Daily News Snippets- 4 March 2022
2 min read1) Crude Oil eases on Iran Deal prospects from $120 per barrel to $110 per barrel.
2) Prime Minister Narendra Modi has urged the Indian Companies that if the raw materials of a product are available in the country, then its production should also take place in the country and itself. Further, he stated that the “Make in India” initiative is more crucial from the prism of national security.
3) The Board of Vodafone Idea has approved the fundraising plan of Rs. 14,500 Cr. wherein Rs. 4,500 Cr. will be infused by Promoters (Vodafone & Birla Group) in the form of Preferential Share at Rs. 13 per share. The rest of the funds will be raised from the market via equity or debt.
4) Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has agreed with Sanmina Corporation to create a joint venture to create a world-class electronic manufacturing hub in India. Reliance Industries will be investing $200 million into this JV. The Controlling Stake of 51% will be with Reliance Industries. The objective of the JV is to become the global player in selling 5G Technology and Telecom Gears. The 5G Market is expected to be worth $600-$700 billion by 2025. As of 2020, India contributed 1.1% which is expected to increase to 5.9% by 2025.
5) Amazon and Future Group agree to the proposal of an out-of-court settlement of the issues.
6) YouTube’s growing creator ecosystem contributed Rs. 6,800 Cr. in the Indian GDP and supported 6,84,000 full-time equivalent jobs in 2020.
7) Around 1.08 Cr. LIC Policyholders are eligible for LIC IPO under its policyholder’s quota.
8) Sensex PE multiple hits 21 month low of 24.2 times.