BUSINESS
India's shared mobility sector to see 15 cr users by 2025
Since the public transport infrastructure is woefully inadequate to meet the burgeoning demand of an increasingly mobile population looking for convenience and affordability, nearly five times growth is expected in the shared mobility market over the next few years, according to homegrown management consulting firm Redseer.
Pakistani rupee at historic low on repayments of Chinese loans
The Pakistani rupee plunged to a historic low of 183.70 against the US dollar in the interbank market after the State Bank of Pakistan (SBP) reported a massive outflow of $2.9 billion, Dawn new reported. The SBP announced that its foreign exchange reserves dropped to $12.047 billion during the week ended on March 25 due to a major repayment of Chinese loans while the rest was regular debt servicing.
Jet fuel prices hiked, air fares to rise
Accordingly, in the national capital, the price of jet fuel was raised to Rs 1,12,924.83 per kilolitre (kl) from Rs 1,10,666.29 per kl. In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 1,17,353.71, Rs 1,11,690.61 and Rs 1,16,583.71 per kiloliter, respectively. "ATF prices have increased by around 50 % since the start of the year, major reason being the increase in crude prices led by the the Russia-Ukraine tensions," said Bhanu Patni.
Intel buys Israeli workload optimisation startup Granulate for $650 mn
Chip-maker Intel has announced to acquire Granulate Cloud Solutions Ltd, an Israel-based developer of real-time continuous optimisation software, reportedly for up to $650 million. The acquisition will help cloud and data centre customers maximise compute workload performance and reduce infrastructure and cloud costs, Intel said in a statement late on Thursday. "Granulate's cutting-edge autonomous optimisation software can be applied to production workloads without requiring the customer to make changes to its code, driving optimised hardware and software.
Equity indices open marginally high
India's key equity indices -- Sensex and Nifty -- traded marginally higher during the early trade on Friday. At 9.44 a.m., Sensex was 0.1 per cent or 69 points up at 58,638 points, whereas Nifty 0.2 per cent or 35 points up at 17,500 points. "On the positive side, the negative real returns from fixed income are prompting the increasing tribe of retail investors to pour more money into Aequity.
Despite Covid, HAL revenues touch record high in FY 2021-22
"Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year," said R. Madhavan, CMD, HAL. The second wave of Covid-19 had compelled the company to declare a phased lockdown at various divisions during April and May 2021.
India's Apr-Feb fiscal deficit reaches over 82% of FY22 RE target
As per the data furnished by the Controller General of Accounts, the fiscal deficit -- the difference between revenue and expenditure -- for the April-February 2021-22 period stood at Rs 13,16,595 crore (Rs 13.16 lakh crore), or 82.of the revised estimates (RE). The FY22 deficit has been pegged at Rs 1,591,089 crore (Rs 15.91 lakh crore). The CGA data showed that the Central government's total expenditure stood at Rs 31,43,875 crore while total receipts were Rs 18,27,280 crore.
Low base, healthy demand lift India's Feb core sector growth
The growth rate of the eight core industries in February 2022 rose to a four-month high of 5.8 per cent from 4 per cent reported in January 2022. The Index of Eight Core Industries' (ICI) index reading rose on a year-on-year basis, against (-) 3.3 per cent during February 2021.
Centre to borrow Rs 8.45 lakh crore in H1FY23
The Ministry of Finance said the Centre is estimated to make a gross market borrowing of Rs 14.31 lakh crore for FY23. The Centre in consultation with the Reserve Bank of India, has finalised its borrowing program for the first half (H1) of FY 2022-23. As per Union Budget 2022-23, the budgeted gross market borrowing through dated securities for the FY 2022-23 is Rs 14,95,000 crore
India's Q3FY22 current account deficit at $23 bn
A wider trade deficit on the back of expensive commodities negatively impacted the current account. The current account was in a deficit of $9.9 billion in Q2FY22. On a YoY basis, the country's Balance of Payments was in a deficit of $2.2 billion in Q3FY21.
Don't Miss
Advertisement