BUSINESS
Govt capital spending at 18-year high
"We expect F23 growth at 8.4%. In view of an improving growth trend, we expect the RBI to start policy normalization with a reverse repo rate hike in the February policy review, followed by repo rate hikes from the April policy review," it said. "We are looking at a new capex cycle and, hence, a new profit cycle and an exit from the RBI. That augurs well for our overweight sectors: Financials, Discretionary Consumption and Industrials," Morgan Stanley said.
Equity markets open on positive note a day after Budget
The Sensex of the BSE opened at 59,293.44 points and touched a high of 59,441.72 points. The Sensex touched a low of 59,193.05 points. The Sensex had previously closed at 58,862.57 points. The Sensex is trading at 59,405.48 points up by 542.91 points or 0.92 per cent.
Long road ahead for RBI to launch its digital currency
FM Nirmala Sitharaman introduced the Central Bank Digital Currency in her Union Budget 2022-23 speech, saying that it will give a big boost to the digital economy."I said that RBI will be issuing a digital currency...a currency is a currency only when it is issued by a central bank, even if it's a crypto. So, let's understand that we are not taxing currencies which are yet to be regularised," Sitharaman said later during the press briefing on Tuesday while clarifying the government's stance on cryptocurrency.
Lina Khan-led US FTC to probe $69 bn Microsoft-Activision deal
Lina Khan-led Federal Trade Commission (FTC) will scrutinize whether Satya Nadella-run tech giant's move to expand its video game business will "substantially lessen competition", The Wall Street Journal reported late on Tuesday, citing sources. Khan is known as an antitrust advocate and has earlier taken on Big Tech like launching a probe last year into Amazon's $8.45 billion acquisition of movie and TV studio giant MGM.
Google's parent firm Alphabet logs record $257 bn revenue in 2021
In the fourth quarter (Q4) of 2021, the Sundar Pichai-led company reported a revenue of $75.3 billion, up 32 per cent from the year earlier. The better-than-expected earnings and revenue took its shares up by more than 9 per cent in extended trading. The company also announced a 20-for-1 stock split that will take effect in July.
Sri Lanka, China contaminated fertiliser row continues to fester as Qingdao doubles price
Agriculture Minister Mahindananda Aluthgamage told Sri Lankan newspaper Daily Mirror that the government plans to import Chinese fertiliser from the same company if new fertiliser samples are found to be fit. The country is still awaiting new samples for evaluation from Qingdao. Daily Mirror quotes Aluthgamage as saying: "If the samples of newly dispatched fertiliser found to be contaminated, we have no hesitation whatsoever to reject it too".
Tata Teleservices withdraws option of conversion of interest into equity
As the interest amount eligible for conversion is much lesser than as expected and calculated by the company, the Board of Directors of the Company, in its meeting held on February 1, has decided to withdraw the desire. The DoT, in response, has informed the Company that the NPV of the interest which is eligible for conversion into equity is only Rs 195.22 crore as against the company's calculation of Rs 850 crore.
FII selling likely in consumer tech stocks
Sectors like infrastructure, real estate, industrials, financials, information technology and pharmaceuticals are likely to outperform while consumer staples and discretionary likely to underperform, he said.
India expected to become $5 tn economy by FY26 or FY27: CEA
In the post-Budget press conference held here, Nageswaran said while replying to a question: "If we continue to retain the path of 8% of real GDP growth and if we extrapolate it, we should be a $5 trillion economy in terms of nominal GDP in the Financial Year 2025-26 or 2026-27." Before the conference, in her Budget speech in the Parliament on Tuesday, FM Nirmala Sitharaman said that overall, sharp rebound and recovery of the economy is reflective of "our country's strong resilience".
Tax incentives, Customs rationalisation to help capture supply chain shift from China to India
The Union Budget announced on Tuesday that the period of commencement of manufacturing for newly-incorporated manufacturing entities has been extended up to March 31, 2024 for availing concessional tax regime of 15 per cent. Similarly, the period of incorporation for startups has been extended to March 31, 2023 for availing tax incentive in three consecutive years out of 10 years from incorporation.
Don't Miss
Advertisement