BUSINESS
Ukraine effect: Domestic wheat, sunflower oil prices set to rise
Both countries produce massive quantities of wheat, while Ukraine is one of the world's largest sunflower seeds exporters. Though India is self-sufficient in wheat, it does import some quantities of high grade grain, analysts said. Moreover, the reduction in Russian and Ukrainian wheat in the international market will give an attractive opportunity for Indian exporters, thereby slightly pushing up domestic prices.
Bitcoin now has higher market cap than Russian currency
With the recent gains, Bitcoin now has a higher market cap than the rapidly-declining Russian currency ruble. Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion. The crypto market was last at $2 trillion in August 2021. In the last week since the Russia-Ukraine war started, Bitcoin has jumped nearly 14 per cent and ethereum 12 per cent, according to CoinGecko data.
Russia's largest bank leaves EU citing threat to employees and branches
In a statement on Wednesday, Sberbank announced that the decision had been made as a result of its subsidiary banks facing "an abnormal outflow of funds". The financial giant also claimed that its employees and branches were under threat, RT reported. "Due to the instruction of Russia's Central Bank, Sberbank (Russia) will not be able to supply liquidity to its European subsidiaries," the notice read.
China to maintain normal trade relations with Russia despite int'l sanctions
"China and Russia will continue to carry out normal trade cooperation following the spirit of mutual respect, equality and mutual benefit," he said, RT reported. According to the spokesman, China's position is to oppose any "illegally imposed" unilateral sanctions, believing that "sanctions are not an effective solution to solve problems".
Equities settle low; Nifty auto index top loser
Sensex settled 1.4 per cent or 778 points down at 55,468 points, whereas Nifty 1.1 per cent or 188 points down at 16,606 points. "The escalation of war drowned the global market, alarming the Indian market to start with substantial weakness. The negative effect was more on large-caps in-line with weak Q3 GDP data and downgrade of FY22 growth to 8.9 per cent from 9.2 per cent, by National Statistical Office (NSO)," said Vinod Nair, Head of Research at Geojit Financial Services.
Crude at $111: Domestic petrol, diesel prices to sky rocket
The Russia-Ukraine crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 20-22 per litre. However, an excise duty cut may dampen the impact on petrol and diesel prices to an extent, but not entirely.The crisis as well as fears of lower supplies have pushed Brent crude oil price to nearly an 8-year high on Wednesday.
Healthy demand accelerates growth of India's manufacturing sector in Feb: PMI
India's manufacturing sector's growth sequentially rose in February 2022 due to robust demand.In January 2022, the seasonally-adjusted index had sequentially eased to 54 (index reading).Besides, the PMI report said growth has now been seen in each of the latest eight months, with the headline figure remaining above its long-run average of 53.6.
Oil prices surge as Russia-Ukraine conflict continues
Oil prices jumped to multi-year highs as the Russia-Ukraine conflict continued, prompting fears about energy supply disruptions from key exporter Russia. The West Texas Intermediate (WTI) on Tuesday for April delivery added $7.69, or 8 per cent, to settle at $103.41 a barrel on the New York Mercantile Exchange. It marked the highest settlement for a front-month contract since July 2014, according to Dow Jones Market Data.
Money laundering case: Delhi HC dismisses bail plea of Ambience group promoter
The order, which had been reserved on February 10, was pronounced by a bench of Justice Manoj Kumar Ohri. The case is in connection with alleged irregularities in sanctioning certain loans by a consortium of banks for the construction of the Ambience hotel in New Delhi's Shahdara. In the last hearing, arguments were addressed on merits as well as other legal issues involving due process, procedures established by law, and other anomalies.
AAI writes to PMO on alarming situation for aluminium industry
AAI has sought immediate support for resumption of uninterrupted coal supplies and rakes for highly power intensive Aluminium industry Captive Power Plants (CPPs), which are facing alarmingly depleted coal stocks of 3-4 days as compared to the prescribed level of over 15 days.
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