BUSINESS
India's foreign exchange reserves rise by $289 mn
The Reserve Bank of India's forex reserves increased to $640.401 billion from $640.112 billion reported for the week ended November 12. 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 higher by $225 million to $575.712 billion.
Black Friday: Equities, Crude oil crash on fears over new Covid variant
On the other hand, safe haven assets such as gold saw a rise in prices. Gold traded at Rs 47,993 per 10 gm, up around Rs 300 from the previous day, according to the Indian Bullion and Jewellers Association. Initially, on Friday, the news of a new Covid-19 variant found in southern Africa, triggered an investor frenzy to sell risky equities.
Vedanta Chairman Anil Agarwal bags Asian Business Philanthropy Award 2021
Anil Agarwal's philanthropic pursuits have been an inspiration across the globe for his charitable foundation, the Anil Agarwal Foundation, which has created an exemplary social impact in rural India with Vedanta's multiple care initiatives. These initiatives, including Swatch Goan Abhiyaan, Nand Ghar, have touched upon over 4.23 crore lives helping them better their quality of life. To bring in sustainable and inclusive growth integrated with social-economic development, the group spent over Rs 331 crore in the year 2020-21.
Release of strategic crude reserves not enough to cool-off fuel prices: Experts
Lately, crude oil from strategic reserves have been released by a select few countries to counter the rising prices. Similarly, India will release 5 million barrels of crude oil from its strategic petroleum reserves. However, experts said that this release from the reserves won't fully serve the purpose. In technical parlance, strategic reserves are typically underground stores where countries store a sizable portion of their fuel requirements in order to fulfil its demand in case of any exigency or crisis.
India's growth in digital ecosystem unusual but offers model for developing countries
Although this industry-led growth is somewhat unusual, it offers a model that could benefit other developing countries, wrote Michael Spence, a Nobel laureate in economics, in Project Syndicate. Spence is a Professor Emeritus of economics and a former dean of the Graduate School of Business at the Stanford University. "Reliance is a large and profitable energy company that used its resources to finance long-term investments in the mobile internet ecosystem, setting the stage for Jio Platforms' rapid expansion. That model, which did not require significant public sector investment, probably will not work everywhere," Spence wrote.
India's GDP expected to grow by 8.5% YoY in Q2FY22: Acuite
As per the ratings agency, gradual removal of lockdown restrictions by most states towards the end of the last quarter will also help the GDP to grow. Besides, it predicted a GVA growth of 7.5 per cent on YoY basis in Q2FY22. According to the agency, the steady progress in vaccination has improved consumer sentiments. Furthermore, the economy has been supported by relative resilience of the industrial sector and a gradual rebound in services sector with improved mobility, buoyancy in exports, and improved government capital expenditure.
IL&FS sells 52.26% stake in Terracis Technologies, resolves Rs 1,275 cr debt
Terracis Technologies was formerly known as IL&FS Technologies Ltd, while Falcon SG is a wholly-owned subsidiary of Falcon Investments Pte, a part of Gateway Partners and Avenue Capital Group. With this stake sale, the group has resolved around Rs 1,275 crore of its debt and also completely exited the technology business, the company said.
Equities settle in green; RIL jumps over 6%
The barometer 30-scrip Sensex closed at 58,795 points, up by 454 points or 0.78 per cent. Similarly, the broader 50-scrip Nifty closed the day at 17,536 points, up by 121 points or 0.70 per cent. Shares of Reliance Industries, Divi's Laboratories, ITC, Infosys, and Tata Consumers were the top gainers during the session, NSE data showed. As per the information available on the NSE website, stocks of these companies closed 6.36 per cent.
Tomato to fuel: Inflation batters India's middle class
The trend has not only hurt the economically weaker section of the society but has lately been cited to impact the savings rate of the well-off. The biggest impact of inflation is that it affects the purchasing power of the fixed income groups as they can buy less compared to what they were buying earlier. However, even as consumer price-based inflationary pressure has eased lately on a macro level.
Traders up in arms against 12% GST on textiles, footwear
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that in the cotton textile industry there was no inverted tax structure, then why fabric and other cotton textile goods were brought under the 12 per cent bracket. Even in the man-made textile industry, at the stage of manufacturing garments, sarees and all types of made ups, there was no inverted tax issue. Without having any understanding of the stages of the textile industry such a harsh decision will be a regressive step.
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