India’s top companies, part of the benchmark index Nifty50, are expected to post another quarter of high double-digit growth. Meanwhile, a panel of union ministers is likely to give officials the green light to prepare for the launch of LIC’s initial public offering (IPO). Keep scrolling down to learn more about these and other stories in this morning’s top headlines.
Refined companies are expected to see corporate earnings up 29% in the fourth quarter
Brokerage firms expect another quarter of high double-digit earnings growth for the country’s top companies included in the benchmark Nifty50 index. According to broker estimates, the combined net income of companies in the index is expected to rise 29.1 percent year-on-year (YoY) in the January-March 2022 quarter (Q4FY22) to an all-time high of Rs.1.61 trillion, from around Rs.1.25 trillion rupees a year ago. Continue reading
The government will likely wait until the ceasefire to announce the payments deal with Russia
The center is unlikely to announce an agreement on the payment mechanism with Russia until a ceasefire is declared in the Ukraine war, insiders said. An inter-ministerial group led by the Ministry of Finance has been meeting regularly for over a month to analyze and discuss payment mechanisms that can work under the current circumstances and ensure trade between India and Russia is not disrupted. Continue reading
Boosters for all: Pvt hospitals in a bind over new prices, old vax stocks
While the number of hospitals administering booster doses remained low on the first day of the booster dose for the entire adult population, the number of beneficiaries who chose to be vaccinated was also lower – but still higher than the previous five Sundays. In addition, some private hospitals have been in a bind over pricing. They said the new rates are much lower than the price they paid vaccine makers, so they would await clarity on pricing before beginning the booster process. Continue reading
LIC IPO expected in mid or late April; Decision can come soon
Government officials have proposed to the panel of top ministers in mid or late April as the date for Life Insurance Corporation of India (LIC) to go public. The ministerial body consists of Finance Minister Nirmala Sitharaman; Roads, Transport and Highways Minister Nitin Gadkari; and Trade and Industry Minister Piyush Goyal. The panel is likely to make its decision soon, giving officials the green light to prepare for the start of the initial public offering (IPO). Continue reading
KYC norms likely for online skill players to curb money laundering
Online skill games that attract millions of customers and involve large sums of money are likely to be brought under the scope of the Anti-Money Laundering Act (PMLA) to prevent money laundering (ML) and terrorist financing (TL). about such activities. If platforms that enable online gaming with stakes are brought under the purview of the PMLA, such companies would need to follow know-your-customer (KYC) norms when onboarding users. Continue reading
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