BUSINESS
Russia doubles interest rate after rouble slumps
The Bank of Russia said it raised the rate to 20 per cent from 9.5 per cent to help cushion the impact on prices of the rouble's slide, the report said. The move came after Western nations announced new sanctions against Russia over its invasion of Ukraine. The Russian currency hit a new record low after some of the country's banks were banned from using the Swift international payment system, BBC reported.
India to seek alternative to SWIFT as West cuts off Russia from global interbank platform
India has its own Structured Financial Messaging System (SFMS) for a secure messaging standard for financial messaging globally for intra/interbank applications. It is similar to SWIFT (Society for World-wide Interbank Financial Telecommunications). As per a Parliamentary Committee suggestion last year, India must develop an indigenous payment system similar to SWIFT.
Amazon likely to challenge Reliance Retail’s takeover of Future Stores at Delhi HC, NCLAT: Report
Due to alleged non-payment of rents to Reliance Retail, the Reliance Industries have seized control of over 300 large-format stores of the Future Groups resulting in their shutting down. These include 200 stores where Big Bazaar, a Future Retail Limited hypermarket chain, operated as well as around 100 stores where Central and Brand Factory operated.
Honda India Power Products Ltd reaches 5 mn units production milestone in Feb
HIPP has been consistently introducing latest technology products with global standards and bringing joy to its customers since 1985. The company has been a trusted partner in progress for its valued customers in line with its vision of "Empower People, To Do Better".
SBI, Mindtree, Ambuja Cement, IEX, 4 others 'top picks': ICICI Securities
Amid the ongoing market volatility, the brokerage house ICICI Securities has recommended State Bank of India, Mindtree, Ambuja Cement, Balkrishna Industries, Aditya Birla Fashion & Retail, Indian Energy Exchange, Grindwell Norton, and Balrampur Chini shares as its 'top picks'. The brokerage sees 11-15 per cent upside in share price for these stocks.
'Sustained Russia-Ukraine conflict likely to raise gas prices'
Global gas prices are expected to rise if any material and sustained escalation in the conflict between Russia and Ukraine puts constraints on Russia's gas exports, global financial services provider firm Moody's Analytics said.Russia is the world's largest exporter of gas.
BP to exit Rosneft shareholding after Russia's attack on Ukraine
Additionally, BP chief executive officer Bernard Looney is resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by BP, former BP group chief executive Bob Dudley, is similarly resigning from the board. The resignations will require BP to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with its first-quarter 2022 results.
'Gati Shakti' to give new direction to infra planning, reduce project costs: PM
Accordingly, 'PM Gati-Shakti' will bring down the time and cost overrun of infrastructure projects.Addressing a webinar, the Prime Minister said the budget FY23 has set the pace of India's development journey in 21st century and will lead to extraordinary increase in the strength of the country's economy, creating many new possibilities of employment.
Biocon Biologics to Acquire Viatris' biosimilar assets
The company is making the acquisition for up to $3.335 billion in stock and cash. The company said that the acquisition will give it access to Viatris' commercial engine in developed and emerging markets and will be value accretive. Besides, BBL will gain access to Viatris global biosimilars business estimated to be of $1 billion in revenue next year.
Russia imposes foreign shares sale ban
The Bank of Russia also said it had yet to decide whether to open the Moscow Exchange, other than the forex and money market, on Monday. The opening time has already been pushed a few times in the last few hours. It comes as the rouble plunged to a new record low after Western nations announced new sanctions against Russia over its invasion of Ukraine, BBC reported.
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