BUSINESS
Russian currency plunges to a record low
The Russian currency dropped 6 per cent to 86 rubles per US dollar early Thursday - the lowest level on record. Both Moscow's and St Petersburg's stock exchanges suspended all trade in rubles after quotes reached the trading band limits set by the exchange itself. According to the announcement, the regulator will ensure the maintenance of financial stability and the business continuity of financial institutions by using all necessary tools.
Indian equity slumps further in closing hours; Sensex 2,702 pts down
Sensex settled 4.7 per cent or 2,702 points down at 54,529 points, whereas Nifty settled 4.8 per cent down, or 815 points down at 16,248 points. All Nifty sectoral indices took a sharp cut, with Nifty PSU bank declining the most at 8.3 per cent, followed by Nifty media and media at 7.2 per cent and 7.0 per cent, respectively.
Russia-Ukraine war: Flightradar24 crashes over massive traffic
The website displayed a 'cancelled' message, making it impossible to access the service. Flightradar24 is a global flight tracking service that provides real-time information about thousands of aircraft around the world. On Thursday, as Russian forces invaded Ukraine, it experienced traffic rates 10 - 20 times higher than normal, reports ZDNet.
Russia-Ukraine war boosts gold, silver prices
Global equity indices slide and commodities, including gold, surged as hostilities started. Concurrently, gold prices rallied with MCX Gold April futures surging by 2.25 percent to Rs 51,500 per 10 gram. Besides, 'Spot Gold' prices at COMEX traded near $1940 per ounce breaching near-term resistance of $1920 per ounce while the next target seems at $1970 per ounce on geopolitical risk.
Reliance Retail is 'King of India Retail': Bernstein
Reliance Retail is a scale leader with annualized core retail of $18.2 Bn, 3x+ of nearest competition and a current growth at 50 per cent+ you. It has shown consistent growth across categories -- grocery grew at double digit, Apparel & Electronics up 2x yoy. Digital/New commerce account for 20 per cent of core retail.
Global markets plunge as Putin is probably 'willing to weather the economic impact of sanctions'
Hong Kong's Hang Seng Index declined 3.2 per cent, while South Korea's Kospi dropped 2.7 per cent. Japan's Nikkei 225 lost 2.4 per cent after coming back from a holiday and China's Shanghai Composite moved 0.9 per cent lower. US stocks futures also tumbled. Dow futures were down as much as 780 points, or 2.4 per cent. S&P 500 and Nasdaq futures were down 2.3 per cent and 2.8 per cent, respectively.
GIC sued for $115 million by AM Re for cancellation of agreement
The US-based AM Re, a reinsurance provider, has filed a suit for $115 million against GIC for cancelling its agreement and non-payment of commissions for business it brought for the Indian reinsurer. According to AM Re, it had spent significant effort in negotiating reinsurance agreements on behalf of GIC Re for the year 2022, but the latter terminated the agreement and has not paid the commission as per the agreement.
Equities fall sharply in early trade; Sensex, Nifty decline over 3% each
Reportedly, President Vladimir Putin authorized a special military operation in Ukraine's Donbas region. At 10.16 a.m., Sensex traded at 55,428 points, down 3.2% or 1,803 points, whereas Nifty traded at 16,545 points, down 3.0% or 518 points. On the front of the stock, all Nifty 50 stocks traded in the red with Tata Motors, Indusind Bank, IndusInd Bank, Tech Mahindra, Bharti Airtel, and Mahindra & Mahindra declining the most.
PHDCCI sees India's FY22 GDP growth in 9.3-9.7% range
The industry body's rationale behind the estimated GDP growth for the fiscal year came on the back of "supportive government policies, decelerating impact of Coronavirus and continued improvement in key economic and business indicators", Pradeep Multani, President, PHDCCI, said in a statement on Wednesday.
WTO to hold ministerial meeting in mid-June
According to a WTO press release, the decision was taken by the organisation's General Council following the easing of the Covid-19 restrictions in the host country Switzerland. The exact dates of the meeting will be specified later.
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