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- Steel stocks crash, OMCs mixed after cut in dutieson May 24, 2022 at 12:14 am
Stocks of iron & steel producers crashed on Monday, while that of oil marketing companies (OMCs) witnessed selling following the government’s Saturday decision to increase export duty on some steel products and iron pellets, and cut levies on petro products. The move led to speculation in the bond market too, about whether it would add to the already elevated borrowing by the central government. Going by the bond market’s initial reaction, however, it seems traders are divided on this front.
- Credit card e-spends beat swipes by 76%on May 23, 2022 at 10:30 pm
Credit card spending online by Indians outstrips the value of in-store swipes by 76%. Data released by the RBI shows that Indians predominantly use their credit cards online for payments, while debit cards are more used for physical stores. The RBI data provides for the first time a break-up of online versus in-store payments, which explains the regulator’s concerns over risks involved in online usage.
- Marico buys 54% stake in parent co of True Elementson May 23, 2022 at 9:49 pm
FMCG major Marico has acquired an equity stake of about 54% in HW Wellness Solutions. Co-founded by Puru Gupta and Sreejith Moolayil, HW Wellness Solutions owns the True Elements healthy breakfast and snacks brand. The healthy breakfast and snacks segment in India is a rapidly growing market. Marico did not disclose the deal value.
- Why is service charge still levied, govt to ask eaterieson May 23, 2022 at 9:28 pm
The Union consumer affair secretary, in a letter to the National Restaurant Association of India, summoning them for discussions on the continued practice of imposing service charge, has cited the guideline issued by the ministry in April 2017 and said forcing consumers to pay service charge as a condition precedent to placing an order amounts to a “restrictive trade practice” under the Consumer Protection Act. He said consumers are misled on the legality of such charges.
- US bill may force Google, Facebook to break up digital ad businesson May 23, 2022 at 9:06 pm
A new bill introduced by the US Senate may force tech giants like Google and Facebook to break up their digital advertising business in order to ensure transparency, according to a report by The Wall Street Journal. The bill, if passed, would ban companies processing more than $20 billion in ad business annually from participating in more than one part of the digital ad process.
- Rate hikes in next monetary policy meets ‘a no-brainer': RBI governoron May 23, 2022 at 8:32 pm
In what may be an indication of another increase in policy rates, Reserve Bank of India governor Shaktikanta Das said that expectations of a rate hike in the forthcoming policy meetings were a “no brainer” and that the RBI would withdraw surplus liquidity over the next two to three years. The governor expressed confidence that the central government would stick to its fiscal deficit target, refuting rumours of a hike in government borrowing.
- Paytm payments bank expects RBI curbs to be lifted in 3-5 monthson May 23, 2022 at 6:12 pm
Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, expects the central bank to allow it to resume taking on new customers in the next few months, a top executive told Reuters.
- PM Modi, Softbank's Masayoshi Son discuss more investmentson May 23, 2022 at 6:05 pm
Prime Minister Narendra Modi and SoftBank Group founder Masayoshi Son met on Monday to discuss more investments by the country's biggest tech backer, as a startup boom appears to cool in India amid worries about the global economy.
- 'Inflation fight will hurt growth, risks wider fiscal gap'on May 23, 2022 at 5:53 pm
The export duty hikes and tax cuts will likely hurt economic growth and raise the chances of the fiscal deficit widening, but do little to bring down retail prices within the central bank's tolerance level, economists and industry officials said.
- Export duty hike: Mining, steel groups warn of adverse impacton May 23, 2022 at 5:46 pm
The increase in export taxes on iron ore, announced by the government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets, a mining industry body said on Monday.
- US unveils 13 nation economic pact to assert Asia leadershipon May 23, 2022 at 3:34 pm
The Joe Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness.
- Zomato quarterly revenue up 75% on orders, new customerson May 23, 2022 at 3:03 pm
During the quarter through March, gross order value - or the total value of all food delivery orders placed on Zomato's online platform - jumped 77% year-on-year to a record high of 58.5 billion rupees ($754.40 million), while average monthly transacting customers were at an all-time high of 15.7 million.
- US considering $4 billion additional support for Indiaon May 23, 2022 at 2:28 pm
The United States is considering "investment support" of $4 billion for India on top of billions of dollars extended earlier, New Delhi said on Monday after the two sides signed an agreement to keep such money flowing. The US International Development Finance Corporation (DFC) or its predecessor agencies have so far provided India with $5.8 billion, of which $2.9 billion is outstanding, for Covid-19 vaccine manufacturing, healthcare, renewable energy, financial inclusion and infrastructure.
- Explained: Why metal stocks crashed todayon May 23, 2022 at 12:29 pm
The decision to hike export duty on iron ore and few steel intermediaries has dampened spirits of local manufacturers. On one hand the Centre is taking all efforts to tame the soaring inflation in the country, while on the other top mining and steel groups are warning of adverse impact. As a result, the metal index took a harsh beating at the bourses on Monday.
- Akasa Air releases first look of its aircrafton May 23, 2022 at 10:40 am
Akasa Air on Monday has released the ‘first look’ photographs of its aircraft from its Boeing production facility in Portland as it gets ready for delivery. The airline recently reaffirmed its commitment of being on track to receive its first aircraft in India by mid-June and launch commercial operations in India by July 2022.
- Heat wave in India poses risks for nation’s credit: Moody’son May 23, 2022 at 9:47 am
Sweltering temperatures across northwestern India may have added to inflationary pressures in the world’s second-most populous nation and weighed on growth, wrote Moody’s Investors Service. The rating firm, which has an Baa3 rating on India, one level above junk grade, said the heat waves are “credit negative” for the nation.
- Petrol under-recovery at Rs 13; RIL-BP says ops unsustainableon May 23, 2022 at 9:12 am
The joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said.
- RBI chief says central bank wants to hike rates in next meetingson May 23, 2022 at 7:28 am
Expectations of higher rates are “a no brainer,” Shaktikanta Das said in an interview on Monday, adding that the RBI will also release a new inflation forecast at its June meeting.
- India set to be leader in green hydrogen: Purion May 23, 2022 at 7:01 am
India is more conscious of going for green energy than any other country in the world, union petroleum and natural gas minister Hardeep Singh Puri said on Monday. He said special emphasis is being given on green hydrogen, biofuel blending and exploration and production of biofuel from alternative sources.
- Explainer: What's in Biden's proposed new Asia trade pact?on May 23, 2022 at 4:29 am
Once talks start, negotiations are expected to go 12 to 18 months, an aggressive timeline for a global trade deal, according to an administration official. The official insisted on anonymity to discuss plans and added that building consensus inside the US will also be key.