corporate bonds, or even equity shares of subsidiaries, associates and joint ventures in the held-to-maturity category (HTM) of their investment books. An investment in the HTM category doesn’t require to be valued at the current market price, and therefore, banks do not have to incur mark-to-market losses if the current prices of the instruments dip in the market. Earlier, only government and state gover...

Gold dips as US bond yields edge up on prospects of rate hike, dollar firms

16/01/2022
Mumbai, jan 15: Gold prices slipped weighed down by an uptick in Treasury yields on prospects of U.S. interest rate hikes and a stronger dollar. Spot gold was down 0.3% at $1,816.22 per ounce by 13:56 ET (1856 GMT). U.S. gold futures GCv1 settled down 0.3% at $1,816.50. Benchmark U.S. 10-year Treasury yields US10YT=RR firmed, while the dollar rose 0.4% against its rivals =USD, making bullion costlier for overseas buyers. USD/US/ Gold gained briefly after the release of data showing retail sa...

FAA sets rules for some Boeing 787 landings near 5G service

16/01/2022
Washington, jan 15: Federal safety officials are directing operators of some Boeing planes to adopt extra procedures when landing on wet or snowy runways near impending 5G service because, they say, interference from the wireless networks could mean that the planes need more room to land. The Federal Aviation Administration said Friday that interference could delay systems like thrust reversers on Boeing 787s from kicking in, leaving only the brakes to slow the plane. That could prevent an ai...

Crisil Ratings to start disclosing ESG impact on credit profiles

16/01/2022
new delhi, jan 15: Crisil Ratings on Saturday said it will start disclosing the impact of environmental, social and governance (ESG) parameters separately when assigning credit ratings. The move comes on the back of increasing ESG impact in investment decisions. Notably, the ESG (environmental, social, and governance) factors determine a company's impact on society and environment.It gives a non-financial glimpse on the prospects of future opportunities and risks to the business. "The past c...

AGS Transact Technologies prices IPO at Rs 166-175 per share

16/01/2022
Mumbai, jan 15: AGS Transact Technologies has priced its initial public offering (IPO) between Rs166 to Rs175 per share. Bids can be made for a minimum of 85 Equity Shares and in multiples of 85 Equity Shares after that. The IPO is an offer for sale of Rs680 crore. The IPO will open on January 19 and conclude on January 21. The company is a payment solutions provider in India, providing digital and cash-based solutions to banks and corporates. The company provides customised products and se...

Maruti Suzuki hikes vehicle prices by up to 4.3 pc to offset rise in input costs

16/01/2022
new delhi, jan 15: The country's largest carmaker Maruti Suzuki India (MSI) on Saturday said it has increased prices of its models by up to 4.3 per cent with immediate effect to partially offset the impact of the rise in input costs. The company has enhanced prices across its models in the range of 0.1 per cent to 4.3 per cent owing to increase in various input costs. "The weighted average price increase in ex-showroom Prices (Delhi) across models is 1.7 per cent. The new prices are effecti...

Jaishankar holds talks with Lanka; Indian projects to boost Lankan economy

16/01/2022
new delhi, jan 15: External Affairs Minister S Jaishankar on Saturday held talks with Sri Lankan Finance Minister Basil Rajapaksa and discussed projects and investment plans by India that would strengthen the economy of the island nation. During the "detailed" virtual meeting, Jaishankar also raised the issue of Indian fishermen in Sri Lankan custody and urged for their early release as a humanitarian gesture. "Just concluded a detailed virtual meeting with Sri Lankan Finance Minister @RealB...

WPI inflation eases to 13.56% in Dec; RBI may hold rates next month

15/01/2022
new delhi, jan 14: The wholesale price-based inflation bucked the 4-month rising trend in December 2021, and eased to 13.56 per cent, even though food prices hardened, and experts believe the RBI is expected to hold rates steady in its monetary policy next month. WPI inflation has remained in double digits for the ninth consecutive month beginning April. Inflation in November was 14.23 per cent, while in December 2020 it was 1.95 per cent. Inflation in food articles, however, spiked to a 23-m...

Sensex, Nifty end marginally lower

15/01/2022
Mumbai, jan 14: Equity benchmarks Sensex and Nifty ended marginally lower on Friday, as positive macroeconomic data failed to lift spirits amid negative cues from global markets. In a largely subdued session, the 30-share BSE Sensex ended 12.27 points or 0.02 per cent lower at 61,223.03. Similarly, the NSE Nifty slipped 2.05 points or 0.01 per cent to 18,255.75. Asian Paints was the top loser in the Sensex pack, shedding 2.66 per cent, followed by Axis Bank, HUL, Wipro, M&M, HDFC and Bharti A...

