BUSINESS
Hero MotoCorp to raise prices from April 5
Two-wheeler major Hero MotoCorp on Tuesday announced ot will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 5. According to the company, the upward revision has been necessitated to partially offset the impact of increasing commodity prices. "The price revision will be up to Rs 2,000 and the exact quantum of increase will be subject to specific model and the market," the company said in a statement.
Equity indices extend gains & open positive; Sensex up over 350 pts
At 9.42 a.m., Sensex was 0.7 per cent or 378 points up at 58,321 points, whereas Nifty 0.6 per cent or 105 points up at 17,430 points. Among the individual stocks, Tata Consumers, Bajaj Finserv, Hero Motocorp, Bajaj Finance, and Grasim Industries were the top five gainers among the Nifty 50 companies, while ONGC, Hindalco, JSW Steel, Tata Steel, and Tech Mahindra the top five losers, NSE data showed.
Pine Labs raises $50 million, to expand BNPL offering in Southeast Asia
Pine Labs serves large, mid-sized and small merchants across India and Southeast Asia, and is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia. "We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later (BNPL) offering to new markets through strategic collaborations," saidAB. Amrish Rau, CEO, Pine Labs.
Tata Consumer Products plans to reorganise India, overseas business
The plan includes the demerger of plantation business of Tata Coffee (TCL) into TCPL Beverages & Foods (TBFL), and the merger of the remaining business of TCL, consisting of its extraction and branded coffee business with the TCPL, through a composite scheme of arrangement. Besides, TCPL proposes to purchase the minority interest in its UK subsidiary, Tata Consumer Products UK (TCP UK) by way of a share swap, through a preferential issue of its equity shares.
Natural gas demand seen up 12-14% next fiscal despite high prices: Crisil
The domestic demand for natural gas is seen rising by 12-14 per cent next fiscal, despite prices remaining high for the past several months, said ratings agency Crisil. According to it, this trend is supported by economic recovery and lower-than-usual inventories in key European consumption centres. Besides, Russia's invasion of Ukraine, which began in February 2022, drove already-elevated gas prices even higher, Crisil said.
Petrol prices up again; rise by Rs 4.80 per litre in 8 days
The domestic retail selling prices of petrol and diesel were increased for the seventh time in eight days on Tuesday. Consequently, in the past eight days, petrol and diesel prices have increased by Rs 4.80 per litre in the national capital. These prices were revised for the very first time on Tuesday, March 22, after a gap of more than four months.
Raj Subramaniam joins growing list of Indian-origin CEOs
Subramaniam joins Arvind Krishna, another IITian from Kanpur appointed as CEO of world's oldest technology company IBM Group in January; Parag Agarwal, an IITian from Mumbai who was appointed as Twitter CEO in November last year after Jack Dorsey announced exit; and Anand Eswaran, appointed as CEO of global IT firm Veeam in December 2021.
Adani Power shares up 14%, merger plans lent support
Shares of Adani Power jumped sharply on Tuesday as they extended their rally into the sixth consecutive session. The consistent rally in the shares came at a time when the company approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself. On March 22, the company, through a regulatory filing, announced about the merger plan, which is, however, subject to requisite approvals.
Adani Wilmar shares extend gains, rise 9%
Shares of FMCG company Adani Wilmar extended gains from the previous session to rise sharply on Tuesday. The shares of the company have seen rising since the war in Ukraine broke out. It is expected India's sunflower imports will be hit as both Russia and Ukraine are the major suppliers of sunflower oil to India.
ICRA cuts India's FY23 GDP growth forecast to 7.2%
Ratings agency ICRA has lowered India's FY23 GDP growth forecast to 7.2 per cent from an earlier projection of 8 per cent. Besides, the rating agency projected GDP expansion in FY22 at 8.5 per cent, which is modestly lower than the National Statistical Office's (NSO's) second advance estimate of 8.9 per cent.
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