BUSINESS
Aramco signs $12.4 bn infra investment deal with EIG-led consortium
The transaction represents a continuation of Aramco's strategy to unlock the potential of its asset base and maximize value for its shareholders. It also reinforces Aramco's role as a catalyst for attracting significant foreign investment into the Kingdom of Saudi Arabia.
Mid and small caps best performers, gold slumps in 1st quarter
Mid and small-cap stocks delivered returns of 14 per cent in the quarter while gold under-performed with negative 11 per cent returns. Gold is the biggest under-performer for the first three months of 2021 vs. the other asset classes. Gold prices are down by 11 per cent in rupees and 10 per cent in US Dollar in the last three months. Apart from ‘Risk on' trade, rising bond yields are now short term negative for the gold prices
'Economic activity consolidated in a steady zone in March 2021'
Out of the 10 indicators of QET (Quick Economic Trends) of economic and business activity tracked by the industry body PHDCCI, 6 have performed positively in March 2021 of which passenger vehicle sales has shown the highest growth of 125 per cent over the corresponding month in the previous year.
Centre may redraw bank recapitalisation plan in wake of new challenges
Sources said that the finance ministry has already started a preliminary exercise to determine the capital requirement of banks in wake of the changes in norms and rise in bad assets during the time of the pandemic. Based on the inputs received by banks, additional capital may be provided to them from budgetary resources.
E-commerce to accelerate India's auto sector growth: Report
Notably, the analysis by Allied Market Research, Market Line, Reserve Bank of India and Grant Thornton Bharat showed that e-commerce portals focused on the automobile market, such as Droom, Cardekho, and Olx have put consumers and the user experience in the spotlight helping the manufacturers attract more users.
India's OEMs accelerating shift towards EVs: HDFC Securities
"Along with developing electric products in-house, OEMs are open to collaborations, to reduce the speed-to-market as well as maintain capital efficiency," HDFC Securities said in a report. "Part suppliers are attempting to segment agnostic, developing components for ICE, hybrid and EV products."
IFC proposes to invest $100 mn in Hero Fincorp's secured debt
Hero Fincorp is primarily into financing two-wheeler purchases, loans to micro, small and medium enterprises (MSME), personal loans, used car purchase loans and corporate loans, IFC said. aAccording to IFC, the proposed investment will enable Hero Fincorp to expand its loan book across its business verticals.
China slaps record $2.7B fine on Jack Ma's Alibaba
The fine was imposed on Alibaba for violating anti-monopoly rules as the country seeks to rein in the power of internet conglomerates. "Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," the Hangzhou-based company said in a statement.
UN chief applauds IMF, World Bank measures to address COVID-related debt crises
Since the beginning of the crisis, the secretary-general has called for liquidity, the statement continued, through a large issuance of Special Drawing Rights (SDRs) - an instrument created by the International Monetary Fund to help supplement cash reserves - for those most in need, and a reallocation of unused SDRs.
India's forex reserves down by over $2.4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $576.869 billion from $579.285 billion reported for the week ended March 26.India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
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