BUSINESS
Mayhem in crypto market as Bitcoin drops below $30,000-mark
Bitcoin was more than 55 per cent down since its all-time high of $69,000 in November last year. Other digital coins also suffered double-digit-percentage drops, led by Cardano (20 per cent), Solana (16 per cent), XRP (13 per cent), BNB (16 per cent), and Ethereum (10 per cent), Decrypt reported. Experts said that rising interest rates, along with weakening economic activity, has created a risk-off environment.
No agreement reached between Hungary, EU over Russian oil embargo
"This evening's discussion with PM Viktor Orban was helpful to clarify issues related to sanctions and energy security," von der Leyen tweeted on Monday night following the 90-minute-long working dinner at the Hungarian leader's residence in the Castle District of Budapest. "We made progress, but further work is needed. I will convene a VC (video conference) with regional players to strengthen regional cooperation on oil infrastructure," she added.
Equities steady in opening deals as rupee appreciates marginally
Rupee too took a breather as it has appreciated from its all-time low of 77.42 the previous day to 77.25 this morning. Rupee has been under-pressure after global central banks started normalising policy and last week RBI too raised key interest rates. At 10.27 a.m., Sensex was 0.02 per cent down at 54,456 points, whereas Nifty was 7 points up at 16,309 points.
Global 5G IoT shipments to overtake 4G by 2028
5G shipments is set to overtake 4G by 2028 to become the leading technology in the global cellular IoT module market, according to Counterpoint Research. China leads in 5G adoption in the global cellular IoT module market. However, North America and Europe will have great potential in the future, the report mentioned.
GST Council mulling 28% tax on Bitcoin, other cryptocurrencies
The services such as crypto mining along with sales and purchases are likely to attract the 28 per cent GST if the proposal goes through in the next GST meeting, according to reports. The date of the next GST meeting is yet to be finalised.
Equities settle low on weak rupee, possible global policy hardening stance
Tightening lockdowns in China to curb Covid spread also weighed on the market sentiment. "The relentless rise in the US dollar index owing to interest rate hikes and rising US treasury yield hammered investor's risk appetite. Strong US jobs data indicated possibilities of faster rate hikes forcing investors to opt for safe-haven assets," said Vinod Nair, Head of Research at Geojit Financial Services.
Tod's S.p.A, Reliance Brands enter into multi-year franchise agreement
Tod's has been operational in India since 2008 with mono brand stores in DLF Emporio, New Delhi, and Palladium, Mumbai and multi-brand ecommerce platform Ajio Luxe. The management of existing channels will be taken over by Reliance Brands Ltd and the focus will be on enhancing the brand's potential in the market and strengthening their digital presence.
Aided by new energy biz, Reliance may add $50 bln m-cap in 2022: Morgan Stanley
First and foremost, refinery margins could nearly double and be sustained at high levels for the next half decade, with global fuel markets seeing sustained lower supply due to a lack of investments. The global firm sees telecom average revenue per user (ARPU) rising, quality of subscribers improving and churn falling and Reliance guided for normalisation ahead as one recharge cycle is behind.
Spending on mobile services up 4.2% QoQ in Q3FY22, up 8% YoY: Report
It was aided by the 20-25 per cent tariff hike taken in December 2021 by Airtel, Vodafone Idea, and Reliance Jio. "Finally, consumer spend on telecom services has crossed pre-RJio levels (previous high was in Q1FY17)," said the brokerage house.
Jio's healthy earnings show telecom industry digesting impact of tariff hikes
In December 2021, 20-25 per cent tariff hike was taken by Airtel, Vodafone Idea, and Reliance Jio. Jio's Q4FY22 revenues were up 8 per cent quarter on quarter and 20.4 per cent year on year, aided by 20 per cent tariff hikes, effective from December, and improving customer mix.
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