BUSINESS
Third Covid wave to trim fashion retailers' revenues by 8% in FY22: ICRA
According to ratings agency ICRA, these retailers are expected to reclaim upto 70-72 per cent of their pre-pandemic revenues in FY2022 as against 78-80 per cent expected earlier.
Air India curtails US operations due to 5G roll-out
Accordingly, the airline informed passengers via it's official Twitter handle that it will not be able to operate the Delhi-JFK-Delhi and Mumbai-EWR-Mumbai flights amongst other on Wednesday.
Vikram Dev Dutt named Air India's new CMD
The Appointments Committee of the Cabinet (ACC) approved Dutt's appointment as the CMD of Air India in the rank and pay of an Additional Secretary in the Ministry of Civil Aviation. At present, Dutt, a 1993 batch IAS officer, is based in his UT cadre. He succeeds Rajiv Bansal, who is currently the Union Civil Aviation Secretary.
A firm faced 270 cyber attacks on average at $3.6 mn per incident: WEF study
Perhaps even more troubling is the growing trend that companies need 280 days on average to identify and respond to a cyberattack. As many as 80 per cent of cyber leaders stressed that ransomware is a dangerous and evolving threat to public safety, with 50 per cent of respondents indicating that ransomware is one of their greatest concerns when it comes to cyber threats, according to WEF's 'Global Cybersecurity Outlook 2022', released during its online Davos Agenda summit.
Markets stable in last 10 years' pre-Budget trade, bloomed afterwards (IANS Market Watch)
Traditionally, until 2016, the Budget was announced on the final working day of February. Now it is presented in the Parliament on the first working day of February. Accordingly, the periods just before and after assume much significance for market movement. This time around, the ongoing Covid-19 pandemic and the upcoming state elections have heightened the stakes of the Budget day.
Equities settle low on profit booking, rising crude prices; Sensex slips 550 pts
Notably, indices traded on a positive note for six out during the past seven sessions. On Tuesday, the Sensex and Nifty settled at 60,754 points and 18,113 points, down 0.9 per cent or 554 points and 1.1 per cent or 195 points from their previous close, respectively. All the sectoral indices traded in the red with Nifty realty, metal, IT, auto, and PSU bank declining the most, the NSE data showed.
Agritech platform Arya.Ag raises $60 mn to bolster grain biz
The equity round was led by Asia Impact SA, Lightrock India and Quona Capital. The agritech platform also raised debt financing from the US International Development Finance Corporation (DFC), among others. Arya.ag connects sellers and buyers of agriproduce, providing complete assurance on quantity, quality and payments. The platform also claims to eliminate distress sales of farmers' produce by enabling farmgate storage and seamless finance options, offering farmers the freedom of when and whom to sell to
Tata Motors to raise passenger vehicle prices
According to the company, there will be an average increase of 0.9 per cent, depending on the variant and model. "At the same time, the company has also taken a reduction of up to Rs 10,000 on specific variants, in response to feedback from customers. "While the company is absorbing a significant portion of the increased costs, the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike."
Discuss pharma industry profits in parliamentary committee: Manish Tewari
Tewari quoted reports that the growth in the pharma exports in FY 2021 was $ 24 billion which increased to 18.4 percent and is the highest in nine years in the country.
ICICI Bank best performer in banking with 42% returns in FY22
Its market capitalization ranking within the BFSI space has improved to two from five in FY18. Stability of the top management has helped improve its operational performance. Sandeep Bakhshi's appointment as CEO has brought stability which enabled value creation and drove re-rating as the bank delivered 31 per cent CAGR in m-cap since FY18-21 v/s 7 per cent over FY10-18.
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