scorecardresearch
Follow Us:
Wednesday, June 29, 2022

The Expresso Business Update

Your Business Expresso is served! The Indian Express brings to you the latest updates from the world of Indian and international business. Your one stop shop for all finance and business stories.

Episode 450 June 22, 2022

Business News at 5:30 pm am on 22nd June 2022

“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.

Fintech players are expecting some disruptions to be caused by the norms proposed by the Reserve Bank of India on buy now pay later ecosystem. However, by providing transparency to the largely unregulated sector, fintech players also expect the norms to provide much-needed clarity, to enable stakeholders to bring in innovation and penetration. Banks, non-banking finance companies and fintech companies are developing BNPL products aimed at those who do not have a credit history or access to credit cards. The BNPL products are being made available to unsalaried entrepreneurs such as kiosk owners and street vendors, Ankur Handa, co-founder and chief product officer of financial technology solutions platform Lentra. Although, such products are at a very nascent stage and will take time to be rolled out in a full-fledged manner.
Meanwhile, The Indian rupee reached a new record low of 78.29 against the US dollar on Wednesday as persistent foreign fund outflow from the financial markets, risk aversion in global equities, elevated crude prices put pressure on the native currency. The fall comes amid selling in emerging market equities and currencies ahead of the US Fed Chair Jerome Powell’s testimony to US Congress later in the day. According to foreign exchange analysts, the local unit has also been hampered by heightened concerns over India’s inflation and current account deficit and elevated crude oil prices. The domestic currency had closed at 78.13 against the greenback in the previous session.
In some more market news, Rakesh Jhunjhunwala portfolio stock Jubilant Ingrevia has tanked 25% so far this year amid steep market correction. Despite the plunge in share price, analysts remain bullish on the stock and see up to 128% potential rally in the next 12 months. Edelweiss Securities in its latest report said that they believe Jubilant Ingrevia is on the cusp of a transformation with specialty chemicals catalysing overall growth while commodity-led business would keep churning strong cash. According to the Edelweiss Securities report, Jubilant Ingrevia has added newer technological platforms in order to create complex products. “The recent addition of di-ketene chemistry further strengthens its position to capture import replacement,” it said. The company is looking forward to adding newer derivative products across both pyridine and di-ketene chemistry bases.
On to the industry sector. Tata Steel has not made any purchase of PCI coal from Russia post its April announcement of severing business ties with Russia amid the ongoing conflict with Ukraine, a company spokesperson said on Wednesday. On April 20, Tata Steel had said it would stop doing business with Russia. To ensure business continuity, all its steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia. A deal for supply of 75,000 tonne of PCI coal was finalised in March 2022 and the contract became effective weeks before Tata Steel’s April announcement. The shipment was received in May 2022 to honour the business commitment made before the announcement.
Moving on. The Indian Railway Catering and Tourism Corporation’s Bharat Gaurav tourist train embarked on the 18-day Shri Ramayana Yatra from New Delhi. The train will cover approximately 8,000 kilometres between India and Nepal. It will run on the Ramayana circuit identified under Swadesh Darshan and visit places where Lord Ram, Goddess Sita, and Lord Laxman set foot during their 14-year exile. IRCTC is the first Indian agency to connect the two countries through a tourist train. Railways Minister Ashwini Vaishnaw and Tourism and Culture Minister G Kishan Reddy flagged off the train from Safdarjung station. The train will pass through Bihar, Uttar Pradesh, Maharashtra, Madhya Pradesh, Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh.
Now some updates from the tech sector. Microsoft is pulling the plug on several AI-powered facial analysis tools, including one that it said could identify a subject’s emotion from pictures and videos. Experts have heavily criticised such “emotion recognition” tools, calling it unscientific to equate external emotional displays with internal feelings. They say facial expressions thought to be universal actually differed across populations. The decision to restrict public access to these tools forms part of a larger overhaul of the company’s policies on AI ethics. Microsoft’s updated Responsible AI Standards emphasise accountability to find out who uses the services and greater human oversight into where the tools are applied.
And lastly, let’s hear how the stock market performed today. Indian Benchmark indices ended lower amid weak global cues with Nifty settling below 15450. Selling was seen across the sectors. The Sensex was down 709.54 points or 1.35% at 51,822.53, and the Nifty was down 225.50 points or 1.44% at 15,413.30. All the sectoral indices ended in the red with metal index down 5 per cent. The BSE midcap index fell 1.5 per cent and smallcap index shed 1 per cent.

