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Last week was historic for the Indian corporate sector, especially the technology industry. 
 
Just in four days, the country minted at least six new startups with a valuation of $1 billion or more—what techies call unicorns because they’re supposed to be such rarities.

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India had a total of seven new unicorns in all of 2020, according to market researcher CB Insights. In 2019, it had six. 
 
Despite the lockdowns, India continued to produce more start-ups. 
 
1,600 new ones were registered in the year 2020 and existing ones saw their evaluations explode. 
 
Paytm is now worth 16 billion dollars. 
 
BYJU'S has hit 15 billion dollars. 
 
Walmart is looking to value Flipkart at 35 billion. 
 
Start-ups entered the pandemic tentatively but they are emerging from it as multi-billion dollar entities. 
 
How exactly did this happen? 
 
2020 was a year of crisis and crisis is where innovation thrives. 
 
Start-ups used the lockdowns to their advantage. 
 
The biggest example is Zoom. It became so popular that people weren't video-calling anymore, they were on Zoom call. 
 
If you look at India's new unicorns, the same trend persists. 
 
Among the six companies are a social commerce startup,&nbsp;a digital pharmacy, and a fintech provider. 
These start-ups were tailor-made for pandemic life. 
 
And it's obvious why India emerged as a favourite destination. Investors pumped in 11.8 billion dollars into the Indian startup market. This is nowhere close to what was invested in China and the US. But the trajectory suggests India is on the ascendency. 
 
So we have a strange situation where the economy crashed but businesses survived. Where companies slashed budgets but CEOs enjoyed bonuses. 
 
How did this happen? 
 
The pandemic deepened existing inequalities. The corporate world was always unfair, 2020 just made the gap starker. 
 
When the supply chains failed, companies responded with cuts. They trimmed the workforce, close to 25 million jobs were lost. 
 
But the top bosses barely felt the pinch. They still had their stock options, their company resorts and customary trips to the golf course. 
 
So these trends shouldn't come as a surprise. Corporates have always milked disasters. From building tanks for wars to vaccines for pandemics. The crises may change but corporate playbooks don't.

&nbsp;

Last week was historic for the Indian corporate sector, especially the technology industry. Just in four days, the country minted at least six new startups with a valuation of $1 billion or more—what techies call unicorns because they’re supposed to be such rarities.

Last week was historic for the Indian corporate sector, especially the technology industry. Just in four days, the country minted at least six new startups with a valuation of $1 billion or more—what techies call unicorns because they’re supposed to be such rarities. India had a total of seven new unicorns in all of 2020, according to market researcher CB Insights. In 2019, it had six. Despite the lockdowns, India continued to produce more start-ups. 1,600 new ones were registered in the year 2020 and existing ones saw their evaluations explode. Paytm is now worth 16 billion dollars. BYJU'S has hit 15 billion dollars. Walmart is looking to value Flipkart at 35 billion. Start-ups entered the pandemic tentatively but they are emerging from it as multi-billion dollar entities. How exactly did this happen? 2020 was a year of crisis and crisis is where innovation thrives. Start-ups used the lockdowns to their advantage. The biggest example is Zoom. It became so popular that people weren't video-calling anymore, they were on Zoom call. If you look at India's new unicorns, the same trend persists. Among the six companies are a social commerce startup, a digital pharmacy, and a fintech provider. These start-ups were tailor-made for pandemic life. And it's obvious why India emerged as a favourite destination. Investors pumped in 11.8 billion dollars into the Indian startup market. This is nowhere close to what was invested in China and the US. But the trajectory suggests India is on the ascendency. So we have a strange situation where the economy crashed but businesses survived. Where companies slashed budgets but CEOs enjoyed bonuses. How did this happen? The pandemic deepened existing inequalities. The corporate world was always unfair, 2020 just made the gap starker. When the supply chains failed, companies responded with cuts. They trimmed the workforce, close to 25 million jobs were lost. But the top bosses barely felt the pinch. They still had their stock options, their company resorts and customary trips to the golf course. So these trends shouldn't come as a surprise. Corporates have always milked disasters. From building tanks for wars to vaccines for pandemics. The crises may change but corporate playbooks don't.

6 new unicorns in 4 days: How startups thrived during the pandemic

The increase in its consumer price index followed a 0.4% increase in February and was the biggest one-month gain since a 0.6% rise in August 2012

Consumer prices jump 0.6% in March, biggest gain since 2012

The central bank adjusts its policy via three levers: the slope, mid-point and width of the policy band, known as the Nominal Effective Exchange Rate, or S$NEER.

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Schools have reopened and non-essential retail is expected to re-open from 12 April. Hospitality is to follow from 17 May, with remaining restrictions removed from 21 June.

UK's Economy to expand 5% in 2021, 5.5% in 2022

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency.

MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars.

While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29.

"HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement.

HSBC InvestDirect is available to customers in countries including Canada and Britain.

The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to.

The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates.

Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class.

MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury.

MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product". The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency. MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars. While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29. "HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement. HSBC InvestDirect is available to customers in countries including Canada and Britain. The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to. The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates. Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class. MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury. MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC bans customers from buying bitcoin-backer MicroStrategy shares

China has imposed a sweeping restructuring on Jack Ma's&nbsp;Ant&nbsp;Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

The overhaul, in the works for several months, includes&nbsp;Ant&nbsp;turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses.

It comes two days after Ma's Alibaba&nbsp;Group&nbsp;Holding Ltd, of which&nbsp;Ant&nbsp;is an affiliate, was hit with a record $2.75 billion&nbsp;antitrust penalty as China tightens controls on the booming "platform economy".

The overhaul, directed by China's central bank, subjects&nbsp;Ant&nbsp;to tougher regulatory oversight and capital requirements, and requires it to cut links between its hugely popular payments app Alipay and its other businesses - which had been viewed as a big advantage due to Alipay's vast trove of customer data.

"This restructure effectively splits&nbsp;Ant&nbsp;into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people," said Lightstream Research analyst Oshadhi Kumarasiri, who publishes on the Smartkamra platform.

"We believe it will limit&nbsp;Ant's growth prospects and also open up the market for competition."

Ant, based in the eastern city of Hangzhou, was positioned as a tech firm in 2018 when it raised $14 billion at a valuation of about $150 billion in the world’s largest single fundraising. At its planned IPO pricing, that soared to about $315 billion.

