BUSINESS
SEBI fines Franklin Templeton AMC, bars launch of new debt scheme for 2 years
In its order on Monday, the capital market regulator said that Franklin Templeton Mutual Fund has been found to have violated the provisions of the Mutual Funds Regulations and also certain SEBI circulars. "As a result of the irregularities in the running of the debt schemes inspected, loss has been caused to the investors.
Tata Digital invests $75M in fitness startup CureFit
Mukesh Bansal, CureFit Founder and CEO, will join Tata Digital as President, Tata Digital. In addition, he will continue in his leadership role at CureFit, the company said in a statement. "The CureFit partnership with its industry leading platform in fitness and wellness aligns very well with our overall healthcare proposition where fitness is increasingly becoming an integral part of a consumers' life," said N. Chandrasekaran, Chairman Tata.
Hyatt Regency Mumbai suspends operations due to lack of funds
Sunjae Sharma, Vice President & Country Head - India, Hyatt said: "As a result of no funds forthcoming from Asian Hotels (West) Ltd, the owner of Hyatt Regency Mumbai, to sustain the operations of the hotel, a decision has been taken to temporarily suspend all operations for Hyatt Regency Mumbai. The hotel will remain closed until further notice."
'Covid 2.0 brought India back to square one', Crisil cuts growth forecast
Accordingly, it has revised its projection by 150 basis points to 9.5 per cent for the 2021-22 financial year. "Back to square one. India's GDP bounced back to the pre-pandemic level by the fourth quarter of the last fiscal, after a sharp contraction in the first quarter. However, the second wave has likely erased those gains in the first quarter of this fiscal," it said.
BSE touches milestone of over 7 crore registered users
The exchange also completed the journey from 6 crore to 7 crore users in just 139 days, as compared to 241, 652 and 939 days needed for the previous milestones of 6 crore, 5 crore and 4 crore, respectively. Of the 7 crore users, 38 per cent fall in the 30-40 age bracket, followed by 24 per cent in 20-30 age bracket, and 13 per cent in the 40-50 age bracket.
Increase in food, core CPI elements may push up May inflation to 5.7%: Barclays
In a research report focused on India, the investment banker said that after moderating for two quarters and moving closer to RBI's target, the CPI inflation will likely accelerate in the coming months. "We expect it to rise to 5.7 percent in May from 4.3 percent in April. The 140bp increase in headline CPI will likely be driven by combination of a low base effects and a broad-based sequential increase in prices across major CPI components," Barclays said.
Sensex, Nifty settle at record high closing levels
Nifty also touched a new intra-day all-time high of 15,773.45 points. It closed at 15,751.65, higher by 81.40 points, or 0.52 per cent, from its previous close of 15,670.25 points. Sensex closed at 52,328.51, higher by 228.46 points, or 0.44 per cent, from its previous close of 52,100.05. It had opened at 52,231.38 and touched an intra-day high of 52,378.69 and a low of 52,054.76 points.
Cashfree raises funds from SBI, to scale payments ecosystem
Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. The platform is being used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko and Shell, among others, for ecommerce payment collection, vendor payments and marketplace settlements etc.
ICICI Prudential Life announces Rs 867 cr bonus for policy holders
The bonus declared is the highest ever by the Company till date and is also 10 per cent higher than the bonus announced in the last fiscal, the company said. All participating policies in-force as of March 31, 2021 are eligible to receive this bonus and will be added to the policyholders' benefits, it added.
Fuel price rise for 2nd straight day takes it to new highs
Mumbai is not the only city to have the unique distinction of petrol breaching the Rs 100 per litre mark. Thane reached the mark a few days back while few other cities in Rajasthan (including Jaipur) Madhya Pradesh and Maharashtra, having the highest VAT levels on auto fuels in the country, have already been selling normal petrol for over Rs 100 a litre for the past several days.
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