BUSINESS
Acquisition of 700MHz spectrum gives Jio an edge over Bharti for 5G monetisation
Hence, this might give Jio an opportunity to attract some of the high-ARPU customers from its competitors in the medium to long term. However, Bharti plans to launch 5G services based on non-standalone (NSA) architecture, essentially using the same infrastructure used in 4G and adding a 5G layer on top of it.
Bank of Baroda to raise up to Rs 2,500 cr via Basel-III AT1 bonds on Aug 30
The auction for the additional tier-I bond is expected to be held on August 30 on the BSE's bidding platform. The source expects there will be higher demand for the bonds from the investors considering the issuances taken place in few days where coupon has been set lower. "On the upcoming AT1 bond of Bank of Baroda, we expect coupon to set between 7.80 per cent and 8.00 per cent," the source cited said.
Ex-CEA K. Subramanian to be India's Executive Director at IMF
The Appointments Committee of Cabinet (ACC), in an order issued on Thursday, said that Subramanian will have a three year tenure or until further orders, beginning November 1. Subramanian, who is currently a Professor at the Indian School of Business, was the Chief Economic Adviser between 2018 and 2021.
Credit growth outpaced deposit growth of banks in June: RBI
As credit growth is outpacing deposit growth in the recent period, credit-deposit (C-D) ratio has been on the rise: In June it stood at 73.5 per cent at the all-India level (70.5 per cent a year ago) and 86.2 per cent for metropolitan branches of banks (84.3 per cent a year ago), the RBI said. According to RBI, the credit growth (y-o-y) accelerated further to 14.2 per cent in June from 6 per cent a year ago and 10.8 per cent a quarter ago.
PM's Economic Advisory Council to release India's competitive roadmap on Aug 30
To be released in the presence of Council Chairman Bibek Debroy, G-20 Sherpa Amitabh Kant, and Council member Sanjeev Sanyal, the document is a guide for India to become a higher-income country by 2047. "It proposes policy goals, principles, and approaches to further drive India's economy in the direction of sustainability and resilience, embedded in social progress and shared prosperity.
Listed private non-finance companies log 41% sales growth in Q1FY23: RBI
The RBI came out with its report, drawing the data from the abridged quarterly financial results of 2,749 listed private non-financial companies. "Sales growth (yoy) of listed private non-financial companies surged to 41.0 per cent in Q1:2022-23 from 22.3 per cent in the previous quarter," it said. According to the RBI, manufacturing logged sales growth of 41.6 per cent driven by broad based demand expansion across industries aided by both volume and price effects.
Affordable 5G services to be rolled out in India by Oct 12: Centre
Union IT minister Ashwini Vaishnaw said that installations are being done and telecom operations are busy with the seamless rollout of 5G services. The government will ensure that the 5G plans remain affordable for the public, the minister said. The government also introduced the "The Indian Telegraph Right of Way (Amendment) Rules, 2022" along with the launch of the 5G right of work (RoW) application Form on the GatiShakti Sanchar Portal.
Rupee ends 7 paise higher at 79.88 against US dollar
"USDINR spot closed 7 paise higher at 79.88 due to hawkish comments from a Fed member. Atlanta Fed president Raphael Bostic told WSJ that if data turn out to be strong till the September meeting, 75-bps hike is on the table. These comments did rattle a few nerves ahead of US Fed chairman Jerome Powell's speech at the Jackson Hole symposium on Friday," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities Ltd.
India pips China, becomes 2nd-largest smartwatch market globally for 1st time
Indian brands such as Fire-Boltt and Noise took top spots in the global market share, as smartwatch market's shipments grew 13 per cent in the June quarter (Q2) amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research. "As expected, China's economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline," said Associate Director Sujeong Lim.
Indian firms looking to invest in Russian projects
BP and ExxonMobil are among the Western firms that the Russian government is considering taking over and selling later. India is one of Russia's key strategic partners, and its state-run firms have shown a keen interest in acquiring the stakes of Western energy majors in Russian oil and gas assets. Indian state-owned companies already participate in large Russian projects in the Far East and East Siberia.
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