BUSINESS
Equity indices a tad down in early trade
At 9.48 a.m., Sensex was 0.1 per cent or 71 points down at 57,793 points, whereas Nifty 0.1 per cent or 10 points down at 17,277 points. After a sharp decline in the wake of the Russia-Ukraine war, the Indian equity benchmark Sensex had increased over 5,000 points in the past eight trading sessions since March 8. During the said time period, Nifty rose over 1,400 points.
Reliance Retail acquires majority stake in innerwear brand Clovia
Launched in 2013, Clovia is India's leading innerwear and loungewear for women. The acquisition entails an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment. The remaining stake in the company will remain with the founding team and management of the company, a statement said.
India's forex reserves plunged by over $9.6 bn, steepest dip in 2 yr
India's foreign exchange reserves have plunged by over $9.64 billion during the week that ended on March 11. Accordingly, the Reserve Bank of India data showed that India's forex reserves fell to $622.275 billion from $631.920 billion reported the previous week. According to analysts, a likely intervention by the Reserve Bank of India to arrest the sharp fall in rupee value against the US dollar depleted the reserve.
Former supply chain buyer's fraud, kickbacks cost Apple $10 million
A former Apple employee has allegedly defrauded Apple out of $10 million, according to federal authorities, by using his position as a supply chain buyer to obtain kickbacks and to make Apple pay for undelivered goods and services.
CAIT urges Centre to rationalise BIS standards, GST slab on footwear
"India is a land of diversity where consumers range from an ordinary person to most affluent class and their purchase behaviour is more as per their economic strata and therefore they can't be governed by a single yardstick, and therefore any policy or tax imposition should be levied accordingly in order to provide equitable strength to everyone ," said Secretary General of the traders' body Praveen Khandelwal.
India looking beyond conventional markets to export wheat
"India is in final talks to start wheat export to Egypt, while discussions are going on with countries such as Turkey, China, Bosnia, Sudan, Nigeria, Iran, etc to start wheat export," a meeting of the stakeholders called by the Agricultural and Processed Food Products Export Development Authority (APEDA) was informed. The export of wheat recorded a huge surge at $1,742 million during April-January 2021-22.
Suzuki Motor to invest $1.3 bn for EV production in India: Report
According to Nikkei Asia, Japanese Prime Minister Fumio Kishida is set to visit India over the weekend to meet his Indian counterpart Narendra Modi and the announcement will be made during the visit. Japan is set to offer India $42 billion in overall investments over five years during Kishida's visit, the report noted. Suzuki will build a new electric vehicle production line in India.
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.
Don't Miss
Advertisement