Top headlines: Ukraine president pleads for peace, oil shock may sting

Mounting threat of a Russian attack compelled Ukraine President Zelensky to make an emotional address to his nation. An armed clash in eastern Europe is likely to be a drag on the global economy and unfavorably impact India’s inflation and current account deficit. Scoll down for more on these and other top headlines in our morning newswrap.

Ukrainian president pleads for peace amid growing fears of Russian attack

With the Russian threat growing, the Ukrainian president is pleading for peace and says Russian President Vladimir Putin would not accept his call. In an emotional address to the nation late Wednesday, Ukrainian President Volodymyr Zelenskyy rejected Moscow’s claims that his country poses a threat to Russia and lamented that a Russian invasion would cost tens of thousands of lives. Read more

Oil’s not well: Inflation may not stay in sync with MPC’s estimate

Under the compulsion of the ongoing Assembly elections, the government is keeping low the prices of petrol and diesel despite the Ukraine crisis jacking up the global crude oil rates to near $100 a barrel. However, oil-marketing companies may hike prices after March 10, the day of counting. Alternatively, the government may again slash excise duties on the fuels. ICRA Chief Economist Aditi Nayar said the primary impact of the Ukraine tensions would be on inflation and the current account deficit (CAD). The impact on inflation will depend on when and by how much retail prices go up and whether excise duty is cut, she added. Read more

Anand Subramanian is ‘yogi’: Former NSE chairman Chawla to Sebi in 2018

The mysterious Himalayan ‘yogi’ who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as Chief Strategic Advisor in April 2013.

Read more

MFs to keep powder dry as LIC IPO likely to hit the market next month

Mutual funds (MFs) are keeping their powder dry to invest in Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) that is expected to hit the market next month.

Industry executives believe that a few large-cap and flexi-cap schemes may choose to hold back the fresh flows they get in the days leading up to the IPO. These flows will then be funnelled into the offering. A few funds may also choose to liquidate some of their existing holdings, especially in other insurance companies, and plough them back into LIC. Read more

BharatPe looking for CFO, internal audit head after sacking Madhuri Jain

Fintech unicorn BharatPe is looking to hire a chief financial officer, an internal audit head and stren­gthen its procurement processes in the next one month, according to sources close to developments. A company spokesperson confirmed its hiring plan for the two positions but declined to comment any further. Meanwhile, the company sacked Madhuri Jain, the head of controls at BharatPe and wife of the company’s embattled founder and managing director Ashneer Grover. Read more

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor