BUSINESS
India, Maldives partnership reaches $2.6 bn
S. Jaishankar is in Maldives for two days -- from March 26 to March 27, during which he will call on President Ibrahim Mohamed Solih.He held discussions with the Maldives Minister of Foreign Affairs Abdulla Shahid and signed several agreements related to the bilateral development cooperation, inauguration/ and handing-over and launch of a number of key India-supported projects that will contribute to the socio-economic development of Maldives and enhance its security.
India allows over 3,200 international flights per week from Sunday
The Summer Schedule 2022 is effective from March 27, 2022 till October 29, 2022. "A total of 1,466 departures per week have been approved to 43 destinations in 27 countries," the Directorate General of Civil Aviation said in a statement. As per the approved schedule, IndiGo will operate 505 departures per week, followed by Air India at 361, Air India Express 340, SpiceJet at 130, GoAir (GoFirst now) at 74 and Vistara at 56.
Bengaluru airport named 'Best Airport' at Wings India Awards 2022
The Kempegowda International Airport in Bengaluru has won two major accolades at the Wings India Awards 2022. The airport has been adjudged the 'Best Airport' under the General Category, and also won the 'Aviation Innovation' Award, according to an official statement by Bengaluru International Airport authorities on Saturday.
IndiGo to launch 100 domestic flights from Sunday onwards
Airline major IndiGo will launch 100 flights connecting key domestic metro cities and regional centres, starting from March 27, 2022. Accordingly, the airline will introduce flights on 20 exclusive routes effective March 27, 2022. Besides, it will commence Regional Connectivity Scheme (RCS) route from Prayagraj-Lucknow on the same day. Furthermore, it plans to re-commence 16 exclusive flights.
Rupee-Ruble payment mechanism likely to be ready next week to facilitate Russia-India trade: Report
Russia had been removed from SWIFT, the international banking network, which has made it difficult for New Delhi to conduct trade with Moscow. Hence, a Rupee-Ruble payment mechanism might be brought into force by next week, as per a report by CNBC TV18. Officials of the Reserve Bank of India, India’s Central bank, met with officials of major Russian banks, i.e., VTB, Sberbank and Gazprombank, as per a report by Times Now.
Positive Sentiments: Valuations to attract interest in equities
Attractive valuations are expected to induce positive buying sentiment into the Indian equity indices during the upcoming week. Besides, stock specific buying interest in energy, pharma and media stocks will support the market's upward trajectory. However, fiscal year-end considerations as well as risk emanating from geo-political developments will likely arrest any sharp up moves.
Commodity crisis: Toyota to raise prices by up to 4% from April
Automobile manufacturer Toyota Kirloskar Motor (TKM) on Saturday said it will realign the prices of its models, by up to 4 per cent effective from April 1, 2022. According to the company, this hike has resulted due to the rising input cost, including that of raw materials. "As a committed and customer-centric company, TKM has made all conscious efforts to minimise the impact of rising costs on consumers," said TKM Spokesperson in a statement.
Centre has room to isolate consumers from 15% hike in crude prices: MOFSl
According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets. "Considering our revised crude oil prices forecasts of $80 per bbl in FY23 (from $70 per bbl earlier), if the GoI decides to take the entire burden, it would cost $12-13 billion (or 0.4 per cent of GDP) next year," the brokerage house said in a report.
Global smartphone display panel market reaches $46 bn in 2021
OLED display panels saw increased adoption in the supply chains of leading smartphone OEMs (original equipment manufacturers), according to Strategy Analytics. "We note more than 600 million OLED panels for smartphones were shipped to OEMs," said senior analyst Jeffrey Mathews. The smartphone display panel recorded more than 5 per cent annual revenue growth.
Govt preparing to auction 5G spectrum services this year
Minister of State for Communications Devusinh Chauhan said a Committee of Secretaries of various ministries discussed the spectrum allocation among various users in the context of spectrum needs of emerging technologies/users (5G/IMT) and recommended the spectrum allocation in relevant key bands.
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