BUSINESS
Equities decline 9% from record high in mid-Oct on FII selling
Lately, risks of another wave of Covid-19 emanating from the Omicron variant also somewhat dented the broader market sentiment among the investors. On October 19, the Sensex had hit the record high of 62,245 points, while on Friday it closed at 57,124 points, almost a decline of 9 per cent. Same is the case for the Nifty. It fell around 8 per cent from 17,155 points to 17,003 points.
'Almost done' with selling Tesla stocks: Elon Musk
He has sold more than three-quarters of Tesla's shares after his Twitter followers replied 'yes' to the poll where he asked them if he should offload 10% of his Tesla stake. However, Musk is yet to provide clarity on whether he has accomplished his stated goal of selling 10 per cent of his Tesla shares.
Banks' improved NPA recovery, declined loan provisioning to continue in 2022: ICRA
Accordingly, the improvement in such parameters has helped realise better profitability for the banks, the rating agency said. However, subdued credit growth and surplus liquidity continue to be a drag on the profit margins for the sector.
Pakistan foreign currency reserves decrease due to ongoing IMF stalemate
The country's total foreign exchange reserves stood at USD 25.027 billion; the foreign reserves held by the State Bank of Pakistan (SBP) stood at over USD 18 billion and commercial banks USD 6.45 billion, Geo News reported. The forex reserves had further dropped from USD 25.027 billion to USD 18.56 billion. The USD 90 million drop in forex reserves was recorded in the week ending on December 10.
Pandemic accelerated Cloud adoption among broadcasters: Amagi CEO
The Indian media and entertainment (M&E) industry has shown remarkable resilience during the pandemic. According to a PWC report, it is expected to reach 4.1 lakh crore by 2025 with a CAGR growth of 10.75 per cent, making it the fastest-growing entertainment and media market globally in terms of consumer and advertising revenue.
China cites harsh biz environment after tax searches on Chinese firms in India
The operations of Chinese firms remain normal at the moment, but relevant companies are looking to reassure their Indian employees as the investigation has caused some concerns, the report said. The investigation has not been concluded yet, but some Chinese experts reiterated on Thursday that the business environment in India is harsh, not only for Chinese firms, but all foreign companies, the report said.
Turkish President urges sectors to cut prices as lira rebounds
Addressing economists and academics in Turkey's financial hub Istanbul, Erdogan said the government would track down the companies and sellers, "including those in the second-hand automotive and housing sectors", who do not lower their prices, reports Xinhua news agency.
Centre advises parents to be cautious about ed-tech companies
As the pandemic disrupted the traditional brick-and-mortar education, the ed-tech startups rushed to help schools transition from offline to online. However, there have been various claims made by the students and parents about the companies' duping people with "free services", and even lack of refunds and deficiency of services; and parents being pushed into a debt burden.
Govt declares soya meal essential commodity, puts stock limit till June 2022
Under the Soya Meal Stock Control Order, 2021, issued with immediate effect from December 23, the stock limit has been set in consultation with the Central Department of Animal Husbandry and Dairying, wherein plant/miller/processors are allowed a maximum stock of 90 days production. They would also have to declare storage locations. "For trading companies/traders/private chaupals, only government registered enterprises, a maximum stock of 160 MT with a defined and declared storage location is allowed," said a release from the Ministry of Consumer Affairs, Food and Public Distribution.
India's foreign exchange dip lower by $160 million
The Reserve Bank of India's forex reserves decreased to $635.667 billion from $635.828 billion during the week ended December 10. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
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