BUSINESS
IndiGo to launch 100 domestic flights from Sunday onwards
Airline major IndiGo will launch 100 flights connecting key domestic metro cities and regional centres, starting from March 27, 2022. Accordingly, the airline will introduce flights on 20 exclusive routes effective March 27, 2022. Besides, it will commence Regional Connectivity Scheme (RCS) route from Prayagraj-Lucknow on the same day. Furthermore, it plans to re-commence 16 exclusive flights.
Rupee-Ruble payment mechanism likely to be ready next week to facilitate Russia-India trade: Report
Russia had been removed from SWIFT, the international banking network, which has made it difficult for New Delhi to conduct trade with Moscow. Hence, a Rupee-Ruble payment mechanism might be brought into force by next week, as per a report by CNBC TV18. Officials of the Reserve Bank of India, India’s Central bank, met with officials of major Russian banks, i.e., VTB, Sberbank and Gazprombank, as per a report by Times Now.
Positive Sentiments: Valuations to attract interest in equities
Attractive valuations are expected to induce positive buying sentiment into the Indian equity indices during the upcoming week. Besides, stock specific buying interest in energy, pharma and media stocks will support the market's upward trajectory. However, fiscal year-end considerations as well as risk emanating from geo-political developments will likely arrest any sharp up moves.
Commodity crisis: Toyota to raise prices by up to 4% from April
Automobile manufacturer Toyota Kirloskar Motor (TKM) on Saturday said it will realign the prices of its models, by up to 4 per cent effective from April 1, 2022. According to the company, this hike has resulted due to the rising input cost, including that of raw materials. "As a committed and customer-centric company, TKM has made all conscious efforts to minimise the impact of rising costs on consumers," said TKM Spokesperson in a statement.
Centre has room to isolate consumers from 15% hike in crude prices: MOFSl
According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets. "Considering our revised crude oil prices forecasts of $80 per bbl in FY23 (from $70 per bbl earlier), if the GoI decides to take the entire burden, it would cost $12-13 billion (or 0.4 per cent of GDP) next year," the brokerage house said in a report.
Global smartphone display panel market reaches $46 bn in 2021
OLED display panels saw increased adoption in the supply chains of leading smartphone OEMs (original equipment manufacturers), according to Strategy Analytics. "We note more than 600 million OLED panels for smartphones were shipped to OEMs," said senior analyst Jeffrey Mathews. The smartphone display panel recorded more than 5 per cent annual revenue growth.
Govt preparing to auction 5G spectrum services this year
Minister of State for Communications Devusinh Chauhan said a Committee of Secretaries of various ministries discussed the spectrum allocation among various users in the context of spectrum needs of emerging technologies/users (5G/IMT) and recommended the spectrum allocation in relevant key bands.
SEBI proposes to reduce timelines for share buy backs, open offers
The regulator has proposed changes to various procedural activities involved in the 'buy back' tender offers which would help reduce the overall time required in the 'open offer' process from 43 working days to 36 working days. Besides, other proposed amendments would help reduce the overall time required in the 'open offer' process from the existing timeline of 62 working days to proposed timeline of 42 working days.
Emirates to reinstate pre-pandemic flight frequency to India
The airline will be operating 170 weekly flights to nine cities in the country, including 35 weekly flights to Mumbai, 28 to New Delhi, 24 to Bengaluru and 21 to Chennai amongst others. "The move comes on the back of the decision by the Indian government to restore international flights to and from the country in line with established bilateral agreements from the end of March 2022," the airline said in a statement.
BMW India to increase prices from April 2022
Luxury automobile manufacturer BMW India said it will increase prices by up to 3.5 per cent across its model range effective from April 1. The price increase will be brought into effect to adjust the material and logistics costs, impact of current geo-political situation and exchange rates. Earlier, another luxury carmaker, Mercedes-Benz India had announced an upward revision in price of its entire model range effective from April 1.
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