BUSINESS
'Centre, states need to bolster RBI steps via vaccination, better health infra': SBI
"The RBI has played an amazing role through the pandemic, and we only hope that fortune favours the brave! But for that, vaccination and specific administrative reforms by Centre and states in the interregnum in enabling a better medical infrastructure to prevent any further wave hold the ace," said the SBI Ecowrap report on Monday. It said that the challenges posed by the pandemic are being exacerbated by the confounding market behaviour.
SBI General Insurance fined Rs 30L by IRDAI
The charge against SBI General Insurance Company was that it had repeatedly failed to comply with Section 32D of the Insurance Act and the IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 that mandates underwriting of minimum motor third party insurance business.
2nd wave of Covid threatens economic growth: Crisil
It said that base GDP growth forecast for fiscal 2022 at 11 per cent, with risk firmly tilted downwards. As per the report, the GDP growth rate may drop to 9.8 per cent, if the second wave peaks by May-end and if the peak is reached by June-end, the GDP growth rate is likely to fall to 8.2 per cent. It further said that India Inc's revenue growth is projected at 15 per cent for fiscal 2022 on a low base of two years in base case.
Apple awards $45M to Corning to expand manufacturing capacity
Corning is a supplier of precision glass for iPhone, Apple Watch, and iPad and has a long history of working together with Apple. The company has already received $450 million from Apple's $5 billion Advanced Manufacturing Fund over the last four years. "From the very first iPhone glass, to the revolutionary Ceramic Shield on the iPhone 12 lineup, our collaboration has changed the landscape," said Jeff Williams
Global cues, Q4 lifts equities; metal stocks shine
Globally, Asian stock markets were mostly higher on Monday, following the positive signs from the US on Friday as rising commodity prices and weaker than expected US job growth in April calmed fears about higher inflation, interest rates and a cutback in stimulus.
LIC's holding at all time low on profit booking
In INR value terms though, it reached an all-time high of Rs 7.24 lakh crore in the quarter ending March 31, 2021, an increase of 6.30 per cent over the previous quarter. Sensex and Nifty rose by 3.70 and 5.10 per cent respectively during this period. LIC also continues to command a lion's share of investments in equities by insurance companies (76 per cent share).
Eli Lilly signs agreements with Cipla, Lupin and Sun Pharma
Lilly is in discussions with several other Indian manufacturers for the potential grant of additional voluntary licenses. These voluntary licensing agreements will ensure high quality manufacturing and accessibility of baricitinib during this pandemic improving the local treatment options
Equity indices in green; metal, healthcare stocks surge
Around 10.05 a.m., Sensex was trading at 49,455.42, higher by 248.95 points or 0.51 per cent from its previous close of 49,206.47. It opened at 49,496.05 and has so far touched an intra-day high of 49,590.43 and a low of 49,412.05 points. The Nifty50 on the National Stock Exchange was trading at 14,909.50, higher by 86.35 points or 0.58 per cent from its previous close.
FPIs pull out Rs 5,936 cr from Indian equities in 1st week of May
The subdued investor sentiments come on the back of the deepened Covid crisis in the country. The lockdowns and restrictions across states also have weakened the prospects of economic recovery, analysts said. The selling in May continues after FPIs withdrew net investments of Rs 9,659 crore in April. The bearish trend last month came after incessant buying in the preceding six months.
Reliance Retail is second fastest growing retailer in the world
Reliance Retail remains the 2nd fastest growing retailer in the world despite the base effect of being No.1 last year. Reliance Retail features consecutively for the 4th time in the list of Global Powers of Retailing and World's Fastest Retailers. Reliance Retail, last year's Fastest 50 leader, dropped to second place. The company recorded YoY growth of 41.8%, driven primarily by a 13.1% increase in the number of stores in its consumer electronics.
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