BUSINESS
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.
Benchmark indices fall marginally after rising for six straight days
At close, Sensex ended down 51.73 points or 0.09 per cent at 58,298.80, while Nifty ended lower by 6.15 points or 0.04 per cent at 17,382.00. Both the indices were trading in green in the early trade due to gains in information technology stocks, but turned negative in the latter part of the day. State Bank of India, Axis Bank, Kotak Mahindra Bank, among others, were the top losers on Sensex on Thursday.
Indian rupee falls 30 paise to close at 79.46 against US dollar
At the interbank foreign exchange market, the rupee opened at 79.21 and then fell to 79.46 against the US dollar. The rupee ended at 79.16 against the dollar on Wednesday. Market participants said that most traders remained cautious ahead of the Reserve Bank of India's (RBI) monetary policy due on Friday. "Rupee dragged lower below 79.75 as volatility increased in the market on the back of geopolitical issues which may arise between US-China conflict over Taiwan.
New PDP Bill must address cross-border data flow, tax evasion, cryptos: Industry
IT industry's apex body Nasscom said that data is the bedrock for 'Digital India' and the new framework can build on the learnings from global implementation of data privacy laws and stakeholder feedback on the earlier bill. "The key imperatives will be to operationalise the fundamental right of privacy and enable data protection in a manner that grows trust in data driven businesses and allows data led services to grow in a safe and trusted manner," Nasscom said in a statement.
Quality infra key to build robust global value chain linkages in India: Report
The most urgent policy change required to support GVC integration is investing in quality infrastructure -- both physical (such as power supply and transport networks) and digital (such as clarity on data rules and data centres), according to the report jointly published by the Observer Research Foundation (ORF) and ORF America.
ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23
The Company's EPS increased by 22.7 per cent to Rs 33.2 in Q1 FY2023 against Rs 27.0 in Q1 FY2022. The quarter saw an increase in global inflation; this coupled with the upward revision of the repo rate during the quarter, has translated into increasing bond yields. The employee benefit expenses registered a decline of 2.1 per cent to Rs 28.4 crore in Q1 FY2023, accounting for 35.4 per cent of the company's total income.
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