BUSINESS
Why HDFC merger is beneficial for macro economy, shareholders
The proposed transaction intends to create a large balance sheet and net-worth that would allow greater flow of credit into the economy. It will also enable underwriting of larger ticket loans, including infrastructure loans, an urgent need of the country. The merger is expected to enable seamless delivery of home loans and leverage on the large base of over 68 million customers of HDFC Bank and inter alia improve the pace of credit growth.
India's March manufacturing sector growth weakens: PMI
The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month. As per the PMI report, business conditions improved in March, but the latest results showed slower expansions in factory orders and production as well as a renewed decline in new export orders. Besides, it cited that price indices increased since February to signal mounting pressures.
Global Cloud infrastructure spending to reach $90 bn in 2022: IDC
In 2021, the cloud infrastructure spending reached $73.9 billion, up 8.8 per cent over 2020. In Q4 2021, it increased 13.5 per cent (year over year) to reach $21.1 billion. This marked the second consecutive quarter of year-over-year growth as supply chain constraints have depleted vendor inventories over the past several quarters.
Elon Musk takes 9.2% passive stake in Twitter, stock soars 28%
According to a regulatory filing in the US Securities and Exchange Commission (SEC) in the US, the world's richest man, with over 80 million followers on Twitter, bought nearly 73.5 million shares in the micro-blogging platform. Due to which Twitter shares surged nearly 28 per cent on Monday.
Indices settle high as HDFC merger lent support, Sensex up 1,335 pts
Sensex closed 2.3 per cent or 1,335 points up at 60,612 points, whereas Nifty 2.2 per cent or 383 points up at 18,053 points. Among the sectoral indices, all traded in the green on Monday with Nifty bank and financial rallying the most. "The mega-merger news of the HDFC twins and the rare sight of a 15 per cent up-move in them today at a point in time propelled benchmark indices 2.5 per cent higher with good support from metal stocks
Must appreciate Indian retail investors: Nirmala Sitharaman
While responding during Question Hour in the Lok Sabha, Union Finance Minister Nirmala Sitharaman on Monday, said that Indian retail investors should be appreciated. She added that FPIs and FIIs can be very tempted by interest rates elsewhere and prospects anywhere else.
Merger to unlock value for HDFC Bank, positive for macro economy: Brokerage
Upon the merger scheme becoming effective, the subsidiaries or associates of HDFC will become subsidiaries or associates of HDFC Bank. The proposed transaction was to create a large balance sheet and net-worth that would allow greater flow of credit into the economy. It would also enable underwriting of larger ticket loans, including infrastructure loans.
Tesla to keep China plant shut due to Covid restrictions
Tesla first shut down its Shanghai plant on March 28, and had planned to keep it closed for just four days. The electric car-maker previously closed the Shanghai factory for two days in mid-March due to a rise in infections. Around 10,000 medical workers from several regions across China have arrived in Shanghai in recent days to help the fight against Covid-19 as the city with a population of 25 million has seen surging infections.
Petrol, diesel prices hiked for 12th time in 14 days
Consequently, in the past 14 days, petrol prices have increased by Rs 8.40 per litre in the national capital. These prices were revised for the very first time on March 22 after a gap of more than four months. On Monday, the price of petrol and diesel in New Delhi were increased again by 40 paise per litre. As per pump prices, petrol now costs Rs 103.81 per litre and diesel Rs 95.07 per litre in the national capital.
India's export touches record $418 bn in 2021-22, says Piyush Goyal
Addressing a media briefing here, Goyal said that during 2021-22, $30 billion export was recorded on a monthly basis, and this was despite the second and third wave of Coronavirus pandemic hitting the country hard. The engineering goods exports hit a record $111 billion, of which about $16 billion worth goods were shipped to the U.S. alone.
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