BUSINESS
Energy stocks fall sharply after govt hikes windfall profit tax on diesel, jet fuel export
Shares of Chennai Petro, Adani Total Gas, ONGC, Asian Energy and Reliance were trading more than 1.5 per cent to 4 per cent lower during early trade. While, BSE Energy were down 102.51 points or 1.15 per cent at 8,780.11, and Nifty Energy were down 269.65 points or 0.96 per cent at 27,834.85.
Indices fell during early trade following international peere
At 11.10 a.m., Sensex were trading at 431.12 points or 0.72 per cent down at 59,105.95, and Nifty was down 87.85 points or 0.49 per cent at 17,671.45. TCS, Infosys, Reliance Industries, Tech Mahindra, HCL Technologies were the major losers on the Sensex. Domestic equity markets were closed on Wednesday on account of Ganesh Chaturthi festival.
Delhi set to return to old excise policy regime with new liquor shops, app
Delhi government has planned to start the service from Thursday with 300 outlets across the city and later by the end of the year, the number will go up to 700. However, the city was earlier expected to have around 500 outlets from September.
$790 bn sought for Japan's fiscal 2023 budget, defence spending to rise
The budget requests for fiscal 2023, which starts next April, marked the first drop in five years from the record high of the fiscal 2022 initial budget of 111.66 trillion yen, but the figure to be adopted by the government at year-end is likely to increase further due to additional costs to tackle soaring prices, the Covid-19 pandemic and a natural increase in social security spending. Breaking down the total amount, the largest request came from the Ministry of Health, Labor and Welfare on Wednesday, which asked for 33.26 trillion yen, amid continued rises in social security costs stemming from Japan's aging population, Xinhua news agency reported.
Spicejet CFO resigns as airline reports net loss of Rs 789 crore
SpiceJet said in a regulatory filing, said that its Chief Financial Officer resigned with effect from August 31. SpiceJet airline reported a net loss of Rs 789 crore (Rs 420 crore excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as business was severely impacted by record high fuel prices and a depreciating rupee.
No cap on airfare from now, air ticket prices may go up during festive season
However, experts said that high competition among the airlines may lead to benefits for fliers and many airlines may offer discounts as per the demands. Aviation expert Harshvardhan said: "The move will give flexibility to the airlines in deciding air fares and airlines can charge as per their policies. Airfare cap was more towards the higher side. New airline has come and there is competition in the sector.
Growth of eight core sectors down to 4.5% in July 2022 from 9.9% July 2021
The government also revised the final growth rate of Index of Eight Core Industries for April 2022 to 9.5 per cent from its provisional level of 8.4 per cent. The Index of Core Industries (ICI) measures combined and individual performance of production in selected eight core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
Spicejet reports net loss of Rs 789 crore in Q1FY2023
The airline's total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 3,267 crore as against Rs 1,995 crore. On an EBITDA basis, loss was Rs 379 crore for the reported quarter as against a loss of Rs 244 crore for the quarter last year.
Moody's cuts G-20 nations' GDP growth to 2.5% in 2022
"Global monetary and financial conditions will remain fairly restrictive through 2023," said Madhavi Bokil, Senior Vice President at Moody's. "Central banks will require decisive proof that high inflation no longer poses a threat to their policy objectives before letting up on their tight monetary stance. The challenging global economic environment of today will be resolved with a sharp and disinflationary slowdown in economic growth," Bokil added.
Centre proposes amendment in export policy for certain types of drones
UAV systems including drones, remotely piloted air vehicles and autonomous programmable vehicles, not specified under SCOMET Categories/sub-categories 3D013, 5B(a) & (b), 6A010, 8A912, and capable of range equal to or less than 5 km and delivering a payload of not more than 5 kg (excluding the software and technology of these items), will not be covered for the purposes of SCOMET Category 5B, subject to the General Licensing procedure under GAED policy to be notified in the Public Notice, said the DGFT.
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