Tuesday, April 13, 2021

Business

Govt to frame new electricity policy

NEW DELHI: The Power Ministry has set up an expert panel to prepare the Draft National Electricity Policy 2021.The Central government, from time to time, in consultation with states, reviews and revises the National Electricity Policy and Tariff Policy under the Electricity Act, 2003.

Petrol, diesel prices unchanged for 13th consecutive day

NEW DELHI: Fuel prices in the country remained unchanged on Monday with oil marketing companies continuing the pause mode and keeping petrol and diesel prices static for the 13th consecutive day.

Microsoft to buy speech-recognition firm Nuance for $16B: Report

SAN FRANCISCO :Microsoft is reportedly acquiring speech-recognition company Nuance Communications for nearly $16 billion and the deal could be announced on Monday (US time), the media reported.

Flipkart ties up with Adani Group for logistics, data centre services

BENGALURU: Flipkart on Monday announced a strategic and commercial partnership with the Adani Group.In this two-pronged partnership, Flipkart will work with Adani Logistics Limited, a wholly owned subsidiary of Adani Ports & Special Economic Zone Limited, to strengthen Flipkart's supply chain infrastructure and further enhance its ability to serve its rapidly growing base of customers, said a statement.

Global manufacturing activity expands in March: Index

BEIJING: The global manufacturing sector expanded at a faster pace last month, according to an index published by the China Federation of Logistics and Purchasing (CFLP).

Sensex down 1,100 points amid rising Covid cases

MUMBAI: The key Indian equity indices traded deep in the red on Monday morning with the BSE Sensex dropping around 1,100 points amid resurgent Covid cases across the country and concerns of localised lockdowns.

Fuel prices unchanged for 12th straight day

NEW DELHI: Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the 12th straight day across the four metro cities on Sunday.In the national capital, petrol was sold for Rs 90.56 per litre.

Mini-lockdown casts cloud over MFI collections

MUMBAI: States have once again begun imposing restrictions to prevent the spread of Covid-19 virus. For instance, Maharashtra, which is seeing the maximum number of cases, has announced the most stringent one -- a mini-lockdown through April 30. Many other states have also announced night curfews and weekend lockdowns.

Mid and small caps best performers, gold slumps in 1st quarter

NEW DELHI: Mid and small cap stocks are the best performing asset class for the quarter ending March 2021 while gold is the worst performer.

Coercive actions, economic revival team up to lift tax mop-up

NEW DELHI: In a paradox of sorts, tax collections have significantly improved in the past few months despite the ongoing Covid-19 pandemic and its impact on the economy.

Risky assets will benefit in next 100 days of Biden admin: JP Morgan

NEW YORK: Global investment analysts at a closed door JP Morgan huddle are betting that "risky assets" will cruise, market volatility will decline, asset bubbles are still far away in the broader equity market and that US president Joe Biden will remain focused on "supercharging" the US economy before midterm elections in 2022.

India's forex reserves down by over $2.4 bn

MUMBAI: India's foreign exchange reserves fell $2.415 billion during the week ended April 2.
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $576.869 billion from $579.285 billion reported for the week ended March 26.

India better prepared to handle resurgent Covid's economic fallout

NEW DELHI: India's economy is better prepared to handle any economic fallout emanating from the resurgence of Covid-19 cases, as the government, financial institutions and the industry have gained valuable experience of operating in the hard environment.

Telangana records 2,478 cases in a new daily high

HYDERABAD: In a new daily high, Telangana on Friday reported 2,478 new Covid-19 cases during the last 24 hours as the surge continues across the state.
The new infection climbed to 2,478 from 2,055 the previous day. The fresh cases pushed the state's cumulative tally to 3,21,182.

Express Stores eyes network expansion, revenue growth

NEW DELHI: Express Stores plans to expand its network both in tier 1 and 2 cities along with a growth in revenue in 2021.Apoorv Jain, Co-Founder & CEO at Express Stores said that the company plans to strengthen its presence across the National Capital Region (NCR).

Equity MFs' net inflows at over Rs 9K cr in March: AMFI

NEW DELHI: Equity-linked mutual fund schemes saw a net inflows of over Rs 9,115 crore in March.
As per the data furnished by the Association of Mutual Funds in India (AMFI) on Thursday, the net inflows stood at Rs 9,115.12 crore.

More Indian SMBs shut up shop amid ongoing pandemic: Facebook

NEW DELHI: As small businesses around the world still struggle to cope with the ongoing pandemic amid vaccine roll-out, small and medium businesses (SMBs) in India have reported higher rates of closure, with SMB leaders being least confident in their ability to continue for at least six months, a new Facebook global report revealed on Thursday.

Retail sector revives hiring as 2nd Covid wave haunts India

NEW DELHI: As the second Covid wave begins to haunt us, a new report said on Thursday that apart from the IT-software industry, retail sector that was severely impacted by the pandemic has seen robust revival in hiring that saw an uptick of more than 15 per cent in March.

Petrol, diesel prices remain unchanged on Thursday

NEW DELHI: Fuel prices in the country remained unchanged on Thursday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for the ninth consecutive day.

Rise in prices of pulses, veggies and eatables upsets kitchen budgets

NEW DELHI: The dizzy rise in the prices of cereals, pulses, vegetables, fruits and several eatables has increased the difficulties of the common man in the middle of a resurgent pandemic.

