BUSINESS
Takeaways from RBI's MPC meeting can be more than repo rate hike
Economic experts expect the MPC to hike the repo rate by 25-35 basis points (bps) with industry lobby body ASSOCHAM also urging the central bank to do the same. Further it will also be interesting to see whether there will be unanimity amongst the members of the MPC on the decisions taken at the ensuing meeting.
Momentum in markets is setting in
BSESENSEX gained 574.86 points or 0.92 per cent to close at 62,868.50 points while NIFTY gained 183.35 points or 0.99 per cent to close at 18,696.10 points. The broader markets fared much better and we saw BSE100, BSE200 and BSE500 gain 1.18 per cent, 1.42 per cent and 1.50 per cent respectively. BSEMIDCAP was up 2.84 per cent while BSESMALLCAP gained 2.43 per cent.
Chinese EV maker BYD widens market leadership gap with Tesla in Q3
On the other hand, Tesla's global sales grew only 43 per cent YoY in Q3 2022 to over 343,000 units, according to Counterpoint Research. "The smoothing production ramp in Tesla's Berlin factory helped deliver a record number of Model Ys in Germany this quarter. However, deliveries fell short of expectations due to logistics bottlenecks," the report mentioned.
Apple 'fully resumed' advertising on Twitter, says Musk
According to Bloomberg, during a two-hour Twitter Spaces Musk also mentioned that Apple was Twitter's largest advertiser, reports MacRumors. The tech giant reportedly spends more than $100 million a year on advertising on the micro-blogging platform. Meanwhile, Musk had criticised the App Store cut on November 18, by calling it a "hidden 30 per cent tax on the Internet".
Elon Musk advises Joe Biden to just buy a Tesla
Joe Biden recently announced the release of the first round of funding for a nationwide EV charging network, financing the construction of stations in 35 states. "We're building 500,000 electric vehicle charging stations across the country. The great American road trip will be fully electrified," posted Biden on Twitter.
Indian aviation safety records significant jump in ICAO global ranking
A senior official of the aviation regulator on Saturday said that it is a quantum leap from its 102nd rank four years ago. With a view to check its effective implementation (EI) of critical safety elements, the International Civil Aviation Organisation (ICAO) had last month audited the Indian Directorate General of Civil Aviation (DGCA).
Government issues guidelines for PLI scheme on drones
These guidelines cover aspects like the definitions, qualification and eligibility application and online portal project management agency (PMA), empowered group of secretaries (EGoS) and competent authority. To make India a global hub for research and development, testing, manufacturing, and operation of drones under the Aatmanirbhar Bharat Abhiyan, the liberalised Drone Rules, 2021 were released to create a growth-oriented regulatory framework for drones.
Pakistan repays $1b bond, dismisses perception of default
As per the actual schedule, the country was to return the maturing investment in the US dollar-denominated global bond on Monday, The Express Tribune reported. "Yes, we have made the payment of $1 billion," State Bank of Pakistan (SBP) spokesperson Abid Qamar confirmed to The Express Tribune. The bank has made the payment to Citigroup, which will transfer the funds onward to the investors.
Indian markets do better than global leaders despite interest rate hikes
If one looks at the performance of stock markets on a calendar basis since 2005, there have been eight instances when markets have gained between 0 and 25 per cent, six instances when they have gained between 26 per cent and 50 per cent, and just one instance when they gained more than 76 per cent.
Don't hike repo rate by more than 25-35 bps: Assocham's advice to RBI
Assocham has also requested the RBI to treat retail loans for purchase of electric vehicle (EV) as priority sector lending. According to Assocham, the interest rate hike should be moderate so that the rising cost of borrowing does not have an adverse and disproportionate impact on the nascent economic recovery post the pandemic.
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