BUSINESS
Prevent dumping of toxic wastes in India: FM to DRI
Speaking at an event to celebrate DRI's 64th foundation day, Sitharaman lauded DRI's compact strength of about 800 officers for their relentless efforts despite the imminent risks. The Finance Minister stated that the officers may be keeping a low profile, but they are acting like the frontline defence forces, doing spectacular work in safeguarding the economic frontiers of the country.
Capital View: Ikea plans mega presence in Delhi to boost growth
The company will enter the NCR market via Ingka Centre which will come up in Gurugram. The centre is a mixed use retail destination which will be anchored by a large format Ikea store and is expected to come up within 3-4 years. Besides, the company plans to have an omnichannel approach which will have a combination of "big and small stores" as well as an online presence.
Lower oil prices to counter Omicron fears; yet rupee to remain subdued
Besides, rising trade deficit along with fears of US tapering measures are likely to hamper any appreciation move. However, the downside will be capped by lower oil prices. "Rising trade deficit and taper had it's toll on rupee. Continuos FPI pull out from equities has been countered by IPO inflows so far, and may continue for some more time," said Sajal Gupta, Head, Forex and Rates, at Edelweiss Securities.
Omicron concerns: 'Reverse Repo' hike can wait, says SBI Ecowrap
Lately, concerns have risen over Omicron's impact on growth. The monetary policy review is slated for December 6-8. It is widely expected that RBI's MPC will maintain a status-quo in key lending rates. At present, the MPC of the central bank has maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Consequently, the reverse repo rate was kept unchanged at 3.35 per cent.
Tightening of norms may increase NBFCs' headline NPAs: Ind-Ra
"The Reserve Bank of India's (RBI) clarification on NPA accounting is likely to increase NPAs by around one third for non-banking finance companies (NBFCs)," the ratings agency said. "However, the impact on provisioning could be modest, given NBFCs are using 'IND-As' and generally for higher rated NBFCs, provision policy is more conservative than 'IRAC' requirements."
Capital View: Ikea plans mega presence in Delhi to boost growth
The company will enter the NCR market via Ingka Centre which will come up in Gurugram. The centre is a mixed use retail destination which will be anchored by a large-format Ikea store and is expected to come up within 3-4 years.
India's Nov services PMI in expansionary mode but eases sequentially
However, the PMI eased sequentially during the month under review. The seasonally adjusted India Services Business Activity Index remained above the threshold 50 (index reading) mark. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
In a first, Pepsico's potato patent revoked by Indian authority
"This is a precedent setting judgement by the PPVFR Authority, meaning that anything that threatens farmers' rights as contained in India's unique legislation is and ought to be a matter of public interest. This is a victory for the farmers of India," said Kavitha Kuruganti, the activist who fought the case against the multinational.
Global action needed to regulate technology like cryptocurrency: Sitharama
Speaking at the InFinity Forum organised by Bloomberg and IFSCA, Sitharaman noted that no country has found a one-point formula to regulate technology such as cryptocurrency. "Even as we are thinking about at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology, so that whether it is your cryptocurrency, whether it is tech-driven payment system, data privacy..." she said.
Equity indices fall on profit booking, Covid concerns; oil stocks down
The key indices rose in the first few minutes of the day's trade, but soon ceded gains and later went into the negative territory as recent upsurges triggered a bout of profit booking. Globally, stocks were mostly higher in Asia on Friday after a broad rally on Wall Street. Similarly, European shares opened firmer. On the domestic front, volumes were a bit higher than the previous two sessions.
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