In the Sensex pack, Mahindra and Mahindra, Tata Steel, Tata Motors, Maruti, Larsen and Toubro, HDFC, HDFC Bank, Tech Mahindra and Bharti Airtel were the major laggards. Asian Paints, Bajaj Finserv, Power Grid, Reliance Industries, NTPC and UltraTech Cement were among the gainers.
Posts tagged Rediff
‘Further tightening could push growth down to 5%’ (24-02-2023)
Ashima Goyal, a member of the RBI’s MPC who voted against the panel’s latest rate hike, spoke to Business Standard’s Bhaskar Dutta. She spoke about how further tightening could affect the interest-elastic components of aggregate demand, potentially pushing down GDP growth towards 5 per cent.
Das urges G20 nations to address global challenges (24-02-2023)
RBI Governor Shaktikanta Das on Friday called upon G20 nations to resolutely address the challenges, like threats to financial stability and debt distress that confront the global economy. Addressing the inaugural session of the meeting of G20 finance ministers and central bank governors, Das said although the outlook for the global economy has improved in recent months and there is now greater optimism that the world may avoid a deep recession and only experience slow growth or softer recession,”yet uncertainties lie ahead of us.” “Together we must resolutely address the challenges that confront us, including those that are of medium to long-term nature such as threat to financial stability, debt distress, climate finance, fractures in global trade and strains on global value chains.
Adani Crisis: Trust In Capital Markets Intact (24-02-2023)
The Adani group will have understood the fragility of investor trust in the group. The group needs to improve transparency including in areas like share-ownership (which they have long and mistakenly believed can be side-stepped) and related-party transactions, among others, Amit Tandon and Hetal Dalal point out.
How a new tax law has stumped Tata Trusts, top donors (24-02-2023)
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
FinMin flags El Nino risk for inflation, farm output (24-02-2023)
The finance ministry on Thursday raised concerns over the possible impact of El Niño conditions on India this year, saying if recent forecasts came true, the country could see lower agricultural output and higher inflation. “Some meteorological agencies predict the return of El Niño conditions in India this year. “If these predictions are accurate, then monsoon rains could be deficient, leading to lower agricultural output and higher prices,” the ministry said in its monthly economic review.
Infy, MS ink pact to drive industry adoption of cloud (23-02-2023)
Indian IT services major Infosys on Thursday announced that it will expand collaboration with tech giant Microsoft to drive enterprise cloud transformation globally. According to a statement, the extended strategic collaboration between Infosys and Microsoft is expected to benefit enterprises by bringing them the best of Infosys Cobalt cloud offerings and Microsoft’s cloud computing technologies, led by Azure, across the business value-chain.
Biden nominates Ajay Banga to head World Bank (23-02-2023)
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. “Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
Gold declines Rs 305; silver plummets by Rs 805 (23-02-2023)
Gold price declined Rs 305 to Rs 56,035 per 10 grams in the national capital on Thursday amid a fall in rates of precious metal in the overseas markets, according to HDFC Securities. The yellow metal had settled at Rs 56,340 per 10 grams in the previous trade. Silver also plummeted Rs 805 to Rs 65,095 per kg.
Markets: Investors become poorer by Rs 7.48 lakh cr (23-02-2023)
Equity investors became poorer by Rs 7.48 lakh crore in five consecutive days of market fall, where the BSE Sensex has declined by nearly 3 per cent. In the past five days, the BSE Sensex has tumbled 1,713.71 points or 2.79 per cent. This has led to an erosion of Rs 7,48,887.04 crore from the market capitalisation of BSE-listed firms in five trading sessions.