BUSINESS
Fuel prices rise again sharply for third straight day
This is third increase in fuel prices in as many days as petrol and diesel prices rose by 15 paise and 18 paise per litre respectively on Tuesday and by 19 paise and 21 paise per litre respectively on Wednesday after 18 days break. With Thursday's increase, petrol is now being retailed at Rs 90.99 a litre and diesel Rs 81.42 a litre in the national capital.
Cabinet approves strategic disinvestment of IDBI Bank
The Government of India (GoI) and the LIC together own more than 94 per cent of the equity of IDBI Bank, with the Centre holding 45.4 per cent and the LIC owning 49.24 per cent stake. LIC is currently the promoter of IDBI Bank with management control and the Centre is the co-promoter.
High frequency indicators showing mixed signals: RBI Governer
He said that aggregate demand conditions, particularly in contact-intensive services, are likely to see a temporary dip, depending on how the Covid situation unfolds. With restrictions and containment measures being localised and targeted, businesses and households are learning to adapt, Das said, adding that, "consequently, the dent to aggregate demand is expected to be moderate in comparison to a year ago".
MoCA clarifies all investments in health infrastructure qualify as CSR spending
Resources for 'creating health infrastructure for COVID care', would include 'establishment of medical oxygen generation and storage plants' and 'manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19'.
Banks allowed to tap floating provisions for NPA cover
In order to mitigate the pandemic related stress on banks and as a measure to enable capital conservation, the RBI has now allowed banks to utilise 100 per cent of floating provisions or countercyclical provisioning buffer held by them as on December 31, 2020 for making specific provisions for non-performing assets.
RBI eases KYC compliance; extends video KYC to new customers
Accordingly, RBI governor Shaktikanta Das, in his virtual address on Wednesday also announced rationalisation of compliance to KYC requirements. Taking forward the initiatives of the apex bank for enhancing customer convenience, it has now been decided to rationalise certain components of the extant KYC norms including extension of the scope of video KYC known as V-CIP.
Tesla facing delay in opening Gigafactory Berlin: Report
Electrek, citing Automobilwoche, an auto industry paper, states that Tesla's timeline for Gigafactory Berlin has slipped to January 2022. "The start of series production in Tesla's new Gigafactory in Grunheide near Berlin has been delayed by six months until the end of January 2022. Tesla CEO Elon Musk officially gave the team half a year more," reports the Automobilwoche.
India ready for full-fledged semiconductor fabrication
India's share in the global electronics manufacturing has grown from 1.3 per cent in 2012 to 3.6 per cent in 2019. Domestic electronics manufacturing has increased substantially from Rs 1.90 lakh crore in 2014-15 to Rs 5.34 lakh crore in 2019-20, growing at a compounded annual growth rate of 23 per cent.
RBI announces 2nd round of loan restructuring for MSMEs, individuals
RBI Governor Shaktikanta Das noted that the resurgence of Covid-19 pandemic in India in recent weeks and the associated containment measures adopted at local/regional levels have created new uncertainties and impacted the nascent economic revival that was taking shape.
Equity indices in green as RBI Guv announces liquidity measures
Around 10.45 a.m., Sensex was trading at 48,519.75, higher by 266.24 points or 0.55 per cent from its previous close of 48,253.51. It opened at 48,569.12 and has so far touched an intra-day high of 48,620.51 and a low of 48,254.32 points. The Nifty50 on the National Stock Exchange was trading at 14,584.10, higher by 87.60 points or 0.6 per cent from its previous close.
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