BUSINESS
Market in red, indices trim major losses
The market has, however, trimmed major losses made during the initial trade. At 10.19 a.m., Sensex was trading at 49,717.60, lower by 140.64 points or 0.28 per cent from its previous close of 49,858.24. It opened at 49,878.77 and has so far recorded an intraday high of 49,878.77 and a low of 49,460.90 points.
3rd-party logistics shipments grew 70% in India in Q4 2020
The 3PL shipped 750 million, which was a growth of 450 million from the period of July-September2020. "The 3PL has tremendous headroom to grow in eGrocery and foodtech as it completes merely 10 per cent and 5 per cent in those respective sectors," according to Bengaluru-based market intelligence firm RedSeer.
Chemical sector to grow at 1.2x-1.3x of GDP multiplier: Ind-Ra
Accordingly, the rating agency has assigned the sector an improving outlook for FY22. It expects favourable market conditions across the broad chemical subsectors, along with a healthy rebound in end-user industries, following the Covid-19 led business disruptions in 1HFY21.
DPIIT should stop meeting foreign e-commerce reps when they come via apex chambers: CAIT
The CAIT also announced that more than 40,000 small and big trade associations across the country will observe March 25 as 'e-commerce Democracy Day' and on March 28, traders all over the country will burn effigies of Amazon and Flipkart as part of 'Holika Dahan' at more than 1,000 places across the country.
ITC has exited a painful decade: Morgan Stanley
In a research note, Morgan Stanley said that it expects cigarette tax regulations to be benign relative to the 150 per cent increase seen in 2010-19. The tax increases could be similar to the 80 per cent seen in 2001-09, and over the next few years, could echo the 2003-07 period when economic growth was strong and tax increases were reasonable.
Kerala student's biotech startup bags $10m from UAE
The biotech startup, which was incubated in Sahrdaya Technology Business Incubator (Sahrdaya TBI), has collaboration with ICAR-CIFT and it has helped the company to become India's first algae-seaweed food product designer.
No instruction to officials to collect GST in cash: Revenue Dept
It is to clarify that neither the Government nor the Central Board of Indirect Taxes and Customs (CBIC) have issued any such instructions to their field formations, a Finance Ministry statement said. There were reports that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge 'maximum tax liability' in 'cash'.
20 states with ease of doing business to borrow Rs 39K cr
Accordingly, on receipt of recommendations from the Department for Promotion of Industry and Internal Trade (DPIIT), the Department of Expenditure has granted permission to these 20 States to raise additional financial resources of Rs 39,521 crore through Open Market Borrowings.
Save your date with full-blown mobile manufacturing in India
While convincing tech giants to shift manufacturing of an entire mobile ecosystem from China to India is an uphill task, but the government has woken up to the reality with the production-linked incentive (PLI) scheme. Despite the Covid-related delays, by October last year, the country had cleared 16 proposals from global and domestic companies, involving an investment of Rs 11,000 crore to manufacture mobile handsets.
US FTC slaps $2M fine on Amazon work from home scammer
The FTC alleged that Randon Morris and a number of companies he controlled initiated millions of robocalls to promote sham work-from-home business opportunities, focusing on consumers concerned about working outside their homes because of the coronavirus pandemic. The $2 million judgment has been partially suspended because of an inability to pay, according to the FTC.
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