BUSINESS
Global equity prices rise on news of Ukrainian advances in war against Russia
European markets closed higher Friday, as did markets in the Asia-Pacific area. The Dow jumped more than 200 points in the US and the major indexes appeared on track to end a three-week slump, the CNN reported. Equity prices tend to rise on news of Ukrainian gains or improvement on the ground, explained Joseph Brusuelas, chief economist at RSM US, CNN reported.
Setback for NDTV as I-T Dept says no bar on warrant conversion
On 23.8.2022, Adani group's AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd's (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR, the investment company of NDTV promoters - Prannoy Roy and Radhika Roy.
India's strategy of fiscal prudence has paid off while US and Europe's massive stimulus backfired
Over 2022-23, India's growth will average 7 per cent, the strongest among the largest economies, contributing 28 per cent and 22 per cent to Asian and global growth, Morgan Stanley said in a report. India is best positioned within Asia to deliver domestic demand alpha. Its cyclical recovery will be sustained by structural factors.
India sees robust pre-order rush for Apple iPhones, 14 and 14 Pro most in demand
The pre-booking window for Apple iPhone 14 series opened Friday evening and iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max were available for pre-order, which will be available from September 16. Industry sources told IANS that all the three iPhone 14 models -- especially 14 Pro followed by iPhone 14 -- have received tremendous response and after some initial hiccups online, the pre-orders were now smooth.
Indian telcos to spend $19.5 bn on 5G infra by 2025: GSMA
The report showed that 5G could benefit the Indian economy by $455 billion between 2023 and 2040, or more than 0.6 per cent of the GDP forecast for 2040, reflecting the large number of 5G use cases that could be implemented in the main sectors of India's economy. "5G benefits are expected to be realised in new applications in the manufacturing sector (representing 20 per cent of the total benefit) as well as the retail, ICT and agricultural sectors," the findings showed.
Paytm on my watchlist, next multibagger to come from digital businesses: Elixir Equities' Dipan Mehta
Elaborating on the subject, Dipan Mehta said the next set of multibaggers will come from concept stocks rather than mature businesses. He defined concept stocks as the ones where companies are doing something differently with a huge market and can be scaled up at a very low cost.
Experts predict volatility in rupee likely to persist in the short term
Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said: "Along with the expanded trade and current account deficit, such an environment has kept the pressure on the rupee which continues to hover around 80. While the FII outflows have been arrested, the uncertainty on capital flows and the volatility in rupee are likely to persist in the short term."
RBI committed to hold rupee at 80 to USD; global headwinds likely to ease
Citing the trade deficit is increasing sharply and with analysts calling for a weaker rupee to help exports Mecklai said: "My sense though, is that RBI is fully committed to protecting Rs.80 to the dollar and I think that is when the global winds ease. The rupee may even strengthen back to Rs.79 or a bit better." The fall in global oil prices will help to reduce the trade deficit.
Current account deficit likely to grow, pushing up inflation, straining forex reserves
Experts though feel that it would be a tough task as current account deficit may further go up to more than 3 per cent of the GDP in the current financial year. Government, on its part, feels that with prices of global commodities like crude oil, fertilisers and gold among others falling, the current account deficit will gradually cool down.
Is 7.5% possible? Downside risks increasing for India's GDP growth forecast
Acuite acknowledges growing downside risks to its existing FY23 GDP growth estimate of 7.5 per cent on account of the adverse impact of uneven distribution of rainfall on the Kharif rice crop, the expectation of a material slowdown in global demand, and the likelihood of some back-loaded expenditure rationalisation by the Central government to meet its fiscal deficit target.
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