BUSINESS
$210M daily output loss in India over April-June in severe scenario: S&P Global Ratings
In a severe scenario, pandemic peaks late June, declines slower and mobility 40 per cent below normal, normalizes only by year-end. In this scenario, initial shock relays through economy via various channels - labour markets weaker, household incomes lower. Growth number for FY 21/22 will be significantly influenced by GDP growth outcome for January-March 2021, S&P Global Ratings said.
Despite shortage, global semiconductor market to hit $522B in 2021
The robust growth will continue in consumer, computing, 5G, and automotive semiconductors. "Supply constraints will continue through 2021. While shortages initially occurred in automotive semiconductors, the impact is being felt across the board in semiconductors manufactured at older technology nodes," the IDC said in a report this week.
RBI extends restrictions on Millath Co-op Bank by 3 months
As per RBI's directions, the co-operative bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise.
China's export rebate withdrawal augurs well for Indian steel exporters: ICRA
China's steel exports have been on an uptrend in the current year and grew sharply by 24 per cent YoY in Q1 CY2021, partly aided by a lower base and improving demand from other geographies. Another key reason behind the export growth momentum was market expectations of a cut in export rebates by the Chinese government to rein in steel production.
Sonova acquires German audio brand Sennheiser's consumer business
Subject to regulatory approval, the plan is to complete the transfer of the business to Sonova by the end of 2021. Sennheiser had announced in February that it would focus on the professional business in the future while seeking a partner for its consumer electronics business.
Sensex ends above 49,000; metal stocks touch record highs
Healthy buying was witnessed in metal stocks, with several stocks touching their all-time high levels. Shares of Tata Steel touched a 52-week high of Rs 1,192 and SAIL stock touched a 52-week high of Rs 145.85 per share. Sensex closed at 49,206.47, higher by 256.71 points or 0.52 per cent from its previous close of 48,949.76.
Rs 50K cr on-tap term liquidity facility opened to ease access to emergency health services
Banks are being incentivised for quick delivery of credit under the scheme through extension of priority sector lending (PSL) classification to such lending up to March 31, 2022. These loans will continue to be classified under PSL till repayment/maturity, whichever is earlier.
Demand momentum for jewellery continued in Q1
According to a report by Motilal Oswal Institutional Equities, total consumer demand for gold in India, which includes jewellery, bars, and coins, witnessed a 37.4 per cent year on year growth in 1QCY21 to 140 ton. On a QoQ basis, demand was down 24.8 per cent.
Covid crisis poses economic risk in Q1 FY22; 'muted impact' likely: Finance Ministry
The 'Monthly Economic Review' for April 2021 published by the Department of Economic Affairs (DEA) said that learning to "operate with COVID-19" provides a silver lining of economic resilience amidst the second wave. "The second wave of COVID-19 has posed a downside risk to economic activity in the first quarter of FY 2021-22. Learning to "operate with COVID-19", as borne by international experience, it said
'RBI liquidity window can augment healthcare infra': Crisil
Hospitals could be among the biggest beneficiaries as the incremental funding can potentially increase bed capacity in the country by 15-20 per cent, the ratings agency said. Loans under the scheme, for tenures up to 3 years, are available to banks at the repo rate till March 31, 2022. Such loans would also be classified under priority sector.
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