Sources told Reuters last month that some global investors valued&nbsp;Ant&nbsp;at over $200 billion based on its 2020 performance, offering a more sober estimate after the shelving of its IPO and expectations for its forced restructuring.

New York-listed shares of e-commerce giant&nbsp;Alibaba were up 8% after Monday's announcement, tracking a similar gain for its Hong Kong shares earlier in the day, with investors cheering the end of uncertainty for Alibaba after the&nbsp;antitrust fine.

'STRICTER THAN EXPECTED'

Ant, which began as Alibaba's payments arm, sits on an enormous cache of consumer data. That is the backbone of China's internet platforms, with companies offering financial products from consumer loans to investment products via smartphones.

Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa.

The People's Bank of China said that under a "comprehensive and feasible restructuring plan,"&nbsp;Ant&nbsp;would cut the "improper" linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei.

The central bank also asked&nbsp;Ant&nbsp;to break its "monopoly on information and strictly comply with the requirements of credit information business regulation."

As part of the restructuring,&nbsp;Ant&nbsp;said it would set up a personal credit reporting company, which will comply with relevant&nbsp;laws and strengthen the protection of personal information, and effectively prevent the abuse of data.

Ant&nbsp;will apply for a licence for the credit reporting company, it said.

"The restructuring plan is stricter than expected," said Dong Ximiao, chief analyst at Zhongguancun Internet Finance Institute, who said&nbsp;Ant&nbsp;would need at least 200 billion yuan ($31 billion) in registered capital to comply with the capital adequacy rule for financial holding companies.

"There's less uncertainty now as the restructuring plan finally lands, but we still need to wait and see how&nbsp;Ant&nbsp;implements all those requirements during the process."

Reuters reported in February that&nbsp;Ant&nbsp;planned to spin off its consumer-credit data operations, as hiving off its treasure trove of data on more than 1 billion people was a key part of its business overhaul in response to the regulatory crackdown.

Ant's revamp comes against a backdrop of uncertainty over Ma's empire that has extended to the billionaire himself, who disappeared from public view for three months before briefly emerging in January.

The restructuring sets "an example" for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.

China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants. The overhaul, in the works for several months, includes Ant turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses. It comes two days after Ma's Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a record $2.75 billion antitrust penalty as China tightens controls on the booming "platform economy". The overhaul, directed by China's central bank, subjects Ant to tougher regulatory oversight and capital requirements, and requires it to cut links between its hugely popular payments app Alipay and its other businesses - which had been viewed as a big advantage due to Alipay's vast trove of customer data. "This restructure effectively splits Ant into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people," said Lightstream Research analyst Oshadhi Kumarasiri, who publishes on the Smartkamra platform. "We believe it will limit Ant's growth prospects and also open up the market for competition." Ant, based in the eastern city of Hangzhou, was positioned as a tech firm in 2018 when it raised $14 billion at a valuation of about $150 billion in the world’s largest single fundraising. At its planned IPO pricing, that soared to about $315 billion. Sources told Reuters last month that some global investors valued Ant at over $200 billion based on its 2020 performance, offering a more sober estimate after the shelving of its IPO and expectations for its forced restructuring. New York-listed shares of e-commerce giant Alibaba were up 8% after Monday's announcement, tracking a similar gain for its Hong Kong shares earlier in the day, with investors cheering the end of uncertainty for Alibaba after the antitrust fine. 'STRICTER THAN EXPECTED' Ant, which began as Alibaba's payments arm, sits on an enormous cache of consumer data. That is the backbone of China's internet platforms, with companies offering financial products from consumer loans to investment products via smartphones. Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa. The People's Bank of China said that under a "comprehensive and feasible restructuring plan," Ant would cut the "improper" linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei. The central bank also asked Ant to break its "monopoly on information and strictly comply with the requirements of credit information business regulation." As part of the restructuring, Ant said it would set up a personal credit reporting company, which will comply with relevant laws and strengthen the protection of personal information, and effectively prevent the abuse of data. Ant will apply for a licence for the credit reporting company, it said. "The restructuring plan is stricter than expected," said Dong Ximiao, chief analyst at Zhongguancun Internet Finance Institute, who said Ant would need at least 200 billion yuan ($31 billion) in registered capital to comply with the capital adequacy rule for financial holding companies. "There's less uncertainty now as the restructuring plan finally lands, but we still need to wait and see how Ant implements all those requirements during the process." Reuters reported in February that Ant planned to spin off its consumer-credit data operations, as hiving off its treasure trove of data on more than 1 billion people was a key part of its business overhaul in response to the regulatory crackdown. Ant's revamp comes against a backdrop of uncertainty over Ma's empire that has extended to the billionaire himself, who disappeared from public view for three months before briefly emerging in January. The restructuring sets "an example" for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.

China expands crackdown on Jack Ma's empire with forced revamp of Ant Group

The US government's budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year.

US budget deficit jumps to an all-time high

Hawley’s bill tackles some of the same problems as an antitrust bill introduced by Democratic Senator Amy Klobuchar in February and contains some similar measures.

Republican senator wants to ban Big Tech from buying anything ever again

The governments in Kampala and Dodoma joined oil companies Total of France and CNOOC of China in signing a series of accords Sunday that pave the way for the construction of a pipeline to carry crude from Uganda to a Tanzanian port on the Indian Ocean, official sources said.

The $3.5 billion (3 billion euros) project led by Total and CNOOC provides for the management of oilfields in the Lake Albert region in Uganda's west and proposes pumping the crude to the coast across Tanzania via the East African Crude Oil Pipe Line (EACOP).

The discovery of the crude reserves in 2006 sparked hopes in Uganda that the country could become an oil Eldorado, but drilling and pipeline projects failed in the face of commercial and tax disputes.

A joint press release says the agreements signed on Sunday by Uganda president Yoweri Museveni and his Tanzanian counterpart Samia Suluhu Hassan mean "all outstanding issues related to the EACOP Project have been amicably resolved".&nbsp;

It also stipulated that a shareholding agreement had been reached and that companies could now award construction contracts.

