BUSINESS
Indices close week with minor gains, Cipla top mover
Rally in Indian benchmark equity indices continued for fourth consecutive sessions as it settled marginally higher on Friday. Sensex settled 0.2 per cent ot 86 points up at 55,550 points, whereas Nifty 0.2 per cent or 36 points up at 16,630 points. Nifty pharma index was the top mover among the indices, rallying 2.5 per cent during the session in line with the healthcare index.
CAIT vindicated by indictment of Amazon criminality by 5 US lawmakers, seeks action in India
CAIT is vindicated by screaming headlines across American media that a bipartisan group of members of the US House Judiciary Committee has made public its stinging letter to Attorney General Merrick Garland demanding that the Department of Justice (DOJ) probes "potentially criminal conduct by Amazon and its senior executives".
IMF to downgrade global growth forecast amid Ukraine crisis
The International Monetary Fund (IMF) will likely downgrade its global growth forecast next month due to spillover effects from the Ukraine crisis. The economic fallout of the ongoing crisis is being transmitted through three key channels to the rest of the world: higher commodity prices, the impact on real incomes and the real economy, as well as the impact on financial conditions and business confidence, Georgieva told reporters at a virtual media roundtable on Thursday.
Equity indices extend gains; Sensex up nearly 300 pts
With Friday's rally, indices have managed to rise for four consecutive sessions. At 9.55 a.m., Sensex was 0.5 per cent or 295 points up at 55,759 points, whereas Nifty was 0.5 per cent or 83 points up 16,678. Among the stocks, JSW Steel, Bajaj Finserv, Sun Pharma, Axis Bank, and Tata Steel were the top five gainers among the Nifty 50 companies; while Tata Consumer, Tata Motors, Nestle India, Maruti Suzuki, and UPL were the top losers, NSE data showed.
After poll results, market to shift focus back on geopolitics: Emkay
India's financial market will focus again on the evolution of the geopolitical shocks and policy responses after a strong political outcome for the BJP, according to Emkay Global Financial Services. It holds that the strong political outcome for the BJP implies space for policy continuity ahead.
CCI approves acquisition of L&T Investment Management by HSBC AMC
The Competition Commission of India (CCI) has approved 100 per cent share capital acquisition of L&T Investment Management by HSBC Asset Management. "The proposed combination relates to acquisition of 100 per cent equity share capital of L&T AMC by HSBC AMC from L&T Finance Holdings (L&T sponsor or seller) and its nominees," the CCI said. "The acquisition of equity shares of the 'Target' falls under Section 5(a) of the Competition Act, 2002," it added.
India's manufacturing sector to take a hit as costs of commodities rise
At present, international prices of crude oil, natural gas, coal, nickel, copper, aluminium, titanium, palladium have risen to multi-year high levels. The raw material prices will impact the sector which was already reeling under expensive commodities costs due to rise in their international demand and supply constraints. Moreover, India is a major importer of these precious as well as industrial commodities.
BharatPe ready for any preliminary govt probe, to comply with law
BharatPe has already conducted a thorough internal governance review via Alvarez and Marsal, a leading management consultant and risk advisory firm, and global audit firm PwC into the financial irregularities at the firm during Ashneer-Madhuri's tenure. Ashneer quit as BharatPe accused him, his wife and their relatives of being engaged in extensive misappropriation of company funds
Gurugram: Private housing societies to have EV charging points
Under the agreement, Tata Power, India's leading electric-vehicle charging infrastructure provider, has collaborated with Enviro -- the facility management will install EV charging points. These chargers will be made available as 'Public Charging Stations' and 'Semi-Public' based on the nature of the premises.
Economy recovers, set to grow by 12.1% in 2021-2022
The state's Gross State Domestic Produce (GSDP) growth will be higher than that of the Indian economy at 8.9 per cent, with the services sector set to grow from 13.50 per cent (against 9.0 per cent previous year), followed by industry sector at 11.90 per cent (against -11.3 per cent), and agriculture & allied sectors to grow by 4.4 per cent (against 11.7 per cent).
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