Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
The rupee appreciated 7 paise to 79.74 against the US dollar in early trade on Thursday as a positive trend in domestic equities supported the local unit. However, a strong American currency overseas and forex outflows restricted the rupee's gain, dealers said. At the interbank foreign exchange, the rupee opened at 79.72 against the American dollar, then went lower to trade at 79.74 against the greenback in early deals, registering a gain of 7 paise over the last close.
Many CEOs said they plan to give special leave to women employees so as to encourage their participation in the workforce.
The dollar bond market has been a favourite for Indian firms in 2014.
Experts feel select companies in banking, automobiles, financial services & real estate will gain from lower interest rates
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
The UK government has promised to put in place measures worth hundreds of millions of pounds to support any rescue deal for the Indian group's UK business.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
Indian companies will have to repay overseas debt worth $7.5 billion in the June quarter.
The current sub-prime crisis, in the medium-to-long term period, will accelerate global sourcing adoption as financial institutions are exercising the option to cut costs. The institute predicts that outsourcing from the financial services sector have the potential to increase 40-45 times the current market size over the next five years, with key drivers of growth coming from cost pressures and the timely advent of more vertical-specific offerings by offshore suppliers.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer. The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
The 30-share Sensex closed down 114 points at 28,622 and the 50-share Nifty ended down 37 points at 8,686.
'The aim is also to probe how the ministry and testing agencies made negligence in examining these OEMs, so that such negligence is avoided in the future.'
Housing sector to benefit from Budget.
Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600.
For the second straight week, the Sensex rose, notching up a significant gain of 528.34 points, or 1.59 per cent. The Nifty was up 129.45 points, or 1.25 per cent, during the week.
Rumours about a spike in taxes for equity investors are flying thick and fast.
This will pave the way for emergence of 24,000 new panchayat-level leaders in Telangana, he said.
Senior Executive Director & Co Head (Strategy) of Kotak Institutional Equities Sanjiv Prasad tells Prasanna D Zore/Rediff.com that even if there are a number of challenges facing the Indian equity markets, there are certain sectors that offer a ray of hope.
The temptation to rehash Manmohanomics is not going to deliver the achche-din that Narendra Modi has promised, warns Sriram Balasubramanian.
The Centre has announced an extension for two more weeks in the nationwide lockdown. However, several relaxations will be allowed as per zones.
Metals bucked the trend and shone across the board.
'You have to be a total anti-national bozo to shut down the Nokia plant in Sriperumbudur, which was the first large manufacturing plant for mobile phones in India.' 'Why was the unit shut down? Because of somebody's ego.'
Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal.
The downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
'This encourages escapism through the politics and economics of nationalism, made worse by tribalism or nativism, the package accompanied inevitably by the erosion of institutional bulwarks and therefore State capture by powerful businessmen,' notes T N Ninan.
Whether India can create labour-intensive factory jobs instead that it needs to put millions to work in the next few years looks very unlikely.
Investors who decide to enter medium to long-duration funds should be cognisant of the risk.
The stocks could tank more than what it did after the United Progressive Alliance-1 came to power in 2004, as the market has not yet priced in a Bharatiya Janata Party defeat, says Raj Bhatt.
Even as the gaming industry battles multiple regulations in different Indian states, it has received more than double the amount of investment this year compared to 2020. Industry watchers attribute this to the growing popularity of gaming, spurred by the pandemic, and the innovative business models gaming firms have built. According to data from industry tracker Venture Intelligence, investment in India's gaming sector in 2021 has more than doubled to $794 million, as against a total investment of $339 million last year. In 2019, this number was $176 million. Marquee investors such as Tiger Global (Dream11), Sequoia Capital India (Mobile Premier League), WinZO (Griffin Capital Partners), Tencent (Dream11) and Matrix Partners (Zupee) have pumped money into the sector.
Ahead of the Budget, the government has achieved almost half the divestment target of Rs 65,000 crore. FY23 divestment receipts are unlikely to be anywhere close to the budgeted target.
Overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains.
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