BUSINESS
Check how home buyers of bankrupt Supertech can now submit claims online
On March 25, the NCLT had declared Noida-headquartered realty major Supertech as insolvent while admitting a plea filed by the Union Bank of India over non-payment of its dues. All financial creditors, including real estate allottees, must submit their claims with proof online by visiting https://www.supertechlimited.com/public-announcement.php.
Easing supply side constraints of semiconductors fuel March's PV sales' rise
Easing supply side constraints of semiconductors as well as healthy demand led many passenger vehicle manufacturers to report healthy wholesales during last month. Wholesale dispatches of passenger vehicles rose in March 2022. Auto major Maruti Suzuki India on Friday reported a year-on-year rise in its total sales for March 2022 to 170,395 units from 167,014 units sold during the same period of the corresponding year.
Fired worker Smalls 'snubs' world's second richest Bezos; 'pins' union flag on Amazon door
In a deeply troubling move to Amazon's Jeff Bezos, workers at his warehouse in New York City have voted to unionise. It is a historic first. The US National Labor Relations Board (NLRB) determined in January that unionisation efforts at the Amazon facility of 5,000 had "reached a sufficient showing of interest" to hold an election. Bezos-owned Amazon said it was "disappointed with the outcome of the election because we believe having a direct relationship with the company is best for our employees."
Rising dollar strength drags down India's foreign reserve
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $3.202 billion to $550.454 billion. As per RBI data, India's overall forex reserves fell to $617.648 billion from $619.678 billion reported for the previous week. The country's forex reserves consist of FCAs, gold reserves, SDRs, and the country's reserve position with the IMF.
BSE M-cap rises Rs 3.81 lakh cr on first session of FY23
Commonly referred to as market cap, market capitalisation is the aggregate valuation of the company based on its current share price and the total number of outstanding stocks. It is calculated by multiplying the current market price of the company's share with the total outstanding shares of the company. On Friday, the market cap of the BSE rose to Rs 2,67,88,387 crore from Rs 26,406,971 on Thursday, exchange data showed.
Equity indices start fiscal FY23 in green, Sensex up over 700 pts
"The stock market kicked off FY23 on a positive note. It started the day muted and in line with global markets but strengthened as the day progressed as the broad market picked up and buying increased in sectors like banks, power and realty," said Vinod Nair, Head of Research at Geojit Financial Services. The outcome of the Reserve Bank of India's upcoming monetary policy meeting next week would be the major factors that will dictate the market outlook, he added.
March GST collection at record high of over Rs 1.42 lakh crore
"The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods)," the Finance Ministry said.
Adani Power shares at 10% upper circuit
Notably, the power producer company has doubled its investors' money in 2022. So far in the current calendar year, it rose 101 per cent. On Friday, the shares were locked in the upper circuit at Rs 203.6, as against Rs 101.3 in early January. According to reports, India's power consumption grew steadily to 126.12 billion units in March, which is up by 4.6 per cent year-on-year.
Insurance brokers cry foul at banks selling corporate policies
The insurance brokers complain that banks are exerting pressure on their borrowers to route all their insurance needs through them even when the sum insured or value of insurance exceeds Rs 5 crore "As per IRDAI regulations, a corporate agent cannot procure commercial insurance business from industries where the sum insured is Rs 5 crore or more per risk/policy," Sohanlal Kadel, Managing Director, Kadel Insurance Broker Pvt Ltd, told IANS.
Hero Motocorp shares slump sharply, IT raids likely weighed
The shares fell over 6 percent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 percent lower at Rs 2,231. In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in Gurugram and Delhi in connection with alleged tax evasion.
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