BUSINESS
Indian equities settle in red on rising Covid caseload
The Sensex and Nifty settled at 59,601 points and 17,748 points, respectively, down 1.03 per cent and 0.99 per cent from their previous close, respectively. Barring a few sectoral indices such as consumer durables, PSU bank, media and auto, rest tanked during the session, NSE data showed. On the stocks front, JSW Steel, Ultratech Cement, Shree Cement, Tech Mahindra, and Adani Ports stocks declined the most, falling 3.0 per cent, 2.7 per cent, 2.6 per cent, 2.5 per cent, and 2.1 per cent, respectively.
India’s e-commerce giants Flipkart, Amazon show uptick in annual revenue for FY21
Flipkart India (owned by U.S.-based Walmart) reported ₹43357 crores in revenue for the financial year 2020-2021 (FY21), as per the regulatory documents sourced from business intelligence platform Tofler. This is said to be a 25 percent jump in revenue recorded in FY20. The company also reported a 23 percent decrease in losses from FY 20 as the number stands at ₹2445 crores for FY21.
17 states to get Rs 9,871 cr as monthly revenue deficit grant
These states are -- Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal. The Post Devolution Revenue Deficit Grants are provided to the States under Article 275 of the Constitution. The grants are released to the States as per the recommendations of the Fifteenth Finance Commission to meet the gap in Revenue Accounts of the States post devolution.
Google Cloud partners with CryptoWire to develop blockchain, crypto ecosystem
As an exchange neutral global platform, CryptoWire aims to simplify the digital asset class, blockchain technology, its industrial application and empower enthusiasts and professionals to make informed business decisions by offering deep insight and leading-edge knowledge.
RIL's largest ever foreign currency bond issuance from India
The Notes were nearly 3 times oversubscribed with a peak orderbook aggregating $11.5 billion and were priced through RIL's secondary curve. The Notes have been priced at 120 basis points, 160 basis points and 170 basis points over the respective US Treasuries benchmark. RIL has joined a select group of issuers from Asia to have made jumbo bond issuances. Interest on the Notes will be payable semi-annually in arrears and the Notes shall rank pari passu with all other unsecured and unsubordinated obligations of RIL.
India's high import tariffs negating PLI, impacting competition: ICEA
India's higher tariffs are even more evident for the priority products identified by the electronics industry. For finished products, India's tariffs are slightly lower for only one tariff line of China. However, for inputs (components and sub-assemblies), there is no tariff line for which India's import duty is lower than the competing economies, showing the relatively higher costs of production in India compared to the four economies (China, Vietnam, Thailand and Mexico), according to study by the India Cellular and Electronics Association (ICEA), in collaboration with IKDHVAJ Advisers LLP.
BharatPe CEO says viral audio clip with him hurling abuses is fake
The unverified audio clip went viral this week allegedly over the non-allocation of shares in fashion e-commerce firm Nykaa that recently went public. The viral audio was posted by an anonymous handle along with the tweet: "how rich founders treat poor bank employees".
2-year moratorium for weak sugar mills as per guidelines to restructure SDF loans
As on November 30, 2021, of the outstanding amount of default on SDF loans, which is Rs 3,068.31 crore, as much as Rs 1,249.21 crore is the principal amount while Rs 1,071.30 crore is interest and Rs 747.80 crore is additional interest due to default.
Hughes, Airtel announce JV to offer satellite broadband in India
Accordingly, the agreement, announced in May 2019, has received all statutory approvals, including the National Company Law Tribunal (NCLT) and Department of Telecom, the statement said. Commenting on the agreement, Partho Banerjee, President, and Managing Director, HCIPL, said: "Combining the proven capabilities of both Hughes and Airtel, the partnership will bring synergies to the forefront - including multi-orbit solutions - for the benefit of customers across the length and breadth of India."
India has entered an economic supercycle
The Indian relative situation also stands out among the emerging markets/Asia. Data from IMF suggests that India is likely to be the fastest growing Asian economy in 2022 in real terms, and the only Asian economy to grow in double digits in nominal terms. The growth momentum for India is partly better as India has followed a relatively open economy approach towards Covid, unlike the 'zero Covid' approach adopted by China, the report said.
Don't Miss
Advertisement