BUSINESS
Insurance sector waiting for 'Annaatthe' for IRDAI
The sectoral regulator has been functioning without a Chairman since May 2021 and it is business as usual at the Hyderabad headquartered office with the savings of over Rs 4 lakh per month as salary per month.
Canada's inflation rose to highest in 30 yrs
Prices at the gas pumps were up 33.3 percent year over year in December compared with a 43.6 per cent annual increase in November as the tightening of public health restrictions related to the Omicron Covid-19 variant weighed on demand.
Moody's upbeat on premium growth of Indian insurers
In its latest report on the Indian insurance sector, Moody's said that the Central government's plans to infuse capital into state-owned insurers, and listing of Life Insurance Corporation of India (LIC) will encourage disciplined underwriting of risks in general and life sectors.
HAL signs contract for export of ALH to Mauritius
Mauritius already operates HAL built ALH and Do-228 aircraft. With this contract, HAL and the government of Mauritius have further strengthened the long-standing business relations spanning over three decades.
UK-India FTA: Indian alcohol beverage producers urge Centre for level playing field
The CIABC has written to the Union Ministry of Commerce and Industry requesting it for a staggered reduction in effective Customs duty on spirits and wines under the proposed FTA.
The current Customs duty on white and brown spirits and wines is 150 per cent, it said. The confederation wants that if needed, duties should be brought down gradually in a staggered manner so that Indian manufacturers' interests are safeguarded.
Budget FY23: Reduce central excise on ATF to 5%, says IndiGo
According to Ronojoy Dutta, Whole Time Director and Chief Executive Officer, IndiGo, civil aviation provides efficient infrastructure critical for economic growth and employment in the country. "Yet civil aviation pays 21 per cent of its revenues to the government in indirect taxes with very little input credit. It is an unreasonable proposition to expect that the industry should earn a 21 per cent margin just to pay taxes to the government," Dutta said.
Bajaj Auto's Q3FY22 net profits decline 22% YoY to Rs 1,214 cr
The net profit during the period under review fell to Rs 1,214 crore from Rs 1,556 crore reported for the corresponding period of the previous fiscal.
Economic recovery broadened in Q3FY22, but durability elusive: ICRA
The quarterly data suggested a modest broad-basing of the recovery in Q3 FY2022, relative to Q2 FY2022 when compared to respective pre-Covid volumes.
Lao central bank issues licenses for cryptocurrency exchange platforms
The companies are the Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group. LDX and Bitqik are now the only licensed and regulated institutions in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets, both within Lao and the region, Xinhua news agency reported citing the daily Vientiane Times on Wednesday.
Global inflationary woes subdue indices; realty stocks down
Globally, almost all Asian and European markets were in the red amidst growing fears that Federal Reserve plans to fight surging inflation by ramping up interest rates faster than previously anticipated. On the domestic front, volumes on the NSE were a little higher than recent average. Among sectors, stocks of Oil & Gas and Auto were the only ones in the green whereas Realty, Banks, Telecom and IT indices lead the losses.
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