BUSINESS
Diversify agriculture towards energy and power sectors: Nitin Gadkari
Union Minister for Road Transport and Highways, Nitin Gadkari, said on Saturday that the country spends Rs 15 lakh crore per year for import of petroleum products, hence there is a need to diversify the agriculture sector towards energy and power sectors. Addressing the felicitation programme of National Cogeneration Awards 2022 in Mumbai, Gadkari exhorted the industry of the crucial need to focus on alternative fuels with the help of futuristic technologies.
Indian markets likely to react negatively after US stock markets down on interest rate warning
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services said: "US Fed statements post the Jakson Hole symposium indicated the central bank's strong commitment towards controlling inflation over growth. In cues for major central banks across the world, Fed Chair Jerome Powell said that inflation is likely to remain higher for longer period and thus require aggressive stance.
ED inquiry on CoinSwitch not linked to money laundering under PMLA: CEO Ashish Singhal
CoinSwitch Kuber's CEO Ashish Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he said in a tweet thread.
India's forex reserves fell by $6.687 bn to $564.053
In the week prior, during the week ending August 12, the India's foreign exchange reserves had declined by $2.238 to $570.74 billion. The reserve had declined every single week barring the increase in the last week of July. It has fallen for 20 of the 26 weeks since Russia invaded Ukraine in late February.
United States likely to probe Apple over anti-market practices
According to a report in the Politico citing sources, the Justice Department is "in the early stages of drafting a potential antitrust complaint against Apple". "Various groups of prosecutors inside the DOJ are assembling the pieces for a potential lawsuit and the department's antitrust division hopes to file suit by the end of the year," the report said.
Meesho shutters Superstore grocery biz in India, 300 'lose' jobs
According to an Inc42 report, nearly 300 employees have lost jobs after the shuttering of Meesho Superstore. When reached, the company did not comment on the development. In April, Meesho rebranded Farmiso to Superstore, with an aim to highlight its continued focus to fulfill consumer demand for daily essentials in Tier 2 markets and beyond.
Inflation, rate hike won't knock out Indian Inc: Report
However, renewables are relatively more exposed to rising rates due to large capital expenditure. The report do not expect any default in the rated portfolio, which benefits from access to domestic banks and capital markets. "Banks will not be immune, but we expect that in the stress scenario NPLs could rise modestly," the report added.
Personal retail loans record impressive year-over-year growth: Report
The number of active loans increased to 6 crore by March 2022, from 4 and 3.5 crore in the March 2021, and 2020, respectively. While, personal loans book size rose to Rs 8 lakh crore in March 2022, from Rs 6 lakh crore in March 2021. According to report, the highest number of personal loans were disbursed by NBFCs (Non-Banking Financial Company) followed by private banks.
Majority of Indian states plan to meet fiscal deficit target for FY23: Bank of Baroda
In FY23BE, the 21 states analysed have budgeted to meet the fiscal deficit target of 3.61 per cent, down from 3.71 per cent in FY22RE. Revenue deficit is expected to come down to 0.6 per cent from 1 per cent in FY22RE, and primary deficit is expected to remain broadly steady at 1.38 per cent versus 1.44 per cent in FY22RE, the report notes.
Rupee ends almost flat at 79.86 against US dollar
At the interbank foreign exchange market, rupee ended at 79.86, as against 79.88 closed on the previous trading session against US dollar. Dollar index, which gauges the the strength of greenback against the basket of six major currencies were at 108.323 Brent crude oil prices were at $100.69 a barrel by the closing of Indian market hours.
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