BUSINESS
PhonePe offers cashback on gold, silver purchases via its app
Users can buy the highest purity 24K gold through the app and choose to either accumulate it in bank grade insured lockers with zero hassle of storage or making charges or get delivery in the form of gold coins or bars from a wide range of design options.
Mukesh Ambani plans takeover bid for UK high street chain Boots
Ambani is the biggest shareholder and chairman of retail-to-energy group Reliance Industries. Reliance is reportedly working on the potential bid with US buyout firm Apollo Global Management, reports the BBC. Earlier this year, the Walgreen Boots Alliance announced a review of the Boots business and reportedly put the company up for sale.
Global PC shipments down 4.3% in Q1 amid chip shortage
The Covid-19 lockdowns in China, especially in Shanghai and Kunshan, where many laptop manufacturing lines are located, will further cause shipment correction in April. Compared to original equipment manufacturers (OEMs), original design manufacturers (ODMs) currently face more issues related to manufacturing resource allocation than component shortage impacts, according to Counterpoint Research.
Domestic investors to become larger holders of Indian equities than FPIs for the first time since 2010
Domestic share holdings continue their ascent, the report said. The combined holdings of domestic mutual funds and direct households in stocks have risen over 600bps since 2015 whereas those of foreign portfolio investors (FPI) have declined about 150bps. This shift persisted for the QE March 2022. FPI ownership of our sample of 75 companies fell 75bps QoQ, whereas domestic investors raised stakes 81bps, the report said.
Will continue to change Twitter 'despite the noise': Parag Agrawal
In a tweet, Agrawal, who may leave or asked to go once the deal is finalised, said: "I took this job to change Twitter for the better, course correct where we need to, and strengthen the service. Proud of our people who continue to do the work with focus and urgency despite the noise". Musk on Thursday tweeted that "Twitter DMs should have end to end encryption like Signal, so no one can spy on or hack your messages".
Samsung's profit jumps 50% over robust server chips, mobile sales
The world's largest memory chip and mobile phone maker said its operating profit rose more than 50 per cent to $11.1 billion (year-over-year) in a regulatory filing, reports Yonhap News Agency. Sales increased 18.9 per cent on-year to 77.7 trillion won in the first quarter, the all-time quarterly record and the third consecutive quarter that the tech giant has logged more than 70 trillion won in quarterly sales. Prices of memory chips, which support a great portion of Samsung's top and bottom lines, held up better than expected.
Musk takes a u-turn, says Twitter must remain 'politically neutral'
Musk, who just promoted former US President Donald Trump's new social media platform 'Truth Social' from his Twitter handle, has suddenly changed his tone amid growing criticism against him. "For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and the far left equally," he posted to his more than 87 million followers.
Biggest commodity shock since 1970s raises spectre of stagflation: World Bank
In a gloomy analysis, the Washington-based development organisation said there was a risk that persistently high commodity costs lasting until the end of 2024 would lead to stagflation -- sluggish activity combined with strong cost of living pressures, the report said.
Equities up marginally during early trade
At 9.17 a.m., Sensex was at 57,096 points, up 0.5 per cent or 277 points, whereas Nifty at 17,120 points, up 0.5 per cent or 82 points. Among the stocks, Hindustan Unilever, Sun Pharma, UPL, Divis Labs, Dr Reddy's were the top five gainers among the Nifty 50 companies, NSE data showed.
High excise duties in Punjab hit fuel pump dealers
"Successive governments in Punjab -- the Akalis and the Congress had been regularly increasing VAT on petrol and diesel, resulting in vast difference in petroleum prices in Punjab as compared to neighboring states," Monty Sehgal, spokesman for the Petrol Pump Dealers Association, Punjab, told IANS.
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