Finance minister Nirmala Sitharaman on Thursday exhorted businesses in North-Eastern India to approach banks for funds and explore export markets.

Speaking at an interactive session with entrepreneurs in Guwahati, Sitharaman said businesses in that region should also tap potential in areas like aggregation of local produce and improve last-mile connectivity, for better supply of goods and services. This would ultimately spur economic growth.

Sitharaman was in Guwahati as part of her post-Budget outreach programmes.

“It is also for the local entrepreneurs to see the opportunity and come into warehousing, seek banks’ help. Banks can also provide you additional capital,” Sitharaman said. She highlighted that the effective resolution of three critical issues — aggregation, last-mile connectivity and warehousing — could potentially bring in rich dividends for the North-Eastern region.

Global financial firm Credit Suisse has downgraded India's equities to 'Underweight' from 'Overweight', citing higher oil prices will hurt the current account. However, it added that due to the country's strong structural prospects and robust earnings per share (EPS) momentum, they will look for opportunities to re-enter the market.

Credit Suisse India strategist, Neelkanth Mishra, calculated that Brent crude of $120 per barrel could add $60 billion to India's import bill. Price rises for gas, coal, edible oils and fertilisers could add another $35 billion. In total, the current account could fall by close to 3 per cent of GDP. If oil stays above $120, the hit would be bigger.

The Indian rupee hit a lifetime low in opening deals on Monday as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country's trade and current account deficits.

The partially convertible rupee was trading at 76.92/93 per dollar, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday.

The benchmark 10-year bond yield was trading at 6.86%, up 5 basis points on the day.

IT major Tata Consultancy Services (TCS) has announced that the buy back offer will open on March 9, 2022 and will continue till March 23, 2022, as per a notification filed on its website. 

The Board of Directors of TCS at its meeting held on January 12, 2022 has approved a proposal to buyback up to 4,00,00,000 (Four crore) equity shares of the Company for an aggregate amount not exceeding Rs18,000 crore, being 1.08 per cent of the total paid up equity share capital, at  Rs 4,500 per equity share. 

The finance ministry has asked departments and ministries to surrender savings, if any, for the current financial year 2021-22 by March 21.

An office memorandum issued by the Budget Division of the Ministry of Finance informed all departments and ministries that the last date for accepting the surrender of savings anticipated in the Grants for 2021-22 has been fixed as March 21, 2022.

"lt is therefore requested that the surrenders of savings under each unit of Appropriation may be sent to this Ministry so as to reach the Budget Division latest by March 21," the office memorandum dated March 2 said.