Top headlines: Nifty firms’ Q4 profit to surge, LIC IPO launch likely soon
India’s top firms that are a part of the benchmark Nifty50 index are expected to post another quarter of high double-digit growth. Meanwhile, a panel of union ministers is likely to give a go-ahead to officials to prepare for the launch of LIC’s initial public offering (IPO). Scroll futher down for more on these and other stories in our top headlines this morning.
Nifty companies likely to see 29% surge in Q4 corporate earnings
Brokerages expect another quarter of high double-digit growth in the earnings of the country’s top companies that are part of the benchmark Nifty50 index. According to brokerage estimates, the combined net profit of the companies in the index is expected to grow by 29.1 per cent year-on-year (YoY) in the January-March 2022 quarter (Q4FY22) to an all-time high of Rs 1.61 trillion, from around Rs 1.25 trillion a year ago. Read more
Govt likely to wait until ceasefire to announce Russia payments deal
The Centre is unlikely to announce an agreement over payment mechanism with Russia until a ceasefire is declared in the Ukraine war, said people in the know. An inter-ministerial group headed by the finance ministry has been meeting regularly for over a month to analyse and discuss payment mechanisms that can work under the current circumstances and ensure the trade between India and Russia is not disrupted. Read more
Boosters for all: Pvt hospitals in a bind over new pricing, old vax stocks
While the number of hospitals administering booster doses remained low on Day 1 of booster doses for the entire adult population, the number of beneficiaries opting for the jab was also fewer – but still higher, compared to the past five Sundays. Moreover, some private hospitals were in a bind over pricing. They said the new rates were much lower than the price they paid to vaccine manufacturing companies and, therefore, would wait for clarity on pricing before beginning the booster process. Read more
LIC IPO launch likely in mid- or end-April; decision may come soon
Government officials have suggested mid- or end-April dates to the top ministers’ panel for the IPO of the Life Insurance Corporation of India (LIC). The ministers’ panel comprises Finance Minister Nirmala Sitharaman; Road, Transport and Highways Minister Nitin Gadkari; and Commerce and Industries Minister Piyush Goyal. The panel is likely to make its decision soon and give a go-ahead to officials to prepare for the launch of the initial public offering (IPO). Read more
KYC norms likely for online skill gamers to curb money laundering
Online skill gaming, which attracts millions of customers and involves large sums of money, is likely to be brought within the purview of the Prevention of Money Laundering Act (PMLA) in an attempt to thwart money laundering (ML) and terror financing (TL) via such activities. If platforms facilitating online gaming with stakes are brought within the PMLA’s purview, such companies would have to follow the know your customer (KYC) norms while onboarding users. Read more
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