BUSINESS
Bharat Petroleum divestment makes headway, more steps needed: Fitch
Accordingly, BPCL has made headway on a key pre-condition to its divestment and other key milestones over the last six weeks, including the finalisation of terms to purchase Oman Oil Company's 36.6 per cent stake in its Bina refinery in February 2021. Besides, It also sold 5.8 per cent of its 7.3 per cent treasury shares and approved the sale of its 61.7 per cent stake in Numaligarh Refinery in March.
Spotify paid over $23B in royalties to rights holders
Rightsholders are distributors or record labels who then pay artists from the royalties they earn. Nearly 870 artists' catalogues on Spotify generated 1 million or more in royalties, reports The Verge. The company said that there are 1.2 million artists with over 1,000 listeners on the platform. Nearly 15 per cent, or 184,500, of their catalogues, generated recording and publishing royalties of at least 1,000, it added.
Sensex down: Covid resurgence dampens market
Accordingly, both the indices -- the 30-scrip Sensitive Index (Sensex) of the BSE and the broader 50-scrip Nifty at National Stock Exchange (NSE) -- had a gap down opening. Globally, Asian markets retreated as US Bond yields soared indicating an upcoming cycle of inflation. On the domestic front, indices have been in a correction phase on the back of various QIPs as well as IPOs taking away liquidity from the system.
Private consumption to pick up in next few quarters: Moody's
This will strengthen the domestic demand revival in 2021, it said in a research report. The report noted that domestic as well as external demand has been on the mend since the easing of restrictions leading to improved manufacturing output in recent months. "Overall, our baseline forecast is for real GDP to grow 12 per cent in yearly terms in 2021 following a 7.1 per cent contraction in 2020."
India Inc welcomes vehicle Scrappage Policy
Industry players, as well as sector specialists, said the move will enable faster growth for the industry and will be an environment-friendly move. In a statement, the Society of Indian Automobile Manufacturers (SIAM) said: "The benefits to the environment and safety of a sound system of removing unsafe or unfit vehicles from the road have been felt strongly by all stakeholders."
OYO turned around ops to pre-Covid levels: Founder Ritesh Agarwal
The year 2021 has brought good news for hospitality major Oyo Hotels & Homes with its operations turning around and registering pre-Covid levels of profits after a tough pandemic-affected 2020 that had one of the worst impacts on the industry.
Nokia to lay off 10K employees, plans investment in 5G, Cloud
Nokia has announced it will lay off 10,000 employees in the next two years as part of its restructuring plans, reset its cost bases and invest in R&D and future capabilities including 5G, cloud and digital infrastructure.
Venture capital investments reached $10 billion in 2020
India maintained its robust position among the top five startup ecosystems globally, with 7,000 new startups founded in 2020 along with the emergence of 12 new unicorns to take India's unicorn tribe to 37. The top three sectors -- consumer tech, SaaS, and fintech accounted for nearly 75 per cent of all VC investments by value, with consumer tech attracting the maximum funding.
US overtakes Saudi Arabia to become India's second biggest oil supplier in February
America has steadily improved its exports post sanctions and has now become second biggest oil supplier to India, the worlds third largest oil consumer. As per trade data, US supplied almost 2.2 million tonne (mt) of oil to India in February, higher than even Saudi Arabia, which had traditionally been among the biggest exporters of oil to India.
Cement demand expected to grow at 13-14% in FY22: Ind-Ra
The growth in cement demand in conjunction with robust profitability is likely to keep credit profiles of manufacturers strong. "As a result, Ind-Ra has also maintained a 'Stable rating Outlook' on its rated cement portfolio for FY22," Ind-Ra said.
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