BUSINESS
RBI is in favour of complete ban on cryptocurrency: Report
The Reserve Bank of India (RBI) has informed its central board that it favours a complete ban on cryptocurrencies, as quoted by Economic Times. The Central government had already planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament. The Bill awaits PM Modi's final decision over it, as certain sections of the government feel to hold more detailed deliberations on the bill.
Odisha approves AM/NS's Rs 1.02 lakh cr steel plant project
The High-Level Clearance Authority, headed by Chief Minister Naveen Patnaik, gave its nod to the proposal under which the company plans to set up a 24 million tonnes per annum (MTPA) integrated steel plant at Mahakalpara block of Kendrapara, an official statement said.
PM meets venture capital, private equity funds to gather inputs ahead of Budget
According to the Prime Minister's Office, this is a part of the constant endeavour of the Prime Minister to boost the investment climate in the country, and the motive of the Friday's meeting was to gather inputs ahead of the next budget for FY22. The representatives also discussed the opportunities that are emerging because of India's exemplary climate commitments including the ones in the sphere of energy transitions, the statement added.
Net Direct Tax collections up 60.8% YoY
According to the Ministry of Finance, net collections stood at Rs 945,276.6 crore compared to Rs 587,702.9 crore over the corresponding period of the preceding financial year, representing an increase of 60.8 per cent. Besides, the gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 (as on December 16) stood at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year.
Growth momentum loses steam in Nov 2021: ICRA
As many as 12 of the 15 lead indicators recorded a deterioration in their YoY performance in that month, relative to October 2021. Moreover, the number of indicators surpassing their pre-Covid levels eased to seven in November 2021 from nine in October 2021. The ratings agency also said that amidst the heightened uncertainty generated by Omicron, convincing signs of a durable and sustainable recovery are yet to emerge.
Stock brokers invested in technology during Covid pandemic: ANMI
According to ANMI's StockTech survey that was released on Friday, 41 per cent of stock brokers increased their technological expenses by more than 20 per cent in the past two years. Moreover, 39 per cent of stock brokers bumped up the budget to meet technological requirements on a year-on-year basis compared to 26.2 per cent brokers in 2018.
Bharti Airtel prepays 'entire deferred liabilities' of Rs 15,519 cr to DoT
In the 2014 auction, the telecom service provider had acquired 128.4 MHz spectrum at Rs 19,051 crore. "These liabilities were due in annual instalments from FY27 to FY32 and carried an interest rate of 10 per cent (the highest rate amongst the deferred liabilities and borrowings) and an average residual life of seven plus years," it said in a statement.
Equities settle sharply low; bank, financial services stocks down
The indices traded lower all through the session on Friday. The Sensex and Nifty settled at 57,011 points and 16,985 points, down 1.54 per cent and 1.53 per cent from their previous close, respectively. Among the stocks, Indusind Bank, Tata Motors, ONGC, Kotak Mahindra Bank and Hindustan Unilever were some of the top losers, NSE data showed, declining 4.6 per cent, 4.4 per cent, 3.9 per cent, 3.5 per cent, 3.4 per cent, respectively.
India's foreign exchange reserves dip down by $77 mn
The Reserve Bank of India's forex reserves decreased to $635.828 billion from $635.905 billion during the week ended December 3. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $321 million to $572.860 billion.
Singapore Airlines set to resume Airbus A380 service to India from Jan
The services will start from January 10, 2022 between Mumbai and Singapore. The A380 will replace the Airbus A350-900 on the 'SQ 424/423 VTL' services on this route. Besides, the airline will operate the A380 in place of the Boeing 787-10 on the 'SQ 406/403 VTL' services between Delhi and Singapore starting February 14, 2022.
Overall, the airline currently operates 48 weekly services from eight Indian cities to Singapore.
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