Indian refiners and traders are concerned they may not be able to continue to settle trades in dollars, especially if the price of Russian crude rises above a cap imposed by the Group of Seven nations

UAE Dirhams

Reuters

The Fed earlier this week increased the rate by a quarter-of-a-percentage-point to 4.5 -4.75 per cent

united states, US, US banks, us economy, inflation, market

Agencies

Digital financial services firm One97 Communications on Friday said it has narrowed its consolidated net loss to Rs 392 crore in the third quarter ended December 2022.
The company had posted a net loss of Rs 778.4 crore in the same period a year ago.
Its revenue from operations jumped about 42 per cent to Rs 2,062.2 crore during the quarter from Rs 1,456.1 crore in the year-ago period.
Paytm founder and CEO Vijay Shekhar Sharma said the company during the reported quarter has achieved its target for operational profit, excluding ESOP cost.
"I wrote to you on April 6, 2022, and set a target for EBITDA before ESOP cost breakeven by the September 2023 quarter.
"I am very happy to share that our company has achieved this milestone of EBITDA before ESOP cost profitability in the December 2022 quarter itself. This is three quarters ahead of our guidance," Sharma said.
Shares of the company closed 3.83 per cent down at Rs 524.9 apiece on BSE.
The financial result of the company came af

Paytm

Press Trust of India

According to the report, the deal gives Google a stake in Anthropic, but doesn't require the startup to spend the funds buying cloud services from Google

Google

Bloomberg

Under this "streamlining" plan, Air India is likely to completely exit from five routes and AirAsia India might stop operating services on four other routes, sources said

Air India

Business Standard

Wall Street had its eyes on Friday on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances.
That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.
Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.
Google's parent company Alphabet posted a lower profit and a small revenue increase for last year's fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant.
While overall revenue grew, advertising revenue fell by nearly 4 per cent and revenue at YouTube declined 8 per cent year-over-year.
Amazon ended on Friday down 8.4 per cent and Alphabet lost 2.8 per cent. Apple bounced back, finishi

Alphabet posted a lower profit and a small revenue increase for last year's fourth quarter

India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years

The company's consolidated earnings before interest tax depreciation and amortisation (Ebitda) grew 53 per cent versus last year to Rs 3,816 crore

"Of this, Rs 1.7 trillion can come from public sector enterprises and Rs 1.8 trillion from public sector financial institutions," the report stated

Foxconn

The record allocation of Rs 13,539 crore for railways in Maharashtra will have a "very good effect", Railway Minister Ashwini Vaishnaw said on Friday.
Addressing a press conference through video link from Delhi, Vaishnaw said that the allocation in the 2023-24 Budget for Maharashtra was 11 times the average allocation between 2009 to 2014.
Saying that the union government was getting good cooperation from the Eknath Shinde-led government, Vaishnaw reiterated the charge that when Uddhav Thackeray was chief minister, the bullet train project did not get any clearances from the state government.  "The deadline for Mumbai-Ahmedabad Bullet Train project (completion) is August 2026," he added.  The production of Vande Bharat Express trains has been ramped up and a train is being manufactured in 7 to 9 days, he said.  "We will modernize and redevelop 123 stations in Maharashtra. As for CSMT (in Mumbai), by March end tenders will be opened. Primary pre-work has already begun," Vaishnaw said.

Ashwini Vaishnaw

Amazon on Friday reported that its net sales increased 9 per cent to $149.2 billion in the fourth quarter that ended December 31, compared with $137.4 billion in fourth quarter 2021.

Amazon

IANS

European Union governments tentatively agreed on Friday to set a USD 100-per-barrel price cap on sales of Russian diesel to coincide with an EU embargo on the fuel  steps aimed at ending the bloc's energy dependence on Russia and limiting the money Moscow makes to fund its war in Ukraine.
Diplomats representing the 27 EU governments set the cap on Russian diesel fuel, jet fuel and gasoline ahead of a ban taking effect on Sunday.
It aims to reduce Russia's income while keeping its diesel flowing to non-Western countries to avoid a global shortage that would send prices and inflation higher.
The information was provided by diplomats from 3 different EU member nations ahead of a formal announcement by the Group of Seven major industrialized nations. They spoke on condition of anonymity because the official announcement would come later.
The USD 100-per-barrel cap applies to Russian diesel and other fuels that sell for more than the crude oil used to make them. Officials agreed on a US

Oil trade

It aims to reduce Russia's income while keeping its diesel flowing to non-Western countries to avoid a global shortage that would send prices and inflation higher

