BUSINESS
Cost push pressure weighs on paint stocks, Nerolac down 30% in 2022
The paint industry uses crude oil derivatives such as monomers as well as titanium dioxide as raw materials, which typically account for more than 50 per cent of a company's total expense. Shares of Berger Paints fell 14 per cent in 2022, Kansai Nerolac Paints was down over 30 per cent during the period, whereas Asian Paints dropped nearly 11 per cent, data showed.
Insurers need not file paper returns relating to actuarial/reinsurance: IRDAI
In a circular, the Insurance Regulatory and Development Authority of India (IRDAI) said that the insurers are not required to submit hard copies of any reports, returns or other documents related to actuarial valuation or reinsurance. The insurers can file the returns, reports or other documents in either PDF format or in Excel sheet, it said.
SC moved against LIC IPO, seeks scrapping of process
The writ petition was filed by policyholders, said Thomas Franco Rajendra Dev, Joint Convenor of NGO People First and the case is listed for Thursday.
Americans avoid going to work but Chinese burn 3 a.m. oil: Musk
The world's richest man, during the 'Financial Times Future of the Car' summit, said that China is a land of super-talented people. "I think there will be some very strong companies coming out of China, there are just a lot of super-talented hardworking people in China who strongly believe in manufacturing," he told the audience late on Tuesday.
Maruti, Hyundai led domestic, export sales in April
As per the export data released by SIAM, Maruti Suzuki had shipped out 18,216 units (17,131 units in April 2021) while Hyundai Motors exported 12,200 units last month (10,201 units).
No business entity can escape data tech, AI adoption: Tata Chairman Chandrasekaran
In his address at virtual event "Being Future Ready" organised by industry body Confederation of Indian Industry (CII), he pointed out five mega trends that will give directions to future growth. First in his list was digital adoption -- in work to health to education to shopping. "In the last two years, the internet has penetrated ever further into our daily lives. At the same time, advances in AI, cloud, and data technology have raised forward."
Indices fall for fourth straight session amid high volatility
The indices opened higher to later give up all of their gains as investors awaited the US inflation data, which is expected later in the day. For fresh cues, investors would keep an eye on India's inflation for April, which is expected to be released on Thursday.
Morgan Stanley lowers India's GDP growth forecast
The foreign brokerage said slower global growth, adverse terms of trade shock, and impact on business confidence from geopolitical tensions weigh on the near-term outlook Morgan Stanley's global economics team expects global growth to average 2.9 per cent YoY in 2022 slowing from 6.2 per cent growth in CY21. Against this backdrop, it has lowered forecasts of India's GDP growth .
Airtel Africa FY22 revenue up 21% YoY, announces final dividend of 3 cents
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries primarily in East Africa and Central and West Africa. Constant currency underlying revenue grew 23.3 per cent for the year and 19.1 per cent in Q4.
India smartphone shipments to cross 170 mn units in 2022
Samsung led the 5G segment with 23 per cent market share in Q1. While affordable smartphone shipments (sub-Rs 7,000) declined, premium smartphones (Rs 25,000 and above) grew 58 per cent, indicating strong consumer appetite to switch and upgrade, according to Cyber Media Research (CMR)
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