Investor wealth slumped by a whopping Rs 5.3 lakh crore on Friday as the benchmark BSE Sensex crashed more than 1,900 points to post its biggest single-day fall in nearly ten months. At the close of trade, the total market capitalisation of BSE-listed companies eroded by Rs 5,37,375.94 crore to Rs 2,00,81,095.73 crore. The total market capitalisation of these companies stood at Rs 2,06,18,471.67 crore on February 25. On Friday, the 30-share BSE Sensex settled 1,939.32 points or 3.80 per cent lower at 49,099.99. Similarly, the broader NSE Nifty plunged 568.20 points or 3.76 per cent to close the session at 14,529.15. It was the biggest single-day drop since March 23 last year. "Going ahead the market may continue with its consolidation given weak global cues. "Investors would closely track bond yields, geopolitical tensions and inflation data for further market direction and would monitor developments around new US stimulus announcement," Siddhartha Khemka, ... » Learn More about Market crash wipes off Rs 5.3 lakh cr of investor wealth
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B y Megha Jain and Vanyaa Gupta In the wake of incessant hike in fuel prices , there is no option left but to shift gears to renewable sources of energy. The sooner the better! Today, there have been continuous efforts to engage in renewable sources of energy for electricity generation that can further, be utilised to minimise the cost of various operations at present. Electric Vehicles (EVs) is one such example of utilizing energy in the most sustainable manner. As they say, ‘necessity is the mother of every invention’; today, there is a dire need for energy-efficient vehicles in India that could reduce the emission of chlorofluorocarbons (CFCs) in the atmosphere and in turn, could stop global warming . Needless to say, the recent calamity in Uttarakhand, India, which engulfed hundreds of lives because of global warming gives us even a stronger reason to further delve into this field. Let us take a closer look at it. EVs in the global market EVs have ... » Learn More about Opinion: Can EVs pave the way for a greener electric nation?
MUMBAI: Favouring continuation of trade with China, Bajaj Auto managing director Rajiv Bajaj on Saturday said goods should be procured from wherever they are most competitively available. He was speaking at a session on 'Building Reliable Supply Chain' at the second day of the three-day virtual Asia Economic Dialogue 2021, jointly convened by the ministry of external affairs and Pune International Centre. Bajaj also said that in terms of ease of doing business, operating something in one of the Asean countries is certainly easier than "what we encounter here in India." "We like to believe that we are a global company, and therefore, this to my mind, from a cultural point of view, and an operational point of view, demands completeness or inclusiveness not just of employee gender, but also of having dealers, distributors and equally suppliers from all over the world. "And that is why I believe that we must continue to trade with China. Because if we conduct our business ... » Learn More about We must continue to trade with China: Bajaj Auto MD Rajiv Bajaj
The exchange cited issues with its telecom service providers that prevented stocks and index quotations from getting updated. The National Stock Exchange (NSE) on Wednesday suspended trading in its cash and derivatives segments for over three hours—one of its worst-ever outage—jeopardising the interests of several market participants. The exchange cited issues with its telecom service providers that prevented stocks and index quotations from getting updated. The issue came to light less than an hour after normal trading commenced, with several brokers complaining that live price feeds had frozen. At 11.40 am, the exchange halted equity market trading, forcing investors to redirect their cash market trades to the BSE—where “impact costs” are typically high due to shallow trading volumes. “NSE has multiple telecom links with two service providers to ensure redundancy, and we have received communication from both the telecom service providers that there are issues with ... » Learn More about Trading glitch: Sebi, FinMin seek detailed report from NSE
Prime Minister Narendra Modi on Saturday said that the ancient toy culture of the country reflects the practice of reuse and recycling, which is part of the Indian lifestyle, and added that India has the potential to take the world back to eco-friendly toys. Speaking at the India Toy Fair 2021 in Delhi, the Prime Minister said the government has prepared a National Toy Action Plan. It includes 15 ministries and departments to make the industry competitive, Aatmanirbhar, and to provide it with a global platform. "This first Toy Fair is not just a business or economic event. This program is a link to strengthen the country's age-old culture of sports and gaiety. India toy culture is as old as the Indus Valley Civilization. The world has studied the toys of the Mohenjo-Daro and Harappan era," he said. The Prime Minister said that India has given the world some of the most popular games like Chess and ludo. "Chess, which is so popular in the world today, was earlier played ... » Learn More about India has potential to take world back to eco-friendly toys: PM Modi
