BUSINESS
Gautam Adani surpasses Mukesh Ambani to become Asia’s richest person
Indian billionaire Gautam Adani of the Adani Group on Monday overtook Mukesh Ambani as Asia’s richest man with a net worth of USD88.5 billion, as per the Bloomberg Billionaires Index. Gautam Adani, 59, added around USD12 billion to his net worth this year thereby overtaking Mukesh Ambani, whose net worth currently stands at USD87.9 billion.
Newsmen Explainer | What is a Digital Currency and how will it revolutionise India’s FinTech sector?
Finance Minister Nirmala Sitharaman announced in the Budget 2022-23 that the Reserve Bank of India will issue Central Bank Digital Currency (CBDC) by in FY23. She said that this move “will give a big boost to digital economy (and this) currency will also lead to a more efficient and cheaper currency management system.” Hence, it is important to know what is this CBDC, why is this being hailed as a move towards fintech revolution and how is this different from private currencies such as cryptocurrencies. Here’s an explainer.
Eurozone inflation to persist for longer than expected: ECB President
"Compared with our expectations in December, risks to the inflation outlook are tilted to the upside, particularly in the near-term," said Lagarde while addressing a hearing of the European Parliament's Committee on Economic and Monetary Affairs on Monday. "If price pressures feed through into higher-than-anticipated wage rises or the economy returns more quickly to full capacity, inflation could turn out to be higher," she warned.
SC accepts settlement between Adani Power, Gujarat Urja Vikas Nigam in Rs 11K crore PPA dispute
A five-judge bench headed by Chief Justice N.V. Ramana said: "In view of settlement deed, we dispose of the curative petition, by saying that both parties will be governed by the compromise". In a settlement, the private firm waived off its nearly Rs 11,000 crore dues with the state PSU in a dispute over termination of a February 2007, power purchase agreement for supplying 1000 MW electricity. The private firm has agreed to keep supplying power to the state PSU.
Dassault Systemes elevates Manish Kumar as SolidWorks CEO
The company also announced that Gian Paolo Bassi, current CEO of Solidworks, will lead its 3D Experience Works organization as Executive Vice President. As Vice President of research and development at SolidWorks, Kumar played a key role in the development of SolidWorks product and technology strategies. With his additional role as CEO, Kumar will spearhead the tight relationships between R&D and the brand's vibrant community of users.
Indian equities positive in early trade
On Monday, indices slumped sharply on the back of a sell-off by foreign investors. Also, fears that RBI may raise policy rates in the upcoming Monetary Policy Meeting starting Tuesday and rising global crude oil prices weighed on the investors' sentiment the previous session. At 9.40 a.m. on Tuesday, Sensex traded at 57,831 points, up 0.4 percent or 211 points from the previous close of 57,621 points. It opened at 57,800 points.
We have to work on two-track path despite pandemic: Finance Minister
Addressing a post-budget session 'Implications of Union Budget 2022-23', organised by PHDCCI here, she, about the multimodal approach, said that it needs to be ensured to have a synergy with every mode of transport and linkages with logistics to ensure that products reach their destination on time inside or outside the country. The Finance Minister said the emphasis has been put on public investment and infrastructure in budget
Rising economic activity to boost NBFC-MFIs' AUM in FY2023
According to ICRA Ratings, the long-term outlook for NBFC-MFIs remains robust, driven by the fact that the growth in disbursements is expected to have continued in Q3FY22, post revival in Q2FY22. "Disbursements picked up again in Q2 FY2022, pushing up the growth in the assets under management (AUM) of NBFC-MFIs to around 5 percent (annualized) in H1 FY2022," ICRA said.
Union Bank of India's YoY Q3FY22 net profit rises 49%
The net profit rose to Rs 1,085 crore from Rs 727 crore during the corresponding period of the previous fiscal. Besides, the lender's net interest income rose by 8.88 per cent to Rs 7,174 crore during the quarter ended December 31, 2021, compared to Rs 6,590 crore in the corresponding period of the previous fiscal.
Centrum Broking gives 'buy' call for HG Infra Engg, PI Industries, SBI
For HG Infra Engineering, the brokerage has kept the target price at Rs 968. The current price is Rs 663. The company showed "agility" by securing five HAM projects in Telangana, Odisha and AP, outside its comfort zone of north and northwestern states, the brokerage said, adding that the balance sheet remained steady.
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