Mukesh Ambani India's richest with $84.5 bn, Gautam Adani 2nd: Forbes

NEW DELHI: Reliance Industries Chairman Mukesh Ambani topped the Forbes list of India's 10 richest billionaires with a net worth of $84.5 billion, followed by Adani Group chief Gautam Adani.

Make in India' epitomises challenges to trade relationship: US

NEW DELHI: The United States has said that the recent Indian emphasis on import substitution through a "Make in India" campaign has epitomised the challenges facing the bilateral trade relationship.

Indian employers still not hiring for customer interface jobs

MUMBAI: As the hiring scenario improves in India after the pandemic-hit 2020, many employers are still not keen to hire for jobs requiring customer interfacing across the country, a new report said on Tuesday.

Equity indices in green, Sensex up 250 points

MUMBAI: The key Indian equity indices traded in the positive territory on Tuesday morning with the BSE Sensex trading 250 points higher.Healthy buying was witnessed in metal, healthcare and auto stocks.

No change in petrol, diesel prices for full week

NEW DELHI: Fuel prices in the country remained unchanged on Tuesday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices unchanged for seven consecutive day.

Karnataka woos US-based Triton to make EVs in state

BENGALURU: Karnataka has assured support to the US-based Triton Electric to make electric vehicles (EVs), including cars, in the state, an official said on Monday.In a virtual meeting, Chief Minister B.S. Yediyurappa assured the state government's support to Triton founder-chief executive Himanshu Patel for making EVs at Ramanagara near Bengaluru," said the official in a statement.

Swiggy close to raising Rs 5,862 cr at $5 bn valuation

NEW DELHI: Online food delivery platform Swiggy is close to raising $800 million (about Rs 5,862 crore) in funding, with Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sachs joining as new investors, that will take its valuation to nearly $5 billion.

Home-owners contribution to corpus fund of CHS taxable

NEW DELHI: Contributions made by home-owners of a cooperative housing society (CHS) towards a sinking fund meant for future upkeep of the society will be subject to the goods and services tax (GST).

RBI clears Rs.21,658.73 Crore CCL for Punjab for Rabi marketing season-2021

CHANDIGARH: The Reserve Bank of India (RBI) on Monday cleared a sum of Rs. 21,658.73 Crore towards Cash Credit Limit (CCL) upto end April-2021 for the procurement of Wheat in Punjab during the ensuing rabi marketing season.

India attracts over $72 bn FDI in April-Jan FY21

NEW DELHI: India has attracted record total FDI inflow for the first ten months of a financial year in 2020-21.
Accordingly, the inflow rose to $72.12 billion during April to January, 2021, 15 per cent higher as compared to the first ten months of 2019-20, when it stood at $62.72 billion.

Rajasthan woman helps 15,000 more sell their products globally

JAIPUR: A social worker in Rajasthan is creating a sort of revolution by helping 15,000 women stand on their feet. Lata Kachhawaha of Barmer helped the women in selling their embroidery to foreign clients, earning a global identity in Kashidakari, a traditional form of handicraft which has been passed down through generations.

Petrol, diesel prices steady as global oil softens

NEW DELHI: Oil marketing companies (OMCs) on Monday continued on the pause mode and decided against revising petrol and diesel prices after cutting its retail rates last week on Tuesday.

Adani Ports acquire 25% of Vishwasamudra Holdings' stake in Krishnapatnam Port

AHMEDABAD:Private sector ports and logistics company Adani Ports and Special Economic Zone Ltd. (APSEZ) is acquiring the residual 25 per cent stake in Adani Krishnapatnam Port Ltd., (Krishnapatnam Port) for Rs 2,800 crore.

Global trade frictions severe in 2020: Report

BEIJING: Global trade frictions were severe last year due to the Covid-19 pandemic and also the consequent economic decline, said a report from China's trade promotion body.

Metal stocks boom may continue after dream run in FY21

MUMBAI: Metal stocks turned out to give the best returns in the pandemic-struck FY 2020-21. Analysts now feel the bull run is likely to continue with a pricing uptrend in the segment and increasing demand in the segment.

Fuel prices unchanged for 5th straight day

NEW DELHI: Oil marketing companies have kept petrol and diesel prices unchanged for the fifth straight day.
In the national capital, petrol was sold for Rs 90.56 per litre on Sunday.

T'gana, Wadhwani AI team up to benefit cotton farmers

HYDERABAD: Telangana agriculture department has signed an agreement with Wadhwani Institute of Artificial Institute (Wadhwani AI) to deploy solutions for the benefit of cotton farmers on Saturday.

Vax drive, earnings growth to determine market's FY22 trajectory: Report

MUMBAI: Vaccination drive along with earnings growth will determine India's stock markets' trajectory in FY22, said Motilal Oswal Financial Services Ltd. (MOFSL).

Yes Bank targets startup sector, ties-up with GVFL

MUMBAI: To broaden its services for the start-up sector, the lender Yes Bank has tied-up with GVFL Limited.ccordingly, the two companies have entered into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and support the growth of the Indian startup ecosystem.

Surge in commodity prices to impact India's economy: Ind-Ra

NEW DELHI: Further surge in global commodity prices will have serious implications for India's economy which is still struggling to come out of the Covid-19 impact, ratings agency Ind-Ra said.

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