News Capsule September 26, 2022


Pound takes a pounding as the dollar continues to gain. A flurry of appointment news makes headline from the top job the Rajasthan government to an empty law post with the government. In the corporate corner Tata Group to trim down the listed list for the conglomerate.

Roopsha Dasguupta
This is the Daily Edit from the economic times your quick capsule of daily business news. It is September 26. And here is what we are tracking. Starting with political news this Monday, the Congress in Rajasthan plunged into a crisis as several MLAs loyal to Ashok Gehlot submitted resignation letters over a possible move to appoint Sachin Pilot as the next Chief Minister. The dramatic developments in jetbull started last evening Rajastan Congress MLAs were to hold a meeting and pass a resolution stating that they will follow the high commands decision on the next Chief Minister. The rebellion comes ahead of Gehlot filing his nomination for the Congress presidents post amid speculation that the former Deputy Chief Minister pilot will take his place in the state. From one appointment to another Senior Advocate Mukul Rohatgi declined the central government's offer to be the next Attorney General of India Rohit. He told PTI that there was no specific reason behind his decision. The center had offered the post of ag to Rohatgi earlier this month to succeed KK Venugopal 91, whose thumb will end on September 30. Rohatgi was the Ag from June 2014 to June 2017. In corporate news, et learns exclusively that Tata group to have a number of listed companies to boost competitive strength, the group with 120 $8 billion revenue has commenced plans to have the number of listed companies in the conglomerate to an estimated 15 from 29 in the coming months to focus on investing in fewer, but bigger entities that can ably compete in the marketplace. Apart from the 29 listed companies. The Tata Group currently has nearly five dozen unlisted ones and hundreds of subsidiaries in 10. sectors, the conglomerate has been consolidating businesses under the leadership of Chandrasekaran to unlock synergies and efficiencies. In market news, big cracks continue to show in the currency markets, the British pound plunged to a record low against the dollar after the new UK Government announced a radical economic plan in a bid to boost growth. The UK risks a currency crisis that could see Sterling reach parity with the dollar several analysts want. Meanwhile, Asian currencies getting battered as well. Chinese Wan depreciated to a level closest to the weak end of its allowed trading band since the currency shock devaluation in 2015. This week, traders will watch Russia's industrial Data Bank of Thailand policy decision and China's business service for September due Friday. You have been listening to Roopsha Dasguupta, tune into et play Economic Times latest platform for all audio content.

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