The Times Of India Business
Govt may hike FDI limit in pension sector to 74%;
Last month, Parliament approved a Bill to increase FDI limit in the insurance sector from 49 per cent to 74 per cent. The Insurance Act, 1938 was last amended in 2015 which raised FDI limit to 49 per cent, resulting in foreign capital inflow of Rs 26,000 crore in the last 5 years.
With RBI keeping interest rates on hold, quantitative easing to unfold: Fitch
Fitch Solutions has revised its forecast for the Reserve Bank of India (RBI) to keep its policy repurchase (repo) rate on hold at 4 per cent over the course of FY22 (April 2021 to March 2022) from its prior view for a 25 basis points cut to 3.75 per cent.
India forms air bubble with Sri Lanka
India has formed an air bubble with Sri Lanka, opening yet another overseas tourist destination for those itching to travel after a year of being at home. Till now only a few places were open for overseas tourists -- including Indians -- namely Maldives, UAE, Seychelles and Russia.
E-commerce to accelerate auto sector growth: Report
Strong acceptance of e-commerce and digitisation is expected to accelerate the growth of auto sector, advisory firm Grant Thornton Bharat said. Accordingly, the automobile market is estimated to grow more than '2.3 times' from $222 billion currently to $512 billion by 2026.
India needs to grow faster to make up for contraction: IMF
India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the Covid-19 pandemic in 2020, according to a senior IMF official.
India fastest growing market for Levi’s in Asia
India has emerged as the fastest growing market in Asia for the US clothing company Levi Strauss & Co. For the first quarter of 2020-21 that ended February 28, the company’s sales in India grew ahead of the same period in 2019, Harmit Singh, global CFO at Levi Strauss & Co, said.
G-secs worth Rs 11k cr remain unsold in 1st auction of FY22
Government securities (G-secs) worth nearly Rs 11,000 crore remained unsold in the first gilt auction of fiscal 2022. This indicates a revival of the tug of war between traders, who want higher yields, and the central bank which wants the opposite. Similar actions were seen during the last four months of the previous financial year.
Lodha’s Rs 2.5k crore IPO subscribed 1.4 times
The IPO for Macrotech Developers (earlier known as Lodha Developers) closed on Friday with the issue subscribed 1.4 times the offer. The portion reserved for institutional investors was subscribed 3.1 times, while the retail investor portion was subscribed 0.4 times and the non-institutional (high net worth investors) category was subscribed 1.5 times.
LIC manages to grow biz 10% in FY21 amid Covid
The Life Insurance Corporation (LIC) of India has managed to record double-digit growth in FY21 despite new business premium lagging the previous fiscal until February this year. The corporation’s chairman M R Kumar revealed on Friday that business growth for the year FY21 was 10%.
Irdai tweaks AIF rules for insurance companies
Insurance companies have been allowed by their regulator to invest in ‘fund of funds’ provided such funds are not utilized by an Alternate Investment Fund to invest outside India. The new dispensation gives insurers a source to diversify their investment into new avenues like startups and also gives asset managers a new source of capital.
‘We dealt with FB, Google via market power, not copyright’
Australia made Google and Facebook pay for news. As the first country in the world to have shaped a code empowering news media companies to negotiate with search and social media platforms, it set the template for other countries. Next up is a look at online advertising, chair of the Australian Competition and Consumer Commission (ACCC) Rod Sims, which saw the news media bargaining code through, told TOI.
Direct tax collections top revised estimates by 5%
The Centre’s direct tax collections, net of refunds, were estimated at Rs 9.45 lakh crore during 2020-21, around 5% higher than the revised estimates of Rs 9.05 lakh crore for the financial year, the govt said on Friday. Both corporation tax and personal income tax collections turned out to be higher than the revised estimates given by finance minister Nirmala Sitharaman in Feb.
500mn LinkedIn users’ data up for sale: Report
Personal data of about 500 million LinkedIn users have been scraped and put online for sale, according to a report. This accounts for about two-thirds of the professional networking company’s user base. Data — which includes a user’s name, emails, phone number, workplace information, and links to social media accounts hosted on the platform — have been exposed, according to Cyber News, which first reported on the breach.