BUSINESS
MSP hike unlikely to boost much rural demand, says Kotak Securities
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif crops for marketing season 2022-23 by 4-9 per cent. "This (hike) bodes well for keeping inflationary pressures in check. However, rural demand is likely to remain subdued with sentiments being boosted in case of a good monsoon and prospects of a bumper harvest," the report said.
Motilal Oswal gives 'buy' call for Tata group company Trent
At present, the shares are trading at around Rs 1,080 per share. Established in 1998 and part of the Tata group, Trent is headquartered in Mumbai but has pan-India operations. Trent is one of the leading players in the branded retail industry in India. Trent's aggressive expansion of footprint and strong like-to-like growth of 16 per cent year-on-year translated into a robust 53 per cent revenue growth in 4QFY22, the brokerage said in a report.
Shehbaz wants to import wheat from Russia
China had offered urea import on deferred payment at 4.35 per cent per annum which comes to around $2.175 per tonne each month. During a discussion in a recent cabinet meeting, the prime minister emphasised that the import of wheat from Russia must be on a G2G basis and it should be ensured that the quality of this crop being consumed in Pakistan was of good standard.
Markets to close down across Pakistan at 8:30 pm to save electricity
In an attempt to save energy, the Pakistan National Economic Council (NEC) has decided to order the closure of markets across the country at 8:30 pm, Geo News reported..The NEC took the decision on Wednesday during a meeting chaired by Prime Minister Shehbaz Sharif, which was attended by the chief ministers of all the provinces. The NEC met a day after President Ari Alvi approved the reconstitution of the body with Shehbaz Sharif as its chairman.
Moody's Analytics sees another 60-80 bps hike in repo rate this year
Hours after the Reserve Bank of India raised key lending rates, or repo rate, by 50 basis points to 4.9 per cent, global financial services company Moody's Analytics said the central bank could hike the repo rate by another 60 to 80 basis points through the rest of the year. It, however, maintained that these rate increases will need to be carefully calibrated to meet the central bank's increasingly difficult objectives of supporting growth and taming inflation.
Okinawa pips Ola Electric to become No 1 electric 2-wheeler brand
According to the Federation of Automobile Dealers Associations (FADA), Okinawa Autotech sold the highest total of 9,309 units. Meanwhile, Ola Electric sold 9,225 units last month. In May 2021, Okinawa Autotech sold just 217 units of its electric two-wheeler. The company is aiming to grow its electric vehicle business aggressively, having recently announced an investment of Rs 1,200-1,500 crore in e-two-wheelers over the next two years.
'Musk's $44 bn Twitter takeover deal draws investor suit over bot account claims'
According to Bloomberg, John Solak, who owns five Twitter shares, sued the company in Delaware Chancery Court for records related to discussions between its directors and executives about problems with so-called bot accounts. This week, the Tesla CEO said that Twitter is violating the terms of his $54.20-per-share offer by refusing to give him more information about how much of the platform's traffic is driven by fake accounts.
A 'Cool-Headed' Assessment: Monetary Policy Review June 2022
The MPC hiked repo rate by 50 bps to 4.9 per cent, as was widely expected by the market. However given that recent experience had significantly reduced market's confidence in being able to read monetary policy actions, there were fears of a larger repo hike or even further action on CRR. The policy, being along expected lines, therefore constituted a relief.
Centre hikes coarse grains MSP to encourage crop diversification, millets favoured
"The government has increased the MSP of kharif crops for marketing season 2022-23, to ensure remunerative prices to the growers for their produce and to encourage crop diversification," Information and Broadcasting Minister Anurag Thakur told media persons after the cabinet meeting. The MSP for paddy common and paddy grade.
BRICS countries pledge to deepen cooperation on intelligent customs
Customs cooperation between BRICS countries has seen fruitful results since the establishment of the cooperation mechanism in 2013, while bilateral trade has maintained steady growth, said Sun Yuning, deputy head of the General Administration of Customs of China, Xinhua news agency reported. China's bilateral trade with BRICS countries totalled 490.42 billion US dollars in 2021, up 39.2 per cent year on year, higher than the overall level of China's foreign trade in the same period, official data shows.
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