BQuick On Jan. 28: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. India Said To Forecast 11% GDP Growth Next Fiscal
The government is predicting that the vaccine rollout will contain the pandemic, and low-interest rates and measures to lure investment will spur business activity, Bloomberg reported citing people familiar with the matter. The projection formed the basis of drawing up budget proposals which will be unveiled on Feb. 1.
2. India Plans Higher Taxes On Some Imported Goods
The government is considering raising levies on a range of imported goods with a view to boost local manufacturing. Refrigerators, washing machines, cloth dryers and other electrical goods are among products which can see higher custom duty, Bloomberg reported citing people with the knowledge of the matter.
3. Sensex Stays On Crash Course
Indian equity benchmarks slid for the fifth straight trading session even after a late recovery in private bank stocks. The S&P BSE Sensex and NSE Nifty 50 both closed 1.1% lower.
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4. Golden Age More Likely Than Stagflation, Says Anatole Kaletsky
Gavekal Research’s Anatole Kaletsky said that it is likely that inflation will go up as long as central banks keep the liquidity taps open. That higher inflation could lead to either stagflation, like in the 1970s, or in an economic flourish of the 1960s. The second, he says, is more likely.
5. Earnings Update: Maruti Suzuki’s Profit, IndiGo’s Demand Recovery
India’s largest carmaker saw net profit rise 24% over last year to Rs 1,941 crore as the festive season and preference for personal mobility in the pandemic increased demand for small cars.
Meanwhile, InterGlobe Aviation Ltd.'s loss narrowed as travel started to pick up after lockdowns.
6. ‘First-Of-Its-Kind’ IPO Within Six Months
Fino Payments Bank Ltd. is inching closer to an initial public offering, which would become the first-of-its-kind to be listed on Indian bourses. The bank is looking to raise about Rs 1,000 crore through an IPO within the next six months, people aware of the development told BloombergQuint.
7. Labour Laws: Daily Factory Work Limit To Go Up For Five-Day Week Jobs
The central government is likely to make changes to the proposed rules related to working hours under the new labour laws. The labour ministry has proposed increased maximum time workers are allowed in a factory at one-go to 12 hours from 10.5 hours currently.
8. Infosys To Speed Up Hiring In U.S.
Donald Trump is gone but that will not change Infosys Ltd.’s plans to accelerate hiring in the U.S. and Europe. The software services firm has already recruited 2,000 college graduates outside India in the last 12 months and will hire more, CEO Salil Parekh said,
9. India-China Ties Under ‘Exceptional Stress’
India’s foreign minister signalled a hardening stance towards China and said ties were under “exceptional stress” amid deadlocked peace talks. The minister said India is yet to receive credible explanation for China’s change in stance in border areas.
10. Modi Promises ‘Many More Covid-19 Vaccines’ From India
India will soon make available many more Covid-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said in his special address at the World Economic Forum's online Davos Agenda Summit.
