BUSINESS
Domestic wheat prices hit fresh high on export demand
Prices of wheat in India hit a fresh lifetime high on Friday due to a strong export demand for the foodgrain. The ongoing war between Russia and Ukraine is expected to reduce supply as both the countries are major producers of wheat. In the key market of Indore in Madhya Pradesh, the foodgrain was sold at Rs 2,400-Rs 2,500 per quintal (100 kg) on Friday as against Rs 2,400 the previous day.
Sanctions on Russia will lead to cost escalation, disruption in supply chain
Sanctions on Russia will lead to cost escalations because of alternative sourcing, delays in establishing new sources, delays in payments and consequent deferrals in shipment releases, among others. In addition, the sanctions will impact the prices of aluminium, nickel, steel, thermal coal, and PCI coal positively, Motilal Oswal Institutional Equities said in a report.
Equity settles low, Nifty auto top loser on subdued retail sales
India's key indices -- S&P BSE Sensex and NSE Nifty50 - fell sharply during the session and settled lower on Friday. Sensex settled 769 points, or 1.4 per cent, down at 54,334, whereas Nifty dipped 253 points, or 1.5 per cent, down at 16,245. On the sectoral front, Nifty auto was the top drag, declining 3.6 per cent, NSE data showed.
Nifty index declined for 2 straight months, 2nd steepest MoM in 2 years
February became the second consecutive month to witness a decline in Nifty index and the second steepest month-on-month fall in the past 23 months, brokerage house Motilal Oswal Financial Services said in a report. The Nifty ended 3.1 lower month-on-month in February at 16,794 points, it said.
Rural distress, high cost subdue India's February retail sales: FADA
Rural distress as well as high acquisition cost subdued India's February automobile retail sales on a year-on-year (YoY) basis, FADA said. Accordingly, data released by the Federation of Automobile Dealers Associations (FADA) showed a YoY fall of 9.21 per cent in overall automobile retail sales during the month under review.
Healthy demand buoys India's Feb service sector growth: PMI
Accordingly, the seasonally adjusted India Services Business Activity Index came in at 51.8 (index reading) for February, higher than 51.5 in January.The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month.
Aviation veteran Sanjiv Kapoor appointed as Jet Airways CEO
Jet Airways underwent the corporate insolvency resolution process under the Indian Insolvency and Bankruptcy Code and as per orders of the NCLT, Mumbai Bench, the resolution plan for Jet Airways submitted by the Jalan Kalrock Consortium was approved. Kapoor, who is currently President of Oberoi Hotels and Resorts, will join the airline on April 4, 2022, the consortium said in a statement.
Asia stocks drop after Ukraine nuclear plant attack
Share prices have tumbled in Asia after a fire broke out earlier in the day at the Zaporizhzhia nuclear power plant in Ukraine, the largest in Europe, BBC reported. Tokyo and Hong Kong faced the steepest falls, with Japan's benchmark Nikkei index 2.5 per cent lower and the Hang Seng in Hong Kong down by 2.6 per cent.
Equity indices extend losses, Sensex down over 800 pts
India's key indices -- S&P BSE Sensex and NSE Nifty50 -- extended their losses and fell sharply in the opening session on Friday amid skyrocketing crude oil prices. At 10.09 a.m., Sensex was 1.5 per cent or 818 points down at 54,284 points, whereas Nifty 1.5 per cent or 251 points down at 16,247 points.
'2G spectrum allocation arbitrary': SC junks Loop Telecom plea for licence fee refund
The Supreme Court on Thursday said the allocation of the 2G spectrum was found to be arbitrary and constitutionally infirm, as it junked Loop Telecom plea seeking refund of Rs 1,454.94 crore paid for 2G licence. Senior advocate A.M. Singhvi represented Loop Telecom in the top court.
Don't Miss
Advertisement