News Bulletin: 3/8/22

▫️China plans targeted military exercise, against the US parliament speaker visit to Taiwan.

▫️Uber may exit 7.8% stake in Zomato through block deal in today’s trading session.

▫️Jio to have edge over Airtel on 5G network coverage thanks to its purchase of 700 MHZ band in the spectrum auction.

▫️ Consumption growth led to aggressive capacity expansion by consumer firms. Mahindra Holidays to add 400 rooms every year, Asian Paints added 5,000 retail outlets in last 3 months, Shoppers Stop opened 6 stores in Mar-June quarter and Dmart added 10 new stores during last quarter.

▫️ Government reduced windfall tax on diesel exports and scrapped completely on jet fuel exports (RIL to be benefited).

▫️IRDAI proposed a 30% cap on management expenses of Indian insurance companies.

▫️Indian service sector is likely to defy recession in the US and EU, and grow aggressively in FY23.

▫️ Merchandise imports jumped 43.6% in July to $66.3 billion.

▫️ India’s tax base continued to remain narrow as only 1% of the entire population pays income tax.

▫️ Unemployment lowest in 6 months at 6.80% in July.

▫️ Government allowed extra 1.2 MT of sugar exports.

▫️ Food Ministry wants further drop in edible oil prices.

▫️Spicejet clears all dues to Airport Authority of India.

▫️ Uber turned cash flow positive first time in Mar-June quarter.

▫️ Foreign banks’ Indian bond purchase at 2.5 year high in July.

▫️Adani Enterprises is likely to become part of Nifty50 index.

▫️ Living standard of 44% of Indians improved in last 5 years.

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