BUSINESS
Future Retail scaling down operations to reduce losses
The company is proposing to expand its online and home delivery business to increase its reach to the customers. Future Retail said in a regulatory filing that it has been finding it difficult to finance the working capital needs. Increasing losses at store level is a grave concern and is a vicious cycle where larger operations are leading to higher losses.
Declining Deficit: Faster growth to give greater fiscal leg-room to states
It is estimated that despite Covid-19 and populist schemes the outlook on the finances of Indian states is set to improve in FY23. Notably, greater financial assistance provided by the Centre is expected to tide over any revenue shortfall during the ongoing pandemic phase. In FY23 budget, the Centre has allocated Rs 1 trillion worth of financial assistance by way of the 50-year interest-free loans.
India open to support initiatives for releases from 'Strategic Petroleum Reserves'
As per Ministry of Petroleum & Natural Gas: "India is also committed to supporting initiatives for releases from 'Strategic Petroleum Reserves', for mitigating market volatility and calming the rise in crude oil prices." Besides, the Ministry said that India is closely monitoring global energy markets as well as potential energy supply disruptions on the back of evolving geopolitical situation.
Chipset market grows 5% as Russia-Ukraine war threatens global supply
Amid the global chip shortage that is going to worsen with the Russia-Ukraine war, a new report has shown that the global smartphone AP (Application Processor)/SoC (System on Chip) chipset shipments grew 5 per cent (on-year) in the fourth quarter of 2021.5G smartphone SoC shipments were almost half of the total SoC shipments, according to Counterpoint Research. MediaTek led the smartphone SoC market with a share of 33 per cent in Q4.
Low interest rates to drive home loans growth
Decadal low-interest rates as well as stable property prices will drive home loan's growth in FY23. As per India Ratings and Research, lowest interest rates seen in decades along with stable property prices and the low impact of the Covid-19's third wave have led to improved affordability for borrowers.
Rural consumption in Q3FY22 estimated to have grown 2% YoY
According to Motilal Oswal Financial Services Ltd. (MOFSL), the estimated growth in Q3FY22 comes after a decline of 1.7 per cent YoY in Q2FY22. Additionally, faster growth in real rural agri or non-agri wages in Q3FY22 also underpinned rural consumption last quarter, it said. On the other hand, urban sector grew strongly in 1HCY21 and continued its decent growth in 2HCY21, but it was below the pre-Covid trend as of end-CY21.
Bitcoin hovers around $39K amid talks of Russia-Ukraine dialogue
Bitcoin, which nosedived below $34,000 when the war began on Thursday, was flat on Saturday at nearly $39,000 per coin, compared with a 5 per cent gain in XRP digital asset and a 10 per cent rise in Terra's LUNA token, reports CoinDesk. The second major cryptocurrency Ethereum was at $2,710 per coin, up 2.66 per cent.
New airports expected to attract investments worth Rs 2.3 tn
As per consulting firm Praxis Global Alliance, with the growing demand for airports, India needs an average additional 34 airports by 2025, and about 125 airports by 2030 to meet the 350-400 million additional passengers demand forecasted by 2030. "Indian airport infrastructure sector is expected to grow at a steady CAGR as Covid-19 clouds clear and demand increases," the consulting firm's report said.
Bharti Airtel to acquire Vodafone's 4.7% stake in Indus Towers
According to Bharti Airtel, the agreement is based on the principal condition that the amount paid for the equity stake shall be inducted by Vodafone as fresh equity in Vodafone Idea Ltd (VIL) and simultaneously remitted to Indus Towers to clear VIL's outstanding dues.
High crude prices can spike petrol, diesel prices by over Rs 6 per litre: ICRA
According to the ratings agency, the lagged revision in RSPs (retail selling prices) of MS (motor spirit) and HSD (high speed diesel) is warranted by current surge in crude prices at Rs 6-8 per litre. "The impact of the latter on RSPs and the CPI inflation can be absorbed by a roll back in excise duties on these fuels to pre-pandemic levels," ICRA Chief Economist Aditi Nayar said.
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