BUSINESS
'Economic activity consolidated in a steady zone in March 2021'
Out of the 10 indicators of QET (Quick Economic Trends) of economic and business activity tracked by the industry body PHDCCI, 6 have performed positively in March 2021 of which passenger vehicle sales has shown the highest growth of 125 per cent over the corresponding month in the previous year.
Centre may redraw bank recapitalisation plan in wake of new challenges
Sources said that the finance ministry has already started a preliminary exercise to determine the capital requirement of banks in wake of the changes in norms and rise in bad assets during the time of the pandemic. Based on the inputs received by banks, additional capital may be provided to them from budgetary resources.
E-commerce to accelerate India's auto sector growth: Report
Notably, the analysis by Allied Market Research, Market Line, Reserve Bank of India and Grant Thornton Bharat showed that e-commerce portals focused on the automobile market, such as Droom, Cardekho, and Olx have put consumers and the user experience in the spotlight helping the manufacturers attract more users.
India's OEMs accelerating shift towards EVs: HDFC Securities
"Along with developing electric products in-house, OEMs are open to collaborations, to reduce the speed-to-market as well as maintain capital efficiency," HDFC Securities said in a report. "Part suppliers are attempting to segment agnostic, developing components for ICE, hybrid and EV products."
IFC proposes to invest $100 mn in Hero Fincorp's secured debt
Hero Fincorp is primarily into financing two-wheeler purchases, loans to micro, small and medium enterprises (MSME), personal loans, used car purchase loans and corporate loans, IFC said. aAccording to IFC, the proposed investment will enable Hero Fincorp to expand its loan book across its business verticals.
China slaps record $2.7B fine on Jack Ma's Alibaba
The fine was imposed on Alibaba for violating anti-monopoly rules as the country seeks to rein in the power of internet conglomerates. "Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," the Hangzhou-based company said in a statement.
UN chief applauds IMF, World Bank measures to address COVID-related debt crises
Since the beginning of the crisis, the secretary-general has called for liquidity, the statement continued, through a large issuance of Special Drawing Rights (SDRs) - an instrument created by the International Monetary Fund to help supplement cash reserves - for those most in need, and a reallocation of unused SDRs.
India's forex reserves down by over $2.4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $576.869 billion from $579.285 billion reported for the week ended March 26.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).
India better prepared to handle resurgent Covid's economic fallout
Accordingly, industry watchers have cited accelerated vaccination drive along with massive adoption of e-commerce by India Inc and low interest rates as factors which will mitigate the intensity of any economic shock.In contrast, the localised lockdowns are expected at best to slow down the progress of economic recovery, but not stall it.
Second Covid wave heightens risks for India's banks: Fitch
Accordingly, Fitch expects a moderately worse environment for the India's banking sector in 2021, but headwinds would intensify should rising infections and follow-up measures to contain the virus further affect business and economic activity.
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