BUSINESS
Pakistan in talks with Russia for LNG imports
As Russia develops the Yamal LNG project facility, Islamabad and Moscow are in talks for a multi-billion dollar government-to-government import deal, Express Tribune reported. The Yamal LNG project includes development of the giant South Tambey (Tambeyskoye) gas field that is located near Sabetta in the Yamal peninsula in Russia. The Russian government has declared the project to be of national interest at a cost of around $27 billion.
Mobile phone exports from India to touch $5.5bn
Mobile phone exports from India will increase by 75 per cent from $3.16 billion in 2020-21 to over $5.5 billion in the current fiscal, a report said on Thursday. The primary driver of this outstanding performance is the smartphone PLI Scheme launched on April 1, 2020, aimed at shifting GVCs to India and increasing India's share in global exports.
Equity indices end in red; Banking stocks down
The Sensex settled 0.15 per cent or 89.14 points lower at 57,595.68 points. Similarly, Nifty settled 22.90 per cent or 0.13 points down at 17,222.75 points. "After fluctuating between gains and losses, Indian markets ended marginally lower in the volatile session," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
Allana Group emerges as one of India's largest exporters of wheat
Catering to the greater need of the essential commodity, the Group ensured seamless facilitation of grains and has exported a total of 1,03,877 tonnes for the period of 2 years from 2019-2021. The group witnessed an exponential rise of 1812.30 per cent in their export, transporting over 1,48,000 tonnes in the period of 2021-22. The feat was lauded by the Agricultural and Processed Food Products Export Development Authority.
Maruti Suzuki Board appoints Hisashi Takeuchi as MD & CEO
The new appointment is consequent to the completion of the incumbent Kenichi Ayukawa's term on March 31, 2022. Besides, the company said that in order to facilitate smooth transition, Kenichi Ayukawa will continue as a Whole-time Director designated as Executive Vice Chairman till September 30, 2022, and will continue to provide guidance to the company. Furthermore, these appointments are subject to shareholders' approval.
Natural gas business of PSU upstream companies to turn profitable: ICRA
Accordingly, the armed conflict between Russia and Ukraine has led to a reduction in offtake of Russian crude and a consequent increase in crude oil and gas prices. The ratings agency noted that increasing oil prices add to the fiscal burden for the country, but it is a positive for upstream oil companies. "Additionally, domestic gas prices notified at $2.9 per mmBtu (GCV basis) for H2 FY2022 remain low".
India requires 2,210 aircraft over next 20 years, says Airbus
Aircraft maker Airbus has forecast that India will require 2,210 new aircraft over the next 20 years when the country's air passenger traffic is expected to grow at 6.2 per cent per annum, the highest in the world. The fleet could comprise 1,770 new small and 440 medium and large aircraft.
Equity indices open on negative note; Sensex declines nearly 300 pts
India's key equity indices -- Sensex and Nifty -- opened on a negative note on Thursday. The indices extended their losses from the previous session. At 9.24 a.m., Sensex was 0.5 per cent or 289 points down at 57,395 points, whereas Nifty was 0.4 per cent or 74 points down at 17,172 points.
German Finance Minister vows further relief amid high energy prices
"As a coalition, we agree further relief will come," he said on Wednesday while presenting this year's federal budget in the German Bundestag, the lower house of Parliament. Due to the consequences of the Covid-19 pandemic and the Russia-Ukraine conflict, "the economic development in our country is characterised by great uncertainty", Lindner said, adding that an appropriate response from government fiscal policy is all the more important.
Ruchi Soya raises Rs 1,290 cr from anchor investors ahead of FPO
Diversified FMCG company Ruchi Soya Industries has raised Rs 1,290 crore from anchor investors ahead of its follow-on public offering (FPO) that opens for public subscription on Thursday. A follow-on offering is the issuance of additional shares made by a company after an initial public offering (IPO).
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