BUSINESS
POSCO & Adani sign MoU for integrated steel mill
The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.
India to become Asia’s second largest economy by 2030: Report
Indian nominal GDP currently stands at USD 3.1 trillion. India’s nominal GDP will almost quadruple from USD 2.7 trillion in 2021 to USD 8.4 trillion by 2030, surpassing Japanese GDP, according to the IHS Markit report . The Indian economy will also likely surpass the British and the German economy in nominal terms within the same timeframe.
RBI likely to hike interest rates by up to 100 basis points in 2022
"In the immediate neighbourhood, Pakistan and Sri Lanka have raised policy rates. We expect India, too, to start raising interest rates soon and the RBI may raise the policy rate by up to 100 bps in 2022. This can have negative impacts, at least in the short-term, on both the equity and bond markets," Anand Rathi Share and Stock Brokers said in a report.
Vedanta Aluminium becomes India's largest industrial consumer of renewable energy
The company has procured about 2 billion units of RE power in the year 2021 for consumption at its Aluminium Smelter in Jharsuguda, Odisha, thereby reducing GHG emissions intensity at the smelter by more than 1540 KtCO2e (kilo tonnes of CO2 equivalent) in the year. Vedanta Aluminium's Jharsuguda unit is India's largest renewable energy buyer on Green Term Ahead Market (G-TAM) platform at IEX.
Paytm stock hits new low
The stock was down 2.58 per cent in trade and has continued its losing spree after a recent downgrade by Macquarie. Foreign brokerage Macquarie said on Monday there are no signs of headwinds abating at Paytm as it slashed the target price to Rs 900.
Equities steady in early trade on Thursday
At 10.05 a.m., Sensex traded flat at 61,161 and Nifty at 18,215 points. Top gainers during the early trade were Tata Steel, Power Grid Corp, Coal India, Sun Pharmaceutical, JSW Steel.
India loses 259 bn labour hours annually due to heat: Study
Published in the journal Environmental Research Letters on Thursday, the study says that humidity and heat currently causes 677 billion hours of lost labour worth $2.1 trillion annually, and human-caused climate change is worsening these losses.
Two Indian startups supported by DBT win World Bank Group awards
The two startups supported by the Department of Biotechnology's Biotechnology Industry Research Assistance Council (DBT-BIRAC) are NIRAMAI Health Analytix Pvt. Ltd. and Inn Accel Technologies Pvt. Ltd. As per a statement by the World Bank, this year the Awards attracted more than 70 companies from 35 countries, which submitted their innovative products and services under three categories: reproductive health and pregnancy, general women's and adolescent health, and women safety and security.
India, UK to launch free trade negotiations on Thursday
Trevelyan will meet her counterpart Union Commerce Minister Piyush Goyal, and the two will jointly and formally begin talks. UK Prime Minister Boris Johnson said: "The UK has world-class businesses and expertise we can rightly be proud of, from Scotch whisky distillers to financial services and cutting-edge renewable technology. We are seizing the opportunities offered in growing economies of the Indo-Pacific to cement our place on the global stage and deliver jobs and growth at home."
Bangladesh 'devaluing' taka to boost exports, remittances
Bangladesh Bank has indirect control of the currency's value through its buying and selling of dollars, in what is called a 'managed float'. Devaluation can boost a country's exports by making its products more competitive in international trade. As the country has adequate forex reserves of over $44 billion, Bangladesh Bank (BB) officials suggest people not be worried by the taka's depreciation, although they may have to bear the brunt of higher prices due to the impact.
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