BUSINESS
Make in India boost, oil cess may be halved
The glut in the oil market and deep suppression of demand during the peak of pandemic in 2020 had pushed down crude oil prices to unprecedented levels. Though crude prices have recovered over the vaccination drive against Covid and a pick in demand coupled with unilateral production cut announced by Saudi Arabia, cess puts domestic crude at a disadvantage against imported oil.
Fuel Price: Steepest 35-paise hike in petrol, diesel prices on Republic Day
With the latest increase, petrol is available at a record high of Rs 86.05 a litre in Delhi and diesel at Rs 76.23 a litre. Fuel prices increased sharply elsewhere in the country as well, but the retail hike varied from state to state due to quantum of taxes levied on petroleum products there.
UN expects India's economy to recover by 7.3% this calendar year
The UN's World Economic Situation and Prospects 2021 report released on Monday said that "despite drastic fiscal and monetary stimulus" India's gross domestic product (GDP) fell because of lockdowns and other containment efforts that "slashed domestic consumption without halting the spread of the disease."
Kia Motors India sells 1 lakh units since July
Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country. The company said the top-end -- above GTX variants -- for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.
Foreign fund outflows, profit booking pull equity markets lower
Investors were seen cautious ahead of monthly F&O expiry as well as pre-budget speculations, while hefty allocation towards IPOs' subscription took away some funds from the market. Notably, the FIIs were net sellers to the tune of Rs 765.30 crore in BSE, NSE and MSEI in the capital market segment.
FDI flow into India grows 13% in 2020
The growth in FDI into India was witnessed despite a slump in investments into other developing economies. FDI flows to developing economies decreased by 12 per cent to an estimated $616 billion and they accounted for 72 per cent of global FDI, the highest share on record, the UNCTAD report said.
Worldwide IT spending to grow 6.2% in 2021: Gartner
The unprecedented speed of digital transformation in 2020 to satisfy remote working, education and new social norms presented lockdowns and social distancing measures as double-edged swords - one which has abated the pandemic's negative effect on IT spending going into the New Year.
Recovering Fortunes: Yes Bank sees signs of reaching pre-Covid levels soon
The bank's own financial performance has improved drastically. It has again reported a net profit for the third consecutive quarter.
Apart from q high retail loan disbursement demand, the bank has also witnessed a brisk recovery of bad loans. In fact, 60 per cent of Rs 5,000 crore target of recovery till March 2021 has already been completed.
Apple doubled its India smartphone market share in Q4 2020
Despite arriving in October, the iPhone 12 contributed significantly towards the rise of Apple in Q4 (October-December) in the country, according to data provided by market intelligence firm CyberMedia Research (CMR). The tech giant registered over 60 per cent growth (yea-on-year) in its India business in the full year 2020 while for the festive quarter, the growth was an impressive 100 per cent (YoY).
Kotak Mahindra Bank logs 11% growth in Q3 net profit
In a regulatory filing, the Kotak Mahindra Bank said that for Q3FY21, the bank's contribution to the consolidated profit after tax was Rs 1,854 crore. The net contribution of subsidiaries and associates was 29 per cent of the consolidated PAT.
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