BUSINESS
Budget to focus on fiscal consolidation while pushing private capex
The budget is likely to focus on gradual fiscal consolidation, continuing to favour investment-driven growth with a push for both public and private capex, and raising additional resources through strategic divestments and asset monetization. "Apart from this, we would be looking for clarity for Indian bonds to be included into global bond indices. Indeed, the overall focus of the government should be to utilize 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", Morgan Stanley said.
Jio surpassed BSNL to become the country's largest fixed broadband provider
JioFiber's market share improved 85bp month on month to 16.9 per cent (launched commercially in Sep-19), Nomura said in a report. Bharti added 0.1mn subs to reach 4.08mn FBB subs (up 68% since May-20), with market share up 60bp m-m to 15.9 per cent.
Setback to Vijay Mallya, UK High Court asks him to vacate his London home immediately
The Chancery division of the High Court in London has ruled that VijayMallya and his family must leave the house immediately on their own will or will be evicted forcefully by bailiffs, Times of India reported. The lawyer/barrister representing the Bank, Fenner Moeran QC, has said that his client will not delay the repossession process of a house which is worth millions of Pounds. In an application for stay on eviction filed by Rose Capital, High Court of London’s Deputy Master Marsh not only refused to permit it but also precluded the permit to appeal.
Sony shares slump after Microsoft's largest buyout in gaming history
The deal worth $68.7 bn, would be Microsoft's biggest ever buyout and the largest deal in gaming history, the report said. It would see the US firm owning popular gaming franchises including Call of Duty, Warcraft and Overwatch.
Equities extend losses; Sensex down 380 points in early trade
At 10.30 a.m., Sensex traded at 60,368 points, down 0.6 per cent from the previous close of 60,75 points. It opened at 60,845 points. Nifty traded at 18,013 points, down 0.6 per cent from the previous close of 18,113 points. It opened at 18,129 points.
Apple, Samsung give $5-bn thrust to India's local manufacturing scheme
"The leading global value chains (GVC) firms have got off to a blazing start. Besides Pegatron and Bharat FIH which are now gearing up, the big three -- Wistron, Pegatron and Samsung -- will achieve significant production of $5 billion in 2022," Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), told IANS.
Third wave could take 100-200 bps off HFC asset growth: Crisil
It said that growth would still be higher compared with average of 2 per cent over fiscals 2020 and 2021, though slower than the broad-based 24 per cent logged between fiscals 2011 and 2019, with a near two-fold increase in the number of HFCs over that decade, fuelled by easy availability of equity and debt capital.
Third Covid wave to trim fashion retailers' revenues by 8% in FY22: ICRA
According to ratings agency ICRA, these retailers are expected to reclaim upto 70-72 per cent of their pre-pandemic revenues in FY2022 as against 78-80 per cent expected earlier.
Air India curtails US operations due to 5G roll-out
Accordingly, the airline informed passengers via it's official Twitter handle that it will not be able to operate the Delhi-JFK-Delhi and Mumbai-EWR-Mumbai flights amongst other on Wednesday.
Vikram Dev Dutt named Air India's new CMD
The Appointments Committee of the Cabinet (ACC) approved Dutt's appointment as the CMD of Air India in the rank and pay of an Additional Secretary in the Ministry of Civil Aviation. At present, Dutt, a 1993 batch IAS officer, is based in his UT cadre. He succeeds Rajiv Bansal, who is currently the Union Civil Aviation Secretary.
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