BUSINESS
In a first, Pepsico's potato patent revoked by Indian authority
"This is a precedent setting judgement by the PPVFR Authority, meaning that anything that threatens farmers' rights as contained in India's unique legislation is and ought to be a matter of public interest. This is a victory for the farmers of India," said Kavitha Kuruganti, the activist who fought the case against the multinational.
Global action needed to regulate technology like cryptocurrency: Sitharama
Speaking at the InFinity Forum organised by Bloomberg and IFSCA, Sitharaman noted that no country has found a one-point formula to regulate technology such as cryptocurrency. "Even as we are thinking about at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology, so that whether it is your cryptocurrency, whether it is tech-driven payment system, data privacy..." she said.
Equity indices fall on profit booking, Covid concerns; oil stocks down
The key indices rose in the first few minutes of the day's trade, but soon ceded gains and later went into the negative territory as recent upsurges triggered a bout of profit booking. Globally, stocks were mostly higher in Asia on Friday after a broad rally on Wall Street. Similarly, European shares opened firmer. On the domestic front, volumes were a bit higher than the previous two sessions.
India's foreign exchange reserves down $2.71 bn
The Reserve Bank of India's forex reserves decreased to $637.687 billion from $640.401 billion reported for the week ended November 19. 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 $1.048 billion to $574.664 billion.
Unheard of Rs 3.3 lakh Cr bank deposit bulge in Diwali week slumped in a fortnight
As per the provisional data released by RBI for the fortnight ended November 19, ASCB's aggregate deposits have slumped by Rs 2.7 lakh crore during the fortnight. The slump in deposits follows an abrupt increase by Rs 3.3 lakh crore during the previous fortnight ended November 5. Interestingly, such growth in deposits was around 36 per cent of the incremental deposit growth at that point of time. This increase in deposits and subsequent slump is quite a contrarian trend, says Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.
India can lead the digital society: Mukesh Ambani
Speaking at the InFinity Forum on Friday, Ambani said, "This is just the beginning of what is going to be even more incredible, even more exciting, and even more beneficial. The world is going to be transformed by the 'Digital First' Revolution. The physical world will become subordinate to the digital world."
Profit booking subdues indices; telecom stocks down
Profit booking subdued India's key equity indices "S&P BSE Sensex and NSE Nifty50" during Friday's post-noon trade session. Accordingly, the recent upsurges in the market triggered a bout of profit booking.Amongst sectors, Metals, Capital Goods have risen the most, while Telecom and Healthcare have lost the most.
Oil marketing companies keep diesel, petrol prices unchanged
Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, the prices remained unchanged at Rs 94.14 and Rs 109.98 respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67 respectively.
Retail cement prices likely to touch record high in FY22: Crisil
Coal and diesel are the major inputs used in the sector. After rising by an average Rs 10-15 per bag since August, a rise by another Rs 15-20 is likely over the next few months, ratings agency Crisil said. Besides, earnings before interest, tax, depreciation, and amortisation (EBITDA) of cement makers is expected to decline by Rs 100-150 per tonne in FY22.
Inflationary dent: Automakers plan price hike on rising input costs
Citing increase in input costs, automobile major Maruti Suzuki India said that it will hike prices of select models with effect from January 2022. "Over the past year, the cost of the company's vehicles continue to be adversely impacted due to increase in various input costs," the company said.
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