BUSINESS
Auto industry's long-term growth slides drastically: SIAM President
Speaking at the 61st SIAM Annual Convention, Ayukawa highlighted: "And, Covid has further caused negative growth for the industry. It has pushed industry volume back by many years," Ayukawa said at the Special Plenary Session. Besides, he cited that the industry is facing many immediate and medium-term challenges.
Ayukawa said the immediate short-term concerns for the industry were pandemic related uncertainties, global shortage of semiconductors and rising commodity prices amongst others.
Banks to have nationwide credit outreach programme this year: FM
Addressing the media in Mumbai, she said that banks will go about to exhibit loan offerings in every district of the country in a bid to enhance the credit demand. A similar outreach programme was undertaken by the public sector banks in which some private sector banks also participated to boost credit offtake in the face of an economic slowdown.
FY21 capex of listed cos remained resilient compared to investment rate
An ICICI Securities report noted that in the pre-pandemic period of FY20, 'nominal investment rate' dipped to 28.8 per cent while the share of 'non-financial corporations' in the overall GFCF (Gross fixed capital formation) was relatively weak at 46 per cent as compared to the 5-year average (FY15-20) of 48.3 per cent.
Petrol, diesel prices remain static on Wednesday
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel for Rs 88.92 a litre. Across the country as well fuel prices remained unchanged on Wednesday. Global crude oil prices have fallen on past few days but has again firmed up over $70 a barrel now. With more barrels set to enter the markets next month and demand conditions remain fluctuating, there may be downward pressure on crude again.
Delhivery acquires Spoton as Samara Capital, Xponentia exit
Spoton Logistics is a leading multimodal express logistics and supply chain solutions company in the country. "Over 10 years, Delhivery has established a leading position in B2C logistics and now by combining our part truckload business with Spoton's, we will be on the path to the same position in B2B express as well," said Sahil Barua, CEO, Delhivery.
TECNO unveils its 1st exclusive retail outlet in New Delhi
Located in East Delhi at the TECNO branded Laxmi Nagar Metro Station, which is also close to one of the busiest mobile cluster markets in Delhi. "Brand TECNO's first ever exclusive retail store is an addition to our overall over 50,000 multi-brand retail outlets that will allow customers to touch and feel their favourite TECNO products before making a buying decision," Arijeet Talapatra, CEO of TRANSSION India, said in a statement.
Sensex scales new high; IT, oil & gas stocks rise
The Sensex has touched an all-time high of 56,188.49 points. Healthy buying was witnessed in IT and oil and gas stocks. Around 10.05 a.m., Sensex was trading at 56,128.53, higher by 169.55 points or 0.30 per cent from its previous close of 55,958.98. The Nifty50 on the National Stock Exchange was trading at 16,683.80, higher by 59.20 points or 0.36 per cent from its previous close.
Sitharaman assures policy certainty, urges industry to take more risks
During her interaction with industry leaders organised by the Confederation of Indian Industries (CII) at Mumbai on Tuesday, she noted that the regulators also had a key role in ensuring the same and the government is working with them as well on this important issue.
GDP growth in Q1 FY22 seen at 18.5%: SBI Ecowrap
The GDP estimate for the first quarter of FY22 is lower than the 21.4 per cent growth estimated by the Reserve Bank of India. The gross value added (GVA) is estimated at 15 per cent, as per the SBI report. "Based on SBI Nowcasting model, the forecasted GDP growth for Q1 FY22 would be around 18.5 per cent (with upward bias)," it said. A substantial recovery is visible in corporate GVA in Q1 FY22.
Fireworks industry prays Diwali does not bring doom if not boom
Sivakasi in Virudhunagar district in Tamil Nadu accounts for nearly 90 per cent of the country's firecracker production, and has 1,070 firecracker units located in and around the city. Even though the bulk of the industry's production is consumed during Diwali, seasonal demand during Holi, Raakhi, Patang festivals which used to be there has gone down this time around.
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