BUSINESS
Uptick in pvt investment spear-heads India's economic recovery: RBI Bulletin
"For the Indian economy, the recovery is spear-headed by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and States)," the bulletin said. It also said that high capex from the government sector has also aided in the recovery process.
Global debt reaches $226tn in 2020, highest year-long debt since WW-II: IMF
Amid the Covid-19 pandemic outbreak, the global debt rose to a record high at $226 trillion in 2020, according to the International Monetary Fund (IMF). With $226 trillion debt, this is the highest year-long debt recorded since World War II, said IMF.
Moj, ShareChat parent firm Mohalla Tech raises $266 mn
This is Mohalla Tech's third round of funding in 2021, with $913 million cumulatively raised this year. With social and live commerce initiatives, the company hopes to reach a target of $100 million annualised creator earnings by the end of 2023. "Both our products (Moj and ShareChat) have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position," said Ankush Sachdeva, CEO and Co-founder, Moj and ShareChat.
UK November inflation rate surges to 10-year high record
The transport, principally from motor fuels and second-hand cars, and housing and household services, have largely impacted the increase in the inflation rates, the ONS said. The inflation rates increased from 4.2 per cent in October to 5.1 per cent in November, wherein, the October inflation rates were already far above the 2 per cent target for inflations set by the Bank of England, Britain's central bank.
Amid chip shortage, Govt announces 76,000 crore incentive package to boost semiconductor manufacturing
The worldwide shortage of chips has enticed India to take a step further and be self-reliant. The Union Cabinet on Wednesday approved a Rs 76,000-crore incentive package to boost semiconductor and display fab manufacturing in the country. The move comes at a time when there is worldwide shortages in the supply of the critical semiconductor componen that has hit industrial production across automobiles, electronics and other technology-led sectors.
Equities gain on Thursday post 4th consecutive session decline
At 9.30 a.m. the S&P BSE Sensex traded at 58,048 points, up 0.46 per cent.It opened at 58,245 points from the previous close of 57,788 points. Till now it touched a low of 58,014 points.
Welspun India, Birlasoft doubled investors' wealth in 2021
Shares of Welspun India rose from Rs 68 at the start of the year to Rs 142 at Wednesday's close. Founded in 1985, Welspun India is into the textile business. The company exports textile products to more than 50 countries.
The Centre's production-linked incentive for the textile sector apparently attracted investors towards Welspun India.
Indian steel prices to fall by 10%-15% in 2022
The spread between India domestic and China domestic HRC prices blew out to $220/mt on November 15, the highest level since April 2017, according to Platts data. Since late 2017, there has been a close correlation between Indian and Chinese steel prices. The two prices diverged in October this year but have subsequently started to narrow again.
Indian equities settle negative as metal, PSU banks sink
Lately, Indian equities have witnessed a continued sell-off by overseas investors, and new investors seemed to have stayed away amid the ongoing volatility, said analysts. The indices traded lower all throughout the session on Wednesday. The Sensex and Nifty settled at 57,788 points and 17,221 points, down 0.57 per cent, and 0.60 per cent from their previous close, respectively.
Bank employees to go on with Dec 16-17 strike as key demand unmet
All India Bank Employees' Association General Secretary C.H. Venkatachalam said that at the conciliation meeting held in Delhi on Wednesday, where representatives of Indian Banks' Association (IBA) and the Finance Ministry were also present, the unions reiterated that they would defer the strike if the Central government assures them that it would defer the introduction of Banking Laws (Amendment) Bill 2021 in Parliament.
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