Here is a collection of the most important stories this evening:
Why the banking turmoil won’t stop the Federal Reserve from pausing
When the Federal Reserve is on a rate hiking mission, it normally keeps doing so until something breaks, or so goes the collective wisdom on Wall Street. The collapse of two big banks, California-based Silicon Valley Bank (SVB) and New York-headquartered Signature Bank, the second and third-largest bank failures in US history, has over the past few days created pandemonium in the stock markets. Credit Suisse was bought out by UBS in a Swiss government-brokered deal.
Govt to sell up to 3.5% stake in HAL via offer for sale
The Centre is planning to sell up to 3.5 percent stake in aerospace and defence company Hindustan Aeronautics Ltd (HAL) via offer for sale (OFS), according to an exchange filing on March 22. The stake sale would be valued at Rs 2,867 crore, and the government has set a floor price of Rs 2,450 apiece, which is at a 6.6 percent discount from its current share price.
GMO co-founder warns of 50% stock decline in next market phase
Renowned investor and co-founder of GMO, Jeremy Grantham, had issued a warning in his most recent write-up titled “After A Timeout, Back to The Meat Grinder” that the stock market and house prices are in a bubble that is set to burst soon, leading to a significant economic downturn. He argues that market participants have become overly optimistic, leading to a bubble in the stock market and real estate sectors.
Mukesh Ambani only Indian among world's top 10 billionaires: Hurun Global Rich List
Mukesh Ambani, Chairman, and Managing Director of Reliance Industries Limited (RIL), is the only Indian to feature in the list of the world's top 10 billionaires, according to Hurun Global Rich List. The report compiled by research platform Hurun in coordination with real-estate group M3M mentioned that the RIL chief occupied ninth rank globally with a net worth of $82 billion, despite a 20 percent decline in wealth. Ambani has also retained the wealthiest Asian title for the third consecutive year.
Hero MotoCorp to hike prices by up to 2% from April
Hero MotoCorp on Wednesday said it will increase prices of its model range by around 2 per cent from next month in order to offset the impact of rise in production cost in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023, the country's leading two-wheeler maker said in a statement.
Padma Awards 2023: Rakesh Jhunjhunwala was posthumously awarded Padma Shri. Watch
Investor Rakesh Jhunjhunwala was posthumously awarded the Padma Shri- India's fourth highest civilian award- at the 2023 Padma Awards held at Rashtrapati Bhavan on March 22. Jhunjhunwala's wife Rekha was present to collect the Padma Shri from President Droupadi Murmu.
PM Modi urges enhanced genome sequencing and mask-wearing amid COVID-19 surge
Prime Minister Narendra Modi chaired a high-level meeting on March 22 to assess the current COVID-19 situation in India. During the meeting, he urged officials to take necessary precautions, such as wearing masks, to prevent the spread of the virus. Additionally, the Prime Minister emphasized the need to enhance genome sequencing efforts in order to detect and monitor new variants of the virus.
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