Thursday, January 21News That Matters

Tag: Business news

Business

Flipkart-Aditya Birla Fashion deal gets CCI nod – Times of India

NEW DELHI: Competition Commission of India (CCI) on Wednesday said it has approved the acquisition of 7.8 per cent minority stake in Aditya Birla Fashion by Flipkart Investments Private Ltd (FIPL). Aditya Birla Fashion had in October last year approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. "Commission approves acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd," the regulator said in a tweet. With this infusion, Flipkart Group will own a 7.8 per cent equity stake in ABFRL on a fully diluted basis. The promoter and promoter group companies of ABFRL will hold about 55.13 per cent upon completion of the issuance, ABFRL said in a regulatory fi...
Business

States fiscal deficit seen spiking to historic high of 4.7%: Report – Times of India

MUMBAI: The combined fiscal deficit of the states will hit a peak of Rs 8.7 lakh crore or 4.7 per cent of their GDP this fiscal on the back of steep fall in tax collections due to disruptions inflicted by the pandemic, according to a report. Revenue of the states have so badly fallen that as much as 70 per cent of the fiscal deficit is contributed by revenue deficit, which normally used to be only around 15 per cent, a Crisil study said on Wednesday. Economic activity slumped from late March last when the country was brought under a lockdown, and subsequently improved as the restrictions were eased. While the first quarter saw the economy tanking by a historic -23.9 per cent, by the second quarter the contraction narrowed to 7.5 per cent and now analysts are expecting Q3 and Q4 to print...
Business

Budget 2021 must reinvigorate demand, boost infrastructure spend: India Inc – Times of India

NEW DELHI: The upcoming Budget must focus on creating demand, encouraging infrastructure spending and increasing outlays for the social sector, India Inc said in a survey released on Wednesday. India Inc expects the government to continue with its policy focus on strengthening the manufacturing ecosystem, promoting research and development, and incentivising futuristic technologies in the upcoming Budget, the survey by Ficci and Dhruva Advisors said. With the world's largest immunisation programme currently underway in the country, time is ripe to further accelerate efforts to reinvigorate the economy, it added. "The upcoming Budget must therefore focus on creating demand, encouraging infrastructure spends and increasing outlays for the social sector. These are the top three macro-econo...
Business

India’s oil imports at near three-year high in December – Times of India

NEW DELHI: India’s crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. India’s year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally. December oil imports by India, the world’s third biggest crude importer and consumer, were about 29% more than the previous month and about 11.6% higher than a year earlier, the data showed, after fuel consumption rose for a fourth straight month to an 11-month high in December. “India’s refinery utilisation rates are also nearing full capacity and probably ref...
Business

‘Don’t ignore the comorbidities in life and in business’ – Times of India

MUMBAI: The turn of the decade proved to be an epic anticlimax. The promise and anticipation of prosperity and growth were undone by a tiny, invisible enemy. 2020 became a blur as frenetic activity on some dimensions erupted in contrast to an eerie, frozen stillness in others. We will look back at the year not so much for the memories it helped us create, as for the new tangents and angles it forced on the arc of our recent history. 2020 is a year that will only gain in significance when viewed through the perspective lens of time. And therefore, it is almost presumptuous to write the epilogue to the year and draw weighty conclusions regarding the “Post Pandemic World” – so soon. However, recent events are fresh, and I find value in capturing some early reflections – I have organised th...
Business

Sensex surges 394 points to hit fresh closing high; Nifty ends near 14,650 – Times of India

(Representative image)NEW DELHI: Equity indices scaled fresh peaks on Wednesday with the benchmark BSE sensex rising nearly 400 points led by gains in IT and auto stocks. Both the indices jumped amid positive cues from global markets. After touching an intra-day high of 49,875, the 30-share BSE index surged 394 points or 0.80 per cent to close at record peak of 49,792; while, the broader NSE Nifty settled at fresh closing high of 14,645. Tech Mahindra, Maruti, M&M, Asian Paints, Reliance and Infosys were the top gainers in the sensex pack rising as much as 2.75 per cent. While PowerGrid, NTPC, HDFC Bank, ITC and Nestle India were the top losers falling up to 2.20 per cent. On the NSE, sub-indices Nifty IT, Auto and PSU Bank gained up to 2.29 per cent. According to analysts, domestic...
Business

Budget 2021 must fix a broken labour market to boost demand – Times of India

NEW DELHI: Union finance minister Nirmala Sitharaman has described her upcoming budget as unlike anything seen in the last 100 years. When she presents it on February 1, Sitharaman will not only aim to repair battered government finances and ensure demand recovers in an economy facing its worst contraction since 1952, she must also revive declining revenue and restore millions of jobs lost during the pandemic. That will be crucial to boosting consumer sentiment in a country where local demand contributes nearly 60% of gross domestic product. “The virus has led to a demand shock and the budget might need to focus on that,” said Bank of America economist Indranil Sen Gupta, pointing to in-house surveys that showed 19% of respondents were laid off during the pandemic. Demand has to be crea...
Business

Sensex, Nifty soar to record highs amid global rally

Image Source : PTI Sensex, Nifty soar to record highs amid global rally Benchmark BSE Sensex rose by 393 points on Wednesday following gains in IT, energy and auto stocks amid strong global cues on hopes of fresh stimulus measures by the incoming US administration. The 30-share Sensex advanced by 393.83 or 0.80 per cent to close at its fresh record of 49,792.12. The broader NSE Nifty jumped 123.55 points or 0.85 per cent to settle at a lifetime high of 14,644.70. World stocks advanced on Wednesday after US Treasury Secretary nominee Janet Yellen called for a hefty stimulus to protect the US economy. President-elect Joe Biden, who will be sworn into office on Wednesday. has laid out a USD 1.9 tr...
Business

Tesla faces bumpier ride breaking into India after China success – Times of India

NEW DELHI: Elon Musk all but confirmed Tesla Inc will enter India last week, sparking jubilation among fans, some of whom have had electric cars on order for years. But it may prove the company’s hardest market to crack yet. The world’s richest man on January 13 tweeted “as promised” in response to a report on a Tesla-focused blog that the automaker was in talks with several Indian states to open an office, showrooms, a research and development center -- and possibly a factory. “It’s really happening,” said Nikhil Chaudhary, a 20-year-old student at the University of Delhi who helped start India’s Tesla fan club in early 2019, adding he “went crazy” when he heard the news. Arun Bhat, 34, a company director in Bengaluru, the city formerly known as Bangalore, was similarly overjoyed, sayi...
Business

Swiggy stops online grocery marketplace – Times of India

NEW DELHI: Restaurant aggregator Swiggy has stopped its online marketplace for groceries, a service which had picked up steam during the lockdown. While it still offers its ‘Genie’ service for pickand-drop and other marketplaces on its app, such as for meat and pet care, the Bengaluru-headquartered company plans to replace the grocery marketplace with ‘Instamart’, a quick grocery delivery initiative that will be serviced by cloud stores across cities. Currently, Instamart — which delivers products in 45 minutes — is available in Bengaluru and Gurugram. But Swiggy plans to scale it up quickly, which will pit the food delivery giant against the likes of Bigbasket, Amazon Fresh and Reliance Jiomart. Swiggy’s move comes in the wake of rival Zomato stopping its grocery delivery business that...