BUSINESS
Second Covid wave to disrupt fabric demand: Ind-Ra
"Woven fabrics production continued to improve mom, though marginally, in January 2021, despite remaining 21 per cent YoY lower," Ind-Ra said. "While recoveries for blended and knitted fabrics were quicker, that of woven is expected to be delayed with micro-lockdowns and work-from-home culture."
Crude to be around $60 a barrel in 2021
According to a research report by ICICI Securities, Brent has recovered and is over $ 60/bbl since February, 21 vs April, 20 low of $ 21/bbl driven by demand recovery from lows and OPEC+ capping supply to ensure supply deficit since July last year. "OPEC+ capping supply until demand recovers is estimated to ensure supply deficit of 1.3 million barrels of oil per day in calendar year 2021 and keep Brent above $60/bbl," the brokerage said.
FICCI writes to 25 CMs on Covid management, urges to avoid lockdown
In the letter written to state CMs by FICCI President Uday Shankar, the chamber has acknowledged the need to break the Covid chain but has suggested the strategy to focus more on ramping up covid testing, awareness drive and enforcement of Covid appropriate behaviour rather than lockdown.
Regulation of insolvent firms' shares still remains a dilemma
Several concerns have been raised in terms of trading in the stocks of insolvent companies as many of them gained substantially amid the bull run in the past year. Amid concerns for public shareholders and the need for transparency, the capital market regulator has also enhanced the disclosure norms for companies under bankruptcy and they now have to inform the exchanges on any approved resolution plan.
SEBI penalises 2 brokerages in NSE Co-Location case
The regulator has imposed a total fine of Rs 6 lakh on PRB Securities and Rs 12 lakh on CPR Capital Services. The SEBI said that it had received multiple complaints pertaining to allegations of malpractices with respect to the co-location facility being provided by the National Stock Exchange of India Ltd (NSE).
India's forex reserves up by over $4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $581.213 billion from $576.869 billion reported for the week ended April 2. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
JSPML divests complete stake in JSIS Oman
In the second and final tranche of the divestment transaction, JSPML divested 51 per cent to Vulcan Steel. Last year, the subsidiary had divested 4,86,999 shares, representing 48.99 per cent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman.
Qualcomm invests in homegrown audio leader boAt
The investment, for which the company did not divulge more details, will be utilised to roll out next-generation audio and lifestyle products across geographies. "As boAt enters the next phase of growth and innovation, we look forward to building a relationship with Qualcomm to deepen our R&D capabilities and further augment our efforts to manufacture products in India," said Sameer Mehta, Co-founder, boAt.
Government should regulate cryptocurrencies, not ban them
Experts are of the view that India should formulate regulations in the lines of the developing countries which regulate these currencies including the US, UK, Japan, Australia among others. ischal Shetty, Founder & CEO, WazirX said: "India's crypto policy should be geared towards fostering innovation, and customer safety. We should be able to prevent bad activities but keep the door to innovation open by allowing everything else to be built."
Amazon Prime hits 200M users globally: Bezos
"Last year, we hired 500,000 employees and now directly employ 1.3 million people around the world. We have more than 200 million Prime members worldwide. More than 1.9 million small and medium-sized businesses sell in our store, and they make up close to 60 per cent of our retail sales," Bezos informed.
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