The company also said that said it has not performed any re-evaluation of its holdings because of volatility in stock prices in Adani stocks

Total Energy

Advisors remain in favour of Nifty despite its recent underperformance to the Sensex

stock markets, Nifty50

All 15 dollar-debt securities of the group advanced on Friday, partly helped by news that Adani Ports & Special Economic Zone had made coupon payments on schedule

Bond yields slide as reports tout progress in global listing of Indian debt

Government bonds, bond yield

A quality-oriented flexi- or volatility multi-cap can play a similar role in your equity portfolio

IRSDC

Adani Ent shares end 2.2% lower after recovering 50% from day's low

sensex, BSE

Wall Street has its eyes on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances.
That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.
Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.
Google's parent company Alphabet posted a lower profit and a small revenue increase for last year's fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant. While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year.
Amazon fell 4% and Alphabet fell 2% Friday. Apple bounced back 3% in midday trading.

A high-profile trial focused on a 2018 tweet about the financing for a Tesla buyout that never happened drew a surprise spectator Friday  Elon Musk, the billionaire accused of misleading investors with his usage of the Twitter service he now owns.
Musk, the CEO of both Tesla and Twitter, strode into the San Francisco federal courtroom moments before closing arguments from the opposing attorney in the case were scheduled to begin and took a seat alongside his legal team. Like everyone else in the courtroom, he was wearing a mask, as required by U.S. District Judge Edward Chen, but briefly dropped it as he chuckled and whispered something to one of his lawyers.
Although an August 7, 2018 tweet disclosing he had funding secured " is the at the center of the trial, Musk wasn't required to show up for Friday's proceedings. His presence in court while he is trying to reverse huge losses at Twitter and overseeing Tesla amid stiffening competition underscores the importance of the trial's ..

Elon Musk

This was the second launch by Isro for OneWeb, a UK-based company supported by the UK govt, SoftBank, and India's Bharti Enterprises

Test

Applications for US unemployment insurance last week fell slightly, hovering around historically low levels as the labor market holds strong despite a weakening economy

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The Jammu and Kashmir administration on Friday announced a pioneering project envisaging total transformation in the landscape of Medicinal and Aromatic Plants (MAPs) cultivation in the Union Territory.
With a budget of Rs 62 crore, the five-year project aims to cultivate MAPs on 5,000 kanal of land spread across 28 clusters, with a potential to create more than 3,000 jobs and 28 enterprises, an official spokesman said.
He said the MAP sector is estimated to contribute about Rs 75 crore every year after five years and the amount is expected to exceed Rs 783 crore by the year 2037.
"This ambitious project marks a significant transition from traditional, wild extraction based practices to a more sustainable, modern approach to MAP cultivation, conservation and entrepreneurship.
"The mission of this project is to achieve commercial production of MAPs outside the forests, promote organic farming, develop local and international markets besides boosting advanced scientific knowledge ...

Farmers, agriculture, fertilizer, pesticides

The Jammu and Kashmir administration on Friday announced a pioneering project envisaging total transformation in the landscape of Medicinal and Aromatic Plants cultivation in the Union Territory

Industry to make representations to Finmin seeking grandfathering on existing investment

Wipro

Higher TCS is temporary; you can adjust it against your tax liability or get refund

The Delhi University will offer two seats each under supernumerary quota to orphans in all undergraduate and postgraduate programmes from the next academic year, officials said on Friday.
Such students will also be exempted from payment of any kind of fees, they said.
The proposal in this regard was passed during the varsity's Executive council meeting on Friday.
"The Executive Council today passed the proposal regarding offering admission to orphans in every undergraduate and postgraduate programme offered at the university from the next academic year," an official said.
Such students, when admitted, will be exempted from payment of any kind of fees whatsoever which will include exemption from payment of their hostel fees, examination fees and other such mandatory fees as well, the agenda accessed by PTI in this regard read.
The expenses for admission and continuance of study of such students shall be met from the University Welfare Fund or College Students' Welfare Fund, as the 

youngsters

The Delhi University will offer two seats each under supernumerary quota to orphans in all undergraduate and postgraduate programmes from the next academic year, officials said on Friday

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Nitin Gupta, Chairman, Central Board of Direct Taxes (CBDT)

chart

test

The public offering will open for bids on April 18 and close on April 22

Vodafone Idea to launch country's largest $2.16 bn follow-on public offer

Economy News and Government Policy News: Get latest Indian economy news, government policy news, world economy news, Indian economy, GDP growth rate, trade news, economic growth rate at Business Standard.

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Vodafone Idea to launch country's largest $2.16 bn follow-on public offer