BUSINESS
IDBI Bank to sell property owned by Great Indian Tamasha Company
The Great Indian Tamasha Company was the corporate guarantor of the Great Indian Nautanki Company. IDBI Bank is calling for bids under the SARFAESI Act due to default of loans. The guarantors and directors listed are Anumod Sharma, Anu Appaiah, Viraf Sarkari, Sanjay Chaudhary, Great Indian Tamasha Company, SG Investments and Wizcraft International Entertainment.
Bitcoin surges past $20K, Ethereum crosses $1,100 per coin
The rally came after Bitcoin, the largest cryptocurrency by market capitalisation, dropped below $18,000 per digital coin on Sunday -- a massive over 70 per cent drop from its record high of $68,000 in November last year -- as mayhem in the crypto market continued.
'Eminently Employable': Anand Mahindra extends support to Agniveers, says Mahindra Group welcomes opportunity to recruit them
I“Saddened by the violence around the #Agneepath program. When the scheme was mooted last year I stated-& I repeat-the discipline & skills Agniveers gain will make them eminently employable. The Mahindra Group welcomes the opportunity to recruit such trained, capable young people (SIC),” he said in a tweet. When asked about the post Mahindra Group would offer to Agniveers, Anand Mahindra said that there is great potential for the employment of Agniveers in the corporate sector.
Domestic coal production up by 28%
Due to this, coal imports for blending by the domestic coal based (DCB) power plants have dropped to 8.11 MT in the year 2021-22, which has been the lowest coal import in the last eight years. The imported coal based (ICB) power plants had imported coal more than 45 MT per year from 2016-17 to 2019-20.
The great FPI sell-off
The last time that the FIIs bought on a net basis for the year was in 2019 and 2020 when they invested Rs 40,000 crore and Rs 64,000 crore, respectively. At this time, domestic institutions also bought 42,000 crore in 2019 but sold 36,000 crore in 2020. In 2021, FIIs sold Rs 93,000 crore while domestic funds bought 95,000 crore.
Indian insurers create 'fertiliser pool' to cover imports from Russia
"With European reinsurers not willing to provide reinsurance support to imports from Russia and Belarus and while India imports a sizable volume of its fertilisers from these two countries, the non-life insurance industry has decided to create a Rs 500 crore pool," the senior industry official preferring anonymity told IANS. The reinsurers in Europe and the US are not providing reinsurance cover to goods going out of Russia and Belarus owing to the Russian military action in Ukraine.
Markets to recover some lost ground
BSESENSEX lost 2,943.02 points or 5.42 per cent to close at 51,360.42 points while NIFTY lost 908.30 points or 5.61 per cent to close at 15,293.50 points. The broader markets saw BSE100, BSE200 and BSE500 lose 5.51 per cent, 5.5 per cent and 5.66 per cent respectively. BSEMIDCAP was down 5.31 per cent while BSESMALLCAP lost 6.67 per cent.
Bitcoin falls below $18K, Ethereum down 80% in freezing crypto winter
Overall, the prices of top cryptocurrencies declined as much as 35 per cent last week in the wake of economic recession fears. The global market cap of cryptocurrencies sank below $850 billion, which recently hovered over $1 trillion. The second-largest Ethereum cryptocurrency fell below $1,000 on Sunday, down nearly 80 per cent since its all-time-high in November last year.
Rice, pulses, oilseeds witness less sowing; only sugarcane up
Rice is sown over 8.73 lakh Ha, compared to 12.52 lakh Ha in 2021, which is 3.80 lakh Ha less (minus 30.32 per cent). Pulses have been sown over 4.39 lakh Ha, compared to 4.74 lakh Ha in 2021, which is 0.35 lakh Ha less (minus 7.43 per cent), among them, Urad has witnessed the least sowing with 0.53 lakh Ha this year compared to 0.73 lakh Ha last year (minus 27.95 per cent).
From Saharanpur to South Africa: The rise and fall of Gupta brothers
Hailing from Saharanpur in western Uttar Pradesh, where they had a small family business, the brothers became instrumental in toppling a government and creating an unprecedented political controversy in an alien land. According to a former neighbour of the Gupta family in Saharanpur, the brothers were determined to make it big.
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