BUSINESS
Hiked again, petrol nears century mark pan-India
Petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per-litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.
RBI to conduct auction for GoI securities conversion on June 21
The RBI has, from April 22, 2019, started conducting the auction for conversion of GoI securities on third Monday of every month. As per the method, bidding in the auction implies that the market participants agree to sell the source security or securities to the GoI and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Indian ultra-HNIs likely to invest $30 bn in tech start-ups by 2025
According to a newly-launched report titled, "Turning Ideas to Gold," jointly prepared by 256 Network and Praxis Global Alliance, India expects to add 95 new tech unicorns to its 56-strong unicorn pool by 2025. As per the report, India is expected to have around 10,000 UHNIs, which will include business leaders, celebrities, NRIs, and digital entrepreneurs with a cumulative wealth of $700 billion by 2024.
Microfinance sector witnesses recovery in Q4 FY21: Report
During the first two quarters of the last financial year, the sector had witnessed de-growth followed by a 1.5 per cent growth in the third quarter. Live customer base in the microfinance segment grew by 4.2 per cent on a QoQ basis, and 13 per cent on a year-on-year basis and both urban and rural markets witnessed significant quarterly growth of 8.5 per cent and 10.4 per cent, respectively.
Vishal Sikka's AI platform Vianai Systems raises $140M
Vianai said it will use new funds to accelerate the delivery of its human-centered AI platform and products to enterprises worldwide. "In the time to come, AI can play a transformative role in Indian business and Indian society. My dream is to see India's youth as a massive creative force that can use tools, like Vianai's platform, to build human-centered AI systems for India and for the world." said Sikka, Founder and CEO of Vianai.
Jet Airways shareholders reject financial results for FY20
"The business mentioned in the notice was transacted except Agenda No 1 (Ordinary Business) i.e, to receive, consider and adopt the Audited Standalone Financial Statement of the company for the FY ended March 31, 2020, together with the Reports of the Auditors thereon, due to the reason that the votes cast against the resolution No 1 were more than the votes cast in favour," it said.
Flipkart, Amazon challenge court order on CCI probe: Report
The companies have denied wrongdoing and near-immediate legal challenges from the pair stalled the investigation for more than a year until a court last week ruled it could resume, having dismissed arguments that the CCI lacked evidence. The fresh appeal from Flipkart filed on June 16, argues that the decision by the Karnataka court to allow the probe to resume was erroneous and must be put on hold, the report said.
Uttar Pradesh emerges as top investment destination
Industrialists from the country and abroad are investing heavily in infrastructure, food processing, textiles, electronic manufacturing, real estate, power and manufacturing sectors in UP. The manufacturing sector got the required boost in UP after Chief Minister Yogi Adityanath made some policy changes to create a favourable environment for investments in the state.
Fed Shock: Equities fall as FII roll-back feared
Accordingly, the fears were triggered by US Fed statement on the eventual restart of liquidity tapering programme. The development assumes significance as it can lead foreign capital away from EMs such as India. On Thursday, the Fed's statement sent shock waves in the Asian as well as domestic markets.
CII pegs India's FY22 GDP growth at 9.5%
"Ultra-high frequency indicators strongly presage growth recovery following the second wave of the pandemic," said T.V. Narendran, CEO and Managing Director of Tata Steel, who took charge as President CII on May 31, 2021. "With recent uptick in mobility indicators, traffic congestion index and daily railway passenger movement, we believe that 9.5 per cent growth rate can be achieved this year."
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