BUSINESS
Essar to increase oil, gas exploration in Vietnam's Ken-Bau basin
Essar Exploration and Production is an emerging player in natural gas exploration and production worldwide. It and Ente Nazionale Idrocarburi have a significant investment in Block 114, located in the offshore area of central Vietnam. On Sunday, the Chairman of the National Assembly of Vietnam Vuong Dinh Hue, and Deputy Prime Minister Le Manh Hung met Ravi Ruia and Prashant Ruia, two senior most officials at Essar.
Centre's PLI scheme to benefit UP in big way
The PLI scheme is expected to lead to an investment of Rs 76,000 crore in semiconductor manufacturing over the next 5 to 6 years. This scheme will help in the design, manufacturing, packing and testing of microchips in the country and develop a complete ecosystem.
Mega gems, jewellery CFC to come up at SEEPZ Mumbai
Union Commerce Minister Piyush Goyal laid the foundation stone for a CFC at the Santacruz Electronic Export Processing Zone (SEEPZ) Special Economic Zone (SEZ) in Mumbai. The Indian gems and jewellery industry has the largest skilled workforce of 4.5 million as on date.
Rosneft plays a key role in energy dialogue with India
The development and expansion of the energy dialogue between Russia and India should be a priority task for both the political and business elites of the two countries. Russia is India's longstanding and time-tested partner. There is regular high-level interaction between the two countries - heads of the two countries hold annual meetings and there are other mechanisms of political interaction. Contacts have been established in the sphere of military and technical cooperation and the economy. In this situation, it is important to systematically develop cooperation in the energy sphere as well.
Omicron scare: Economy needs continued handholding, says PHDCCI
"Although the resilience of Indian economy is very strong and we expect a double digit GDP growth in 2021-22 on the back of effective policy measures undertaken by the government, we still have to mitigate the uncertainty caused by the looming impact of Omicron," PHDCCI said in a statement. Out of the nine lead economic and business indicators of QET (Quick Economic Trends), tracked PHDCCI, six have shown uptick for November 2021, as compared with seven out of 10 indicators showing the uptrend in October 2021.
Omicron, tightening global liquidity to squeeze Indian equities further
Lately, FIIs outflows have pulled the equities lower and depreciated the Indian rupee. So far, the foreign institutions have sold over $4 billion worth of equities in this qurter. Consequently, the Indian market logged its second worst week in almost 10 months in the week ending Friday. Nevertheless, attractive valuations along with lower oil prices are expected to arrest the slide.
Power Plants: Lower electricity demand improves coal stocks
Accordingly, the trend was triggered via lower YoY electricity demand due to the onset of winter and better coal supply in a sequential basis. "Inventory at power stations improved significantly in Dec-21 with as many as 52 stations facing subcritical levels of inventories versus 112 plants in Oct-21." "The inventory level also increased by '1.56x' to 19.2MT in December 21 versus 7.5MT in October 21."
Elon Musk adds $884 million to his kitty after selling another round of Tesla shares
Elon Musk on Thursday sold yet another batch of Tesla shares worth $884 million. The Tesla founder has sold more than three-quarters of his electric carmaking company after the majority of his Twitter followers replied 'yes' to the poll where he asked them if he should offload 10% of his Tesla stake. The billionaire has been on a selling spree ever since and has sold nearly $14 billion of Tesla stock since November 8.
Omicron concerns, FII outflows to pull Rupee lower; Likely RBI moves to stem volatility
Besides, high YoY trade deficit along with new US tapering measures will hamper any appreciation move. However, the downside will be capped by lower oil prices along with probable RBI interventions. The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.
Mukesh Ambani believes these are 5 best books of 2021 | Here're details
Reliance Industries Ltd. Chairman Mukesh Ambani has revealed the name of the five books that helped him make sense of 2021 and are preparing him for 2022, he made these revelations while talking to news agency Bloomberg. Asia’s richest man has recommended the books as the five best books of 2021, said the news agency.
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