BUSINESS
Equity markets need to be prepared for tighter monetary policies ahead
A report by Kotak Institutional Equities noted that that global central banks will have to start preparing to exit the extraordinary amounts of stimulus as economies gather steam over the next few months. The pace of 'tapering' -- reduction in asset purchase -- and rate increases by central banks will depend on inflation.
FB, Stellaris Venture Partners to scale young businesses
"We know that timely skilling can unlock multiple growth opportunities for small businesses that are the backbone of India's economy. As business after business moves online in current times, the need for timely digital up-skilling becomes even more urgent to drive their recovery and growth," Archana Vohra, Director, Small and Medium Businesses at Facebook India, said in a statement.
Walmart Vriddhi to help MSMEs access medical support to navigate Covid
The new program helps MSMEs support their family members and employees with telecare services and health advice and provides ongoing access to pandemic-related business advice and resources. MSMEs have been receiving capacity-building support via Walmart Vriddhi since the start of the pandemic, helping them grow to new markets through Flipkart and Walmart channels and the open marketplace.
Fear & Loathing: FY21 pent-up demand expected to fizzle away
At present, India suffers from a resurgence of Covid cases. However, a sharp decline in new infection rate has triggered hopes of economic normalisation. In contrast, low consumer sentiment as well as falling household income levels amid job losses will negatively impact the off-take of several sectors. Consequently, the current situation has led various multilateral organiations to revise India's GDP growth rate downwards.
Covid Stimulus: No big dent, moderate fiscal slippage expected
This would mean that fiscal deficit that is budgeted at 6.8 per cent of the GDP for FY22 may rise to 7.3 - 7.4 per cent level as a direct result of the stimulus that also includes subsidy increase for food and fertiliser sectors. "The fiscal impact of announcements made yesterday and earlier is not linear as substantial portion of the package is contingent liabilities.
Economic activities in rural India fared better in lockdown 2.0: Survey
The survey was carried out to assess the impact of COVID-19, with a sample size of 200 respondents across 48 villages in the states of Uttar Pradesh and Bihar. It was learnt that while overall economic activity in mini-grid villages was less affected in 2021, the impact on education and healthcare infrastructure was much worse compared to 2020.
Power reforms: Pvt genco dues head to 4-year low of less than 100 days
Liquidation of receivables from state power distribution companies (discoms) following the central government's Atmanirbhar stimulus, and better payment cycles on regular billings will drive the improvement, the ratings agency said in its fresh assessment of financial position of discoms. According to Crisil, the improved financials of discoms, in turn, would support credit profiles.
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Expect strong recovery in second half of 2021, says JCB India
Accordingly, the company has pinned hopes on the record high budget set aside to create infrastructure especially roads and highways. "Overall, we are hopeful of a strong recovery towards the second half of the year once the vaccination programs start showing their effect and the pandemic begins to taper," said JCB India's CEO and Managing Director Deepak Shetty.
Banking, oil & gas stocks pull indices lower
Around 12.25 Sensex was trading at 52,575 lower by 160 points, down from its previous close of 52,735.59. It opened at 52,795.76 and has so far touched an intra-day high of 52,816.42 and a low of 52,552.41 points. The Nifty50 on the National Stock Exchange was trading at 15,750.85, lower by 63.85 points or 0.4 per cent from its previous close.
Fuel price rise continues unabated, rates rise sharply again
The retail prices of petrol and diesel rose by a sharp 35 paise and 28 paise per litre on Tuesday to touch new high of Rs 98.81 and Rs 89.18 per litre respectively in Delhi. In the city of Mumbai, where petrol price crossed Rs 100 per litre mark for the first time on May 29, the fuel price reached new high of Rs 104.90 per litre on Tuesday. Diesel price also increased in the city to reach Rs 96.72 a litre, the highest among metros.
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