BUSINESS
Arrest of 'Ma' in China erodes $27 bn from Alibaba's share value
CCTV alleged late on Tuesday that Ma had been apprehended on charges of using the internet to engage in activities endangering national security. The shocked Investors quickly dumped their shares, causing the stock to crash by as much as 9.4 per cent, erasing about $27 billion in share value.
Equities tank after RBI's policy rate hike, settle sharply low
In a surprise and unscheduled move, the central bank raised the repo rate by 40 basis points (bps) to 4.40 per cent. The US Federal Reserve is also expected to raise rates at its ongoing policy meet to fight the prevailing higher inflation. Following the RBI announcement, the Sensex declined 1,307 points, or 2.29 per cent, and settled at 55,669 points, whereas Nifty fell 392 points, or 2.29 per cent, to 16,678 points.
Tata Technologies offers to set up EV production unit in Punjab
A delegation of the Tata technologies called on Chief Minister Bhagwant Mann here at his official residence. During the deliberations, the delegation comprising Global CEO of Tata Technologies Warren Harris, President Global HR and IT Pawan Bhageria and others evinced keen interest to set up this unit in the state with a current investment of Rs 250 crore and future investment of Rs 1,600 crore.
RBI hikes repo rate by 40 bps on inflation worries, equities plunge
Repo rate is the rate at which the central bank lends short-term funds to banks. The RBI has cut the repo rate by 250 basis points since February 2019 to help revive the growth momentum. The Monetary Policy Committee has been on a prolonged accommodative stance to support the growth.
Sign of improved investment cycle gives push to corporate profits, says ICICI Securities
Key positives for the current uptrend in profit cycle is that it is not yet inflated by the effects of 'operating and financial leverage' as capacity utilisation is still in the 60-70 per cent range on a trailing 12-month basis and industry credit is just showing signs of revival from a decadal low, it said. "Prospects for the investment cycle are improving in terms of rising 'animal spirits' observed in the two major growth engines of the capex cycle (private industrials and real estate - link)."
Share of retail investors in companies listed on NSE reaches all-time high of 7.42%
In INR value terms too, retail holding in companies listed on NSE reached an all-time high of Rs 19.16 lakh crore from Rs 19.05 lakh crore on December 31, 2021, an increase of 0.56 per cent, according to Pranav Haldea, Managing Director, PRIME Database Group. Sensex and Nifty rose by 0.54 and 0.63 per cent respectively during this period.
Employment in finance, realty, IT, banks, health performed better than peers, says Bank of Baroda
"Sectors such as IT, finance and banking have been the fast growing which provide support to other business either through funding or meeting operational requirements." These sectors continued to remain fully operational even during the lockdown period and hence added to the employment stream.
Dalal Street in focus as LIC IPO opens for subscription
The long-awaited Initial Public Offering (IPO) for the LIC will remain open to subscription till May 9. The government has brought down the issue size from 5 per cent to 3.5 per cent. It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.
Amazon aims to log $20 bn worth exports from India by 2025
In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by 2025. The company said that cumulative exports by the Indian micro, small and medium enterprises (MSMEs) via its 'Global Selling' program are currently on track to surpass the $5 billion milestone. The programme took about three years to enable the first billion dollars, and the last two billion dollars have come in just 17 months, Amazon said during the 'Exports Digest 2022' event.
US Fed on track for half-point rate hike as recession fears grow
According to the CME Group's Fedwatch tool, investors are betting that there is a 99.6-per cent chance of a 50-basis-point rate hike at the Fed's May 3-4 policy meeting, Xinhua news agency reported. The move, which would put the federal funds target rate range at 0.75 to 1 per cent, would be the first half-point increase since 2000.
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