BUSINESS
Strong dollar dents India's foreign reserves, forex down by over $11 bn
The foreign currency assets (FCAs), the largest component of the forex reserves, got negatively impacted due to the rising US dollar strength against other global currencies. The FCAs consist of global currencies and securities such as US treasury bonds. As per the RBI data, the FCAs edged lower by $10.727 billion to $539.727 billion.
Equity MFs' net inflows rose to over Rs 28K cr in March
The net inflows into equity and equity-linked schemes rose to Rs 28,463.49 crore from Rs 19,705.27 crore in February and Rs 14,887.7 crore in January. In December 2021, the net inflows had stood at over Rs 25,000 crore. "The deteriorating geo-political situation caused by the Russia-Ukraine war, elevated hawkish US Fed stance, or even the rising inflation owing to spurt in fuel prices have not deterred investor confidence in the India growth story," said N.S. Venkatesh, Chief Executive, AMFI.
Russia-Ukraine war will impact consumers across globe: FAO
A global food crisis of this scale last seen in 2008, can still be averted, he added. n an address to the 169th session of FAO's Council, convened to discuss the consequences of the war on global food security, Qu emphasised the importance of keeping global supply chains functioning and highlighted FAO's work on the ground.
ICICI Securities picks RIL, TCS, Axis Bank among preferred stocks
In the mid-cap space, Voltas, HAL, Bank of Baroda, Birla Soft, SRF, Graphite, Timken India, Lemon Tree, and TCI Express are the preferred stocks, the brokerage said. Broader markets are expected to maintain momentum backed by strong improvement in breadth over past few weeks, it said. Sectorally, the IT sector will be in focus amid earnings results expected to be released in coming weeks.
Ferrero recalls Kinder chocolates in US, Europe, Asia over salmonella fear, India excluded
The countries recalling Kinder eggs and chocolates include the UK, Germany and France in Europe and Hong Kong and Singapore in Asia. Ferrero, which manufactures Kinder Joy at its plant in Pune, said India is excluded in the list of countries where its products are being recalled, according to media reports. Salmonella is a common food-born illness that causes diarrhoea, fever and stomach cramps.
Breaking 3-day losing streak, indices rise as RBI keeps rates, stance unchanged
The Reserve Bank of India (RBI) retained its key lending rate during the first monetary policy review of FY23. Accordingly, the MPC of the central bank maintained the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Sensex settled at 59,447.18 points, up 412.23 points or 0.70 per cent, whereas Nifty at 17,784.35 points, up 144.80 points or 0.82 per cent.
Unacademy lays off nearly 600 workers, aims to become profitable by Q4 2022
The company said it discussed and parted ways with the identified people, in accordance with their respective contracts. "Based on the outcome of several assessments, a small subset of employee, contractor, and educator roles were re-evaluated due to role redundancy and performance, as is common for any organisation of our size and scale. The vast majority of roles impacted has been a result of that process, and the efficiency we aim to drive in the broader business," a company spokesperson said in a statement.
India's FY23 retail inflation rate projection raised to 5.7%
In his policy statement post the Monetary Policy Committee's (MPC) bi-monthly meeting, RBI Governor Shaktikanta Das said: "Taking into account these factors and on the assumption of a normal monsoon in 2022 and average crude oil price (Indian basket) of $100 per barrel, inflation is now projected at 5.7 per cent in 2022-23, with Q1 at 6.3 per cent; Q2 at 5.8 per cent; Q3 at 5.4 per cent; and Q4 at 5.1 per cent."
International Holding Company to invest $ 2 billions in Adani Group's green portfolio
The boards of AGEL, ATL and AEL met and approved the transaction. The investment is subject to shareholder and regulatory approvals and shall comply with SEBI regulations. Sagar Adani, Executive Director, AGEL, said, "We are delighted to commence this intergenerational relationship with IHC. We are deeply committed to the shared vision and values of investment in sustainable infrastructure, green energy and energy transition.
Ashneer threatens legal action against CEO, Board over comment against sister
In a letter written to BharatPe Board, Ashneer said that Sameer should be "immediately served a show-cause notice for his despicable public behaviour and immediately put on leave of absence to manage the damage to the Brand of the company". In a LinkedIn post on Thursday, Sameer replied to a comment posted by Ashima Grover, who is Senior Manager at MetLife, saying "Your brother stole all the money. Very little left to pay the salaries."
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