BUSINESS
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23
"In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-to-day basis," the Controller General of Accounts (CGA) under the finance ministry said in an office memorandum dated March 1.
Holi holiday likely to break positive momentum build-up of last week
The week which saw markets gain on three of the five trading sessions ended with gains across the broad market. BSESENSEX gained 345.04 points or 0.58 per cent to close at 59,808.97 points while NIFTY gained 128.55 points or 0.74 per cent to close at 17,594.35 points. The broader markets saw BSE100.
Amazon to shut 8 Go stores to cut costs
In addition, the company said it will work to help affected employees secure other roles at the company. "Like any physical retailer, we periodically assess our portfolio of stores and make optimization decisions along the way," Amazon spokesperson Jessica Martin, was quoted as saying.
Amazon halts construction of 2nd headquarters in US to cut costs
Called 'HQ2', the second headquarters of the ecommerce company is being built in the state of Virginia (its first HQ is in Seattle, Washington State). John Schoettler, Amazon's real estate head, said in a statement the company is pushing out the groundbreaking of PenPlace, the second phase of the sprawling northern.
Domestic gas cylinder prices up by 56% in 4 years; hefty drop in subsidy
The retail selling price (RSP) of a domestic LPG cylinder (14.2 Kg) on April 1, 2019 was Rs 706.50 which increased to Rs 744 in 2020, Rs 809 in 2021 and Rs 949.50 in 2022. The price increased to Rs 1,103 from Rs 1053 on March 1 this year. While the price of the domestic LPG cylinder has recorded a substantial rise.
Sale of hallmarked jewellery without six-digit unique ID number prohibited after March 31: Government
The move announced on Saturday by the government, is aimed at protecting consumers and enhancing their confidence in purchase of hallmarked gold jewellery. Official sources said that it would ensure traceability and assure quality in gold jewellery. Consumers can check and authenticate hallmarked gold jewellery items with HUID number using the "verify HUID" in 'BID CARE' app.
Sitharaman underplays lack of consensus on Ukraine at G20 Ministers' meet
Addressing the Raisina Dialogue event, Sitharaman, while describing India as an attractive destination for global businesses, highlighted the rule of law among other factors as an important aspect. Calling the rule of law an understated factor, Sitharaman said: We have an elected democratic system, a well-established common law and also courts.
US Fed's rising rates to cast a cold shadow over Indian indices
The Indian indices survived on the back of very strong performance from the banking sector led by PSU banks, which had a great turnaround year. The composition of the banking sector in NIFTY is about 42 per cent. What does 2023 have in store for the markets is on everyone's mind. The global scenario at present and in India is not the best that one could visualise or hope for. If 2022 was tough, 2023 would be even tougher.
2023 holds little promise for tech IPOs as slowdown continues
Although some IPOs appear to be in the offing this month, the mood among the companies, investors and the public is yet to be lifted after a dismal December. Forty Indian corporates raised Rs 59,412 crore through IPOs in calendar year (CY) 2022, half of the Rs 1,18,723 crore (all-time high) mobilised by 63 IPOs in 2021, according to Prime Database, India's premier database on the primary capital market.
Interest rates to be at higher levels in FY24 as long as inflation is up
"The interest rates will remain at higher levels as it looks unlikely that the Reserve Bank of India (RBI) will cut rates. There is a possibility of another rate hike based on how inflation turns out in the coming month," Madan Sabnavis, Chief Economist, Bank of Baroda told IANS. Sabnavis also said with the US Federal Reserve going for two hikes, the world will be through a phase of higher rates.
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