BUSINESS
Base Effect: India's FY22 GDP expected to grow 10.4%, says Ind-Ra
Accordingly, the ratings agency's estimates showed that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3 per cent YoY in 4QFY21. "Although the recovery in FY22 on a YoY basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6 per cent lower than the trend value."
Government expects to complete Air India, BPCL sale in Q1 FY22
The privatisation of the flag carrier has already faced several hurdles with initial lack of interest for the airline and the Covid pandemic has further delayed the process. Similarly, the strategic sale of BPCL also was impacted amid the pandemic and low oil prices.
India's FY22 budget has potential to lift growth: Fitch Ratings
Accordingly, the rating agency pointed out that labour market and agricultural reforms that were legislated in September 2020 could also lift medium-term growth. However, recent adverse court rulings said Fitch Ratings have highlighted implementation challenges to these reforms besides the risk that fiscal spending could also fall short of planned levels.
Stock market declines, Sensex gives up 51,000
Around 2.55 p.m., the Sensex was at 50,979.44, lower by 349.64 points or 0.68 per cent from its previous close of 51,329.08. It opened at 51,355.89 and has so far recorded an intra-day high of 51,512.86 and a low of 50,846.22 points. The Nifty50 on the National Stock Exchange was trading at 15,022.95, lower by 86.35 points or 0.57 per cent from its previous close.
itel leads sub Rs-7,000 segment on brand trust in India: Survey
itel's strong brand trust among consumers is driven by trendy technology (42 per cent), value for money (44 per cent), and localised marketing approach (42 per cent), according to a CMR survey. itel rules the sub-Rs 5,000 smartphone segment with 26 per cent using currently and 42per cent users going to consider in their next purchase.
Govt plans to sell 20% stake in National Fertilizers Ltd
The Department of Investment and Public Asset Management (DIPAM) has invited tenders from law firms with experience and expertise in public offerings and OFS in capital markets to act as legal advisers and assist the government in the process. It has also sought tenders from merchant bankers for the sale process.
'More than full' economic recovery likely in FY22: Finance Ministry report
The 'Monthly Economic Review' for January 2021 said the structural reforms and the policy push under the Atmanirbhar Bharat Mission along with the slew of measures announced in the Union Budget 2021-22 towards achieving broad-based inclusive growth will strengthen the fundamentals of the economy and bring it back on to a strong and sustainable growth path in the year ahead.
Petrol, diesel prices rise by 30p, 25p a litre in Delhi
Petrol is now priced at Rs 87.60 and diesel Rs 77.73 per litre in the national capital. Petrol prices increased from 26-29 paise per litre and diesel by 24-27 paise per litre across the country, depending on local taxes levied on the two petroleum products. The prices of petroleum product have now reached new highs with the latest increase.
Share Market: Sensex down 200 points down amid volatile trade
Selling pressure was witnessed in banking and IT stocks. At 10.18 a.m., Sensex was trading at 51,124.54, lower by 204.54 points or 0.40 per cent from its previous close of 51,329.08. It opened at 51,355.89 and has so far touched an intra-day high of 51,512.86 and a low of 51,112.73 points.
Bank unions call for strike in March 15, 16 against privatisation
During a meeting in Hyderabad on Tuesday, the United Forum of Bank Unions also decided to hold a day long 'Dharna' (protest) in all state capitals on February 19 followed by relay 'dharnas' from February 20 to March 10 in all states, districts and towns.
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