BUSINESS
GDP growth projected to spike to four-quarter high 13.0% in Q1 FY2023: ICRA
The gross value added (GVA) at basic price in Q1FY23 is projected at 12.6 per cent from 3.9 per cent earlier. ICRA expects the sectoral growth in Q1 FY2023 to be driven by the services sector (+17-19 per cent; +5.5 per cent in Q4 FY2022), followed by the industry (+9-11 per cent; +1.3 per cent).
RBI set to increase interest rates by another 50-60 bps in 2022
From the policy perspective, there is a clear need felt to frontload rate hikes in tandem with global central banks but at the same time, the pace of the residual hike will also depend on the inflation print over the next few months. The rate action is likely to be accompanied by calibrated withdrawal of money market core liquidity surplus.
SC: Benami Transactions (Prohibition) Amendment Act 2016 can't be applied retrospectively
A bench headed by Chief Justice N.V. Ramana said the amendment Act of 2016 to the 1988 Act is prospective in nature and it cannot apply retrospectively. Section 3(2) prescribes that whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.
Ford confirms to layoff 3,000 staff in US, India: Report
According to The Wall Street Journal, Ford sent an internal email to employees, saying it would begin notifying affected salaried and agency workers this week of the cuts. About 2,000 of the targeted cuts will be salaried jobs at Dearborn, Michigan. The remaining 1,000 employees are working in contract positions with outside agencies, the company said.
eBay acquires trading card platform TCGplayer for $295 mn
TCGplayer employs more than 600 people, serving millions of hobbyist buyers and tens of thousands of online sellers and brick-and-mortar retailers through its Marketplace and authentication centre. "eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love," said Dawn Block, VP of Collectibles at eBay.
At $29 bn, Indian fintech sector now has 14% global funding share: Report
India's CAGR in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16 per cent, 15 per cent, and 10 per cent, respectively, according to 'State of the Fintech Union 2022' report by the Boston Consulting Group (BCG) and Matrix Partners India. With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870).
Only 1% Indians plan to buy e-scooters in next 6 months, safety top concern
Around 32 per cent of respondents are not convinced about the safety and performance of electric scooters in August while in March this year, the number stood at 17 per cent - as more than two dozen electric two-wheelers caught fire in March and April, according to data provided by community social media platform LocalCircles.
Benchmark indices fall around 1.5% on sell-off due to international cues
At close, the Sensex ended 872.28 points, or 1.48 per cent, down at 58,773.87, and Nifty ended down 267.75 points or 1.51 per cent at 17,490.70. BSE IT fell 1.65 per cent, BSE Auto fell 1.92 per cent, BSE Metal fell 2.69 per cent, and BSE Cons Durables fell 1.57 per cent. These sectors are worst hit and seen heavy sell-off in the market.
Rupee closes 11 paise lower against US dollar
At the Interbank foreign exchange market, rupee ended at 79.87, as against its 79.76 close on the previous trading session against the US dollar. "Rupee trade in range of 79.70-79.90 and closed higher by 0.09 points against the dollar on back of crude weakness continuing below $97 along with Iran oil deal hopes which can raise supply of crude and bring prices even further down helping rupee curb the fall," said Jateen Trivedi, VP Research Analyst at LKP Securities.
China cuts mortgage rate to support crisis hit property market
The world's second largest economy faces a property crisis that has seen some building projects grind to a halt. Lockdowns due to the country's strict zero-Covid policies are also affecting businesses and consumers. On Monday, the PBOC reduced the five-year rate to 4.2 per cent, which will bring down the cost of home mortgage repayments around the country.
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