BUSINESS
Global Woes: FIIs' pumped out $13.5 bn from Indian equity market since Oct 2021
According to the brokerage house, $13.5 billion in FIIs' outflows have taken place in the secondary markets since October 2021. "Domestic equities have also borne the brunt of rich valuations after a relentless rally post the bottom in March 2020," the brokerage house said.
"While the Nifty-50 has corrected just 8 per cent from its October 2021 peak thus far, it is hiding the stress in the broader markets."
Divestment: Budget FY23 likely to see higher target; more focus on NMP
Notably, the conclusion of the Air India divestment as well as upcoming listing of LIC is expected to prompt the Centre for a robust divestment target for FY23. Besides, the possible shifting of BPCL divestment to next fiscal and an enhanced pipeline of core and non-core assets under the NMP could significantly ramp up the revenue stream.
Qatar Airways-Airbus dispute peels away layers of 'plane' truths
The issue has fuelled a war of words between Airbus and Qatar's state carrier, which is getting ready to carry the majority of the fans who would head to the Gulf nation, which is to host the FIFA World Cup 2022 in winter -- a marquee event for the country of 2.7 million.
US Fed's inflation measure hits nearly 40-yr high
The personal consumption expenditure (PCE) price index, the Fed's preferred inflation measure, jumped 5.8 per cent in December from a year ago, the fastest annual pace since mid-1982, the Commerce Department announced on Friday. The so-called core PCE price index that strips out volatile food and energy prices, rose 4.9 per cent from a year ago, the fastest annual pace since September 1983.
US labour costs rise at fastest pace in 2 decades
The Employment Cost Index (ECI), a quarterly measure of wages and benefits paid by employers, rose 1 per cent last quarter after increasing 1.3 per cent in the previous quarter, Xinhua news agency reported citing the Labour Department as saying on Friday.
Compared with a year earlier, the ECI rose 4 per cent, the biggest one-year gain in data going back to 2001.
Kotak Mahindra Bank's standalone Q3FY22 YoY net profit up 15%
During the same period of FY21, the bank had reported a standalone net profit of Rs 1,854 crore. Besides, Net Interest Income (NII) for Q3FY22 increased to Rs 4,334 crore, from Rs 3,876 crore in Q3FY21, up 12 per cent.
Piramal Group mulls to challenge NCLAT order on DHFL in SC
Piramal said in the case of one of the appeals, which was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to its benefit, the NCLAT has ordered it to be re-considered by the Committee of Creditors (CoC).
SBI gets requisite approvals for setting up 'bad bank'
Accordingly, both the companies are ready to commence their business. In her Budget speech last year, Finance Minister Nirmala Sitharaman had announced the setting up of a 'bad bank', including an asset reconstruction company and asset management company, to take over the existing stressed debt of banks. Notably, a total of 38 accounts aggregating Rs 82,845 crore have been identified for transfer to NARCL. However, the transfer will happen in a phased manner.
India's forex reserves fall by $678 mn
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.155 billion to $569.582 billion. The SDR value fell by $68 million to $19.152 billion and the country's reserve position with the IMF declined by $22 million to $5.216 billion.
However, the value of the country's gold reserves increased by $567 million to $40.337 billion.
RIL-ACRE seeks CCI nod to buy Sintex Industries under insolvency proceedings
According to a report, RIL and ACRE have made bid to acquire Sintex Industries which is under insolvency proceedings. The report said that an approval from CCI is required before the resolution plan can receive the lenders' nod. At present, RIL, ARES Capital-backed ACRE, Welspun Group company Easygo Textiles, Trident, Himatsingka Ventures and GHFC have shown interest in Sintex Industries.
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