BUSINESS
ICICI Securities gives 'buy' call for Indian Hotels, Lemon Tree
Due to Covid waves in 2020 and 2021 globally and across India, the hospitality industry has seen a lot of volatility in terms of occupancies and room rates over the last two years. Heading into FY23, the beleaguered hospitality sector, which has borne the brunt of multiple Covid waves impacting business, is seeing a confluence of positives with leisure demand remaining strong and business travel set to see a strong leg up with reopening of offices.
Coca-Cola to set up Rs 1,000 Cr plant in Telangana
The company will invest Rs 600 crore in the plant in the first phase and another Rs 400 crore in the subsequent phases to take the total investment to Rs 1,000 crore in the next five years, said Telangana's minister for industries K.T. Rama Rao at an event with the company leadership. HCCB CEO Neeraj Garg, Chief Commercial Officer, Bottling Investment Group, Juan Pablo Rodriguez Trovato, Principal Secretary, industries and commerce, government of Telangana, Jayesh Ranjan were present.
Equity recovers despite Ukraine crisis but rising crude biggest external risk: Motilal Oswal
Benchmark indices gained sharply in March after a drop in February. Benchmark Sensex and Nifty rose over 10 per cent in the past one-month period, data showed. To put things in context, the Russia-Ukraine crisis has exacerbated the macro backdrop and caused commotion in global equity, bond and commodity markets with sharply elevated volatility.
Uber to add train, bus, flight bookings in UK
Uber will not provide these travel services itself, it will allow users to book them through its app following software integrations with platforms that sell tickets. The tech giant, which may take a cut on each booking, said it plans to announce various partners in the coming months. Uber said the integrations will help to boost app usage among its users in the UK, who also have the choice of using apps like Bolt and Free Now.
Ashneer hits out at BharatPe board members for 'snatching keys'
Ashneer, also a popular judge on the reality show Shark Tank India, has accused BharatPe CEO Sameer of siding with the investors to remove him from the company. After reports surfaced that government regulators may expand their probe into BharatPe's financial books after the Ashneer-Madhuri Grover saga, the fintech platform said last month it will fully comply with the law of the land.
Markets open on a negative note
The Sensex of the BSE opened at 59,402.61 which was also the high point. The Sensex touched a low of 59,255.87 points. On Wednesday, the Sensex closed at 59,610.41 points. The Sensex is trading at 59,280.78 down by 329.63 points or 0.55 per cent. The Nifty is trading at 17,730.40 points in the morning.
Italy slashes GDP growth estimates for 2022, 2023
The country's economy is expected to grow 3.1 per cent in 2022, compared to 4.7 per cent based on previous estimate, according to a press briefing from Italian Prime Minister Mario Draghi, and Economy and Finance Minister Daniele Franco. For 2023, the government expects a growth rate of 2.4 per cent, down from a previous target of 2.8 per cent, Xinhua news agency reported.
US Fed plans to shrink balance sheet by $95bn a month: Minutes
The Fed's latest policy meeting was released on Wednesday, Xinhua news agency reported. Many participants noted that they would have preferred a 50 basis point increase in the target range for the federal funds rate at the March meeting, but a number of these participants indicated that in light of the uncertainty amid the Russia-Ukraine conflict, they judged that a 25 basis point hike would be appropriate.
US President Biden's extension of payment pause on federal student loans fuels inflation concerns
"Extending the debt pause would be a massive handout to doctors and lawyers that would only feed more inflation and worsen the nation's balance sheet," said Maya MacGuineas, President of the Committee for a Responsible Federal Budget, a budget watch group. "The debt pause disproportionately benefits high-income Americans with advanced degrees," she said.
Pak rupee's record-breaking downward streak continues for 16th session
The Pak rupee has maintained a non-stop downward streak for the 16th successive working day except on March 24, when it closed flat compared to the previous day's closing with investors worried about the political situation and economy, adding pressure on the central bank to rescue the falling currency. The Pak currency dropped 0.48 pert cent (or Re 1) to a new historic low beyond the important threshold of Rs 186 against the US dollar in the inter-bank market.
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