Beneath the waters and on the banks of Lake Albert, a 160 kilometre natural border separating Uganda from the Democratic Republic of the Congo, lie some 6.5 billion barrels of crude, of which about 1.4 billion barrels are currently accessible.&nbsp;

The Uganda reserves could last 25 to 30 years with a peak production of 230,000 barrels per day. 
The EACOP is a heated pipeline stretching 1,400 kilometres (900 miles), including a 300 km (180 mile) stretch within Uganda, that will carry the crude to the Tanzanian port of Tanga.

On March 1, more than 250 local and international organisations addressed major banks in a letter calling upon them to refrain from financing "the longest heated crude oil pipeline in the world".

The letter cites "extensively documented risks" including "impacts to local people through physical displacement ... risks to water, biodiversity and natural habitats; as well as unlocking a new source of carbon emissions".

The governments in Kampala and Dodoma joined oil companies Total of France and CNOOC of China in signing a series of accords Sunday that pave the way for the construction of a pipeline to carry crude from Uganda to a Tanzanian port on the Indian Ocean, official sources said.

The governments in Kampala and Dodoma joined oil companies Total of France and CNOOC of China in signing a series of accords Sunday that pave the way for the construction of a pipeline to carry crude from Uganda to a Tanzanian port on the Indian Ocean, official sources said. The $3.5 billion (3 billion euros) project led by Total and CNOOC provides for the management of oilfields in the Lake Albert region in Uganda's west and proposes pumping the crude to the coast across Tanzania via the East African Crude Oil Pipe Line (EACOP). The discovery of the crude reserves in 2006 sparked hopes in Uganda that the country could become an oil Eldorado, but drilling and pipeline projects failed in the face of commercial and tax disputes. A joint press release says the agreements signed on Sunday by Uganda president Yoweri Museveni and his Tanzanian counterpart Samia Suluhu Hassan mean "all outstanding issues related to the EACOP Project have been amicably resolved". It also stipulated that a shareholding agreement had been reached and that companies could now award construction contracts. Beneath the waters and on the banks of Lake Albert, a 160 kilometre natural border separating Uganda from the Democratic Republic of the Congo, lie some 6.5 billion barrels of crude, of which about 1.4 billion barrels are currently accessible. The Uganda reserves could last 25 to 30 years with a peak production of 230,000 barrels per day. The EACOP is a heated pipeline stretching 1,400 kilometres (900 miles), including a 300 km (180 mile) stretch within Uganda, that will carry the crude to the Tanzanian port of Tanga. On March 1, more than 250 local and international organisations addressed major banks in a letter calling upon them to refrain from financing "the longest heated crude oil pipeline in the world". The letter cites "extensively documented risks" including "impacts to local people through physical displacement ... risks to water, biodiversity and natural habitats; as well as unlocking a new source of carbon emissions".

Uganda, Tanzania, oil giants open way for pipeline construction

China on Saturday imposed a record 18 billion yuan (USD 2.75 billion) fine on Alibaba amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.

Alibaba says to lower entry barriers after record antitrust fine

Guzman will travel to Germany, France, Italy and Spain, where he will meet his counterparts and other officials to outline Argentina’s restructuring plans during a five-day trip.

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“At the end of 2022 the economy will have barely bridged the gap opened in 2020 by the pandemic,” Confindustria said as it announced its latest economic forecasts.

Italy's economy seen growing 4.1% this year

Equity benchmark Sensex plummeted 1,708 points on Monday following an across-the-board selloff as spiking COVID-19 cases in the country spooked investors.

The 30-share BSE index sank 1,707.94 points or 3.44 per cent to end at 47,883.38.

Similarly, the broader NSE Nifty plunged 524.05 points or 3.53 per cent to finish at 14,310.80.

IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bajaj Finance, SBI, ONGC, Titan, M&amp;M, Bajaj Finserv, ICICI Bank and Axis Bank. Dr Reddy’s was the sole gainer, climbing over 4 per cent.

"Domestic equities reminded the bloodbath of March 2020 as record rise in COVID-19 cases in the country and possibility of lockdowns in several states dented investors’ sentiments," said Binod Modi, Head - Strategy at Reliance Securities.

Concerns of a possible reversal in economic momentum and earnings recovery made investors risk-averse and huge selloff led to the erosion of nearly Rs 9 lakh crore in investor wealth, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were in the red, while Seoul ended with mild gains.

Stock exchanges in Europe were largely trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.57 per cent higher at USD 63.31 per barrel.

Equity benchmark Sensex plummeted 1,708 points on Monday following an across-the-board selloff as spiking COVID-19 cases in the country spooked investors. The 30-share BSE index sank 1,707.

Equity benchmark Sensex plummeted 1,708 points on Monday following an across-the-board selloff as spiking COVID-19 cases in the country spooked investors. The 30-share BSE index sank 1,707.94 points or 3.44 per cent to end at 47,883.38. Similarly, the broader NSE Nifty plunged 524.05 points or 3.53 per cent to finish at 14,310.80. IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bajaj Finance, SBI, ONGC, Titan, M&M, Bajaj Finserv, ICICI Bank and Axis Bank. Dr Reddy’s was the sole gainer, climbing over 4 per cent. "Domestic equities reminded the bloodbath of March 2020 as record rise in COVID-19 cases in the country and possibility of lockdowns in several states dented investors’ sentiments," said Binod Modi, Head - Strategy at Reliance Securities. Concerns of a possible reversal in economic momentum and earnings recovery made investors risk-averse and huge selloff led to the erosion of nearly Rs 9 lakh crore in investor wealth, he added. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were in the red, while Seoul ended with mild gains. Stock exchanges in Europe were largely trading on a positive note in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.57 per cent higher at USD 63.31 per barrel.

Sensex nosedives 1,708 points amid massive selloff; Nifty plunges below 14,350

India`s total domestic passenger vehicle sales rose 115.2% in March, data from an auto industry body showed on Monday, but it warned that the COVID-19 pandemic had set back an already bruised auto industry by many years. 
 
The Indian auto sector was already facing a demand slowdown when the government imposed a nationwide lockdown in March last year to curb the spread of the coronavirus. 
 
"On the sales front, a deep structural slowdown in the industry even before the pandemic, combined with the impact of COVID-19 in 2020-21, has pushed all vehicle segments back by many years," Kenichi Ayukawa, president of the Society of Indian Automobile Manufacturers (SIAM) said. 
 