December merchandise exports up 40% YoY, hit record $37.81 billion

15/01/2022
new delhi, jan 14: Merchandise exports witnessed nearly 40 per cent growth year-on-year to $37.81 billion in December, as demand for Indian products continues to remain robust, according to data released by the commerce and industry ministry on Friday. On a sequential basis, outbound shipments grew nearly 29 per cent. Engineering goods, petroleum products, gems and jewellery, organic and inorganic chemicals, drugs and pharmaceuticals, continued to remain top exported goods. On a cumulative b...

ABFRL to acquire 51% stake in brand Masaba, aims Rs 500 cr revenue in 5 yrs

15/01/2022
new delhi, jan 14: Aditya Birla Fashion and Retail Ltd (ABFRL) on Friday said it will acquire a 51 per cent majority shareholding in popular and contemporary brand 'Masaba' promoted by the leading designer Masaba Gupta for a cash consideration of Rs 90 crore. The Aditya Birla Group has entered into a 'binding term sheet' agreement to acquire a 51 per cent stake in 'House of Masaba Lifestyle Pvt Ltd', a move which will strengthen its play into fashion for young and digitally native consumers. ...

Shiprocket acquires Rocketbox

15/01/2022
new delhi, jan 14: Tech-enabled logistics and fulfilment company Shiprocket on Friday said it has acquired Rocketbox, a B2B logistics aggregator platform, for an undisclosed amount. The Rocketbox founders will join the Shiprocket leadership team, and continue to build the cargo product as part of this deal, a statement said. "Rocketbox, which is now Rocketbox by Shiprocket, and Shiprocket complement each other to address the pain points and technical complexities that merchants/brands face wh...

Rising Covid cases may add to asset quality risks of NBFIs: Fitch

15/01/2022
new delhi, jan 14: Fitch Ratings on Friday said the rising COVID cases may delay recovery in MSME and microfinance lending, and add to asset quality risks of non-banking financial institutions. Fitch estimates India's economic growth this fiscal ending March 2022 to be at 8.4 per cent but said that the deteriorating asset quality for Indian NBFIs in 2022 would stem primarily from MSME and MFI sectors, along with property construction finance. The Reserve Bank's Financial Stability Report, pub...

Oil demand recovery in India poised to weather Covid comeback

15/01/2022
new delhi, jan 14: Indian oil refiner Hindustan Petroleum Corp. is cautiously optimistic that the nation’s recovery from the pandemic will remain largely intact, despite a recent spike in coronavirus cases. Infections have surged and fewer vehicles are traversing the streets of India’s capital, but authorities have so far refrained from instituting a nationwide lockdown, opting for targeted restrictions such as closing bars. While people are avoiding unnecessary travel, there hasn’t been a s...

Passenger vehicle sales in India dip 13% to 219,421 units in December: SIAM

15/01/2022
new delhi, jan 14: Passenger vehicle wholesales in India declined 13 per cent to 2,19,421 units last month, auto industry body SIAM said on Friday. Passenger vehicle sales in December 2020 stood at 2,52,998 units. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales also fell 11 per cent to 10,06,062 units, compared to 11,27,917 vehicles in December 2020. Motorcycle sales declined 2 per cent to 7,26,587 units as against 7,44,237 units in December...

Adani Wilmar cuts IPO size to Rs 3,600 cr from Rs 4,500 cr: Report

15/01/2022
new delhi, jan 14: Edible oil major Adani Wilmar Ltd (AWL) has cut the size of its initial share-sale to Rs 3,600 crore from the Rs 4,500 crore planned earlier, people familiar with the development said on Friday. The company, which sells cooking oils under the Fortune brand, is expected to float its initial public offering (IPO) this month, they added. AWL is a 50:50 joint venture company between Ahmedabad-based Adani group and Singapore's Wilmar group. Now, the IPO will comprise a fresh is...

Ola Electric to open final payment window for scooter buyers on Jan 21

15/01/2022
new delhi, jan 14: Ola Electric will open the final payment window on January 21 for all the customers who have already paid Rs 20,000 for its electric scooters, Ola Chairman and Group Executive Officer Bhavish Aggarwal said on Friday. The company, which had last month stated that it has dispatched its electric scooters to all who have purchased in the previous round, will dispatch for the latest purchase during this month and February. Sharing a shot of its electric scooters at the company's...