BUSINESS
Vodafone Idea shares dip as SC dismisses plea on correction of AGR calculation
At around 12.20 p.m., shares of Vodafone Idea on the BSE were trading at Rs 8.58, lower by 7.24 per cent from its previous close. A bench headed by Justice L. Nageswara Rao said all applications dismissed. On Monday, the apex court already said it would pass its order on applications filed by Vodafone Idea, Bharti Airtel and Tata Tele Services Ltd, alleging arithmetical errors in calculation of AGR dues payable by them.
Zomato flies on market debut, up 68% from issue price
Around 10.58 a.m., its shares on the BSE were trading at Rs 127.90, higher by Rs 51.90 or 68.29 per cent from the issue price of Rs 76 per share. On the BSE, it got listed at Rs 115.00 a share. Further, on the National Stock Exchange, its shares were trading at Rs 127.20, against the issue price of Rs 76. It got listed on the NSE at Rs 116 per share. Post the stellar debut, the market capitalisation of Zomato is around Rs 1 lakh crore.
Pause on fuel hike enters Day 6
The OMCs though have not reduced the retail price of petrol or diesel as more time would be required to study oil price movement before any downward revision. With no change in prices, petrol continues to be sold for Rs 101.84 per litre in the national capital, while diesel is also being sold at the unchanged rate of Rs 89.87 a litre. The pump price of fuel has been static since Sunday.
ECB leaves key interest rates unchanged
The ECB Governing Council "expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two percent well ahead of the end of its projection horizon and durably for the rest of the projection horizon", the central bank said in a statement released on Thursday. "This may also imply a transitory period in which inflation is moderately above target," it added.
'Nord Stream 2 pipeline to start operation despite US pressure'
Zakharova made the remarks on Thursday a day after the US and Germany agreed on measures to reduce the risk that the Nord Stream 2 would pose to European energy security and Ukraine, reports Xinhua news agency. "Despite the strange decisions that were made under US pressure, as was the case during the recent German-American negotiations, they are not able to change the objective reality, the construction of this large-scale facility," she said.
IMF board approves policy reforms to support low-income nations
The centrepiece of the policy reforms that were approved by the IMF executive board last week is a 45 per cent increase in the normal limits on access to concessional financing, coupled with the elimination of hard limits on access for the poorest countries, Xinhua news agency quoted the statement as further saying.
HUL logs nearly 10% rise in Q1 net profit
"In a challenging environment, we have delivered a strong performance across topline and bottomline. Our performance in the quarter has been resilient and is reflective of our capabilities, the agility in our operations and the intrinsic strength of our portfolio," Chairman and Managing Director Sanjiv Mehta said.
Global cues lift equities; Sensex up over 600 pts
Accordingly, the NSE Nifty50 scored the biggest one day gain in two months. Initially, both the key indices opened higher and rose through the day with a brief correction in early afternoon. Besides, almost all sectors ended in the green with the sole exception of FMCG. Consequently, the S&P BSE Sensex closed at 52,837.21, higher by 638.70 points, or 1.22 per cent, from its previous close.
SEBI chief says IPOs like Zomato show maturity of Indian market
Noting that along with robust growth, it is heartening to note that Indian markets are entering a new era with several new age tech companies preferring to list domestically, SEBI Chairman Ajay Tyagi said: "Recent filings and public offerings reflect the maturity of our market to accept the business model of new age tech companies, which aren't amenable to valuation through conventional metrics of profitability."
E-commerce marketplace entity shall not sell any goods owned or controlled by it
These changes come in the Consumer Protection (E-Commerce) Rules, 2020 and the government has sought comments on it. The changes in rules to be notified will cut on complaints of discounts, and sales by related parties by foreign e-commerce majors. An e-commerce marketplace entity means an e-commerce entity, which provides an information technology platform on a digital or electronic network to facilitate transactions between buyers and sellers.
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