BUSINESS
Pegasus snoopgate to spook upcoming Budget session
As per reports, the spyware Pegasus not only breaches WhatsApp as also the phone but is able to turn over the cellphones camera and microphone to capture all activities in the vicinity of the phone, besides hacking all the security features of the phone, including listening to and sending passwords, contact lists, calendar events, text messages, and live voice calls. It also can plant fake material into the cell phone to falsely incriminate people.
Geo-political tensions to flare-up rupee's weakness
Geo-political tensions emanating from the Russia-Ukraine conflict have spooked investors in India's equity markets, thereby triggering massive fund outflows. As per estimates, till now in January 2022, the FIIs have sold over Rs 30,000 crore worth of equities due to various global factors, including the US Fed's plans to tighten its monetary policy. Notably, any rate hike by the US Fed drives away FIIs from India and other emerging markets.
SBI withdraws circular on pregnant womens' employment eligibility
In a statement on Saturday, SBI said it has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance. Accordingly, SBI recently reviewed the various 'Fitness Standards for Recruitment' in the Bank, including norms for 'Pregnant Women' candidates. "SBI has always been proactive towards the care and empowerment of its women employees who now constitute around 25 per cent of our workforce."
Grover controversy: BharatPe says not fired any employee, audit is on
BharatPe, which is doing an independent audit of the company's internal processes and systems after the controversy erupted over Grover allegedly using inappropriate language against Kotak Mahindra Bank's staff, said that the reports suggesting any termination are baseless and untrue. "The Board remains committed to an independent and thorough audit process.
NTPC's Q3FY22 standalone net profit up over 24% YoY
The company's standalone net profit rose to Rs 4,131.99 crore during the period under review from Rs 3,315.34 crore reported for Q3FY21. Besides, the total income on standalone basis increased to Rs 29,837.13 crore from Rs 25,268.56 crore earned during the corresponding period of last fiscal. On consolidated basis, in Q3FY22, NTPC's net profit rose by 19.34 per cent to Rs 4,626.11 crore from Rs 3,876.36 crore reported.
Make investments more attractive in pharma sector: Pre-Budget survey
As per the Grant Thornton Bharat survey, a majority of those surveyed opined that the government should enhance outlay in the PLI scheme, with a focus on biopharmaceuticals and medical devices. According to Bhanu Prakash Kalmath S.J., Partner and Sector Leader - Pharma & Healthcare, Grant Thornton Bharat: "India's pharmaceutical industry has played a key role in the global fight against the pandemic."
Union Budget expected to focus on increase in limits for basic tax exemption, standard deduction
Section 16(1A) of the IT Act provides for a standard deduction of Rs 50,000 from the salary income of a taxpayer. This deduction was enhanced from Rs 40,000 to 50,000 by the Finance Act 2019 and has not been increased since then.
Biggest Factor: Union Budget FY23 to chart equities' course
The market participants are expected to track macro-data such as the Index of ECI (eight core industries), fiscal deficit numbers, and the final figures for FY21 GDP, which will be released during the trading week starting January 31.
India's power demand expected to rise by 8-10% in FY22
The brokerage house had earlier predicted a 12 per cent rise in power demand in FY22. The downward revision of demand expectation is largely due to a prolonged winter and disruptions in demand caused by the rising corona cases in January 2022.
Adani's Mundra Port handles the largest ever container vessel to call on India
APL Raffles is one of the largest vessels in the fleet of CMA CGM. Built in 2013, this 1,76,727 DWT, 17292 TEUs capacity vessel is 397.88 metre long and 51 meter wide. This is almost equivalent to four football fields. This is another important milestone for Mundra Port. In 2021, Mundra Port became the largest container port in India, and now the port has berthed, at one of its terminals, the largest container vessel to call India.
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