India`s COVID-19 cases continue to rise relentlessly, overtaking Brazil on Monday to become the second-worst affected country globally. 
 
The state of Maharashtra, home to the country`s financial capital Mumbai, is considering a lockdown and could take a final decision this week, a senior government official said. 
 
Ayukawa also warned of uncertainty in the value chain due to a shortage of semiconductors, lockdowns and high raw material costs. 
 
Sales of passenger cars, sport utility vehicles (SUVs) and vans rose to 290,939 units in March from 135,196 units a year ago, SIAM data showed. 
 
Two-wheeler sales, considered an indicator of the health of the rural economy, rose nearly 73% to 1.5 million units in March, data showed. 
 
But for the financial year April-March, passenger vehicles sales fell 2.24% to 2.7 million units.

India`s total domestic passenger vehicle sales rose 115.2% in March, data from an auto industry body showed on Monday, but it warned that the COVID-19 pandemic had set back an already bruised auto industry by many years.

India`s total domestic passenger vehicle sales rose 115.2% in March, data from an auto industry body showed on Monday, but it warned that the COVID-19 pandemic had set back an already bruised auto industry by many years. The Indian auto sector was already facing a demand slowdown when the government imposed a nationwide lockdown in March last year to curb the spread of the coronavirus. "On the sales front, a deep structural slowdown in the industry even before the pandemic, combined with the impact of COVID-19 in 2020-21, has pushed all vehicle segments back by many years," Kenichi Ayukawa, president of the Society of Indian Automobile Manufacturers (SIAM) said. India`s COVID-19 cases continue to rise relentlessly, overtaking Brazil on Monday to become the second-worst affected country globally. The state of Maharashtra, home to the country`s financial capital Mumbai, is considering a lockdown and could take a final decision this week, a senior government official said. Ayukawa also warned of uncertainty in the value chain due to a shortage of semiconductors, lockdowns and high raw material costs. Sales of passenger cars, sport utility vehicles (SUVs) and vans rose to 290,939 units in March from 135,196 units a year ago, SIAM data showed. Two-wheeler sales, considered an indicator of the health of the rural economy, rose nearly 73% to 1.5 million units in March, data showed. But for the financial year April-March, passenger vehicles sales fell 2.24% to 2.7 million units.

India's March passenger vehicle sales jump, industry body warns of uncertainty

Domestic stock market indices, Sensex and Nifty plunged on Monday with all sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment. Losses in banks, autos and metal stocks dragged the most.&nbsp;

Along with the surging Covid cases, the subdued trend in the Asian markets also weighed on the Indian indices.

Around 12.10 p.m., Sensex was trading at 47,834.84, lower by 1,756.48 points or 3.54 per cent from its previous close of 49,591.32.

It opened at 48,956.65 and has so far recorded an intra-day high of 48,956.65 and a low of 47,813.60 points.

The Nifty50 on the National Stock Exchange was trading at 14,304.00, lower by 530.85 points or 3.58 per cent from its previous close.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty plunged on Monday with all sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment.

Domestic stock market indices, Sensex and Nifty plunged on Monday with all sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment. Losses in banks, autos and metal stocks dragged the most. Along with the surging Covid cases, the subdued trend in the Asian markets also weighed on the Indian indices. Around 12.10 p.m., Sensex was trading at 47,834.84, lower by 1,756.48 points or 3.54 per cent from its previous close of 49,591.32. It opened at 48,956.65 and has so far recorded an intra-day high of 48,956.65 and a low of 47,813.60 points. The Nifty50 on the National Stock Exchange was trading at 14,304.00, lower by 530.85 points or 3.58 per cent from its previous close. (With inputs from agencies)

Sensex skids 1,700 points, Nifty around 14,300 on lockdown concerns

India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official.

The International Monetary Fund Deputy Chief Economist, Petya Koeva Brooks, in an interview to PTI on Friday also made a strong case for an additional economic stimulus to address the impact of the pandemic on the country's economy.

"When it comes to India there was a major collapse of output last fiscal year and the number as you mentioned is eight.

"So, we are very glad to see the strong rebound this year with projected growth of 12.5 for fiscal year 21-22 and we are seeing also high-frequency indicators including PMI (Purchasing Managers' Index), and trade and more mobility indicators which give us a sense that there is a continued recovery in the first quarter of this year," she said.

That said, there are some recent emergencies of the new variants in the localised lockdowns that are seen as one of the threats to this recovery, Brooks noted.

On the recovery itself, when it comes to the level in terms of the level of output, we are expecting that level to return to the pre-crisis one from 2019 to this fiscal year. That is what we have in our projections.

"However, if you look at a concept of scarring, which just compares what the level of output would have been hadn't there been a crisis in 2024, which is the measure which we are using. Then at and compare where our current growth trajectory is for India that gap is much larger, Brooks said.

The gap, she said, which is eight per cent of GDP is significantly larger than what it is for the world as a whole.

"For the world as a whole it's about three (per cent), which is another way of saying that even though in the near term we have this real rebound, there's still scope in the coming years to see higher growth which would reduce and hopefully, eliminate that scarring, which we are currently expecting, the top IMF official said in response to a question.

"If we were to just think about the level of output that it was prior to being a pandemic then that catch happens this year, which is not surprising also given the very high level of the underlying high level of growth which India has. But again, if we compare it to the path of what it would have been without the pandemic then we are getting too many larger gaps there, she said.

Noting that the Indian government took several steps to address the COVID-19 crisis, Brooks said, We have seen policy responses, which have been coordinated and in several areas. We have seen that the fiscal support, the monetary easing as well as the liquidity and regulatory measures that were taken."

What makes sense is to maintain the focus on having that coordinated policy response because this is what's going to prevent long-term damage to the economy. Providing that support to small and medium-sized firms as well as vulnerable houses would be particularly important, she said.

Brooks said the IMF very much welcomes the measures that were announced by India during its budget. It is particularly supportive of maintaining the accommodative fiscal stance and also emphasising expenditures on health and infrastructure.

We estimate that the positive impact of the measures for this fiscal year is going to be of the order of point six percentage points on growth, she said, adding that several measures announced in the budget were in line of the IMF's advice.

Prominent among them are that there would not be a withdrawal of fiscal stimulus at the general government level and also that state governments would be given the temporary flexibility to go over their budget ceilings. And last, but not least, the fact that some of the other budget items on food subsidies were actually brought into the budget. Overall, the IMF is very supportive of this focus on growth.

