BUSINESS
India to grow at double-digit rate for FY21: Report
The economic contraction reported in the second quarter of 2020-2021 stood at 7.5 per cent. A big improvement from the first quarter of 20202-20201 where the economy touched the historic mark of (-) 23.9 per cent.
IBM acquires cloud managed services provider Nordcloud
Helsinki-based Nordcloud is triple certified in Amazon Web Services (AWS), Google Cloud and Microsoft Azure. The move will further advance IBM's cloud migration and transformation capabilities, an important aspect of its hybrid cloud platform growth strategy, the company said in a statement.
Equity indices pare initial gains, Sensex down 170 points
It opened at 45,529.61 and has touched and intra-high of 45,938.40 and a low of 45,140.79. The Nifty50 on the National Stock Exchange was trading at 13,272.85, lower by 55.55 points or 0.42 per cent from its previous close. Heavy selling was witnessed in industrials, energy and auto stocks, while rise in the IT and telecom stocks supported the market.
BMW Group India to increase BMW, MINI model prices from Jan
From 4 January 2021, BMW Group India will introduce the new pricing for BMW and MINI portfolio, increasing the prices marginally by up to 2 per cent to offset the increasing input costs, said Vikram Pawah, President, BMW Group India.
Lockheed Martin acquires Aerojet Rocketdyne for $4.4 billion
The company said that acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base and reduce costs for our customers and the American taxpayer. The acquisition comes at a time when Elon Musk-run SpaceX and Jeffe Bezos-owned Blue Origin are aiming for space contracts with the US government.
Re-igniting Rally: $900 billion United States stimulus to support emerging markets, Indian markets
The long-awaited deal for another round of US stimulus package has been sealed at a cap of $900 billion and comes down to $600 per week of direct unemployment benefits to each and every beneficiary.
National Council of Applied Economic Research projects GDP contraction of 7.3% in FY21
The Reserve Bank of India (RBI) also has revised the real GDP growth projection for FY21 upwards to (-) 7.5 per cent on the back signs of faster recovery after the narrowing of the GDP contraction for the July-September, along with hopes of Covid-19 vaccines.
Sensex falls over 1,400 points on new Covid-19 strain, 7 lakh crore market cap lost
The two key indices -- S&P BSE Sensex and NSE Nifty50 - fell by over 3 per cent. The day's carnage saw Sensex losing a total market capitalisation worth around Rs 7 lakh crore. It is speculated that 'Basket' selling by FPIs likely triggered the sharp fall in Indian markets. Foreign investors pulled-out liquidity worth Rs 323.55 crore on Monday.
Housing sales in 2020 fall 47% to 1.38 lakh units: Report
In 2019, overall sales across the major cities was nearly 2.61 lakh units. The new housing supply in 2020 declined by 46 per cent against the preceding year, nearly 2.37 lakh units in 2019 to nearly 1.28 lakh units in 2020. The Mumbai Metropolitan Region (MMR) and Pune were the showstoppers in overall residential activity in 2020.
New Covid-19 Strain Scare: Sensex dips over 1,400 points
Resultantly, India's equity benchmark indices fell the hardest in seven months. It is speculated that 'Basket' selling by FPIs likely triggered the sharp fall in Indian markets. Accordingly, both the key indices -- S&P BSE Sensex and NSE Nifty50 - fell by over 3 per cent on Monday.
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