BUSINESS
Amazon moves SC challenging Delhi HC stay on arbitration with Future Group
According to sources familiar with the development, the special leave petition challenging the Delhi High Court order has been filed in the apex court. The source said the counsel are trying to list this matter for this week. On January 5, the Delhi High Court stayed further arbitration proceedings between the parties before the Singapore tribunal till February 1. A bench headed by Chief Justice D.N. Patel and comprising Justice Jyoti Singh issued notice on the two appeals filed by Future Retail Ltd. and Future Coupons Pvt Ltd.
Piyush Goyal inaugurates first Startup India Innovation week
The Department for Promotion of Industry and Internal Trade (DPIIT) is organising the first-ever Startup India Innovation Week from January10-16. This virtual week-long innovation celebration aims to commemorate the 75th year of India's Independence 'Azadi Ka Amrit Mahotsav' and is designed to showcase the spread and depth of entrepreneurship across India. Goyal said his ministry is now at a position to recognize at least four startups in an hour, and the government has recognised more than 60,000 startups so far.
Real GDP to grow at around 9.5% in FY22: SBI Ecowrap
The report comes a day after the National Statistical Office (NSO) released the First Advance Estimates of National Income for financial year 2021-22. Accordingly, the estimates had said that India's economy is expected to clock a growth of 9.2 per cent in terms of real GDP for FY22. The NSO data had indicated that Real GDP' or 'GDP at Constant Prices' (2011-12) in the year 2021-22 rose to Rs 147.54 lakh crore from Rs 135.13 lakh crore.
Business volume down 45% due to third wave, says CAIT
According to the CAIT, the situation has led "business of various verticals of goods" to go down by an average of 45 per cent in the last 10 days. The Confederation also urged the Central government and the chief ministers to take all possible steps to prevent further Covid spread. Besides, it cited the "double whammy" of lower intra-regional trade due to the restrictions and subdued local buyers' sentiments.
'Cats & Dogs' touch 52-week high in a volatile market
Sadly, this doesn't seem to be happening, for the old adage of a ‘rising tide lifting all boats' seems to be the underlying credo for this unidirectional rise. This is where SEBI needs to be in action mode in order to sift the wheat from the chaff. This process of winnowing is crucial to curtail the needless froth driven to the top by operators and punters, who are clearly in some cases working in collusion with some of these companies.
Market Outlook: Resurgent Covid to counter Q3FY22 results positive effect on equities
However, global cues such as high crude oil prices, combined with the direction of foreign fund flows and the rising surge in domestic Covid cases will impact investors' risk-taking appetite. "A gradual pick up in volumes including from FIIs and DIIs along with stable domestic cues and release of advanced estimates of a rise in FY22 GDP by 9.2 per cent portend well for the near term," said Deepak Jasani, Head of Retail Research, HDFC securities.
Omicron Blow: Rupee expected to weaken on inflation, infection woes
Besides, persistently high energy costs could subdue the rupee bulls. However, re-commencement of FIIs inflows will arrest any major fall in rupee's value vis-a-vis the US dollar. "Rising trade deficit as well as concerns over US Fed's taper measures and rising yields can put pressure on rupee in coming year," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.
CCI probing Google's 'dominance' in news aggregation space
In a 21-page order over a complaint filed by the Digital News Publishers Association, the Indian watchdog said that Google has broken the local antitrust laws. "The allegations of the informant, when seen in this vertically integrated ecosystem operated by Google, makes it prima facie appear that news publishers have no choice but to accept the terms and conditions imposed by Google," the CCI said in its order on Friday.
UAE firm to invest $100 million in J&K, MoU inked
An MoU was signed in a special event presided by the Lieutenant Governor Manoj Sinha. The investment will cover three hotels and one commercial-cum-residential complex in Jammu & Kashmir. The owner of Century Financial Bal Krishen is originally a native of the Doda district of Jammu and has been a forerunner in supporting his home region.
Euro area's inflation hits highest level in 25 yrs
Preliminary data from Eurostat on Friday revealed shows that the latest figure broke the record of 4.9 per cent set in November, reports Xinhua news agency. The increase was mainly driven by the spike in energy costs, which shot up again in December, jumping at an annual rate of 26 per cent. However, that was somewhat lower than the previous month.
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