Thumbs up or thumbs down? Rate Sitharaman’s 4th Budget!

Rupee surges 18 paise to close at 74.70 against U.S. dollar

On the domestic equity market front, the BSE Sensex ended 143.20 points or 0.24 % lower.

The rupee surged 18 paise to close at 74.70 (provisional) against the U.S. dollar on Friday tracking the weakness of the American currency in the overseas market.

At the interbank forex market, the local unit opened strong at 74.71 against the greenback and witnessed an intra-day high of 74.68 and a low of 74.77. It finally settled at 74.70, a rise of 18 paise over its previous close.

In the previous session, the rupee had settled at 74.88 against the greenback.

During the week, the rupee has appreciated 37 paise against the American currency.

Meanwhile, the dollar index, which measures the greenback’s strength against the basket of six currencies, fell 0.09 % to 95.29.

However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities, traders said.

On the domestic equity market front, the BSE Sensex ended 143.20 points or 0.24 % lower at 58,644.82, while the broader NSE Nifty slipped 43.90 points or 0.25 % to 17,516.30.

Brent crude futures, the global oil benchmark, was trading 1.44 % higher at $ 92.42 per barrel.

Foreign institutional investors were net sellers in the capital market on Thursday, as they offloaded shares worth ₹ 1,597.54 crore, as per stock exchange data.

Medical Properties Trust Q4 Net Income Rises

Medical Properties Trust, Inc. (MPW) reported fourth quarter net income of $207 million or $0.34 per share, compared to $110 million or $0.20 per share, a year ago. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.31, for the quarter. Analysts’ estimates typically exclude special items.

NFFO was $279 million or $0.47 per share, compared to $220 million or $0.41 per share, last year.

Total revenues increased to $409.33 million from $333.81 million, prior year. Analysts on average had estimated $401.27 million in revenue.

The company expects an annual run-rate of $1.16 to $1.20 per share for net income and $1.81 to $1.85 per share for NFFO.

Johnson Outdoors Inc. Bottom Line Drops In Q1, but beats estimates

Johnson Outdoors Inc. (JOUT) revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings came in at $10.9 million, or $1.07 per share. This compares with $19.8 million, or $1.96 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $0.90 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 7.3% to $153.52 million from $165.67 million last year.

Johnson Outdoors Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $10.9 Mln. vs. $19.8 Mln. last year.
-EPS (Q1): $1.07 vs. $1.96 last year.
-Analyst Estimates: $0.90
-Revenue (Q1): $153.52 Mln vs. $165.67 Mln last year.

27% Fall In US Covid Cases In Fortnight

Coronavirus infections in the United Sates have reduced by 27 percent in the last fortnight.

The latest weekly average is 5,86,948, the New York Times reports.

With 517199 new cases, the total number of people infected with coronavirus in the U.S. has risen to 73,428,433, according to the latest data from Johns Hopkins University.

With 2359 casualties, the national total increased to 878,467.

California continues to report overwhelming number of cases every day. The worst-affected state reported an additional 115000 positive cases Thursday.

The most number of casualties were reported in Florida, 628.

After weeks of consistent rise, a reverse trend is being reported in hospitalizations due to the pandemic.

The number of people admitted with coronavirus infection in the country’s hospitals has fallen to 151,066.

45,614,212 people in the country have recovered from the disease so far.

As per the latest data published by the Centers for Disease Control and Prevention, 211,162,083 Americans, or 63.6 percent of the eligible population, have been administered both doses of Covid vaccine so far. This includes 88.3 percent of people above 65.

41 percent of the eligible population, or more than 86 million people, have already received a booster dose that is recommended to provide additional protection from the killer bug.

Opinion | Jeff Zucker Didn’t Save Democracy

By Ross Douthat

Opinion Columnist

Thumbs up or thumbs down? Rate Sitharaman’s 4th Budget!

A push for infrastructure,  introduction of 30 per cent tax on transfer or sale of digital assets, a new digital rupee, cut in import duty on gemstones and diamonds were among the highlights of Finance Minister Nirmala Sitharaman’s Budget 2022, presented in the Lok Sabha on Tuesday.

  • Union Budget 2022: Complete Coverage

Sitharaman, however, did not tinker with the personal income tax rates in her fourth Budget.

  • Highlights of Sitharaman’s Budget 2022

While the Bharatiya Janata Party has naturally hailed the Budget, with Home Minister Amit Shah calling it ‘visionary’, the Opposition has accused Sitharaman and Prime Minister Minister Narendra Modi of “betraying the country’s salaried and middle classes” by not announcing any relief measures for them in the Union Budget.

So how do you rate the Modi government’s budget which comes ahead of the crucial five-state elections? Does it meet your expectations? Or do you feel let down? Thumbs up, or thumbs down?