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco. IMAGE: RIL chairman Mukesh Ambani. Photograph: ANI Photo. The reorganisation will enable the focused pursuit of opportunities across the O2C value chain, improve efficiencies through self-sustaining capital structure and a dedicated management team, and attract dedicated pools of investor capital, according to a company presentation filed with the stock exchanges. The O2C business unit holds Reliance's oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business. Once completed, Reliance Industries Ltd (RIL) -- the company founded by Dhirubhai Ambani in the late 1960s -- will house only the upstream oil and gas ... » Learn More about RIL to spin off oil-to-chemical biz into separate arm with $25bn loan
NEW DELHI: Institutional investments in Indian real estate will grow by 14.6% to Rs 396 billion from Rs 346 billion in 2020, according to a recent report by Colliers International India . Institutional investments in 2020 had witnessed a drop of 23% from 2019. "The investment climate in India is very buoyant with global investors’ interest in real assets getting stronger. With global interest rates at historic lows and positive net yields in India, the country has emerged among the preferred destinations for investments in real estate," said Piyush Gupta, managing director, Capital Markets & Investment Services (India) of the company. Commercial office assets accounted for over 55% of total Indian real estate inflows between 2018 and 2020, showing the higher appetite of investors. Between 2018 and 2020, an average annual supply of over 35 million sq ft entered the top six Indian cities ie. Bengaluru , Chennai, Delhi NCR, Hyderabad, Mumbai and Pune, with the majority ... » Learn More about Institutional investments in Indian real estate to increase by 14.6% in 2021: Report
The U.S., the world's largest economy, owes India $ 216 billion in loan as the country's debt grows to a record $ 29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign debt, the largest of which comes from China and Japan. In 2020, the U.S. national debt was $ 23.4 trillion, that was $ 72,309 in debt per person. “We are going to grow our debt to $ 29 trillion. That is even more debt owed per citizen. There is a lot of misinformation about where the debt is going. The top two countries we owe the debt to are China and Japan, not actually our friends,” Congressman Alex Mooney said. “We are at global competition with China all the time. They are holding a lot of the debt. We owe China over $ 1 trillion and we owe Japan over $ 1 trillion,” the Republican Senator from West Virginia said on the floor of the U.S. House of Representatives as he and others opposed the latest stimulus package of $ 2 trillion. In January, U.S. President Joe Biden ... » Learn More about U.S. owes India $ 216 billion as American debt soars to $ 29 trillion: lawmaker
AHMEDABAD: The Indian Institute of Management Ahmedabad (IIMA), welcomed Finance Minister, Nirmala Sitharaman as she joined MBA students of the globally recognized, premier management institute, for an interactive session on the theme 'The Economic Rebound and the Indian Economy in 2021 and Beyond with its students. Hosted by IIMA's JSW-School of Public Policy, was the first on ground event held at the Institute since the pandemic. The session threw light on various aspects of the Indian economy including return of consumer confidence, robust financial markets, an uptick in manufacturing, education sector and the decrease in the budget allocation this year, PSU disinvestment target, health expenditure, skill India, fuel prices reduction, savings and borrowing scheme, upskilling: for automation and gig workers, investment in infrastructure, agriculture and many more. Speaking on the occasion Prof. Errol D'Souza, Director, IIMA Programmes said, "It is our honour and an ... » Learn More about Sitharaman joins leaders of tomorrow at IIM Ahmedabad for interactive session
The logic of deregulation was that the consumer was protected no matter what the price of crude. Illustration: Uttam Ghosh/ Rediff.com The price of petrol has crossed Rs 100 in parts of India for the first time. A parallel development is that of the total revenue that the government receives, 33% or one-third now comes from tax on fuel. India's consumers pay the highest rate of tax on the petrol and diesel that they consume. The nations that follow India on the list of those with high taxes are all European nations and America and Japan. These are, of course, places where the consumers are much better off than us and the government can in fact extract money from them without significant hurt. In India, the majority of consumers are poor. And a tax on fuel affects all of us equally and hurts the poor disproportionately. The autorickshaw owner and the Uber driver pay the same to fuel up their vehicle as the corporate executive and the business ... » Learn More about When will Modi cut high taxes on fuels?