BUSINESS
Hyundai to invest $300 mn in US plant for eco-friendly cars
Hyundai Motor will upgrade the existing assembly lines of its Alabama plant for the production of the Santa Fe gasoline hybrid model and the all-electric Genesis GV70 sport utility vehicle in October and December, respectively, the company said in a statement.
Erasing opening session gains, indices close truncated week in red
Equity markets will be closed on Thursday and Friday on account of Dr Baba Saheb Ambedkar Jayanti/Mahavir Jayanti and Good Friday, respectively. On Wednesday, Sensex closed at 58,339 points, down 237 points or 0.4 per cent, whereas Nifty at 17,476 points, down 55 points or 0.3 per cent.
Hariom Pipes makes strong listing, shares up 51% above issue price
At 2.13 p.m., the shares of the company traded 51 per cent higher at Rs 231 on the National Stock Exchange (NSE), against its issue price of Rs 153. Reportedly, the firm's initial public offering issues were subscribed 7.93 times and it saw strong response from the retail investors.
Sundar Pichai announces $9.5 bn for new offices, data centres in US
Pichai said that Google helped provide $617 billion in economic activity for millions of American businesses, nonprofits, creators, developers and publishers last year. "In addition, the Android app economy helped create nearly two million jobs last year, and YouTube's creative ecosystem supported 394,000 jobs in 2020," he informed.
India stares at power shortage in summer demand due to coal supply crisis
Global thermal coal prices have remained elevated as a fallout of the Russia-Ukraine conflict, which disrupted trade flows and crippled supply amid additional demand from Europe, which has now sanctioned Russian coal. As a result, imported coal has largely remained out of bounds for price-sensitive markets like India, S&P Global Commodity Insights said.
India's Nov-March edible oil imports up 8% YoY
Notably, the marketing year for edible oil starts in November. In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the SEA data showed. In March 2021, it was at 9,57,633 tonne. In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between Russia and Ukraine started. Ukraine and Russia are two major suppliers of sunflower oil to India.
DGCA bars 90 SpiceJet pilots from operating 737 Max
Accordingly, these pilots would need to undergo retraining on 737 Max simulators. In a statement, DGCA Director General Arun Kumar said: "For the moment, we have barred these pilots from flying Max and they have to retrain successfully for flying Max." "Also, we will take strict action against those found responsible for the lapse."
IRDAI to hold Open House sessions with regulated entities
According to IRDAI, the Open House will be chaired by the Chairman and in his absence the senior most whole-time member along with other officials. The IRDAI has requested all the regulated entities- insurers, intermediaries- to make use of this initiative and offer pragmatic solutions to reduce significant insurance penetration gap in the country.
RBI likely to get quite perturbed with inflation above 6% in three quarters
With higher food price pressure in the near term (summer effect, international prices, higher transport cost, supply chains) and persistent input cost pressure in the non-food segment, it now sees inflation crossing 6 per cent in FY23. The March '22 print strengthens rate hike expectations in June '22. We maintain that FY23 could see a rate hike of up to 100bps. The terminal rate may go a tad higher from 5.25 per cent, with the RBI now showing its intent to keep real rates neutral
Xiaomi says fully cooperating on alleged tax evasion probe
Xiaomi said it is a law-abiding and responsible company. "We give paramount importance to the laws of the land. We are fully compliant with all the regulations and are confident of the same. We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information," the company spokesperson said.
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