BUSINESS
Keeping early gains intact, equity indices settle high
The Indian equity markets managed to keep their early gains intact to close Thursday's trade on a positive note.With Thursday's rally, indices have now risen for three consecutive days. Sensex settled 1.5 per cent or 817 points higher at 55,464 points, while Nifty ended 1.5 per cent or 250 points up at 16,595.
Ashneer bought Porsche, told staff he spent $130K on dining table: Report
According to Bloomberg, office frugality clashed with the couple's apparently glitzy lifestyle, rubbing some employees the wrong way. Grover and his wife upgraded their modest home for a rented penthouse and renovated another luxury property. He also purchased a Porsche and told multiple people at the company that he spent $130,000 on a dining table, the report said citing employees.
SUN Mobility appoints Anant Badjatya as new India CEO
EV infrastructure provider SUN Mobility on Thursday announced to appoint Anant Badjatya as the CEO for its India business. An engineer from NIT Durgapur and an alumnus of INSEAD France, he served as Group CEO with Stallion Group, a diversified conglomerate in West Africa with interests in automotive assembly and distribution.
Firm demand, low global inventory to keep aluminium prices elevated: ICRA
A low inventory level of aluminium globally amid tight demand-supply situation in addition to any potential sanction on Russian aluminium exports are expected to aggravate the availability of the commodity in the rest of the world, and thereby keeping its prices at an elevated levels till normalcy is restored, rating agency ICRA said in a report.
India is likely to promote UPI, Rupay to de-risk itself
"We may see the Government of India move further ahead with PLI schemes and provide more sops/opportunities for companies to invest in new age areas such as EV, clean energy (renewables and green hydrogen), robotics, AI, electronics, battery storage, semiconductors, etc", it added.
Indices extend sharp gains; Sensex up over 1,200 pts
India's key equity indices extended their rally from the previous session and traded sharply higher during the early session on Thursday. A substantial fall in global crude oil prices seems to have fueled fresh optimism amongst investors. Global crude is currently trading at $113 per barrel against over $130 recorded earlier this week which was more than a decade high.
US lawmakers refer Amazon to DOJ for potential criminal conduct
The 24-page letter states how Amazon engaged in a "pattern and practice" of misleading conduct that appeared designed to "influence, obstruct, or impede" the Committee's 16-month investigation into competition in digital markets. The letter has been reviewed by IANS. The summary was posted by antitrust subcommittee chair David N. Cicilline stated that in the testimony before the Committee, a senior Amazon official represented.
CCI approves acquisition of Prione by Amazon
The Competition Commission of India (CCI) on Wednesday approved the acquisition of Prione Business Services by e-commerce firm Amazon. Notably, Prione Business Services, is a joint venture between Catamaran and e-commerce firm Amazon. Earlier, the two firms announced their decision to not continue the joint venture beyond the current term to be ended in May 2022.
Russia-Ukraine conflict: India's CAD to widen on rising commodity costs
CThe AD is expected to come in at the second-highest level of $23.6 billion in 3QFY22 as against a deficit of $9.6 billion in 2QFY22. "Although the Omicron-led Covid wave has subsided, the geopolitical risks to the global recovery have increased due to the Russia-Ukraine conflict," ratings agency India Ratings and Research (Ind-Ra) said in a report.
Who will invest in India if scams like this happen, asks court on NSE case
CBI Judge Sanjeev Aggarwal of Rouse Avenue Court was hearing the matter in which Anand Subramanian, the ex-Group Operating Officer of the National Stock Exchange (NSE), was sent to 14 dats judicial custody, in connection with the co-location scam case.
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