BUSINESS
Markets reward PSBs, push up their market caps
Looking at the table in the article one can see that the benchmark indices saw a small decline in the first quarter of 22-23 with BSESENSEX losing 9.48 per cent and NIFTY down 9.65 per cent against BANK NIFTY losing less at 8.11 per cent. In the second quarter of 22-23, BANK NIFTY gained 15.58 per cent against BSESENSEX gaining 8.31 per cent and NIFTY gaining 8.33 per cent.
Now or never setup to make lifetime intraday highs
BSESENSEX lost 131.56 points or 0.21 per cent to close at 61,663.48 points while NIFTY lost 42.05 points or 0.23 per cent to close at 18,307.65 points. The broader markets saw BSE100, BSE200 and BSE500 lose 0.53 per cent, 0.68 per cent and 0.68 per cent, respectively. BSEMIDCAP lost 1.30 per cent while BSESMALLCAP was down 0.81 per cent. Markets gained on two of the five trading sessions and lost on the remaining three. There were no significant moves in either direction.
India likely to grow at 6.5-7.1% in current fiscal: Deloitte
Deloitte expects "India to post a 6.5-7.1 per cent growth during 2022-23 and 5.5-6.1 per cent the following year contingent on the revival of the global economy and improving economic fundamentals." India's gross domestic product (GDP) grew by 8.7 per cent in 2021-22.
ED again gets active in Saradha Ponzi scam, freezes bank accounts of erstwhile director
Rajat Majumdar, the retired director general of the West Bengal Police who later became the vice-chairman of the Saradha Group, had also joined active politics as the Trinamool Congress's state vice-president. In September 2014, the Central Bureau of Investigation (CBI) arrested Majumdar in connection with the agency's ongoing probe into the Rs 2,000 crore Saradha Ponzi scam. ED sources informed that Majumdar was also questioned at the agency's Salt Lake office in two phases till late Saturday night.
RBI report flags large-scale variation in property tax collection across civic bodies
There is a large-scale variation in property tax revenue of municipal bodies of different states. For instance, municipal bodies in Delhi and Gujarat recorded the property tax revenue receipts of Rs 2,940 crore and Rs 1,548.69 crore respectively during 2019-20. On the other hand, the property tax revenue of Uttar Pradesh and Rajasthan was Rs 936.77 crore and Rs 343.98 crore respectively during the same year.
Copycat founders mimicking Musk in sacking employees: Ashneer
Musk has fired almost half of Twitter employees, apart from sacking thousands of contractual workers. More than 1,200 employees have resigned on their own owing to the fear of working in an "extremely hardcore" work environment, bringing the once 7,800-strong Twitter workforce to less than 3,000 workers as of now. "First @elonmusk took over company, fired incompetent mgmt and then did layoffs in a bloated organisation," Grover said in a tweet.
Elon Musk kicks off Twitter poll on reinstating Donald Trump
The new Twitter CEO said that the Trump poll was getting a massive 1 million votes per hour. "Fascinating to watch the Twitter Trump poll. The bot attack is impressive to watch," tweeted Elon Musk. "Bot & troll armies might be running out of steam soon. Some interesting lessons to clean up future polls," he added.
Zomato plans to lay off 3% of its workforce
The decision comes after many tech giants and social media sites announced layoffs. Zomato stated that layoffs will be based on regular performance. "There has been a regular performance based churn of under 3 per cent of our workforce, there's nothing more to it," said a Zomato spokesperson.
Accounting profession must remain in tune with technological changes, says CAG
Addressing the 21st World Congress of Accountants hosted by the Institute of Chartered Accountants of India, putting spotlight on "Building Trust and Enabling Stability, he said that this is necessary as the economy is going through massive transformation with evolution of new and innovative tools in doing business and these will challenge the conventional accounting traditions and thinking.
Multicoin expects FTX contagion to grip crypto industry for weeks
Multicoin said there is a chance the firm will recover some of its funds from FTX, but because these assets are now wrapped up in bankruptcy proceedings, it expects them to be marked below zero, reports CNBC. It's an abrupt reversal for Multicoin, which recently announced its third and largest fund, $430 million.
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