BUSINESS
Sensex rises more than 150 points; Nifty rises above 17,427 after RBI hikes 50 bps repo rate
By 1 p.m., Sensex was trading up 175.73 points or 0.30 per cent at 58,475.53, and Nifty was trading 45.75 points or 0.26 per cent higher at 17,427.75. Ultratech Cement, ICICI Bank, Bharti Airtel, Infosys, among others were major gainers of the Sensex during the afternoon trade.
Rupee gains 26 paise in afternoon trade to 79.20 against US dollar
In the morning trade, the rupee had appreciated more than 50 paise, but as soon as crude oil prices rises the gains has reduced. At the interbank foreign exchange, the rupee opened at 79.15 against the US dollar, then touched 78.94, registering a gain of 46 paise over the last close in the morning trade.
RBI hikes policy rate by 50bps to 5.4%
Announcing the decision of the Monetary Policy Committee (MPC) during its three-day meeting, Das said it has been decided to increase the policy rate by 50bps to 5.4 per cent with immediate effect. He also said the domestic economy is showing signs of broadening.
ED files chargesheet in Yes Bank-DHFL case
The ED had initiated a probe against Rana Kapoor, former CEO and MD of Yes Bank, and Kapil Wadhawan and Dheeraj Wadhawan, promoters of DHFL, on the basis of an FIR registered under the Indian Penal Code and Prevention of Corruption Act by the CBI. It is alleged that Rana Kapoor had entered into a criminal conspiracy with Kapil Wadhawan and others for extending financial assistance to DHFL by Yes Bank in lieu of substantial undue benefits to himself and his family members through the companies held by them.
UK will collapse into a year-long recession by the end of 2022'
Britain's big squeeze also got even worse after the Bank of England raised interest rates by 0.5 per cent to 1.75 per cent - the highest single rise since 1997 - adding 1,000 pounds-a-year or more to the average non-fixed mortgage in a new 'world of pain' for homeowners, Daily Mail reported. Food, fuel, gas and numerous other items are rocketing in price following the pandemic and the war in Ukraine - hitting record levels - but some economists have claimed that the BofE has been too slow to act as Britain careers towards recession.
Moody's upgrades Yes Bank's rating to Ba3 from B2, changes outlook to stable
"The upgrade of Yes Bank's BCA and ratings reflects the bank's planned equity capital raise, which will support its credit profile and strengthen its resilience against potential asset quality risks arising from headwinds such as higher inflation and tighter global financial conditions," Moody's Investors Service said in a release.
Germany sees 214% rise in Indian tourist in 2022 so far: GNTO
In its annual conference, GNTO, India shared the travel trend analysis globally and for the Indian market and showcased India as an important market for inbound travel to Germany with genuine hospitality to inspire potential Indian visitors. "As per the Nation Brands Index, Anholt Ipsos Nation Brands Index SM 2021, Germany ranks No. 1 on the Nation Brands Index for fifth time in a row.
India's FY23 fiscal deficit may come around 6.5%: SBI Ecowrap
"Furthermore, higher nominal GDP will provide a cushion, thereby fiscal deficit is likely to come around 6.5 per cent of GDP (Budgeted: 6.4 per cent of GDP)," the report said. Fiscal deficit for Q1 FY23 has reached 21.2 per cent of the annual target compared to 18.2 per cent in Q1 FY22. Tax revenue has been robust with record high GST revenues which have been possible because of increased compliance and higher economic activity.
LIC Housing Finance PAT rises to Rs 925.48 crore in Q1FY23
The net interest income of the housing finance company rose by 26 per cent to Rs 1,610.19 crore, as compared to Rs 1,275.31 crore for the same period in the previous year. Net interest margin for the quarter stood at 2.54 per cent, as against 2.20 per cent the previous year. Total revenue of the company grew 9 per cent to Rs 5,285.46 crore in the current quarter.
Centre extends design-led telecom PLI scheme application date in 5G era
The Department of Telecommunication had notified the design-led production-linked scheme (PLI) scheme on February 24, 2021, with a financial outlay of Rs 12,195 crore. The guidelines for the production-linked incentive (PLI) scheme for telecom and networking Products have been amended with effect from April 1, to introduce design-led manufacturing with additional one percent incentive rates.
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