BUSINESS
PSBs well-capitalised; Not to require major infusion in FY23
According to Brickwork Ratings, in FY23, banks will be able to achieve credit growth of 8-9 per cent.
"Between FY17-FY20, the government injected Rs 3,000 billion in PSBs in order to help the banks maintain the minimum capital requirement, as well as manage huge amounts of bad assets in their books," the agency said.
Auto ancillary's FY23 revenue expected to grow at 10-15% YoY
Accordingly, the trend is supported by moderate growth of 5-9 per cent YoY in original equipment manufacturers' volumes and continued healthy exports. However, the FY23 growth is lower than the estimated at 20-25 per cent YoY rise in FY22, due to rising input cost. "Demand from the aftermarket is likely to provide a steady contribution," said India Ratings and Research (Ind-Ra).
Iran ready to supply required oil for world market: Official
The government has made every effort to regain Iran's oil share in the market and to increase it, Xinhua news agency quoted Mehr as saying to local media. "Necessary measures are being taken for the sanctions and post-sanctions time" for Iran to return to the world market, he was quoted as saying. Iran's position in supplying the world with oil is special, the NIOC chief said.
Airline summer schedule 2022 up 3.7% from pre-pandemic level
The Centre on Friday approved the airline's domestic summer schedule 2022, with 3.7 per cent more flights than the pre-pandemic level. This year's summer schedule will also have 10.1 per cent more flights than the corresponding period of last year - when capacity restrictions were imposed on the sector. The summer schedule is effective from March 27, till October 29.
Here is how close relatives helped Grovers siphon off BharatPe funds
Amid the hullabaloo over Ashneer and Madhuri Jain Grover and their tussle with BharatPe, the admin head at the fintech firm who was Madhuri Jain's close relative and allegedly involved in the misappropriation of funds, was also sacked.
India's forex reserves rise to over $631.920 bn
India's foreign exchange reserves rose by $394 million during the week ended March 4. The Reserve Bank of India's forex reserves rose to $631.920 billion from $631.527 billion reported for February 25. The country's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
India's Jan 2022 industrial production rises sequentially, YoY
India's industrial output rose on a sequential as well as on a year-on-year basis in January 2022, official data showed on Friday. The Index of Industrial Production (IIP) for January 2022 rose by 1.3 per cent from a rise of only 0.7 per cent reported for December 2021. Similarly, the production rate was higher on a year-on-year basis. In January 2021, the IIP had contracted by 0.6 per cent.
Here is how close relatives helped Grovers siphon off BharatPe funds
Deepak Jagdishram Gupta, who is Madhuri Jain's brother-in-law, worked as admin head and reported to head of controls Madhuri Jain, who, in turn, reported directly to Co-founder and Managing Director Ashneer Grover. They were allegedly involved in siphoning of funds via creating bogus vouchers and inflated vendor bills.
International banks owed more than $121 billion by Russian entities
Goldman Sachs said Thursday that it is "winding down its business in Russia in compliance with regulatory and licensing requirements". JPMorgan Chase, America's largest bank, followed within hours, saying it was "actively unwinding" its Russian business.
Countries like India with large forex reserves will closely watch freeze on Russia's $643 bn reserves
There is an air of Western triumphalism in the air as regards the effectiveness of Western sanctions against Russia, most particularly the freezing of Russia's $643 bn of foreign reserves, Wood said in his commentary, Greed and Fear.
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