BUSINESS
Equity indices start new week in red; Q4 earnings in focus
Sensex settled at 58,964.57 points, down 482.61 points or 0.81 per cent, whereas Nifty rested at 17,674.95 points, down 109.40 points or 0.62 per cent. Among the sectoral indices, Nifty was the top loser, declining 1.41 per cent on Monday.
Sri Lanka facing worst economic crisis since gaining independence in 1948
Sri Lanka's problems come down to the fact that its foreign currency reserves have virtually run dry. It means the island nation cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices. The government blames the pandemic, which all but killed off Sri Lanka's tourist trade, one of the island's biggest foreign currency earners
Goldman Sachs says 22% upside in RIL stock
RIL is adopting a manufacturing approach to net zero-emissions with a hyper integrated model spanning solar, battery and hydrogen and a focus on net zero supply chain (already spent $1.5 billion to acquire technologies across the solar, battery and hydrogen ecosystems).
World Bank projects Ukraine's economy to shrink by 45% in 2022
The war and the subsequent sanctions on Russia are hitting economies around the globe, with emerging markets and developing countries in the Europe and Central Asia region expected to bear the brunt, Xinhua news agency reported citing the newly-released World Bank's Economic Update for the region.
Indices fall in opening trade; Sensex decline over 400 pts
At 9.46 a.m., Sensex was 0.8 per cent 449 points down at 58,998 points, whereas Nifty 0.6 per cent or 112 points down at 17,672 points. For fresh cues, investors would eye inflation data and Q4 earnings of India Inc to be released soon. "Q4 results, particularly of leading financials, and guidance from IT majors will influence the market in the coming days," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Hawkish Stance: Global monetary policy tightening to subdue oil prices
Fears of inflationary pressures has led many central banks to tighten money supply. The trend will lead to higher interest rates and, in theory, should curb inflation. Besides, Brent crude oil prices have been steadily coming down due to rising supplies being pumped out by the US. Currently, the Brent crude oil prices are hovering in the range of $104-$110 in the last few weeks from the peak of $140 per barrel touched in early March.
Wheat could open new area of US-India cooperation, softening rift on Ukraine
Hints of the possibility of such a joint effort have come from Washington: President Joe Biden's spokesperson Jen Psaki has said that during the virtual summit with Prime Minister Narendra Mod on Monday they will consult on "mitigating its destabilising impact on global food supply and commodity markets".
Soaring food, fuel prices tipping countries like Sri Lanka, Pakistan over the edge
"It is extremely worrisome," said Rabah Arezki, a senior fellow at Harvard's Kennedy School of Government and former chief economist at the African Development Bank, CN reported. Unrest in Sri Lanka, Pakistan, and Peru over the past week highlights the risks. In Sri Lanka, protests have erupted over shortages of gas and other basic goods, the report said.
High oil prices to keep rupee on a slippery slope
The price has hovered in the range of $100-$110 in the last few weeks "Rupee has been under pressure due to rising US bond yields, inflation and high crude oil prices," said Sajal Gupta Head Fx & Rates Edelweiss. "These circumstances are going to be tough for the Indian rupee to appreciate. Expect rupee to trade between 75.50 and 76.25 in the next week."
Musk is now $100bn richer than Jeff Bezos
In the latest Forbes list, Musk increased his net worth to $282 billion, which is over $100 billion richer than Amazon founder Jeff Bezos, whose net worth is $183.6 billion, reports the Daily Mail. Musk was one of the biggest beneficiaries from the Covid-19 pandemic, as his net worth sat at just $26.6 billion at the beginning of 2020.
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