BUSINESS
Ashneer 'sold' passes of ICC T20 WC 2021 for crores, claim sources
BharatPe was the Global Partner of the tournament. Sources close to the development told IANS that Grover allegedly sold each pass for at least 750 dirhams (approximately Rs 15,000) and in the process, made several crores, which were allegedly deposited in a Dubai account. Some BharatPe employees told IANS that they were given passes for the common stands but not the VIP ones.
ATF price hiked by over 18%, steepest rise ever
High crude oil prices on Wednesday led OMCs to hike aviation turbine fuel (ATF) price by over 18 per cent to more than Rs 1 lakh per kilolitre, the steepest hike ever. Accordingly, in the national capital, the price of jet fuel was raised by 18.32 per cent to Rs 1,10,666.29 per kilolitre (kl) from Rs 93,530.66 per kl.
Indices settle high led by rally in realty, metal; Sensex up 1,040 pts
Keeping its early gains intact, India's key equity indices -- Sensex and Nifty - settled sharply higher on Wednesday led by rally in all the sectoral indices. Among all, Nifty metal, realty, and oil and gas were the top movers during the session, rising 2.6 per cent, 3.6 per cent, and 2.0 per cent, respectively. Coming to the indices, Sensex settled 1.9 per cent or 1,040 points up at 56,816 points, whereas Nifty 1.9 per cent or 312 points up at 16,975 points.
Hyd-based AZAD Engineering delivers aviation parts to Boeing
Hyderabad-based AZAD Engineering on Wednesday announced that it had delivered the first consignment of aviation parts to global aerospace major Boeing. The parts were delivered as part of its contract with Boeing for manufacturing and supplying aviation parts and components. AZAD, a strategic supplier to Boeing, had won the contract in July 2021. A dedicated facility was set up in record time and it delivered the first batch of aviation parts on February 24, the company said.
Clear and present danger: Expensive commodities raise risk of stagflation
India's economy which is already reeling under inflationary pressure, now faces an ever increasing risk of stagflation. The economic trend of stagflation is marked by rising inflation and stagnant GDP growth. The trend is expected to accelerate the pace of inflation in coming months.
Owner of KFC & Pizza Hut says sales plunged as Covid forces lockdowns in China
The owner of KFC and Pizza Hut said sales plunged by 20 per cent in the first two weeks of March as a surge of new Covid cases spread across China, BBC reported. Yum China said "the situation has rapidly deteriorated" as regional lockdowns have been put in place to stem the outbreak. More than 1,100 of its stores are temporarily closed or offering takeaway and sales are "still trending down". China's lockdowns are among its biggest since the beginning of the pandemic, BBC reported.
Torrent Power to purchase 51% stake in Dadra and Nagar Haveli, Daman and Diu Power Distribution Corporation
Torrent Power Limited has entered into a Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) with Administrator of the Union Territory of Dadra and Nagar Haveli and Daman and Diu (Holding Entity) and Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (the SPV) for purchase of 51 per cent Equity Share Capital of the SPV from the Holding Entity.
Razorpay acquires fintech startup IZealiant to empower banks
Fintech platform Razorpay on Wednesday announced to acquire IZealiant Technologies, a leading fintech startup that provides payments technology solutions for banks, for an undisclosed sum. The acquisition of Pune-based IZealiant, the fifth by Razorpay to date, will strengthen its banking solutions arm that builds innovative tech solutions for banks, the company said in a statement.
Equity indices in green; Sensex, Nifty up over 1% each
India's key equity indices -- Sensex and Nifty -- traded in the green in the opening session on Wednesday. At 9.54 a.m., Sensex was 1.4 per cent or 777 points up at 56,554 points, whereas Nifty 1.3 per cent or 220 points up at 16,883 points. Among the specific stocks, Indusind Bank, Axis Bank, Bajaj Finance, Grasim Industries and Bajaj Finserv were the top five gainers among the Nifty 50 companies, rising 3.7 per cent, 3.5 per cent, 3.0 per cent, 2.8 per cent, and 2.7 per cent, respectively.
Biden signs $1.5 trln omnibus spending bill into law
US President Joe Biden has signed into law a $1.5 trillion omnibus spending bill for the fiscal year 2022 to fund the federal government through the end of September. "With this bill, we're going to send a message to the American people, a strong message that Democrats, Republicans can actually come together and get something done," Biden said on Tuesday at the White House.
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