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Listen to the latest news related to business, finance, and the economy in which we talk about the Sebi’s move to introduce ASBA and Adani group’s heavy investment over the next decade in new energy and digital spaces. How has been the sale of smartphones and What’s the status of capital inflows, listen to all the developments right here.

Today’s Latest Business News at 9:30 am on 28th September 2022

[Disclaimer: This transcript is auto-generated]
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Let’s begin with some industrial news. The Adani Group will invest $100 billion over the next decade in new energy and digital spaces, which includes data centres, chairman and founder Gautam Adani said at the Forbes Global CEO conference in Singapore on Tuesday. Adani said that as a group, they will invest over $100 billion of capital in the next decade. He further said that they have earmarked 70% of this investment for the energy transition space. Adani’s ambitious investment plans in new and emerging areas come after Mukesh Ambani, Reliance Industries chairman, unveiled last month his group’s plan to invest `2.75 trillion over the next five years in 5G services as well as in expanding capacities in the core petrochemical and oil business. Meanwhile, the Securities and Exchange Board of India’s move to introduce ASBA for secondary markets may deplete the cash balances of brokers even further. Today, clients of non-bank based brokers who want to place trades have to transfer the money to their ledger accounts. Any excess cash that remains after the transaction stays with the broker and has to be returned within 90 or 30 days. For bank-based brokers, the requisite amount is drawn from the customer’s account and blocked. At the end of the day, the unutilised amount gets unblocked. The new ASBA system aims to ensure that the money earmarked for trades bypasses the broker and goes directly to the clearing corporations. Next up, economy. Economic affairs secretary Ajay Seth on Tuesday said India has “fairly large” foreign exchange reserves and concerns about their depletion are “overblown”. The forex reserves dropped for a seventh straight week through September 16 to hit an almost two-year low of $545.65 billion, partly due to the central bank’s intervention to defend the rupee that hit a record low of 81.63 against the dollar on Monday. The reserves are still adequate to cover imports of about 8-9 months, compared with less than seven months during the 2013 taper tantrum. Seth said that the government will come out with a framework next month for floating its green bonds this fiscal. Speaking of economy, The employment scenario in the country hasn’t improved much after the severe second wave of Covid-19 pandemic. Jobs in nine select non-farm sectors stood at 31.8 million in the January-March, 2022 quarter, just 0.4 million more than that of the previous quarter and only 1 million higher than April-June, 2021, when the pandemic’s second wave struck the economy, according to the latest round of the quarterly employment survey by the labour ministry. The survey, the pioneering round of which was done for the April-June 2021 period, also revealed a steady decline in the share of the manufacturing sector in employment in the nine non-farm sectors. Even as it’s keen on listing certain government securities on overseas bond indices, India is hesitant to extend capital gains tax waivers to foreign investors or freeze the rate at a certain level for fears that it could undermine its sovereign policy-making space in future. Sources said any such relief may also trigger similar demands from current investors in the domestic bond market who are subject to the capital gains tax. The government has been in talks with JP Morgan and Bloomberg-Barclays for the overseas listing. While the revenue department is still working out operational details of the tax structure relating to this listing, a source said the government has been citing its move to junk the 2012 retrospective tax amendment to allay fears about any policy inconsistency in future and win the trust of foreign investors. Moving on. As the country gears up for the launch of 5G services next month, smartphones have driven sales of e-commerce platforms Amazon, Flipkart and others, during the first four days of the ongoing festive season sales. While smartphone sales have always been the highest on e-commerce platforms, during the ongoing sale season, they recorded a growth of 30% over the same period last year, according to management consulting firm Redseer. During the first four days, the platforms saw sales worth Rs 24,500 crore, of which Rs 11,000 crore was through sales of smartphones. iPhone 12, 13 and OnePlus devices mainly drove smartphone sales, on the back of discounts by Amazon and Flipkart. And lastly, Fintech unicorn Razorpay on Tuesday said that it has acquired PoshVine, a payment-linked loyalty and engagement solutions provider to banks, businesses and payments networks, for an undisclosed amount. This marks the Bengaluru-based company’s seventh acquisition. Last month, Razorpay acquired point of sale company Ezetap for about $200 million and entered the offline payments space. In the past it acquired companies like IZealiant Technologies, Curlec, TERA Finlabs, Opfin and ThirdWatch.

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Business News at 09:30 am on 28th September 2022