At the same time, Brooks made a strong case for an additional economic stimulus.

We do think that additional fiscal stimulus would be helpful. Focusing that stimulus again on the most vulnerable is something that makes sense to us. We note that some of the income support schemes were not extended beyond November 2020 and such, she said.

Taking measures in that area would be particularly helpful as well as making sure that there's priority spending on education, the economist noted.

Last, but not least, also ensuring that there is a very concrete medium-term fiscal framework is an area where we can see some room for more work in that area, she said.

Now when it comes to monetary policy, we think that given the underlying slack in the economy, maintaining the accommodative monetary policy stance makes sense. This is what we understand is being planned at the moment.

This has been our long-standing recommendation that we see scope for additional policy measures to address the weaknesses in the financial sector, in the banking part in the non-bank part of the financial sector. We think that this is going to be particularly important as we come out of the crisis to have that efficient credit intermediation, which is going to allow the economy to grow, the IMF official said.

Responding to a question on the stimulus package, Brooks underscored the need to essentially have targeted support for households and for the firms that have been most affected is the most efficient and sensible way to provide that support.

India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official.

India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official. The International Monetary Fund Deputy Chief Economist, Petya Koeva Brooks, in an interview to PTI on Friday also made a strong case for an additional economic stimulus to address the impact of the pandemic on the country's economy. "When it comes to India there was a major collapse of output last fiscal year and the number as you mentioned is eight. "So, we are very glad to see the strong rebound this year with projected growth of 12.5 for fiscal year 21-22 and we are seeing also high-frequency indicators including PMI (Purchasing Managers' Index), and trade and more mobility indicators which give us a sense that there is a continued recovery in the first quarter of this year," she said. That said, there are some recent emergencies of the new variants in the localised lockdowns that are seen as one of the threats to this recovery, Brooks noted. On the recovery itself, when it comes to the level in terms of the level of output, we are expecting that level to return to the pre-crisis one from 2019 to this fiscal year. That is what we have in our projections. "However, if you look at a concept of scarring, which just compares what the level of output would have been hadn't there been a crisis in 2024, which is the measure which we are using. Then at and compare where our current growth trajectory is for India that gap is much larger, Brooks said. The gap, she said, which is eight per cent of GDP is significantly larger than what it is for the world as a whole. "For the world as a whole it's about three (per cent), which is another way of saying that even though in the near term we have this real rebound, there's still scope in the coming years to see higher growth which would reduce and hopefully, eliminate that scarring, which we are currently expecting, the top IMF official said in response to a question. "If we were to just think about the level of output that it was prior to being a pandemic then that catch happens this year, which is not surprising also given the very high level of the underlying high level of growth which India has. But again, if we compare it to the path of what it would have been without the pandemic then we are getting too many larger gaps there, she said. Noting that the Indian government took several steps to address the COVID-19 crisis, Brooks said, We have seen policy responses, which have been coordinated and in several areas. We have seen that the fiscal support, the monetary easing as well as the liquidity and regulatory measures that were taken." What makes sense is to maintain the focus on having that coordinated policy response because this is what's going to prevent long-term damage to the economy. Providing that support to small and medium-sized firms as well as vulnerable houses would be particularly important, she said. Brooks said the IMF very much welcomes the measures that were announced by India during its budget. It is particularly supportive of maintaining the accommodative fiscal stance and also emphasising expenditures on health and infrastructure. We estimate that the positive impact of the measures for this fiscal year is going to be of the order of point six percentage points on growth, she said, adding that several measures announced in the budget were in line of the IMF's advice. Prominent among them are that there would not be a withdrawal of fiscal stimulus at the general government level and also that state governments would be given the temporary flexibility to go over their budget ceilings. And last, but not least, the fact that some of the other budget items on food subsidies were actually brought into the budget. Overall, the IMF is very supportive of this focus on growth. At the same time, Brooks made a strong case for an additional economic stimulus. We do think that additional fiscal stimulus would be helpful. Focusing that stimulus again on the most vulnerable is something that makes sense to us. We note that some of the income support schemes were not extended beyond November 2020 and such, she said. Taking measures in that area would be particularly helpful as well as making sure that there's priority spending on education, the economist noted. Last, but not least, also ensuring that there is a very concrete medium-term fiscal framework is an area where we can see some room for more work in that area, she said. Now when it comes to monetary policy, we think that given the underlying slack in the economy, maintaining the accommodative monetary policy stance makes sense. This is what we understand is being planned at the moment. This has been our long-standing recommendation that we see scope for additional policy measures to address the weaknesses in the financial sector, in the banking part in the non-bank part of the financial sector. We think that this is going to be particularly important as we come out of the crisis to have that efficient credit intermediation, which is going to allow the economy to grow, the IMF official said. Responding to a question on the stimulus package, Brooks underscored the need to essentially have targeted support for households and for the firms that have been most affected is the most efficient and sensible way to provide that support.

India needs to grow faster to make up for contraction during Covid-19: IMF

TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates.

The company, which did not disclose its latest valuation, was valued at $2.6 billion after raising funds in May 2019, according to data platform PitchBook. Including the latest funding, TAE has raised $880 million till date.

The fresh capital will mostly be deployed to commercialize TAE`s power management technology, which is used for electrical grid applications and faster charging of electric vehicles, the company said.

Founded in 1998 and formerly known as Tri Alpha Energy, TAE Technologies kept a low profile for years and operated in stealth mode. Over the years, it has drawn the interest of investors including Venrock, brokerage Charles Schwab and the Kuwait Investment Authority.

The company is also working on producing baseload power from the Hydrogen-Boron fuel cycle, which is an environment-friendly fuel source. Baseload power refers to the minimum amount of power that needs to be supplied to an electrical grid at any given point in time.

Prior to the latest funding round, TAE had raised about $130 million earlier this year.

TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates.

TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates. The company, which did not disclose its latest valuation, was valued at $2.6 billion after raising funds in May 2019, according to data platform PitchBook. Including the latest funding, TAE has raised $880 million till date. The fresh capital will mostly be deployed to commercialize TAE`s power management technology, which is used for electrical grid applications and faster charging of electric vehicles, the company said. Founded in 1998 and formerly known as Tri Alpha Energy, TAE Technologies kept a low profile for years and operated in stealth mode. Over the years, it has drawn the interest of investors including Venrock, brokerage Charles Schwab and the Kuwait Investment Authority. The company is also working on producing baseload power from the Hydrogen-Boron fuel cycle, which is an environment-friendly fuel source. Baseload power refers to the minimum amount of power that needs to be supplied to an electrical grid at any given point in time. Prior to the latest funding round, TAE had raised about $130 million earlier this year.

Google-backed nuclear energy firm TAE Technologies raises USD 280 million

US' Southwest Airlines is recalling over 2,700 flight attendants from leave to support its summer schedule, ending a voluntary furlough program introduced during the Coronavirus pandemic as travel demand waned.

World Business Watch: Southwest Airlines recalls over 2,700 flight attendants for summer

A backlog of container ships carrying consumer goods has grown in some key strategic ports after a near week-long blockage in the Suez Canal, adding to ongoing disruptions to global trade.

World Business Watch: Global supply lines struggle to clear container backlog after Suez Canal chaos

According to reports, Tesla is scouring India for showroom locations as it targets a move into the country but the lack of infrastructure for electric vehicles could make it a tough market to crack.

World Business Watch: Tesla targets India, but faces bumpy road

General Motors and Ford Motor both said that they will cut more vehicle production due to a semiconductor chip shortage that has roiled the global automotive industry.

World Business Watch: GM, Ford cutting more production due to chip shortage

The S&amp;P 500 and the Dow hit record highs on Friday as economy-linked stocks including banks and industrials gained on optimism around strong U.S. economic growth.

Financial stocks rose 0.6%, more than any other S&amp;P sector, with Bank of America Corp, Citigroup Inc and JPMorgan Chase &amp; Co rising between 0.5% and 0.9%.

The banks will kick off the first-quarter earnings season next week, and analysts expect profits for S&amp;P 500 firms to have jumped about 25% year on year, the strongest performance for the quarter since 2018, according to Refinitiv IBES data.

"We have had a tremendous run recently and there's some excitement about how strong corporate America's earnings will be," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

"It is a chance to justify the rallies that we have seen recently to new highs."

Data on Friday showed U.S. producer prices increased more than expected in March, resulting in the largest annual gain in nine-and-a-half years, likely marking the start of higher inflation.

However, the Federal Reserve's officials have maintained that rising prices would be transitory because of the labor market's slack and the U.S. central bank plans to keep interest rates lower for a substantial period.

"Historically, the reaction to PPI (producer prices index) number like that would have had markets selling off but clearly we are being made to understand that the Fed's inflation target is truly asymmetric," said Art Hogan, chief market strategist at National Securities in New York.

"If the Fed is willing to ignore high inflation in the near term, investors should likely do the same."

U.S. President Joe Biden asked Congress to sharply increase spending to combat climate change and gun violence in a budget that marks a sharp departure from his predecessor, Donald Trump.

At 11:27 a.m. ET, the Dow Jones Industrial Average rose 76.22 points, or 0.23%, to 33,579.79, the S&amp;P 500 gained 4.60 points, or 0.11%, to 4,101.77 and the Nasdaq Composite lost 20.53 points, or 0.15%, to 13,808.78.

The communication services index, which houses high-flying names, inched lower.

Still, the Russell 1000 growth index, which comprises mainly technology-related stocks, is set to outperform its value counterpart, made up of mostly financials and energy names, for a second consecutive week following the recent pullback in longer-dated Treasury yields.

Bank of America's weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years.

Honeywell gained about 2% as Jefferies and J.P. Morgan raised their price targets on the U.S. aero parts maker's shares.

Advancing issues outnumbered decliners by a 1-to-1 ratio on the NYSE and declining issues outnumbered advancers by a 1.5-to-1 ratio on the Nasdaq.

The S&amp;P 500 posted 37 new 52-week highs and no new lows, while the Nasdaq recorded 124 new highs and 31 new lows.

The S&P 500 and the Dow hit record highs on Friday as economy-linked stocks including banks and industrials gained on optimism around strong U.S. economic growth.

The S&P 500 and the Dow hit record highs on Friday as economy-linked stocks including banks and industrials gained on optimism around strong U.S. economic growth. Financial stocks rose 0.6%, more than any other S&P sector, with Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co rising between 0.5% and 0.9%. The banks will kick off the first-quarter earnings season next week, and analysts expect profits for S&P 500 firms to have jumped about 25% year on year, the strongest performance for the quarter since 2018, according to Refinitiv IBES data. "We have had a tremendous run recently and there's some excitement about how strong corporate America's earnings will be," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. "It is a chance to justify the rallies that we have seen recently to new highs." Data on Friday showed U.S. producer prices increased more than expected in March, resulting in the largest annual gain in nine-and-a-half years, likely marking the start of higher inflation. However, the Federal Reserve's officials have maintained that rising prices would be transitory because of the labor market's slack and the U.S. central bank plans to keep interest rates lower for a substantial period. "Historically, the reaction to PPI (producer prices index) number like that would have had markets selling off but clearly we are being made to understand that the Fed's inflation target is truly asymmetric," said Art Hogan, chief market strategist at National Securities in New York. "If the Fed is willing to ignore high inflation in the near term, investors should likely do the same." U.S. President Joe Biden asked Congress to sharply increase spending to combat climate change and gun violence in a budget that marks a sharp departure from his predecessor, Donald Trump. At 11:27 a.m. ET, the Dow Jones Industrial Average rose 76.22 points, or 0.23%, to 33,579.79, the S&P 500 gained 4.60 points, or 0.11%, to 4,101.77 and the Nasdaq Composite lost 20.53 points, or 0.15%, to 13,808.78. The communication services index, which houses high-flying names, inched lower. Still, the Russell 1000 growth index, which comprises mainly technology-related stocks, is set to outperform its value counterpart, made up of mostly financials and energy names, for a second consecutive week following the recent pullback in longer-dated Treasury yields. Bank of America's weekly fund flow figures showed investors have pumped more money into equities over the past five months than in the last 12 years. Honeywell gained about 2% as Jefferies and J.P. Morgan raised their price targets on the U.S. aero parts maker's shares. Advancing issues outnumbered decliners by a 1-to-1 ratio on the NYSE and declining issues outnumbered advancers by a 1.5-to-1 ratio on the Nasdaq. The S&P 500 posted 37 new 52-week highs and no new lows, while the Nasdaq recorded 124 new highs and 31 new lows.

