The pharmaceutical and the consumer durables sectors, which depend on China for imports, have not been impacted yet due to unrest in China with people protesting against lockdowns. But the lockdown could have an impact on the supply of components used in consumer durables if it continues for the next fortnight. In the pharmaceutical industry, Indian players import 66-70 per cent of their bulk drug requirements from China.
Posts tagged Rediff
‘Nearly 100% of 2-wheeler mkt will shift to EVs’ (12-12-2022)
Ola Electric will roll out its complete offering of electric scooters and motorcycles in each segment of the market – premium, mass premium, and economical – in the next 12 months in a bid to push for a near-full conversion of the two-wheeler market to electric in three years. According to Bhavish Aggarwal, founder and CEO of Ola Electric, “ICE (internal combustion engine) products will fall off a cliff.” He also says the company is aiming to become profitable next year.
Indian legal system a hurdle for aircraft lessors: A-I (12-12-2022)
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren’t enthused about the Indian ‘legal structure’ and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
Forex kitty soars $11 bn to $561.16 billion (09-12-2022)
India’s foreign exchange reserves soared by $11.02 billion to reach $561.162 billion for the week ended December 2, Reserve Bank data showed on Friday. This is the fourth consecutive week of rise in the reserves. In the previous reporting week, the overall reserves had grown by $2.9 billion to $550.14 billion. For the week ended November 11, the forex kitty had jumped by $14.72 billion in its second fastest weekly acceleration ever.
Equity mutual funds’ inflow drops 76% in Nov (09-12-2022)
The net inflow in equity mutual funds plunged 76 per cent to Rs 2,258 crore in November over the preceding month amid a sharp up move in the stock market that made investors wary of higher valuation. This also marks the 21st straight month of inflows into equity schemes. Overall, the mutual fund industry registered net inflows of Rs 13,263 crore in November, slightly lower from Rs 14,045 crore seen in the previous month, data released by the Association of Mutual Funds in India (Amfi) showed on Friday.
Sensex pares early gains as IT stocks crack (09-12-2022)
Equity benchmark Sensex declined nearly 390 points on Friday, pressured by heavy selling in IT, tech and energy stocks despite a positive trend in the global markets. Besides, rising crude oil prices and relentless foreign capital outflows further weighed on sentiment, traders said. The 30-share BSE Sensex opened strong but came under severe selling pressure to close 389.01 points or 0.62 per cent lower at 62,181.67.
BharatPe files case to claw back Grover’s 1.4% shares (09-12-2022)
Upping the ante, fintech unicorn BharatPe has filed an arbitration for clawing back it’s former MD and co-founder Ashneer Grover’s restricted shareholding and founder title, sources said. The arbitration was filed on Thursday under Singapore International Arbitration Centre (SIAC) rules, sources with direct knowledge of the matter said. If relief is granted, Grover may lose his unvested shares and right to use the founder title.
Snapdeal defers Rs 1,250-cr IPO (09-12-2022)
SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. “Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions,” a Snapdeal spokesperson said.
Automobile retail sales soar to record high in Nov (09-12-2022)
Automobile retail sales in India clocked best-ever performance last month aided by robust registrations across segments including passenger vehicles, two-wheelers and commercial vehicles, automobile dealer’ body FADA said on Friday. The overall automobile retail sales rose by 26 per cent to 23,80,465 units last month, as compared with 18,93,647 units in November 2021. “November 2022 has clocked highest retails in the history of Indian automobile Industry with March’20 as an exception when retails were higher due to BS IV to BS VI transition,” Federation of Automobile Dealers Associations (FADA) president Manish Raj Singhania said in a statement.
Budget 2023: MFs Seek LTCG Relief (09-12-2022)
‘It is requested that listed equity shares or units of equity-oriented fund schemes be exempted from capital gains tax (LTCG) if equity shares or mutual funds units are held for at least three years.’