BUSINESS
Sensex, Nifty settle 1% low; US Fed's policy guidance weighs
In its meeting on Wednesday, the Federal Open Market Committee kept its policy interest rate "near zero" and stated its expectation that an increase in this rate would "soon be appropriate". Accordingly, Sensex settled at 57,276 points, down 1 per cent or 581 points from its previous close, whereas Nifty settled at 17,110 points, down 1 per cent or 167 points from its previous close.
Budget 22: Capex likely to focus on jobs creation, PLI expansion
Besides, focus on health, housing and physical infra is expected to continue with areas such as railways and residential projects gaining more traction. Furthermore, MSMEs in sectors such as tourism, auto ancillaries amongst others might benefit from an enhanced ECLGS programme. In the previous fiscal, total Capex outlay rose over 30 per cent on a YoY basis to Rs 5.54 lakh crore (Budget Estimate).
Budget 2022: Experts exhort Centre to regulate crypto trades
While the sector has grown exponentially over the last few years in India with buying, selling of the digital currencies and altcoins and establishing cryptocurrency exchanges being legal, the government is yet to bring in a law that regulates the sector. The government was expected to introduce a Bill titled "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" to regulate cryptocurrencies in the Winter session of the Parliament but did not do so.
ED arrests Karvy Group's CFO, will confront him with MD Prathasarathy
Parthasarathy and G. Hari have been remanded to four days ED Custody by the concerned court. The agency had earlier got a five day custody of Prathasarathy. He was at that time lodged at Bengaluru jail and was shifted to Chandhalguda jail on a prisoner transit warrant.
Budget 22: Capex likely to focus on jobs creation, PLI expansion
MSMEs in sectors such as tourism, auto ancillaries amongst others might benefit from an enhanced ECLGS program. In the previous fiscal, the total Capex outlay rose over 30 per cent on a YoY basis to Rs 5.54 lakh crore (Budget Estimate).
Air India's divestment complete; Tata Sons takes over control
The Centre on Thursday handed over the management control of national carrier Air India to a subsidiary of Tata Sons. With this Air India's strategic disinvestment was complete after the Centre received a consideration of Rs 2,700 crore from the 'Strategic Partner' -- Talace -- which is a wholly owned subsidiary of Tata Sons. Besides the upfront payment, Talace will retain a debt of Rs 15,300 crore.
Boost to disposable incomes via tax cuts will spur demand for consumer durables
The PLI scheme commenced in FY22, some companies have not yet been able to complete the required CAPEX and drive growth due to Covid waves in FY22. Hence, we endorse the belief that extension of PLI benefits by 1-2 years will be positive to industry, ICICI Securities said in a report on the white goods sector.
Asian markets tumble to 15 month lows, Fed expected to raise interest rates 6 times this year
Stock markets in Asia have tumbled to their lowest in nearly 15 months after America's central bank chief confirmed widely expected plans to increase interest rates this year, beginning in March, The Guardian reported. With investors also concerned about political tensions between Russia and Ukraine, supply chain problems, and rising oil prices, the prospect of sustained increases in the cost of borrowing by the world's most powerful economy sent a spasm of anxiety through financial markets on Thursday.
Tata Sons Chairman meets PM ahead of official handover of Air India
Tata won the bid with a whopping Rs 18,000 crore and took the Air India back after 69 years. This meeting is the final call, in aviation lingo, that now Air India is no longer a government of India enterprise, and has become a private entity. The meeting came after Air India handed over the balance sheet till January 20, 2022 to Talace, an aviation subsidiary of Tata Sons, who will manage the Air India, Air express and Air India's ground handling service.
6 mn electric cars likely to be shipped in 2022: Gartner
The number of global public EV chargers will rise to 2.1 million units in 2022, up from 1.6 million units in 2021. The market research firm forecasts that electric cars will represent 95 per cent of total EV shipments in 2022 and the remainder will be split between buses, vans, and heavy trucks.
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