BUSINESS
Rs 10 lakh penalty on companies for misleading ads, unfair trade practice
The CCPA has taken 113 actions, of which 57 are notices for misleading advertisements, 47 notices relate to unfair trade practices and nine are for violation of consumer rights. "Subsequent to notice, 14 companies had withdrawn their advertisement, of which maximum companies had claimed more than 99 per cent efficacy against Covid/germs," Additional Secretary, Consumer Affairs, Nidhi Khare said.
India's IIP growth jumps to 8-month high in April at 7.1%
April's industrial activity is reportedly the highest in 8 months. A quick estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 135.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2022 stand at 116, 132.5 and 194.5, respectively. These Quick Estimates will undergo revision in subsequent releases, as per the revision policy of the IIP.
Insurance market in India to reach $222 bn by FY26: Report
According to homegrown consultancy firm Redseer, new online distribution models such as business to consumer (B2C), business to business (B2B) and business to business to consumer (B2B2C) are key drivers of growth, with B2C, in particular, gaining significant opportunities.
Visteon to ramp up headcount, production; mulls greenfield unit in India: Global CEO
The Indian-American Lawande also said the $3 billion revenue Visteon is looking at India as a major growth market as Indians are now willing to spend more and even a first time car buyer is looking at costlier models. "We are setting up a one million units per annum display panel facility adjacent to our facility near here. This will be Visteon's third display facility after Portugal and Mexico.
Rupee hits new low, further depreciation likely
The rise in crude prices towards three-month highs owing to supply tightness is further accentuating inflation concerns and inflicting damage on the global economy and value of the currency, said Sugandha Sachdeva, Vice President - Commodity and Currency Research at Religare Broking. Besides, the World Bank slashing its global growth forecast to 2.9 per cent as against its previous estimate of 4.1 per cent in January also depreciated the currency, Sachdeva said.
Indices slump sharply on global cues, Sensex tumbles over 1,000 pts
Domestic equity benchmark indices declined further as the session progressed and settled sharply lower on Friday, triggered by strong sell-off in global equities. With Friday's slump, the indices have declined for the five out of the past six sessions. Sensex closed at 54,303 points, down 1,017 points, or 1.84 per cent, whereas Nifty, at 16,202 points, was down 276 points, or 1.68 per cent.
HDFC raises home loan interest rate by 50 bps
The new rate will come into effect from June 10, it said on Thursday. Effectively, now home loan rates of the lender would start from 7.55 per cent. The rate revision by the lender comes a day after the Reserve Bank of India raised the key lending rates or repo rate by 50 basis points to tame high inflation, which essentially meant the cost of borrowings were going to rise.
Fitch revises outlook on India to stable from negative
"The Outlook revision reflects our view that downside risks to medium-term growth have diminished due to India's rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock," it said in a statement on Friday. The ratings agency expects a robust growth relative to peers to support credit metrics in line with the current rating.
Indices tumble on weak global cues, Sensex slips over 700 pts
On Friday, Indian markets opened sharply lower in line with negative cues from other Asian markets and from the US markets, said Deepak Jasani, Head of Retail Research, HDFC securities. "The US stocks tumbled late Thursday to close sharply lower, with the Nasdaq skidding 2.8 per cent, as jittery investors looked ahead to a reading on May inflation due Friday morning," Jasani added.
Canadians adjust spending habits, lifestyle to cope with inflation
According to a new survey conducted by the national statistical agency from April 19 to May 1 on Thursday, half of Canadians said they have sought out sales and promotions in the six months preceding the survey. Meanwhile, 47 per cent have found themselves purchasing cheaper alternatives, brands or items, and 45 per cent have delayed making a purchase in response to rising prices, Xinhua news agency reported.
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