BUSINESS
Economic Survey 2020-21: Key highlights
The budget for 2021-22 would be released three days later on February 1 by the Finance Minister in the parliament from 11 AM. It will also be then discussed in detail by the finance ministry in the assembly itself.
WeWork plans new route for comeback in public markets: Report
A possible deal, as reported by the Wall Street Journal, could value WeWork at $10 billion, ushering a new era for WeWork to enter the public markets and launch a traditional initial public offering (IPO). WeWork currently has more than $3.6 billion of cash and unfunded cash commitments, including more than $875 million in available cash -- "more than sufficient liquidity to weather a prolonged COVID environment."
V-shaped economic recovery due to timely, stringent lockdown
The document was tabled by Finance Minister Nirmala Sitharaman in Lok Sabha on Friday. "Evidence from the experience of Spanish flu establishes that cities that intervened with lockdowns earlier and more aggressively experience stronger recovery in the economic front in the long run," the survey said.
Economic Survey 2020-21 Updates: India's FY21 GDP to contract 7.7%
The document which was tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha in its debt simulations for worst-case debt analysis assumed the contraction at (-) 7.7 per cent. According to the survey, the real growth rate for FY22 was assumed at 11.5 per cent based on IMF estimates.
India's fundamental growth drivers remain resilient: Boeing India
Accordingly, Boeing will hold discussions with customers and industry partners about its range of capabilities during the upcoming event. At the exhibit, Boeing will feature F/A-18 Block III Super Hornet, F-15EX, KC-46A, AH-64E Apache, P-8I, Chinook, 737-10 and 787-9.
Radico Khaitan' Q3 net profit up 40%
During the same period last year, the company had reported a net profit of Rs 59.74 crore. The company reported operational revenue of Rs 2,971.15 crore during the period under review, up 17.67 per cent on a year-on-year (YoY) basis.
FIIs' Flight: Some funds exit India but most stay invested
Accordingly, the FIIs have net sold over Rs 6,800 crore from the equity markets in the last four sessions, the longest exit spree since March and September. However, analysts said that FIIs have in total invested about Rs 1.25 lakh crore since November 2020. Besides, concerns over the Centre's ability to expand fiscal spend in the Budget FY22 to usher in faster growth has been cited by analysts as one of the reasons for FIIs' exit.
Indian startups want to hire TikTok employees affected by job cuts
TikTok said it decided to downsize the workforce in India as it has not received a clear direction from the government on how and when its apps could be reinstated. Some reports pegged the number of employees who will be affected by the decision at around 1,800, although there is no official confirmation from the ByteDance-owned platform yet.
Cash circulation in India rises 22% in 2020
It attributed the rise in cash circulation, to the printing of fresh currency by the Reserve Bank of India (RBI), monetary easing along with government's subsidy distribution plans and spike in demand early pandemic for more cash in the economy to manage demand-supply.
Global cues, profit booking dent equities, Sensex down 535 points
Besides, the flight of foreign funds from the domestic market due to nervousness over the upcoming Budget FY21 and derivatives expiry led to the sharp correction. Globally, Asian and European shares slipped after a major sell-off was triggered at Wall Street. On the domestic front, NSENifty50 opened a gap down and continued to remain under pressure ahead of the Union Budget on Monday.
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