BUSINESS
India expected to have over 100 new unicorns in 2022: HDFC Securities
According to HDFC Securities, funding activities have created 42 unicorns in 2021. In financial parlance, a startup is considered to have become a unicorn once it achieves a value of over $1 billion. Last year, India added 42 unicorns in 2021 alone, taking the total tally to 79. The country is ranked third in the world in terms of the total number of unicorns. The optimism of investing in Indian internet ecosystem can be linked to the immense growth potential and problem solving or disruptive nature of startups."
Elevated commodity prices to keep pressure on rupee
On Friday, the rupee closed at 75.80 to a greenback. Lately, high commodity prices, as well as outflow of foreign funds from equity markets have weakened the Indian rupee against the US dollar.
The rising prices of crude oil, along with other commodities triggered by the Russia-Ukraine war has kept pressure on the rupee.
RBI expected to prioritise growth during April meet
Notably, the consumer price index (CPI) inflation print has remained at elevated level due to higher-than-expected vegetable prices in February. Moreover, inflation is expected to remain at elevated levels due to higher crude oil price in subsequent months owing to the Russia-Ukraine crisis. "Nevertheless, we still expect the RBI to prioritise growth in its April 2022 monetary policy meet as we believe growth is still a bigger concern currently rather than inflation," said Motilal Oswal Financial Services.
'China Plus One' strategy creating opportunities for Indian players
"China's strategic change towards manufacturing of high-value goods from low-value goods is evident in both inter-sector such as shift to capital goods from footwear, and intra-sector such as shift to man-made fibres from home textiles or cotton apparels, and in the pharmaceutical sector, to formulations from active pharmaceutical ingredients (APIs)," said India Ratings and Research.
After Better.com, British firm lays off 800 workers over Zoom call
British shipping company P&O Ferries sacked 800 of its employees en masse over a Zoom call that lasted only 3 minutes and the employees were not allowed to serve a notice period, reports Daily Mail. "I am sorry to inform you that this means your employment is terminated with immediate effect on the grounds of redundancy," Daily Mail quoted the P&O chief during his Zoom call as saying.
'India's energy transactions with Russia should not be politicised'
This comes after the government run Indian Oil Corporation purchased three million barrels of Russian crude oil last week, which was offered at a steep discount to the prevailing international rates. The US has stated that India would not be violating US sanctions by purchasing discounted Russian oil, however "such a move would be equal to supporting Moscow's aggression in Ukraine".
Russian oil exports to India quadrupled in March as Europe shuns cargoes
Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average. The country is on track to hit 203,000 b/d for the whole month based on current shipment schedules, according to Kpler, a commodities data and analytics firm. Export data represent cargoes that have been loaded on to tankers and are enroute India, Financial Times reported
Nickel hits lower circuit in early trade on LME
The benchmark three-month nickel contract on London Metal Exchange declined 12 per cent on Friday morning to hit a lower circuit, CNBC reported. The price of nickel hit $36,915 a tonne as it opened for trade. Heavy selling in international metal markets weighed on the contracts. Nickel is widely used in stainless steel and electric-vehicle batteries.
Investors bag Rs 19 lakh crore as Sensex up 5,000 pts in 8 sessions
During the same time period, Nifty rose over 1,400 points. Some moderation in internal commodity prices -- including crude oil -- had pushed investors to make a comeback in the markets. After hitting a 14-year high of $130 in early March, international crude oil prices are currently hovering around $108, which led to volatility in the financial markets abating a bit.
World's largest trade deal comes into effect in Malaysia
Malaysia is expected to be the largest beneficiary among the ASEAN (the Association of Southeast Asian Nations) members from the RCEP in terms of export gains, Xinhua news agency quoted the Ministry as saying. The country is expected to see a $200 million increase in export gains, making the RCEP a vital tool in recovering from the economic disruptions caused by the Covid-19 pandemic, it said.
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