BUSINESS
IOC to pump fuel directly to Lanka's electricity supplier
Sri Lanka Energy Minister Gamini Lokuge announced on Tuesday that arrangements have been made to obtain fuel directly from the Lanka IOC (LIOC), Indian Oil's subsidiary in Sri Lanka, instead of getting them through the state-run Ceylon Petroleum Corporation (CPC). "We have prepared a loan to directly obtain fuel from the IOC," said Lokuge. Accordingly, the CEB is to receive 30,000 metric tonnes of fuel on credit basis from LIOC.
IMF projects India's growth rate at 9%, highest among major economies
IMF's World Economic Outlook (WEO) Update released in Washington said that India's gross domestic product (GDP) is projected to again increase next fiscal by another 9 per cent, before moderating to 7.1 per cent in 2023-24. The Update raised the growth projection for the current fiscal by 0.5 per cent from the 8.5 per cent projected in its WEO released in October last year. The upward revision is unrelated to the Covid-19 developments, it said.
Lowering taxes, more R&D will stablise consumer electronics sector, say players
"India can become the world's third-biggest market for televisions, leading to an estimated growth of 15 per cent in the market size, increasing to up to 16 million units annually. We would like to urge the government not to change custom duties, as the industry is moving towards a stable condition," Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd (SPPL) he said.
Equities settle high after crash on Monday; Sensex up over 350 pts
Sensex settled 0.6 per cent or by 366 points higher at 57,858 points, whereas Nifty is 0.8 per cent up or by 128 at 17,277 points. Barring Nifty IT index, all the others traded in the green during the intra-day trade. Nifty bank, auto, media, PSU bank, and realty indices rose the most, NSE data showed. On the stocks front, Maruti Suzuki India, Axis Bank, SBI, Indusind Bank, and UPL were the top five gainers, rising 7.4 per cent, 6.5 per cent, 3.9 per cent, 3.6 per cent, and 3.5 per cent, respectively.
Nvidia abandoning $40 bn acquisition of UK chip designer Arm: Report
Bloomberg News reported on Tuesday, citing sources, that the US-based chipmaker has told partners "it's not expecting the (Arm) deal to be finalised". "We continue to hold the views expressed in detail in our latest regulatory filings -- that this transaction provides an opportunity to accelerate Arm and boost competition and innovation," a Nvidia spokesperson told CNBC. The Federal Trade Commission (FTC) last month sued to block Nvidia's $40 billion acquisition of Arm from Softbank on antitrust grounds.
Hackers transferred Rs 12.90 crore from Mahesh Bank to 128 accounts
The bank's IT head K. Badrinath also said the customers' deposits and data are safe as the hackers transferred the money from the bank's remittance funds. He claimed that immediately after noticing the hacking, Mahesh Bank officials succeeded in stopping further transfers. "We also immediately alerted the banks where the money was transferred and requested them to put the transfers on hold," he said.
Singapore tightens monetary policy to ensure price stability
The Monetary Authority of Singapore (MAS) said in its latest monetary policy statement that it will raise slightly the rate of appreciation of the Singapore dollar Nominal Effective Exchange Rate policy band, while the width of the policy band and the level at which it is centred will be unchanged, reports Xinhua news agency.This move builds on the pre-emptive shift to an appreciating stance in October 2021 and is appropriate for ensuring medium-term price stability, it added.
Amazon faces backlash for selling products with Tricolour imprint
With the Tricolour imprint products, including clothing, face masks, keychains, etc., available on the platform, several users took to Twitter to share their outrage for disrespecting Indian sentiments."We demand that you immediately take down the offending items and stop hosting such items on your online store or face a boycott!!" a user wrote on Twitter."
Dalal Street looks for abolition of STT
The new normal these days is 'Work-from-home'. The Budget should introduce standard deduction for additional expenditure incurred by salaried class to meet communication and infrastructure requirements. Also, the government should consider increasing the limit of interest deduction paid on home loans as the pandemic has accelerated demand for bigger new homes to accommodate working space.
Budget 2022: Increase in custom duty on Aluminium scrap from 2.5 to 10% is key expectation
This is where the Aluminium sector will play a greater than ever before role. Extensive growth in electric vehicles, renewables, modern infrastructure, energy-efficient consumer goods and greater dependence on strategic sectors such as aerospace and defence, will drive Aluminium consumption to grow at a CAGR of 10 per cent or more.
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