BUSINESS
Uttar Pradesh emerges as top investment destination
Industrialists from the country and abroad are investing heavily in infrastructure, food processing, textiles, electronic manufacturing, real estate, power and manufacturing sectors in UP. The manufacturing sector got the required boost in UP after Chief Minister Yogi Adityanath made some policy changes to create a favourable environment for investments in the state.
Fed Shock: Equities fall as FII roll-back feared
Accordingly, the fears were triggered by US Fed statement on the eventual restart of liquidity tapering programme. The development assumes significance as it can lead foreign capital away from EMs such as India. On Thursday, the Fed's statement sent shock waves in the Asian as well as domestic markets.
CII pegs India's FY22 GDP growth at 9.5%
"Ultra-high frequency indicators strongly presage growth recovery following the second wave of the pandemic," said T.V. Narendran, CEO and Managing Director of Tata Steel, who took charge as President CII on May 31, 2021. "With recent uptick in mobility indicators, traffic congestion index and daily railway passenger movement, we believe that 9.5 per cent growth rate can be achieved this year."
PLI scheme to help India become Aatmanirbhar in APIs : ICRA
High value-added pharmaceutical products are generally R&D intensive and difficult to manufacture and these include products such as complex generics, patented products, and biologics among others. Further, the GoI has also announced the promotion of the bulk drug parks scheme with a financial outlay of Rs 30 billion for three select states, which will provide infrastructure assistance to the active pharmaceutical ingredient (API) players.
'US retains tariff retaliation option if DST still in place'
"We share your goal of making discriminatory digital service taxes a thing of the past. And we've made substantial progress here," Yellen told lawmakers at a hearing held by the Senate Finance Committee on Wednesday. "We are pursuing absolutely every avenue toward a swift and comprehensive standstill and rollback of our DSTs."
US Fed keeps interest rates near zero amid inflation concerns
"Progress on vaccinations has reduced the spread of Covid-19 in the US. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened," the Fed said in a statement issued on Wednesday after concluding its two-day policy meeting.. The Fed noted that the sectors most adversely affected by the pandemic "remain weak but have shown improvement".
Indian pharma industry sales to log robust growth: Fitch Ratings
The credit rating agency said pharma company sales will grow in FY22 as sales normalise in categories affected by the pandemic in the previous year. "Most Indian pharma companies reported resilient operating performance in FY21, benefiting from gradual stabilisation after 1QFY21, geographical diversification and sales of pandemic-related drugs," Fitch Ratings said.
Equity indices in red tracking Asian market
The subdued investor sentiments follow the US Federal Reserve's projection at least two interest rate hikes in 2023, a year earlier than forecasted in the March meeting. Around 10.15 a.m., Sensex was trading at 52,403.34, lower by 98.64 points or 0.19 per cent from its previous close of 52,501.98. It opened at 52,122.25 and has touched an intra-day high of 52,403.93 and a low of 52,099.72 points.
CEO Satya Nadella steps in as Microsoft Chairman too
Microsoft has elected CEO Satya Nadella as Chairman of the tech giant, a first in two decades when Microsoft's chairman will also be its CEO. Bill Gates was the only other Chairman and CEO of Microsoft who stepped down as CEO in 2000. Gates stepped down as chairman in 2014 and the board then elected John Thompson as independent chairman. Gates left the Microsoft board entirely last year to pursue his philanthropic ambitions.
Edible oil prices down up to 20% in certain categories, says govt
As per the data from the Department of Consumer Affairs, the prices of edible oils are now coming down over the past month, and in some cases, the decline is by as much as nearly 20 per cent, as shown in prices in Mumbai. It said the price of palm oil was Rs 142 per kg on May 7 but has come down to Rs 115 per kg, a drop of 19 per cent, and of sunflower oil.
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