BUSINESS
HDFC's Q3FY22 standalone net profit up 11%
Besides, the Corporation's net interest income (NII) for the quarter ended December 31, 2021 rose to Rs 4,284 crore compared to Rs 4,005 crore in the previous year. In terms of consolidated results, the Corporation's profit after tax attributable to it increased to Rs 5,837 crore as compared to Rs 5,177 crore in the previous year. The lender said that as at end December 31, 2021, loans restructured under the RBI's Resolution Framework for 'Covid-19 Related Stress' was equivalent to 1.34 per cent of the loan book.
Fiscal Push: Budget FY23, value buying lift equity indices
Initially, the domestic equity market opened higher and remained in the green without any major correction. Globally, shares rose in Europe on Wednesday as investor sentiment continued to steady after a rout last month. Amongst sectors Realty, Consumer Durables, Banks, IT and healthcare indices rose the most. Consequently, the Sensex closed at 59,558.33 points, up by 695.76 points or 1.18 per cent.
Inflation at its highest in 2 years in Pakistan
The sectors that posted double-digit growth in prices when compared to January 2021 included perishable and non-perishable food items, energy, transportation, clothing, restaurants and health, reported Dawn news. While household and energy rates increased by 15.5%, the transport sector led the inflationary trend with an increase of over 23%, followed by 13% and 14% for perishable and non-perishable food items, restaurants and hotels 13% and clothing 12%.
Budget measures on bonus and dividend stripping may impact a class of investors
Union Budget 2022-23 figures pose ambiguities and asymmetric financial market reactions, Anand Rathi Share and Stock Brokers said in a report. The report said measures such as re-casting of off- and on-budget items and changes in the mechanism for resource transfer to states created ambiguities by making strict comparison of budget data for FY23 difficult with past years.
Budget's growth focus to face macro challenges
First, the ability of the government -- both central and states -- to spend 2.9 per cent of GDP on capex will face execution hurdles. Identification of projects, on-the-ground implementation, coordination with different agencies -- all typically lead to a smaller amount being spent than allocated.
Wheels India posts Rs 20.60 crore PAT for Q3
In a statement issued here, the company said it had closed the Q3 ended 31.12.2021 with a net profit of Rs 20.60 crore up from Rs 12 crore logged during the previous year corresponding period. Revenues for Q3 ended December 31, 2021, went up 57 percent to Rs 1,007.18 crore as compared to Rs 641.74 crore registered in Q3 ended December 31, 2020.
Coal shortage now at alarming levels, say aluminium producers
In its representation to the Ministry, the AAI has lauded the combined efforts by the Ministry of Coal and Coal India Ltd. in reviving domestic coal production, which has helped ease the coal supply crisis for the Power Sector. The steps undertaken by the Ministry increased the overall daily rakes dispatched from 242 rakes/day in September 2021 to 289 rakes/day in December 2021. This has drastically strengthened the coal stocks of the Power Sector to around 10 days.
Govt capital spending at 18-year high
"We expect F23 growth at 8.4%. In view of an improving growth trend, we expect the RBI to start policy normalization with a reverse repo rate hike in the February policy review, followed by repo rate hikes from the April policy review," it said. "We are looking at a new capex cycle and, hence, a new profit cycle and an exit from the RBI. That augurs well for our overweight sectors: Financials, Discretionary Consumption and Industrials," Morgan Stanley said.
Equity markets open on positive note a day after Budget
The Sensex of the BSE opened at 59,293.44 points and touched a high of 59,441.72 points. The Sensex touched a low of 59,193.05 points. The Sensex had previously closed at 58,862.57 points. The Sensex is trading at 59,405.48 points up by 542.91 points or 0.92 per cent.
Long road ahead for RBI to launch its digital currency
FM Nirmala Sitharaman introduced the Central Bank Digital Currency in her Union Budget 2022-23 speech, saying that it will give a big boost to the digital economy."I said that RBI will be issuing a digital currency...a currency is a currency only when it is issued by a central bank, even if it's a crypto. So, let's understand that we are not taxing currencies which are yet to be regularised," Sitharaman said later during the press briefing on Tuesday while clarifying the government's stance on cryptocurrency.
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