BUSINESS
Manufacturing gaining lost momentum in Q-4: FICCI survey
As per the survey, the overall capacity utilization in manufacturing has witnessed a rise to 74 per cent as compared to 65 per cent in previous quarter. The future investment outlook, however, looks slightly better as 30 per cent respondents reported plans for capacity additions for the next six months as compared to 18 per cent in the previous quarter.
Curtailed banking services during March 27-April 4
All banks will stay closed for three consecutive days from March 27 (4th Saturday), March 28 (Sunday) and March 29 (Holi). Further, customer-facing services at bank branches will remain closed on March 31 and April 1 as banks close their books for FY21. April 2 would be a holiday on account of Good Friday and being a Sunday, services will be shut on April 4.
Piramal Capital & Housing Finance raises Rs 4,050 cr via NCDs
Rajesh Laddha, Executive Director, Piramal Enterprises Ltd said: "Since the beginning of FY 2020, we have significantly transformed the liabilities profile towards more stable, long-term sources of funds. The company has raised over Rs 50,000 crore since April, 2019, through multiple long-term borrowings and equity transactions, thereby materially strengthening the balance sheet."
CAIT praises Uday Shankar for FICCI stand on e-commerce
"At the outset, we at CAIT appreciate you for standing up for Indian people and taking a clear stand by demanding clarifications in FDI policy in e-commerce for enhancing transparency and its strict implementation in letter and spirit by each player, be it foreign or Indian, big or small," CAIT said in a letter to Uday Shankar.
Gold drops below Rs 45K/10g, silver futures plunge
The April contract of gold on the MCX is currently trading at Rs 44,888 per 10 gram, lower by Rs 133.00 or 0.30 per cent from its previous close. CapitalVia's weekly commodity report said that for this week, traders should look forward to 'sell-on-rise' opportunity from Rs 45,200, keeping stop loss of around the previous resistance level of Rs 45,650, for aiming target of Rs 44,635.
Market in red, indices trim major losses
The market has, however, trimmed major losses made during the initial trade. At 10.19 a.m., Sensex was trading at 49,717.60, lower by 140.64 points or 0.28 per cent from its previous close of 49,858.24. It opened at 49,878.77 and has so far recorded an intraday high of 49,878.77 and a low of 49,460.90 points.
3rd-party logistics shipments grew 70% in India in Q4 2020
The 3PL shipped 750 million, which was a growth of 450 million from the period of July-September2020. "The 3PL has tremendous headroom to grow in eGrocery and foodtech as it completes merely 10 per cent and 5 per cent in those respective sectors," according to Bengaluru-based market intelligence firm RedSeer.
Chemical sector to grow at 1.2x-1.3x of GDP multiplier: Ind-Ra
Accordingly, the rating agency has assigned the sector an improving outlook for FY22. It expects favourable market conditions across the broad chemical subsectors, along with a healthy rebound in end-user industries, following the Covid-19 led business disruptions in 1HFY21.
DPIIT should stop meeting foreign e-commerce reps when they come via apex chambers: CAIT
The CAIT also announced that more than 40,000 small and big trade associations across the country will observe March 25 as 'e-commerce Democracy Day' and on March 28, traders all over the country will burn effigies of Amazon and Flipkart as part of 'Holika Dahan' at more than 1,000 places across the country.
ITC has exited a painful decade: Morgan Stanley
In a research note, Morgan Stanley said that it expects cigarette tax regulations to be benign relative to the 150 per cent increase seen in 2010-19. The tax increases could be similar to the 80 per cent seen in 2001-09, and over the next few years, could echo the 2003-07 period when economic growth was strong and tax increases were reasonable.
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