BUSINESS
Fiscal Push: India's Q2FY22 GDP growth seen between 7-9%
Besides, rise in service activities amid further improvement in mobility and increased government spending will support the trend, industry watchers said. Economy watchers contend that accelerated vaccination drive along with easing of Covid restrictions has brightened consumers' sentiments. The expected rise in agricultural output on the back of a healthy rainy season during the July-September period should boost the GDP growth to anywhere between 7 per cent and 9 per cent.
No proposal to recognise Bitcoin as currency, says Sitharaman
Finance Minister Nirmala Sitharaman, in a written reply in the Lok Sabha, also said that the government does not collect data on Bitcoin transactions. Bitcoin is a form of digital currency which allows people to buy goods and services among others. In the ongoing winter session of Parliament, the Centre aims to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, through which it seeks a ban on all private cryptocurrencies.
Value buying lifts equity indices, IT stocks rise
The two indices made marginally gains after an early morning sell-off which was triggered by the fears of the Omicron variant of coronavirus. The indices had opened on a lower mote and soon after made an intra-day bottom. Globally, Asian stock markets fell further on Monday after the Omicron variant was found in more countries and governments imposed travel controls.
Bankrupt Sintex Industries' stocks double after RIL bid
As per reports, Reliance Industries, ARES Capital-backed Assets Care and Reconstruction Enterprises, Welspun Group company Easygo Textiles, Trident, Himatsingka Ventures and GHFC have shown interest in Sintex Industries. The company's shares have doubled in the past one month, rising 172 per cent so far in 2021, exchange data showed. Currently, the company's stock price is valued at Rs 12.25 per share.
Nissan to invest $17.6 bn in EV development over next 5 years
Unveiling the 'Nissan Ambition 2030' plan, the company announced it will launch 23 new electrified models, including 15 new EVs, aiming for 50 per cent electrification mix, by fiscal year 2030. "We will drive the new age of electrification, advance technologies to reduce carbon footprint and pursue new business opportunities. We want to transform Nissan to become a sustainable company that is truly needed by customers and society," said Makoto Uchida, Nissan CEO.
Real estate sector to contribute 13% to India's GDP by 2025
The report also predicts the market growth to go up to $9.30 billion (about Rs 65,000 crore) by 2040. As per the Department of Promotion of Industry and Internal Trade Policy (DPIIT), the real estate sector is also the third largest sector in terms of FDI flow, it is second largest employment generator, and third largest sector to induce economic growth.
Paytm listing debacle sparks concern from investors for other IPOs
The debacle has put the spotlight on Paytm, its shareholders SoftBank and Alibaba, and bookrunners on the IPO including Goldman Sachs, Morgan Stanley and Citigroup. "The worry for all of us is does this impact the broader India tech sentiment? One bad deal and one instance of bad judgment can upset the apple cart," said the head of equity capital markets for India at one western bank.
Bharat Biotech begins export of Covaxin
Long Pending export orders have been executed during November, to be further expanded during the following months, the Hyderabad-based company said in a statement. With the number of countries that have granted emergency use approvals for Covaxin increasing, exports to additional countries will also commence from December, it said.
Fintech firm Slice becomes India's new unicorn
The round was led by Tiger Global and New York-based global private equity and venture capital Insight Partners. Slice (Written as slice) is a credit card challenger to pay bills, manage expenses and unlock rewards. New and existing investors including Advent International's Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i also participated in the round.
Govt health expenditure share in GDP increases from 1.15% to 1.35%
The share of Government Health Expenditure in total health expenditure has also increased overtime. In 2017-18, the share of government expenditure was 40.8 per cent, a significant rise from 28.6 per cent in 2013-14. The NHAE report findings also show that the government's health expenditure as a share of total expenditure has increased from 3.78 per cent to 5.12 per cent between 2013-14 and 2017-18.
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