BUSINESS
Reliance Brands to buy 40% in toymaker Plastic Legno SPA, signs JV
This investment by Reliance Brands serves a dual purpose -- bringing in vertical integration for its toy business, and helping diversify the supply chain with a long-term strategic interest in building toy manufacturing in India. Plastic Legno SPA is owned by the Sunino group that boasts of more than 25 years of toy production experience in Europe.
Binance Labs announces $500 mn fund for Blockchain, Web3.0 startups
The fund is supported by leading global institutional investors such as DST Global Partners, Breyer Capital, as well as other major private equity funds, family offices, and corporations as limited partners, Binance said in a statement. The new fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3.0 and Blockchain technologies.
Indices settle marginally low; Nifty IT, pharma, realty top losers
Sensex closed at 55,381 points, down 185 points or 0.3 per cent, whereas Nifty at 16,523 points, down 62 points or 0.4 per cent. "In the very near-term, a rebound in crude oil prices poses a risk to the current account deficit and therefore, to expectations of rupee depreciation.
Alibaba best-paying tech company in China despite crackdown
According to South China Morning Post, citing data from Chinese career and social-networking platform Maimai, the most generous tech companies in terms of annual bonuses last year were smartphone maker OPPO, Tencent Holdings, and Ant Group. Huawei Technologies paid an average bonus of $25,000 last year, according to the data. Didi Chuxing was in the 10th spot with an annual bonus of $15,000.
GST collections for May at Rs 1.4 lakh cr, up 44% YoY
This is the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022. Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, IGST was Rs 73,345 crore, and cess Rs 10,502 crore.
eMudhra makes exchange debut, lists with nearly 6% premium
Since 2008, eMudhra has been issuing digital signature certificates in India. In addition to digital certificate solutions, eMudhra offers a variety of other services including tax filing services, digital signing solutions, digital certificate authentication system and trusted time stamping services.
HDFC raises lending rates, EMIs on home loans to go up
The revision would come into effect from Wednesday itself. The upward revision in rates will essentially lead to an increase in EMIs for borrowers. The hike in rates came close on the heels of central bank RBI's recent hike in repo rate by 40 basis points, besides giving indications it would raise rates further in the upcoming monetary policy review meets.
Australia's economy grows 0.8% despite floods, Covid surge
According to figures published by the Australian Bureau of Statistics (ABS) on Wednesday, gross domestic product (GDP) increased 0.8 per cent in the March quarter and 3.3 per cent over the past year, Xinhua news agency reported. Economists had forecast growth of approximately 0.5 per cent for the quarter and 2.9 per cent annually.
Top Indian firms show resilience post pandemic, TATA Group at top spot
Taj Hotels (brand value up 6 per cent to $314 million) is the strongest brand in the ranking with a Brand Strength Index (BSI) score of 88.9 out of 100 and a corresponding AAA brand rating, according to leading brand valuation consultancy Brand Finance. Brands in the banking (brand value up 16 per cent), IT services (brand value up 15 per cent) and telecoms (brand value up 7 per cent) sectors in India achieve high brand value as the economy is recovering from the impact of Covid-19.
Fearing rate hikes, consumers may front load purchases in niche areas: SBI Research
The sector-wise data for April indicated that credit off-take has happened in almost all sectors. Personal loans segment continued to perform well, registering an acceleration in growth to 14.7 per cent in April 2022 and contributed around 90 per cent of the incremental credit during the month, primarily driven by housing, vehicle loans and other personal loans segments, the report said on Tuesday.
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