BUSINESS
Metal stocks surge on Russia-Ukraine war, Nifty metal up 5%
Shares in the metal space have witnessed sharp gains on Monday as tensions between Russia and Ukraine are expected to turn India's metal sector attractive. The Nifty metal index rose 5 per cent on Monday. "Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share," said Vinod Nair, Head of Research at Geojit Financial Services.
Equities recover from losses to settle in green; Nifty metal top mover
After recovering during the afternoon session, India's key indices -- S&P BSE Sensex and NSE Nifty50 -- on Monday managed to extend its gains to settle in the green. The indices opened sharply lower on Monday to later recover its entire losses to trade in the green during the closing hours, riding on the reports that Russia and Ukraine are likely to hold peace talks.
Madhabi Puri Buch appointed new SEBI chief
The Centre on Monday announced the appointment of Madhabi Puri Buch as the new Chairperson of the market regulator Securities and Exchange Board of India (SEBI). This is the first time that a woman and a person from the private sector has been chosen for the top post at the SEBI. The appointment would be initially for three years from the date of assumption of post or until further orders, which is earlier, the notification added.
Russia doubles interest rate after rouble slumps
The Bank of Russia said it raised the rate to 20 per cent from 9.5 per cent to help cushion the impact on prices of the rouble's slide, the report said. The move came after Western nations announced new sanctions against Russia over its invasion of Ukraine. The Russian currency hit a new record low after some of the country's banks were banned from using the Swift international payment system, BBC reported.
India to seek alternative to SWIFT as West cuts off Russia from global interbank platform
India has its own Structured Financial Messaging System (SFMS) for a secure messaging standard for financial messaging globally for intra/interbank applications. It is similar to SWIFT (Society for World-wide Interbank Financial Telecommunications). As per a Parliamentary Committee suggestion last year, India must develop an indigenous payment system similar to SWIFT.
Amazon likely to challenge Reliance Retail’s takeover of Future Stores at Delhi HC, NCLAT: Report
Due to alleged non-payment of rents to Reliance Retail, the Reliance Industries have seized control of over 300 large-format stores of the Future Groups resulting in their shutting down. These include 200 stores where Big Bazaar, a Future Retail Limited hypermarket chain, operated as well as around 100 stores where Central and Brand Factory operated.
Honda India Power Products Ltd reaches 5 mn units production milestone in Feb
HIPP has been consistently introducing latest technology products with global standards and bringing joy to its customers since 1985. The company has been a trusted partner in progress for its valued customers in line with its vision of "Empower People, To Do Better".
SBI, Mindtree, Ambuja Cement, IEX, 4 others 'top picks': ICICI Securities
Amid the ongoing market volatility, the brokerage house ICICI Securities has recommended State Bank of India, Mindtree, Ambuja Cement, Balkrishna Industries, Aditya Birla Fashion & Retail, Indian Energy Exchange, Grindwell Norton, and Balrampur Chini shares as its 'top picks'. The brokerage sees 11-15 per cent upside in share price for these stocks.
'Sustained Russia-Ukraine conflict likely to raise gas prices'
Global gas prices are expected to rise if any material and sustained escalation in the conflict between Russia and Ukraine puts constraints on Russia's gas exports, global financial services provider firm Moody's Analytics said.Russia is the world's largest exporter of gas.
BP to exit Rosneft shareholding after Russia's attack on Ukraine
Additionally, BP chief executive officer Bernard Looney is resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by BP, former BP group chief executive Bob Dudley, is similarly resigning from the board. The resignations will require BP to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with its first-quarter 2022 results.
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