S&P 500, Dow at all-time high as banks, industrial rise

MUMBAI: After eight quarters of either decline or single-digit growth, corporate revenue grew in high double-digits of 15-17 per cent in the March quarter of FY'21 to Rs 6.9 lakh crore, partly because of the low base and better realisation due to higher commodity prices, pushing up their operating profits by a much higher 28-30 per cent, says a report.

With a visible recovery in the second half of fiscal 2021, the overall revenue may be just 50 bps lower than that of fiscal 2020, according to a pre-earnings forecast by Crisil Ratings on Thursday.

The estimates of 15-17 per cent revenue growth to Rs 6.9 lakh crore in Q4 of FY21 are based on an analysis of 300 companies, which account for 55-60 per cent of the market capitalisation (excluding financial services and oil companies) of the NSE, the agency said, adding operating profit jumped be 28-30 per cent in the quarter.

The robust revenue growth rides on a low base of the year-ago quarter, besides higher government capex and higher realisations amid a commodity upcycle, among others.

A closer look at the revenue breakup indicates 50 per cent of the recovery is contributed by automobiles, IT services and construction, according to Hetal Gandhi, a director at the agency who led the team of analysts.

She also pointed out that this double-digit growth comes after eight quarters of either decline or single-digit growth.

With a visible recovery in the H2 of FY21, the overall revenue for these 300 companies is estimated at Rs 23.8 lakh crore, which is a mere 0.5 per cent lower on-year.

The growth is led by construction-linked sectors like steel and cement which are estimated to have posted 45-50 per cent and 17-18 per cent on-year revenue rise, respectively, buoyed by higher realisations and volume.

Domestic prices of flat steel and cement are estimated to have risen to 32 per cent and 2 per cent on-year, respectively.

But the picture is not rosy across verticals.

A cloud of uncertainty continues to loom over consumer discretionary services such as airlines which likely to have declined 30 per cent amid social distancing and cut in travel budgets.

Similarly, revenue for players in media and entertainment is also expected to have dropped 10 per cent due to lower ad spends and subscriptions.

Earnings before interest, tax, depreciation and amortisation (Ebitda) is estimated to have jumped 28-30 per cent in the quarter, significantly better than revenue growth.

Mayur Patil, an associate director, explained that demand recovery, higher realisations, and unprecedented fixed-cost cutting measures have enabled a healthy rise in operating margins for six quarters now.

But he was quick to warn that rising commodity prices will lead to a decline in margins on a sequential basis.

Key raw materials such as steel, aluminium, natural rubber and crude oil have seen a double-digit increase from March 2020 levels.

The most affected sectors due to the commodity price increase will steel, cement and pharma, which together account for 30 per cent of aggregate Ebitda profit, are expected to see their margins contract by 380 bps, 230 bps and 160 bps, respectively, on a sequential basis.

Despite this, fiscal 2021 will close Ebitda profile rising 12-13 per cent on-year over flat revenue.

The other key sectors covered include aluminium, auto &amp; auto components, capital goods, petrochemicals, construction, FMCG, power, retail, sugar, cotton yarn, telecom services, and tyres.

The automobiles industry is expected to record steep growth, pegged at 45-47 per cent on-year, given a low base, higher wholesale sales volumes, and higher realisations led by the implementation of Bharat VI emission norms.

This, in turn, is expected to have driven growth for ancillary segments such as auto components and tyres that are estimated to grow a robust 26-28 per cent.

Despite the pandemic, there was sustained growth in export-linked sectors like IT services and pharma reporting a 6 per cent increase in revenue.

The government thrust on public spending also arrested a fall in revenue for construction-linked sectors.

Construction players are estimated to clock a 10 per cent decline in revenue due to a weak performance in the first half of the fiscal.

On the other hand, those in the commodity space like steel, gained from a volume recovery in the H2, coupled with higher realisations, resulting in a 10 per cent increase in revenue for the year.

However, overall revenue growth for India Inc was constrained by a fall in consumer discretionary products and services which are set to see 10-12 per cent fall.

Steel companies are also expected to post a whooping 45-50 per cent increase in revenue, led by rising realisation (27 per cent on-year increase) and healthy demand in Q4 on the low base.

IT services revenue is expected to have grown a modest 6-7 per cent, aided by robust demand for digital services (44 per cent of total revenue) and rupee depreciation of 2 per cent.

Similarly, petrochemical companies are expected to seen revenue jump 40-45 per cent, supported by an increase in realisations, led by rise in crude and naphtha prices (up 21 per cent).

Aluminium sector revenue is expected to have increased 15 per cent, mainly due to higher metal prices and stable production volumes.

Telecom services revenue is expected to decline marginally by 2 per cent, owing to removal of IUC charges, while power generation companies are expected to see a 4-5 per cent growth , led by a continued recovery in power demand, coupled with the low base of the fourth quarter in the previous fiscal.

Capital goods manufacturers are expected to net 6-7 per cent more revenue with economic activity picking up, coupled with a low base.

MUMBAI: After eight quarters of either decline or single-digit growth, corporate revenue grew in high double-digits of 15-17 per cent in the March quarter of FY'21 to Rs 6.

