Crucial hour: Top Business News of 7th March 2022
Rupee Hits Lifetime-Low Of 76.96, Tracking Flying Oil Prices And Weak Domestic Equities: News
The energy-sensitive rupee hit a lifetime low in early trading on Monday as a sharp surge in global crude oil prices to above $130 threatened to push up imported inflation and widen the country’s trade and current account deficits.
The rupee was trading nearly 1 per cent weaker at 76.92 per dollar after touching 76.96, its weakest level ever. On Friday, the currency fell to close at 76.17 against the US dollar, its lowest closing level since December 15, 2021.
UP poll outcome: Fasten your seat belt for steep volatility ahead :News
While surging oil costs are grabbing headlines, UP outcomes might herald additional volatility to the Street within the excessive short-term. The bias out there might stay destructive for now, stated analysts, who famous that oil advertising corporations might resort to climbing gas costs publish elections after an unofficial freeze, which can additional stoke inflationary fears out there.
The consequence of UP state elections can be introduced on March 10.
“In shaky times, even small negative triggers may get a large reaction. Though Indians are known to vote differently in state and general elections, any big setback to BJP in the UP elections could be taken negatively by large investors, especially from the reform momentum perspective. In case BJP comes to power with a similar or slightly lesser numbers, the Street would be relieved and we could see some recovery,” stated Deepak Jasani of HDFC Securities.
Petrol, diesel prices to go up by Rs 12 before Holi?: Business news
With assembly elections in five states, including Uttar Pradesh, getting over on Monday, there are apprehensions that petrol and diesel prices may be hiked across the country. Fuel prices, which were not revised for the past four months, need to be increased by more than Rs 12 per litre by March 16 for retailers to break even, according to a PTI report.
This comes as international oil prices have reached levels not seen since the 2008 financial crisis as disruption to crude and fuel exports from Russia has left the world short of supply.
PVR and Cinepolis India in advanced talks to merge: News
The merged companies will own over 1,200 theatres if the deal succesfully goes through, The Economic Times reported citing people with knowledge of the matter. “Cinépolis will be the largest shareholder in the merged company, with arround stake,news
Sources estimate that Cinepolis India will be valued at Rs 4,000 – Rs 5,000 crore. PVR Limited has a market cap of around Rs 9,600 crore. So, the merged entity is likely to be valued around Rs 13,600 crore.
The deal, if it comes to fruition, will see the coming together of PVR’s 860 screens and the 400 screens owned by the India business of Mexico-headquartered Cinepolis’s in the country. Cinepolis is the fourth largest film exhibitor after Inox and Carnival Cinemas which has 667 screens and 450 screens in the country, respectively.
Saudi Arabia raises April crude prices to Asia to all-time highs
Saudi Arabia’s state oil producer Aramco raised the April official selling prices (OSPs) for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs, as global markets struggled with Russian oil disruption.
Record Saudi crude prices come on the back of an expected rise in Middle East oil demand as surging spot premiums and freight rates put supplies from Europe, Africa and the Americas out of .
European stocks sink 2.5% as U.S. and Europe consider Russian oil ban: Business news
The pan-European Stoxx 600 index fell 2.5% by mid-morning, cutting some of its earlier losses. Banks and autos slid 5% to lead losses while oil and gas stocks jumped 3.8% as oil prices surged.
Last week, the lost 7% and suffered its worst week since March 2020, the onset of the coronavirus pandemic.
U.S. Secretary of State Antony Blinken told NBC on Sunday that Washington is in “very active discussions” with European governments about banning imports of Russian crude and natural gas.
Such a move could pose a risk of stagflation — a period of slow economic growth and high unemployment coupled with high inflation — for the global economy.
Ukraine crisis: Russian oil companies offer big discounts to India
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices.
State-run Rosneft is one the biggest oil companies that supply crude to India. During Russian President Vladimir Putin’s visit to India in December last year, Rosneft and India Oil.
The stock market closed with a heavy fall, such was the move of Sensex and Nifty: Business news
The conflict between Russia and Ukraine is affecting trade. Crude oil prices are reaching the sky. There is constant fluctuation in the prices of gold. The condition of the stock markets is also bad. There is also a continuous decline in the Indian stock markets, which is expected to continue further. In such a situation, you will get every latest information related to business .
Modi-Yogi pair is expected to hit again in UP, AAP in Punjab and Congress government in Uttarakhand:News
The results of the exit polls for the assembly elections of 5 states have started coming. First of all, the matter of Uttar Pradesh, where Yogi and Modi’s pair seems to be a hit again. The exit poll of Sapiens Research shows BJP getting a clear majority in this state. According to this, BJP can get 212 seats.
Now let’s talk about Punjab. Here the exit poll results show that the Aam Aadmi Party (AAP) can get a clear majority. Aam Aadmi Party is getting 83 seats in Axis My India-Aaj Tak survey. In the survey of C Voter-ABP also, AAP has emerged as the largest party. Bhaskar has also done exit polls in Punjab. According to him, no one seems to be getting a clear majority in Punjab.
Modi government gave green signal on pension-DR for up to 4 years, these people benefit
The Narendra Modi government has decided to extend the Swatantrata Sainik Samman Yojana (SSSY) for the next 4 years. For this, the government has also approved an allocation of Rs 3,274.87 crore. Under this scheme, freedom fighters and their eligible dependents are to be given pension, dearness relief ie DR and other financial benefits till 2025-26. Under this scheme 23,566 beneficiaries are covered across the country.
What the government said: An official statement said that the government has extended the Swatantra Sainik Samman Yojana and its components for the financial year 2021-22 to 2025-26 with a total financial outlay of Rs 3,274.87 crore and beyond March 31, 2021. Approved to continue.