BUSINESS
71% jump in India's gems and jewellery exports
The sector clocked $28.9 billion in exports as compared to $16.9 billion during the same period in 2020. Compared to the same period before the Covid pandemic struck, the gems and jewelry sector registered a growth of 3 per cent over $28 billion achieved in April-December 2019.
E-commerce firm IndiaMART buys 100% stake in Busy Infotech for Rs 500 cr
Founded in 1996, IndiaMART Intermesh provides business-to-business and customer-to-customer sales services on its platform. Busy Infotech is one of the largest accounting software companies in India. It was incorporated in 1997 and has a pan-India presence.
Shares of PolicyBazaar, Nykaa continue downhill journey (Ld)
These stocks are treading downhill as analysts feel these companies have low valuations. PB Fintech-backed PolicyBazaar's shares, however, fell just 0.8 per cent and settled at Rs 771.25. On Monday, it fell over 10 per cent.
Nine Padma awards for industry doyens, including vaccine pioneers
Of the total 128 Padma awardees announced on the eve of Republic Day on Tuesday, nine are from the field of 'trade and industry', including the Founder of Serum Institute of India, Cryus Poonwalla, and Krishna Ella and his wife Suchitra Ella of Bharat Biotech, the pioneers of Covid vaccines in India. Both Poonwalla and Ella duo will be conferred with Padma Bhushan -- the third highest civilian award in the country.
US warns of fragile semiconductor supply chain as chip inventory falls
Citing the results of a government survey of more than 150 companies worldwide, the department on Tuesday said that median demand for chips increased 17 per cent from 2019 to 2021, while buyers didn't see commensurate increases in the available supply, Xinhua news agency reported. There is a "significant, persistent mismatch" in supply and demand for chips, and respondents did not see the problem going away in the next six months, the survey showed.
MakeMyTrip Founder Deep Kalra moves into chief mentor role
According to an SEC filing, the company said: "In his new role as Group Chairman and Chief Mentor effective April 1, 2022, which was approved by the board of directors of MakeMyTrip, Deep Kalra will devote his time in providing mentorship to MakeMyTrip's leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion." Kalra has been the Group Executive Chairman of MakeMyTrip since February 11, 2020.
IMF downgrades 2022 global growth forecast to 4.4% amid Omicron surge
The International Monetary Fund (IMF) has projected the global economy to grow by 4.4 per cent in 2022, down by 0.5 percentage points from October's forecast, according to a newly released update to its World Economic Outlook report. Growth will slow as economies grapple with supply disruptions, higher inflation, record debt and persistent uncertainty, First Deputy Managing Director Gita Gopinath on Tuesday told a virtual press briefing.
Centre gives nod for amalgamating PMC Bank with Unity Small Finance Bank
As per the Reserve Bank of India, the amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25. "All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date. "USFBL is making necessary arrangements to implement the provisions of the scheme," it said.
Maruti Suzuki's Q3FY22 net profit down 47.90%
The automobile major cited lower sales volume along with high commodity prices and lower non-operating income on account of mark-to-market impact as factors behind the net profit decline. Net sales for the quarter under review fell to Rs 22,187.6 crore from Rs 22,236.7 crore earned in Q3FY21. "The company sold a total of 430,668 units during the quarter, lower than 495,897 units in the same period, previous year," the auto major said in a statement.
CAIT seeks action against Amazon for 'insulting' Tricolour
As per CAIT, Amazon allegedly sold various products having the national flag imprinted on them on its platform. In a communication, CAIT urged the Union Home Minister Amit Shah to take immediate action against the e-commerce company. The traders' body further requested the Centre to ban the company besides taking strict actions as per law.
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