MUMBAI: After eight quarters of either decline or single-digit growth, corporate revenue grew in high double-digits of 15-17 per cent in the March quarter of FY'21 to Rs 6.9 lakh crore, partly because of the low base and better realisation due to higher commodity prices, pushing up their operating profits by a much higher 28-30 per cent, says a report. With a visible recovery in the second half of fiscal 2021, the overall revenue may be just 50 bps lower than that of fiscal 2020, according to a pre-earnings forecast by Crisil Ratings on Thursday. The estimates of 15-17 per cent revenue growth to Rs 6.9 lakh crore in Q4 of FY21 are based on an analysis of 300 companies, which account for 55-60 per cent of the market capitalisation (excluding financial services and oil companies) of the NSE, the agency said, adding operating profit jumped be 28-30 per cent in the quarter. The robust revenue growth rides on a low base of the year-ago quarter, besides higher government capex and higher realisations amid a commodity upcycle, among others. A closer look at the revenue breakup indicates 50 per cent of the recovery is contributed by automobiles, IT services and construction, according to Hetal Gandhi, a director at the agency who led the team of analysts. She also pointed out that this double-digit growth comes after eight quarters of either decline or single-digit growth. With a visible recovery in the H2 of FY21, the overall revenue for these 300 companies is estimated at Rs 23.8 lakh crore, which is a mere 0.5 per cent lower on-year. The growth is led by construction-linked sectors like steel and cement which are estimated to have posted 45-50 per cent and 17-18 per cent on-year revenue rise, respectively, buoyed by higher realisations and volume. Domestic prices of flat steel and cement are estimated to have risen to 32 per cent and 2 per cent on-year, respectively. But the picture is not rosy across verticals. A cloud of uncertainty continues to loom over consumer discretionary services such as airlines which likely to have declined 30 per cent amid social distancing and cut in travel budgets. Similarly, revenue for players in media and entertainment is also expected to have dropped 10 per cent due to lower ad spends and subscriptions. Earnings before interest, tax, depreciation and amortisation (Ebitda) is estimated to have jumped 28-30 per cent in the quarter, significantly better than revenue growth. Mayur Patil, an associate director, explained that demand recovery, higher realisations, and unprecedented fixed-cost cutting measures have enabled a healthy rise in operating margins for six quarters now. But he was quick to warn that rising commodity prices will lead to a decline in margins on a sequential basis. Key raw materials such as steel, aluminium, natural rubber and crude oil have seen a double-digit increase from March 2020 levels. The most affected sectors due to the commodity price increase will steel, cement and pharma, which together account for 30 per cent of aggregate Ebitda profit, are expected to see their margins contract by 380 bps, 230 bps and 160 bps, respectively, on a sequential basis. Despite this, fiscal 2021 will close Ebitda profile rising 12-13 per cent on-year over flat revenue. The other key sectors covered include aluminium, auto & auto components, capital goods, petrochemicals, construction, FMCG, power, retail, sugar, cotton yarn, telecom services, and tyres. The automobiles industry is expected to record steep growth, pegged at 45-47 per cent on-year, given a low base, higher wholesale sales volumes, and higher realisations led by the implementation of Bharat VI emission norms. This, in turn, is expected to have driven growth for ancillary segments such as auto components and tyres that are estimated to grow a robust 26-28 per cent. Despite the pandemic, there was sustained growth in export-linked sectors like IT services and pharma reporting a 6 per cent increase in revenue. The government thrust on public spending also arrested a fall in revenue for construction-linked sectors. Construction players are estimated to clock a 10 per cent decline in revenue due to a weak performance in the first half of the fiscal. On the other hand, those in the commodity space like steel, gained from a volume recovery in the H2, coupled with higher realisations, resulting in a 10 per cent increase in revenue for the year. However, overall revenue growth for India Inc was constrained by a fall in consumer discretionary products and services which are set to see 10-12 per cent fall. Steel companies are also expected to post a whooping 45-50 per cent increase in revenue, led by rising realisation (27 per cent on-year increase) and healthy demand in Q4 on the low base. IT services revenue is expected to have grown a modest 6-7 per cent, aided by robust demand for digital services (44 per cent of total revenue) and rupee depreciation of 2 per cent. Similarly, petrochemical companies are expected to seen revenue jump 40-45 per cent, supported by an increase in realisations, led by rise in crude and naphtha prices (up 21 per cent). Aluminium sector revenue is expected to have increased 15 per cent, mainly due to higher metal prices and stable production volumes. Telecom services revenue is expected to decline marginally by 2 per cent, owing to removal of IUC charges, while power generation companies are expected to see a 4-5 per cent growth , led by a continued recovery in power demand, coupled with the low base of the fourth quarter in the previous fiscal. Capital goods manufacturers are expected to net 6-7 per cent more revenue with economic activity picking up, coupled with a low base.

India Inc set to login 15-17 per cent revenue growth in Q4 FY'21: Report

Stock market indices ended lower on Friday after a volatile session dragged mainly by banking and energy stocks, as a surge in COVID cases kept investors cautious after some states imposed new restrictions.

As per provisional closing data, the barometer index, the S&amp;P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 37.05 points or 0.25% to 14,836.75.&nbsp;

On the Nifty50 index, Cipla, Sun Pharma, HUL, Tech Mahindra, and Tata Consumer were the top gainers while Bajaj Finance, UPL, Tata Steel, UltraTech cement and NTPC led the losses.

Meanwhile, the Indian rupee erased some of the intraday losses but ended lower at 74.74 per dollar, amid volatile trade seen in the domestic equity market. It opened 17 paise lower at 74.77 per dollar versus Thursday's close of 74.60 and traded in the range of 74.53-74.97.

(With inputs from agencies)

Stock market indices ended lower on Friday after a volatile session dragged mainly by banking and energy stocks, as a surge in COVID cases kept investors cautious after some states imposed new restrictions.

Stock market indices ended lower on Friday after a volatile session dragged mainly by banking and energy stocks, as a surge in COVID cases kept investors cautious after some states imposed new restrictions. As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 154.89 points or 0.31% to 49,591.32. The Nifty 50 index lost 37.05 points or 0.25% to 14,836.75. On the Nifty50 index, Cipla, Sun Pharma, HUL, Tech Mahindra, and Tata Consumer were the top gainers while Bajaj Finance, UPL, Tata Steel, UltraTech cement and NTPC led the losses. Meanwhile, the Indian rupee erased some of the intraday losses but ended lower at 74.74 per dollar, amid volatile trade seen in the domestic equity market. It opened 17 paise lower at 74.77 per dollar versus Thursday's close of 74.60 and traded in the range of 74.53-74.97. (With inputs from agencies)

Sensex ends 155 points lower, Nifty below 14,850

General Motors is testing a variety of battery chemistries, technologies and manufacturing processes aimed at slashing the cost of future electric vehicle batteries and reducing its dependence on such price-sensitive metals as cobalt.

World Business Watch: GM aims at slashing electric vehicles battery costs

To speed up deliveries in small markets United Parcel Service (UPS) has agreed to buy 10 electrical aircraft from Beta Technologies (BETA). The vehicle has a 1,400 lb cargo capacity, a range of 250 miles and zero operating emissions.

World Business Watch: UPS to buy 10 electric aircraft for delivery