BUSINESS
India's FY23 budget points to slower fiscal deficit reduction: Fitch
The Central government plans to reduce the fiscal deficit to 4.5 per cent of the GDP by FY26.In the Union Budget, the Centre has revised the fiscal deficit to 6.9 per cent of the GDP for FY22. The deficit target for FY23 has been kept at 6.4 per cent of the GDP. "The higher deficits and continued lack of clarity on medium-term consolidation plans in India's latest budget add risks to Fitch Ratings' projection of a downward trajectory in government debt/GDP," Fitch Ratings said.
Desperate Turks embrace cryptocurrency abandoning worthless Lira
According to reports, the daily trading in cryptocurrency is more than 1 million, even as the Recep Tayyip Erdogan government is yet to thrash out a clear policy on the same. While digital assets have been gaining attention the world over, for the Turks, dealing in crypto currencies offers them a chance to skirt their otherwise eroding income levels.
Swedish price comparison firm sues Google for $2.4 bn
The lawsuit has accused the tech giant of "continuing to breach a 2017 European Commission antitrust enforcement order against Google Shopping," reports TechCrunch. The lawsuit also alleges that Google continued to violate competition law in relation to product search, as well as seeking compensation for historical infringements that have allowed Google to reap revenue at rivals' expense.
With $5.94 bn, India led Asia-Pacific in fintech investments in 2021
The country also attracted the most funding in 2020, with $1.50 billion raised across 118 deals. According to the 'APAC Fintech Funding Report' published by S&P Global Market Intelligence, venture capital investments in Asia-Pacific-based fintechs surged to a record high of $15.69 billion in 2021, more than double the prior year's figure of $5.87 billion.
Supertech twin towers' demolition to begin in 2 weeks: SC
A bench headed by Justice D.Y. Chandrachud directed the Noida CEO to commence the demolition work within two weeks, and also convene a meeting with all agencies concerned, including GAIL, within 72 hours to finalise the schedule and the dates for the demolition. The top court was informed that GAIL's NOC was required as there is a high pressure underground natural gas pipeline, which is passing at a distance of 15 metres and depth of 3 metres.
RBI reschedules MPC meet as Maharashtra shut on Lata Mangeshkar's death
The meeting, which was scheduled to begin on Monday, will end on Thursday, the central bank said. "With February 7, 2022 being declared a public holiday by the government of Maharashtra under Section 25 of the Negotiable Instruments Act, 1881 as a mark of respect to Bharat Ratna Ms. Lata Mangeshkar, the MPC meeting has been rescheduled to February 8-10, 2022. This announcement is made under Section 45ZI(4) of the Reserve Bank of India Act 1934," the RBI said in a statement.
Adani Group forms new subsidiary to set up data centre
Reportedly, it is one of the half a dozen cities that the group has identified to set up data centres initially. "...we would like to inform that AdaniConnex Private Limited, Joint Venture of the Company with EdgeConnex Europe BV has incorporated a WOS namely, Mumbai Data Center Limited ('MDCL'), on 4th February...," the filing said. The new arm will undertake business to develop, operate, maintain, deal with data centers, ITES, cloud, providing services related thereto, it added.
Indian equities extend losses
At 9.38 a.m., Sensex traded at 58,508 points, down 0.2% or 137 points from the previous close of 58,645 points. It opened at 58,550 points.
Nifty traded at 17,438 points, down 0.5% or 78 points from the previous close of 17,516 points. It opened at 17,456 points. Among the stocks, Hero Motocorp, SBI, Mahindra & Mahindra, NTPC, and Eicher Motors were the top five losers in the morning trade, while Hindalco, ONGC, Sun Pharma, Asian Paints, and Divi's Labs were the top gainers.
FY23 divestment target more realistic, not underestimation: Sitharaman
She was speaking at an event here organised by Federation of Indian Chambers of Commerce and Industry (FICCI). Lastly, she reiterated that the government will continue on the disinvestment front. The Centre, in its Budget document for FY23, has drastically lowered the divestment target to Rs 65,000 crore. According to the Budget document, the current fiscal FY22's divestment target was revised to Rs 78,000 crore from the Budget estimates of Rs 1.75 lakh crore.
Tata Power shares up 180% in one year; PLIs likely to sustain momentum
In early February 2021, the company's share price was Rs 90, and now it's over Rs 250, which is 183 per cent up. Tata Power is an integrated power company, present across the entire power value chain of conventional and renewable energy, power services and next-generation customer solutions including solar rooftop and EV charging stations.
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