BUSINESS
Rosneft plays a key role in energy dialogue with India
The development and expansion of the energy dialogue between Russia and India should be a priority task for both the political and business elites of the two countries. Russia is India's longstanding and time-tested partner. There is regular high-level interaction between the two countries - heads of the two countries hold annual meetings and there are other mechanisms of political interaction. Contacts have been established in the sphere of military and technical cooperation and the economy. In this situation, it is important to systematically develop cooperation in the energy sphere as well.
Omicron scare: Economy needs continued handholding, says PHDCCI
"Although the resilience of Indian economy is very strong and we expect a double digit GDP growth in 2021-22 on the back of effective policy measures undertaken by the government, we still have to mitigate the uncertainty caused by the looming impact of Omicron," PHDCCI said in a statement. Out of the nine lead economic and business indicators of QET (Quick Economic Trends), tracked PHDCCI, six have shown uptick for November 2021, as compared with seven out of 10 indicators showing the uptrend in October 2021.
Omicron, tightening global liquidity to squeeze Indian equities further
Lately, FIIs outflows have pulled the equities lower and depreciated the Indian rupee. So far, the foreign institutions have sold over $4 billion worth of equities in this qurter. Consequently, the Indian market logged its second worst week in almost 10 months in the week ending Friday. Nevertheless, attractive valuations along with lower oil prices are expected to arrest the slide.
Power Plants: Lower electricity demand improves coal stocks
Accordingly, the trend was triggered via lower YoY electricity demand due to the onset of winter and better coal supply in a sequential basis. "Inventory at power stations improved significantly in Dec-21 with as many as 52 stations facing subcritical levels of inventories versus 112 plants in Oct-21." "The inventory level also increased by '1.56x' to 19.2MT in December 21 versus 7.5MT in October 21."
Elon Musk adds $884 million to his kitty after selling another round of Tesla shares
Elon Musk on Thursday sold yet another batch of Tesla shares worth $884 million. The Tesla founder has sold more than three-quarters of his electric carmaking company after the majority of his Twitter followers replied 'yes' to the poll where he asked them if he should offload 10% of his Tesla stake. The billionaire has been on a selling spree ever since and has sold nearly $14 billion of Tesla stock since November 8.
Omicron concerns, FII outflows to pull Rupee lower; Likely RBI moves to stem volatility
Besides, high YoY trade deficit along with new US tapering measures will hamper any appreciation move. However, the downside will be capped by lower oil prices along with probable RBI interventions. The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.
Mukesh Ambani believes these are 5 best books of 2021 | Here're details
Reliance Industries Ltd. Chairman Mukesh Ambani has revealed the name of the five books that helped him make sense of 2021 and are preparing him for 2022, he made these revelations while talking to news agency Bloomberg. Asia’s richest man has recommended the books as the five best books of 2021, said the news agency.
RBI is in favour of complete ban on cryptocurrency: Report
The Reserve Bank of India (RBI) has informed its central board that it favours a complete ban on cryptocurrencies, as quoted by Economic Times. The Central government had already planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament. The Bill awaits PM Modi's final decision over it, as certain sections of the government feel to hold more detailed deliberations on the bill.
Odisha approves AM/NS's Rs 1.02 lakh cr steel plant project
The High-Level Clearance Authority, headed by Chief Minister Naveen Patnaik, gave its nod to the proposal under which the company plans to set up a 24 million tonnes per annum (MTPA) integrated steel plant at Mahakalpara block of Kendrapara, an official statement said.
PM meets venture capital, private equity funds to gather inputs ahead of Budget
According to the Prime Minister's Office, this is a part of the constant endeavour of the Prime Minister to boost the investment climate in the country, and the motive of the Friday's meeting was to gather inputs ahead of the next budget for FY22. The representatives also discussed the opportunities that are emerging because of India's exemplary climate commitments including the ones in the sphere of energy transitions, the statement added.
Don't Miss
Advertisement