BUSINESS
Nifty index declined for 2 straight months, 2nd steepest MoM in 2 years
February became the second consecutive month to witness a decline in Nifty index and the second steepest month-on-month fall in the past 23 months, brokerage house Motilal Oswal Financial Services said in a report. The Nifty ended 3.1 lower month-on-month in February at 16,794 points, it said.
Rural distress, high cost subdue India's February retail sales: FADA
Rural distress as well as high acquisition cost subdued India's February automobile retail sales on a year-on-year (YoY) basis, FADA said. Accordingly, data released by the Federation of Automobile Dealers Associations (FADA) showed a YoY fall of 9.21 per cent in overall automobile retail sales during the month under review.
Healthy demand buoys India's Feb service sector growth: PMI
Accordingly, the seasonally adjusted India Services Business Activity Index came in at 51.8 (index reading) for February, higher than 51.5 in January.The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month.
Aviation veteran Sanjiv Kapoor appointed as Jet Airways CEO
Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code and as per orders of the NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. Kapoor, who is currently President of Oberoi Hotels and Resorts, will join the airline on April 4, 2022, the consortium said in a statement.
Asia stocks drop after Ukraine nuclear plant attack
Share prices have tumbled in Asia after a fire broke out earlier in the day at the Zaporizhzhia nuclear power plant in Ukraine, the largest in Europe, BBC reported. Tokyo and Hong Kong faced the steepest falls, with Japan's benchmark Nikkei index 2.5 per cent lower and the Hang Seng in Hong Kong down by 2.6 per cent.
Equity indices extend losses, Sensex down over 800 pts
India's key indices -- S&P BSE Sensex and NSE Nifty50 -- extended their losses and fell sharply in the opening session on Friday amid skyrocketing crude oil prices. At 10.09 a.m., Sensex was 1.5 per cent or 818 points down at 54,284 points, whereas Nifty 1.5 per cent or 251 points down at 16,247 points.
'2G spectrum allocation arbitrary': SC junks Loop Telecom plea for licence fee refund
The Supreme Court on Thursday said the allocation of the 2G spectrum was found to be arbitrary and constitutionally infirm, as it junked Loop Telecom plea seeking refund of Rs 1,454.94 crore paid for 2G licence. Senior advocate A.M. Singhvi represented Loop Telecom in the top court.
Russia's credit ratings downgraded to 'junk' by Moody's and Fitch
Russias credit ratings have been downgraded deep into the 'junk' territory by Moodys Investors Service and Fitch Ratings, with the duo highlighting the economic toll inflicted by wide-ranging sanctions and rising doubts about whether Moscow will honour its debts, The Wall Street Journal reported.
10-year High: Ukraine crisis pushes crude price close to $120 a barrel
Continuing hostilities between Russia and Ukraine pushed crude oil price to a 10-year high of $119.84 per barrel on Thursday. The global hike in crude oil prices led by the Russia-Ukraine crisis is expected to push India's domestic prices of petrol and diesel by over Rs 22 per litre.
Shot in the arm for wheat traders as domestic prices hit lifetime high
Riding on a possible supply disruption of foodgrains - especially wheat -- due to the ongoing war in Ukraine, wheat's prices have hit a record high in India. Both Russia and Ukraine are major producers of wheat. In the key market of Madhya Pradesh's Indore, the foodgrain was sold at Rs 2,400 per quintal against Rs 2,000-2,100 until recently.
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