BUSINESS
India's smartphone market sales crossed $38 bn in 2021: Report
India's smartphone market retail ASP (average selling price) grew 14 per cent (on-year) to reach its highest ever at $227 (nearly Rs 17,000), according to Counterpoint Research. "The price hikes in the budget segment due to component price rise, increasing focus of OEMs on the premium segment and increased demand for mid-range and premium smartphones due to increasing uses and availability of financing options contributed to the increasing ASP," said research analyst Shilpi Jain.
Musk's Tesla lost $109 bn in single day amid weak outlook for 2022
Musk said last week that Tesla would not bring any new electric vehicles to market in 2022, despite so much buzz around Cybertruck, Semi truck, and a cheaper Tesla. The news led to Tesla shares plunging 12 per cent, closing at $829 which was the lowest since October 14, 2021.
RBI to take up repo rate hikes from April with a cumulative rise of 150bps in FY23
Morgan Stanley said in a report the focus will be on raising additional resources through strategic divestment and asset monetisation. Indeed, the overall focus of the government should be to utilise all revenue levers effectively (tax compliance to improve tax to GDP, strategic asset sales) to sustainably improve the health of the public sector balance sheet.
Indian equities open higher ahead of Economic Survey; Sensex up 800 points
The Economic Survey is an annual report card on the health of the economy which examines the performance of every sector and suggests future guidance. Indices saw some sharp decline in the past 2-3 sessions as the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy on concerns of inflation.
Worsening of debt sustainability indicators to 2002 levels may drive fiscal conservatism
We see greater chances of moderating fiscal support from both the Centre and the states. GoI's spending in the proportion of Budget estimates is already restrained to levels that were last seen during the peaks of the economic boom in FY07-08, the report said.
Central bank liquidity, not fundamentals, driving extraordinary valuations: Citibank
"This has shown up in the extraordinary valuations that we've had in things like the tech sector - and yes, some of that is due to corporate profitsa", Matt King, global markets strategist at Citi Research, told reporters. Pointing to a decade of research, King said all of his "favourite" fundamental relationships have broken down.
What's likely to be unveiled by the Railway Budget
Union Finance Minister Nirmala Sitharaman will present her fourth Budget on Tuesday (February 1). This will be the sixth joint Budget after the merger of the Rail Budget with the Union Budget in 2017. As per information, it is expected that the Centre will increase the Rail budget by 15 to 20 per cent this year. With the Assembly elections in five states round the corner, the Centre can announce new railway facilities for the common passengers.
FCC announces $1.2 bn funds for broadband deployment in US
According to The Verge, the FCC calls this "the largest funding round to date", and notes 23 broadband companies will provide service to more than one million new areas. In addition, the FCC also introduced the Rural Broadband Accountability Plan, which will double the number of audits and verifications performed this year in comparison to 2021, the report said.
IPO-bound LIC's Chairperson, MD's tenure extended by one year
Prior to the latest extension, the Centre had extended the term of M.R. Kumar from June 30, 2021 till March 13, 2022, which is when he was to complete three years in LIC. This tenure extension comes at a crucial juncture when the company is expected to launch its IPO in the current financial year ending March. The listing of LIC is poised to be India's biggest IPO to date, with the government looking to raise up to Rs 1 lakh crore by selling shares.
Budget FY23: Kotak Securities sees incentives on agri commodities value addition
Five states set to go for Assembly polls is another reason why the agriculture sector could be in focus during the Budget. "Committed to increasing farmers' income, the government of India can come up with various plans in Budget 2022-23 in spite of the recent withdrawal of three farm laws late last year," it said. Further, it is expected that the Centre may announce something in order to achieve self-reliance in edible oil and pulses.
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