BUSINESS
Economic recovery broadened in Q3FY22, but durability elusive: ICRA
The quarterly data suggested a modest broad-basing of the recovery in Q3 FY2022, relative to Q2 FY2022 when compared to respective pre-Covid volumes.
Lao central bank issues licenses for cryptocurrency exchange platforms
The companies are the Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group. LDX and Bitqik are now the only licensed and regulated institutions in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets, both within Lao and the region, Xinhua news agency reported citing the daily Vientiane Times on Wednesday.
Global inflationary woes subdue indices; realty stocks down
Globally, almost all Asian and European markets were in the red amidst growing fears that Federal Reserve plans to fight surging inflation by ramping up interest rates faster than previously anticipated. On the domestic front, volumes on the NSE were a little higher than recent average. Among sectors, stocks of Oil & Gas and Auto were the only ones in the green whereas Realty, Banks, Telecom and IT indices lead the losses.
Budget to focus on fiscal consolidation while pushing private capex
The budget is likely to focus on gradual fiscal consolidation, continuing to favour investment-driven growth with a push for both public and private capex, and raising additional resources through strategic divestments and asset monetization. "Apart from this, we would be looking for clarity for Indian bonds to be included into global bond indices. Indeed, the overall focus of the government should be to utilize all revenue levers effectively (tax compliance to improve tax to GDP, strategic asset sales) to sustainably improve the health of the public sector balance sheet", Morgan Stanley said.
Jio surpassed BSNL to become the country's largest fixed broadband provider
JioFiber's market share improved 85bp month on month to 16.9 per cent (launched commercially in Sep-19), Nomura said in a report. Bharti added 0.1mn subs to reach 4.08mn FBB subs (up 68% since May-20), with market share up 60bp m-m to 15.9 per cent.
Setback to Vijay Mallya, UK High Court asks him to vacate his London home immediately
The Chancery division of the High Court in London has ruled that VijayMallya and his family must leave the house immediately on their own will or will be evicted forcefully by bailiffs, Times of India reported. The lawyer/barrister representing the Bank, Fenner Moeran QC, has said that his client will not delay the repossession process of a house which is worth millions of Pounds. In an application for stay on eviction filed by Rose Capital, High Court of London’s Deputy Master Marsh not only refused to permit it but also precluded the permit to appeal.
Sony shares slump after Microsoft's largest buyout in gaming history
The deal worth $68.7 bn, would be Microsoft's biggest ever buyout and the largest deal in gaming history, the report said. It would see the US firm owning popular gaming franchises including Call of Duty, Warcraft and Overwatch.
Equities extend losses; Sensex down 380 points in early trade
At 10.30 a.m., Sensex traded at 60,368 points, down 0.6 per cent from the previous close of 60,75 points. It opened at 60,845 points. Nifty traded at 18,013 points, down 0.6 per cent from the previous close of 18,113 points. It opened at 18,129 points.
Apple, Samsung give $5-bn thrust to India's local manufacturing scheme
"The leading global value chains (GVC) firms have got off to a blazing start. Besides Pegatron and Bharat FIH which are now gearing up, the big three -- Wistron, Pegatron and Samsung -- will achieve significant production of $5 billion in 2022," Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), told IANS.
Third wave could take 100-200 bps off HFC asset growth: Crisil
It said that growth would still be higher compared with average of 2 per cent over fiscals 2020 and 2021, though slower than the broad-based 24 per cent logged between fiscals 2011 and 2019, with a near two-fold increase in the number of HFCs over that decade, fuelled by easy availability of equity and debt capital.
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