BUSINESS
India rejects Tesla's call for tax benefits: Report
"We looked at whether the duties need to be re-jigged, but some domestic production is happening and some investments have come in with the current tariff structure," Vivek Johri, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), was quoted as saying in an interview with Bloomberg. "So, it is clear that this is not a hindrance," Johri added. Prime Minister Narendra Modi's administration has encouraged Tesla to produce locally, while Musk wants India to lower taxes.
Ambika Cotton Mills' shares hit 20% upper circuit
Ace investor Vijay Kedia reportedly bought nearly one per cent stake in the company through open market on Thursday. This week, the shares of the company rose over 37 per cent, and 182 per cent in the past one-year period, data showed. In the past one-year period, benchmark Sensex rose around 16 per cent. On Friday, the shares settled at Rs 2,762.30, up 20 per cent.
Covid third wave to have benign impact on hotels industry: Ind-Ra
According to the ratings agency, the impact across the sector will be lower because of lesser restrictions by Central and state governments than in the first and second waves. "Moreover, as witnessed during the first two waves, the ebbing of the infection wave starts from metro cities; therefore, the minimal restrictions by the government and self-restrictions by the people will start blurring away in a couple of months."
Jio Platforms invests $15 mn in AI, VR startup Two Platforms
The startup -- Two Platforms -- is an Artificial Reality company focusing on building interactive and immersive AI experiences. Notably, TWO's Artificial Reality platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming.
India's forex reserves down by over $4 bn
The Reserve Bank of India's forex reserves decreased to $629.755 billion from $634.287 billion reported for January 21. The country's forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Rising oil prices, profit booking dent indices; realty stocks down
At the start of the day's trade, the two indices opened almost flat but rose in the initial minutes to make intra-day high. They fell soon after and made an intraday low post noon.Globally, Asian equity markets were mostly mixed, supported by an Amazon-led bounce in US Futures. However, a rise in oil prices to a seven-year high kept traders on edge over prospects that interest rates will rise to curb global inflationary pressures.
BharatPe Founder seeks removal of new CEO from board, firm says wait for audit
In a letter to the board, Grover, who has gone on voluntary leave till March-end over the controversy over him allegedly using inappropriate language against Kotak Mahindra Bank's staff and BharatPe launching an independent audit of the company's internal processes and systems, asked the Board for Sameer's removal.
Accenture elevates Manish Sharma as COO
Current COO Jo Deblaere will retire after 38-year-long career at Accenture, the company said in a statement. "Sharma brings enormous expertise and extensive knowledge of what our clients need and how to digitally transform," said Julie Sweet, chair and CEO of Accenture. In his new role, Sharma's client centricity will continue to build our shared success with our clients as we help them transform every area of their businesses, she added.
Gold demand likely to reach pre-Covid levels in 2022: Quantum MF
Pent-up demand for gold started in 2021. "Even as the Fed is sounding more hawkish every day and Covid-19 is most likely behind us, demand for the yellow metal is getting support from higher inflation, market volatility, US-Russia tensions over Ukraine and the drop in Bitcoin," Mehta said in a report.
IMF chief calls for policy agility, global cooperation
Georgieva noted that there are "three main obstacles" on the path to the global recovery, namely the pandemic, rising inflation and high levels of debt, reports Xinhua news agency. "We need to be like a tiger in this year to deal with the complex challenges ahead, and top of mind is indeed policy agility," he said, referring to the Chinese New Year of the Tiger, which started on Tuesday.
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