- Monday, January 13, 2025
By: Shubham Ghosh
Here are some news in brief related to Indian economy and business for Thursday, August 25, 2022:
The Indian rupee weakened sharply to near 79.90 against the dollar as oil prices surged back to above $101 (£85.41) per barrel on the Russian gas supply crisis. That even as the dollar retreated from two-decade highs as investors awaited the latest response from the top central bankers in the globe to the rising inflation, at the US Federal Reserve’s Jackson Hole Conference on Friday (26). Bloomberg showed the Indian currency fell to 79.8837 per dollar, compared to its previous closing of 79.8150 against the greenback.
India’s creditworthiness is not likely to face any “material near-term pressure” from external channel, S&P Global Ratings said on Thursday, Moneycontrol reported. “Emerging markets are facing broad-based external pressures from higher commodity prices, US dollar dominance, and tightening financial conditions. India is no exception, with hallmarks of these factors including a higher current account deficit and higher domestic inflation rates,” S&P said in a note. “However, India is facing these trends from a position of relative strength. In particular, India is a net creditor to the world (narrow net external debt basis), meaning that it has some buffer built up against cyclical difficulties such as these. We do not therefore see material near-term pressure to India’s creditworthiness on this basis,” the ratings agency added.
Hero Electric is set to partner with Jio-bp to strengthen mobility solutions for electric two-wheelers, the companies announced on Thursday. Under this proposed partnership, the customers of Hero Electric are expected to get access to the widespread charging and swapping network of Jio-bp, which is also open to other vehicles. In addition to creating solutions for seamless customer journey on Hero Electric and Jio-bp apps, both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience that delights the consumer, according to a joint statement released by them.
Indian Hotels Company Limited (IHCL) is looking at growth opportunities in greenfield and brownfield projects to strengthen its footprint in Gujarat, Press Trust of India reported. IHCL, which recently opened 111-room Ginger and 175-key Vivanta in Ahmedabad, has 19 properties in Gujarat, including 15 operational hotels and 4 in the pipeline, IHCL Executive Vice President Deepika Rao told PTI. All of the properties will be operational in the next three years (by 2025), she added. “In Gujarat, we are present in eight cities, some of which have IHCL’s multiple brands like in Ahmedabad, where it has Taj, Vivanta as well as Ginger. We are looking at similar opportunities in the state. We are also looking at new commercial hubs like Bharuch and Vapi, wildlife destinations and pilgrimages in the state,” Rao said.
Deepak Kumar Lalla has taken charge of SBICAP Securities as its new MD and CEO, Asian News International reported. He replaced Naresh Yadav. Lalla earned his Master’s in Commerce and Diploma in Banking and Finance from Rajasthan University and moved on to join banking major SBI, where he served for over 37 years. “Living up to the brand name and carrying the lineage of SBI is more of an opportunity than a challenge. I hope to make SBICAP a full-fledged investment house where a customer can invest in any product right from Equity, Derivative, IPO, Corporate Fixed Deposits, and Sovereign Gold Bonds and Insurance,” Lalla said.