You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.

Business News at 5:30 pm am on 22nd June 2022"You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express. " Fintech players are expecting some disruptions to be caused by the norms proposed by the Reserve Bank of India on buy now pay later ecosystem. However, by providing transparency to the largely unregulated sector, fintech players also expect the norms to provide much-needed clarity, to enable stakeholders to bring in innovation and penetration. Banks, non-banking finance companies and fintech companies are developing BNPL products aimed at those who do not have a credit history or access to credit cards. The BNPL products are being made available to unsalaried entrepreneurs such as kiosk owners and street vendors, Ankur Handa, co-founder and chief product officer of financial technology solutions platform Lentra. Although, such products are at a very nascent stage and will take time to be rolled out in a full-fledged manner. Meanwhile, The Indian rupee reached a new record low of 78.29 against the US dollar on Wednesday as persistent foreign fund outflow from the financial markets, risk aversion in global equities, elevated crude prices put pressure on the native currency. The fall comes amid selling in emerging market equities and currencies ahead of the US Fed Chair Jerome Powell’s testimony to US Congress later in the day. According to foreign exchange analysts, the local unit has also been hampered by heightened concerns over India’s inflation and current account deficit and elevated crude oil prices. The domestic currency had closed at 78.13 against the greenback in the previous session. In some more market news, Rakesh Jhunjhunwala portfolio stock Jubilant Ingrevia has tanked 25% so far this year amid steep market correction. Despite the plunge in share price, analysts remain bullish on the stock and see up to 128% potential rally in the next 12 months. Edelweiss Securities in its latest report said that they believe Jubilant Ingrevia is on the cusp of a transformation with specialty chemicals catalysing overall growth while commodity-led business would keep churning strong cash. According to the Edelweiss Securities report, Jubilant Ingrevia has added newer technological platforms in order to create complex products. “The recent addition of di-ketene chemistry further strengthens its position to capture import replacement,” it said. The company is looking forward to adding newer derivative products across both pyridine and di-ketene chemistry bases. On to the industry sector. Tata Steel has not made any purchase of PCI coal from Russia post its April announcement of severing business ties with Russia amid the ongoing conflict with Ukraine, a company spokesperson said on Wednesday. On April 20, Tata Steel had said it would stop doing business with Russia. To ensure business continuity, all its steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia. A deal for supply of 75,000 tonne of PCI coal was finalised in March 2022 and the contract became effective weeks before Tata Steel’s April announcement. The shipment was received in May 2022 to honour the business commitment made before the announcement. Moving on. The Indian Railway Catering and Tourism Corporation’s Bharat Gaurav tourist train embarked on the 18-day Shri Ramayana Yatra from New Delhi. The train will cover approximately 8,000 kilometres between India and Nepal. It will run on the Ramayana circuit identified under Swadesh Darshan and visit places where Lord Ram, Goddess Sita, and Lord Laxman set foot during their 14-year exile. IRCTC is the first Indian agency to connect the two countries through a tourist train. Railways Minister Ashwini Vaishnaw and Tourism and Culture Minister G Kishan Reddy flagged off the train from Safdarjung station. The train will pass through Bihar, Uttar Pradesh, Maharashtra, Madhya Pradesh, Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh. Now some updates from the tech sector. Microsoft is pulling the plug on several AI-powered facial analysis tools, including one that it said could identify a subject’s emotion from pictures and videos. Experts have heavily criticised such “emotion recognition” tools, calling it unscientific to equate external emotional displays with internal feelings. They say facial expressions thought to be universal actually differed across populations. The decision to restrict public access to these tools forms part of a larger overhaul of the company’s policies on AI ethics. Microsoft’s updated Responsible AI Standards emphasise accountability to find out who uses the services and greater human oversight into where the tools are applied. And lastly, let's hear how the stock market performed today. Indian Benchmark indices ended lower amid weak global cues with Nifty settling below 15450. Selling was seen across the sectors. The Sensex was down 709.54 points or 1.35% at 51,822.53, and the Nifty was down 225.50 points or 1.44% at 15,413.30. All the sectoral indices ended in the red with metal index down 5 per cent. The BSE midcap index fell 1.5 per cent and smallcap index shed 1 per cent. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.
share