BUSINESS
Gold, asset devaluation pulls India's forex reserve down by $2.597 bn
Devaluation of gold and other asset classes pulled India's foreign exchange reserves lower by $2.597 billion during the week that ended on March 18. Reserve Bank of India data showed that India's forex reserves fell to $619.678 billion from $622.275 billion reported for the previous week. The country's forex reserves consist of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Equity indices settle marginally low
India's key equity indices -- Sensex and Nifty -- settled marginally lower on Friday. Sensex settled 0.4 per cent or 233 points down at 57,362 points, whereas Nifty 0.4 per cent or 70 points down at 17,153 points. "After the recent 10 per cent rally, the market has turned sideways with a negative bias due to increase in commodity prices, tightening monetary policy and inflationary pressure
UN agency downgrades Indian economic growth for 2022 to 4.6 percent
The United Nations Conference on Trade and Development (UNCTAD), in its latest report titled “Tapering in a Time of Conflict”, downgraded India’s projected growth from 6.7 percent to 4.6 percent for the year 2022 saying the Indian economy will suffer due to shocks from the Ukraine war and changes in macroeconomic policies.
Reliance Industries outshines benchmark index, shares rise 14% in 1 month
Shares of Reliance Industries Limited have outperformed the broader market benchmark indices over the past one month. During the said period, the shares of the company rose nearly 14 per cent against a rise of little over 2 per cent in the benchmark Sensex index. The rally in share prices for the Indian company comes amidst volatility in the global financial markets amid geopolitical war and skyrocketing crude oil prices.
Airtel prepays Rs 8,815 cr to clear deferred liabilities for spectrum
Digital communications solutions provider Bharti Airtel on Friday said it has paid Rs 8,815 crore towards part prepayment of deferred liabilities pertaining to spectrum acquired in auction of year 2015. Accordingly, the payment was made to the Department of Telecom, Government of India. "The prepayment is for installments due in FY 2027 and FY 2028," the company said in a statement.
Petrol, diesel prices raised again
State-owned oil marketing companies (OMC) on Friday raised petrol and diesel prices for the third time this week. These prices were revised for the very first time on Tuesday after a gap of more than four months. Accordingly, the increase in the selling price, which includes state levies, central excise and cess amongst others, came days after crude oil rates saw an astronomical rise due to the Russian-Ukrainian crisis.
Equities open a tad low, Sensex declines over 100 pts
India's key equity indices -- Sensex and Nifty -- opened marginally lower on Friday. At 9.45 a.m., Sensex was 0.2 per cent or 130 points down at 57,466 points, whereas Nifty 0.2 per cent or 30 points down at 17,193 points. Among the stocks, Titan, Tata Consumers, Maruti Suzuki, Tech Mahindra, and Asian Paints were the top five losers, while Hindalco, Tata Steel, SBI, Bajaj Auto, JSW Steel the top losers during the opening session, NSE data showed.
PNB acquires 5.97% stake in ONDC in first tranche
It was incorporated on December 30, 2021, with an early investment from the QCI and Protean eGov Technologies. ONDC is expected to digitise the entire value chain, standardise operations, promote inclusion of suppliers, derive efficiencies in logistics, and enhance value for consumers for almost all types of businesses. "In the current platform-centric digital commerce model, buyers and sellers must use the same platform or application to do a business transaction," PNB said.
Pratt & Whitney working to identify opportunities for MRO in India
"We have been working very closely with the government for last two years to identify opportunities in MRO," said Ashmita Sethi, President and country head, Pratt & Whitney. She hoped that the government will provide incentives and tax holidays to players who are willing to invest in India.
To a query at a news conference on the sidelines of Wings India 2022, the civil aviation show that began at Begumpet Airport here on Thursday
'India's domestic aviation sector set to recover fully by mid-2022'
Remi Maillard, President and MD, Airbus India and South Asia, believes that domestic traffic in India will fully recover by the middle of the current year while international traffic will rebound by the next year. "The Covid crisis has had a massive impact on the industry and air traffic in India. We see traffic recovering on the back of strong demand," he said and welcomed the decision of the Civil Aviation Ministry to reopen to international traffic from March 27.
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