Josep Borrell, High Representative of the European Union and Vice President of the EU Commission, confirmed that the EU will not impose a ban on Russian oil and gas because of its heavy dependence. Meanwhile, DCGI granted restricted emergency use authorisation to Serum Institute of India's COVID-19 vaccine Covovax for the 12-17 years age group subject to certain conditions. Over Rs 77,000 crore worth of IPOs from 51 companies are unsure of entering the market following Russia's invasion of Ukraine.

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BUSINESS/ECONOMY

Oil may hit $150-200/bbl if things worsen; revised inflation estimate at 6.5%: Standard Chartered Bank

Parul Mittal Sinha, Head of Financial Markets-India and Head of Macro Trading-South Asia, Standard Chartered Bank expects sanctions imposed on Russia to continue even if there is a de-escalation in the ongoing Russia-Ukraine war. According to her, if push comes to shove and things worsen, then oil could head to USD 150-200 per barrel. She explained that market has repriced inflation expectations, citing Standard Chartered's own revised estimate at 6.5 percent as against 5.5 percent earlier. Read more

Cabinet approves setting up National Land Monetisation Corporation; amendment in MMDR Act to fix royalty rates

The Union Cabinet approved setting up National Land Monetisation Corporation for central public sector enterprises (CPSE) asset monetisation. The Cabinet also approved a proposal to amend the Second Schedule to the MMDR Act to specify the royalty rates of certain minerals, including potash, emerald and platinum group of metals. Check details

Surge in commodity prices may push CAD to 2.8% of GDP in Q3: Report

India Ratings and Research (Ind-Ra) in a report said India’s current account deficit (CAD) is likely to widen to a 13-quarter high of $23.6 billion or 2.8 percent of GDP in October-December 2021-22 due to higher commodity prices following the Russia-Ukraine conflict. Read more

MARKET

CNBC-TV18 poll: Majority expect rupee to touch 80/$; 10-year bond likely to hit high of 7.3%

Currency and bond markets are in focus with the rupee inching higher. At its worse, the rupee had fallen about 3 percent since February 24 when the Russia-Ukraine war began, while bond yields have risen by 20 bps. CNBC-TV18 polled the ten top bank treasuries in the country and here are the results. Check details

IPOs worth Rs 77,000 crore paused as Russia’s invasion of Ukraine shocks markets

Following Russia's invasion of Ukraine and market sentiment taking a hit on rising crude and commodity prices, over Rs 77,000 crore worth of IPOs from 51 companies is unsure of entering the market. Bankers to the mega IPO by LIC are pushing to government to delay the share sale. Read more

Vikram Limaye says will not seek another term, new CEO to steer NSE’s IPO: Report

Vikram Limaye the chief executive officer (CEO) of the National Stock Exchange of India (NSE) was appointed for a five-year term after former CEO Chitra Ramkrishna resigned without completing her term. Read more

INDIA

Serum Institute’s COVID-19 vaccine Covovax gets emergency use nod for 12-17 years age group

India's drug regulator has granted restricted emergency use authorisation to Serum Institute of India's COVID-19 vaccine Covovax for the 12-17 years age group subject to certain conditions. It is the fourth vaccine to receive the regulator's nod for use among those below 18 years. Read more

Centre sets up task force to figure out how to navigate rising fuel prices: Report

The government has set up a task force consisting of senior government officials to give recommendations on ways to manage the rise in prices of petroleum products in India, reported Mint. The task force is thought to suggest a mixture of VAT and excise liability reductions. Read more

Uttar Pradesh elections 2022: SWOT mapping of BJP and Samajwadi Party-RLD alliance

For the last 35 years, Uttar Pradesh — arguably the most significant state politically — has not allowed two consecutive terms in office to any political party. However, the recently-released exit polls suggest that the Yogi Adityanath-led BJP government in UP may buck the trend. Dig deeper

WORLD

EU not to ban Russian oil like US: Josep Borrell exclusive

In an interview with CNBC-TV18, Josep Borrell, High Representative of the European Union and Vice President of EU Commission, confirmed that the EU will not impose a ban on Russian oil and gas because of its heavy dependence. Further, he mentioned that NATO (North Atlantic Treaty Organization) will not be intervening in Ukraine since it's not a member nation. Read more

Russia-Ukraine war: Scant progress evacuating Ukrainian civilians despite Russian ceasefire promise

Russia announced a new ceasefire in Ukraine on Wednesday to let civilians flee besieged cities, but there were only limited signs of progress providing escape routes for hundreds of thousands of people trapped without medicine or fresh water. Read more

How Elon Musk's Tesla & SpaceX are helping war-hit Ukrainians

Even as electric carmaker Tesla braces for a major setback due to surging raw material prices made worse by Russia’s invasion of Ukraine, it hasn’t stopped helping the citizens in the war-torn country. Read more

YOU & I

All you need to know about Apple's 'most affordable' iPhone SE 3 2022

Apple has unveiled the iPhone SE 3 2022 at the Apple Peak Performance Spring event. It is being dubbed the "most affordable iPhone", Most of the design elements of the older iPhone SE 2020 have been retained in the new phone, including the IP67-rated 4.7-inch Retina HD display with reinforced glass. Check details

SBI customers can now stop cheque payments online; here's how to do it via Yono app

The State Bank of India customers who have registered for online transactions or use the SBI Yono/Yono Lite app can halt the payment of an SBI cheque without having to visit the branch. The process has been simplified and made available online on the SBI online website and SBI Yono apps for customers to conveniently cancel cheque payments. Check details

(Edited by : Priyanka Deshpande)

First Published:Mar 9, 2022 7:52 PM IST