BUSINESS
Ratan Tata-backed Moglix becomes new unicorn from India
"We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India," said Rahul Garg, Founder & CEO, Moglix.
Credit Suisse overlooked breaches of regulations for years: Report
In recent years, FINMA has initiated five proceedings against the bank to remedy these omissions. The most recent cases concern the billions lost via the Greensill and Archegos funds. There have also been investigations into money laundering and executive espionage. A report shows that Credit Suisse ignored more than 100 red flags in total, the report said.
Elon Musk may create his own cryptocurrency soon
A Twitter user asked the Tesla head why is he not creating his own cryptocurrency.
"Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn't have high concentration of ownership at least initially?" a user asked Musk on Saturday.
Markets to continue to remain Indecisive with downward bias
The Indian Rupee gained 23 paisa or 0.31 per cent to close at Rs 73.28 to the US Dollar. Dow Jones had a volatile week and lost for the first three days and then gained for the next two days. The index hit a new lifetime high on Monday at 35,092 points before losing 35 points.
India imports $6.2bn gold in April
During the same period last year gold imports stood at just $2.83 million on account of the nationwide lockdown. The surge in gold imports pushed India's trade deficit to $15.1 billion in April 2021 as against $6.76 billion a year ago. India's merchandise imports grew in April 2021, rising to $45.72 billion, with an increase of 167.05 per cent over $17.12 billion in April 2020.
Petrol, diesel prices rise again on Sunday
In the national capital, petrol price increased 24 paise to Rs 92.58 per litre, up 24 paise from the previous level. Similarly, the price of diesel rose 27 paise to Rs 83.22 a litre. In Mumbai, Chennai and Kolkata, petrol price increased to Rs 98.88, Rs 92.67 and Rs 94.31 per litre, respectively, and that of diesel was at Rs 90.40, Rs 86.06 and Rs 88.07 per litre.
India to become major production hub for ACC batteries: ICEA
"We at ICEA believes that the PLI scheme would give thrust to 'Make in India' initiative and will attract huge investments of Rs 45,000 crore plus in the coming years. With this push for ACC batteries, the sector would witness robust growth in the coming years," said Pankaj Mohindroo, Chairman, ICEA.
Covid pushes India's Pharma industry growth to 59% in April
According to total sales audit data from world's largest pharmaceutical market research firm IMS Health, the Indian Pharma Market (IPM) grew 59 per cent yoy in April, 2021 vs 16 per cent yoy in March, 2021 due to the low base effect in April, 2020 and sharp surge in Covid-19-related sales.
GST Council to meet 1st time in 2021 on May 28 to discuss Covid relief
The meeting coming in the backdrop of the fresh and more deadly Covid wave sweeping the country is expected to announce a few Covid relief measures, particularly on compliance matters. It may also announce a few measures to correct the inverted duty while discussing the compensation cess dues arising in 2021-22 due to a possible shortfall in cess collections.
Covid Care: Boeing plans to set up field hospitals in India
Accordingly, the aerospace major has been in talks with five state governments to provide such facilities in their jurisdictions. In the last few days, Boeing India has reached out to UP, Chhattisgarh, Karnataka, Telangana and Tamil Nadu state governments. The initiative as part of Boeing's India Covid relief commitment envisages setting up of such facilities in each of five states which are facing the pandemic resurgence.
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