Infosys Up 4% On Extension Of Digital Partnership With Australian Open
Shares of software company Infosys Inc. (INFY) are up 4 percent on Thursday’s trading as the company announced the extension of its digital innovation partnership with the Australian Open until the end of 2026.
Under the extended collaboration, Infosys and Tennis Australia will continue harness Big Data and Analytics, Artificial Intelligence, Virtual Reality and Cloud technologies to elevate the tennis experience for fans, players, coaches, partners and the media. The multi-year commitment comes in the backdrop of last three years of high impact between Infosys and the AO, and strong results achieved in a pandemic-impacted 2021 event.
Currently at $24.36, the stock has traded between $15.73 and $24.48 during the past 52 weeks.
Turkey Central Bank Slashes Rate Again By 100 Bps
Turkey’s central bank slashed its key interest rates sharply for the fourth straight month despite the continuing fall in the currency lira.
The Monetary Policy Committee of the Central Bank of the Republic of Turkey, governed by Sahap Kavcioglu, decided to cut the one-week repo rate by 100 basis points to 14.00 percent from 15.00 percent.
Under pressure from President Tayyip Erdogan, the bank had lowered the rate by 500 basis points since September.
“The Committee decided to complete the use of the limited room implied by transitory effects of supply-side factors and other factors beyond monetary policy’s control on price increases and reduced the policy rate by 100 basis points,” the bank said in a statement.
The bank said cumulative impact of the recent policy decisions will be monitored in the first quarter of 2022 and during this period, all aspects of the policy framework will be reassessed in order to create a foundation for a sustainable price stability.
Policymakers said the increase in inflation in November has been driven by developments in exchange rates and supply side factors. Further, the committee viewed that domestic economic activity remains strong, with the help of robust external demand
Turkey’s central bank shrugged off a currency crisis, rising inflation as well as the recent hawkish turn from the Fed and remained obedient to President Erdogan, Jason Tuvey, an economist at Capital Economics, said.
‘Mineral output to rise with changes to rules’
More blocks will be on sale: Ministry
The government on Thursday said that amendment in mineral auction rules will encourage competition that will ensure more participation in the sale of blocks.
The Ministry of Mines has notified the Minerals (Evidence of Mineral Contents) Second Amendment Rules, 2021 and the Mineral (Auction) Fourth Amendment Rules, 2021 to amend the Minerals (Evidence of Mineral Contents) Rules, 2015 (MEMC Rules) and the Mineral (Auction) Rules, 2015 (Auction Rules), respectively, the Mines Ministry said.
“These amendments would encourage more participation in auction and promote competition,” the Ministry said.
This will facilitate State governments in identifying more blocks for auction of composite licence.
These amendments were aimed at identifying more mineral blocks for auction and thereby increasing pace of exploration and production resulting in improving the availability of minerals in the country, it added.
Power discoms owe gencos more than ₹1.56 lakh crore: Minister
‘By 2019-20, discoms accumulated losses were ₹5.07 lakh cr.’
Total outstanding dues owed by power distribution utilities or discoms to generation firms (gencos) are estimated to be more than ₹1.56 lakh crore, Parliament was informed on Thursday.
“Discoms have not been able to pay the generation companies for the power procured, and the outstanding payments to generation companies are estimated to be in excess of ₹1,56,000 crore,” Power Minister R. K. Singh said in a written reply to the Lok Sabha.
“The outstanding dues to renewable generators are around 11 months of revenues. Therefore, reforms have been deliberated upon in consultation with the states and all stakeholders,”
The condition of most of the State government-owned distribution companies is a matter of grave concern, the Minister stated.
Their AT&C (aggregate technical and commercial) losses at the end of 2019-20 range from an average of 21% to a maximum of 60.16%.
The gap between Average Cost of Supply (ACS) and Average Revenue Realised (ARR) excluding Regulatory Assets and Ujwal DISCOM Assurance Yojana (UDAY) grants averages 60 paise per unit in 2019-20 and the accumulated losses of all discoms in the country by 2019-20 have risen to ₹5,07,416 crore, he informed.
About government’s plans to introduce a Bill, enabling the power consumer to choose from multiple service providers, the minister said, “No final decisions have been arrived at so far.”
Bakkt Holdings Slide 27%
Shares of digital asset platform Bakkt Holdings, Inc. (BKKT) are falling 27 percent on Thursday’s trading despite there being no news to impact the stock.
Bakkt Holdings is a digital asset marketplace that enables consumers to buy, sell, store and spend digital assets. The digital asset market includes cryptocurrencies, gift cards, loyalty points and miles. Its consumer offerings include cryptocurrency trading platform, track and convert rewards, spend payments, manage and buy gift cards and Bakkt application.
Currently at $9.90, the stock has traded between $8.00 and $50.80 during the past 52 weeks.
Mark Of Fifth Avenue Children’s Robes Recalled
Harriman, New York – based Mark of Fifth Avenue is recalling certain children’s robes citing violation of federal flammability standard and burn risk, the U.S. Consumer Product Safety Commission announced.
The recall involves about 10,000 units of Star Art in Linen-branded children’s 100% polyester robes. The robes were sold in six children’s sizes 2, 3-4, 5-6, 6-7, 7-8, and 10-12 in seven colors, including black, navy, blue plaid, red plaid, red, royal blue, and gray.
The long-sleeved robes have two front pockets and two side seam belt loops with a matching belt.
The robes were manufactured in China and sold online at www.Amazon.com and www.Walmart.com from August 2019 through June 2021 for between $35 and $45.
According to the agency, the children’s robes fail to meet the federal flammability standards for children’s sleepwear, posing a risk of burn injuries to children.
However, the company has not received any reports of incidents or injuries related to the recall to date.
Consumers are urged to take the recalled children’s robes away from children and contact Mark of Fifth Avenue for a full refund.
In similar recalls, Hanna Andersson LLC in early November called back about 3,200 units of baby ruffle rompers citing that the snaps on the romper could detach, posing a choking hazard to young children.