BUSINESS
China to maintain normal trade relations with Russia despite int'l sanctions
"China and Russia will continue to carry out normal trade cooperation following the spirit of mutual respect, equality and mutual benefit," he said, RT reported. According to the spokesman, China's position is to oppose any "illegally imposed" unilateral sanctions, believing that "sanctions are not an effective solution to solve problems".
Equities settle low; Nifty auto index top loser
Sensex settled 1.4 per cent or 778 points down at 55,468 points, whereas Nifty 1.1 per cent or 188 points down at 16,606 points. "The escalation of war drowned the global market, alarming the Indian market to start with substantial weakness. The negative effect was more on large-caps in-line with weak Q3 GDP data and downgrade of FY22 growth to 8.9 per cent from 9.2 per cent, by National Statistical Office (NSO)," said Vinod Nair, Head of Research at Geojit Financial Services.
Crude at $111: Domestic petrol, diesel prices to sky rocket
The Russia-Ukraine crisis-led global hike in crude oil prices is expected to push India's domestic prices of petrol and diesel by Rs 20-22 per litre. However, an excise duty cut may dampen the impact on petrol and diesel prices to an extent, but not entirely.The crisis as well as fears of lower supplies have pushed Brent crude oil price to nearly an 8-year high on Wednesday.
Healthy demand accelerates growth of India's manufacturing sector in Feb: PMI
India's manufacturing sector's growth sequentially rose in February 2022 due to robust demand.In January 2022, the seasonally-adjusted index had sequentially eased to 54 (index reading).Besides, the PMI report said growth has now been seen in each of the latest eight months, with the headline figure remaining above its long-run average of 53.6.
Oil prices surge as Russia-Ukraine conflict continues
Oil prices jumped to multi-year highs as the Russia-Ukraine conflict continued, prompting fears about energy supply disruptions from key exporter Russia. The West Texas Intermediate (WTI) on Tuesday for April delivery added $7.69, or 8 per cent, to settle at $103.41 a barrel on the New York Mercantile Exchange. It marked the highest settlement for a front-month contract since July 2014, according to Dow Jones Market Data.
Money laundering case: Delhi HC dismisses bail plea of Ambience group promoter
The order, which had been reserved on February 10, was pronounced by a bench of Justice Manoj Kumar Ohri. The case is in connection with alleged irregularities in sanctioning certain loans by a consortium of banks for the construction of the Ambience hotel in New Delhi's Shahdara. In the last hearing, arguments were addressed on merits as well as other legal issues involving due process, procedures established by law, and other anomalies.
AAI writes to PMO on alarming situation for aluminium industry
AAI has sought immediate support for resumption of uninterrupted coal supplies and rakes for highly power intensive Aluminium industry Captive Power Plants (CPPs), which are facing alarmingly depleted coal stocks of 3-4 days as compared to the prescribed level of over 15 days.
Religare Enterprises becomes debt-free Co, shares rise 3%
The company said it will enter new sectors such as Asset Reconstruction, Alternate Investment Funds, Insurance Broking, Digital Wealth Management. These new verticals are expected to have a "multiplier effect" in Religare Group's businesses and financial performance, it said in the filing.
Ashneer hand in gloves with wife in grossly abusing company money: BharatPe
Fintech platform BharatPe on Wednesday revealed for the first time that Ashneer Grover, his wife Madhuri Jain, and their relatives were engaged in extensive misappropriation of company funds and grossly abused company money to fund their lavish lifestyles
Blockchain could emerge as new operating system for supply chain networks: DTDC
The Indian logistics industry has entered a robust phase of Cloud-enabled digital transformation in the pandemic and DTDC, which is one of the preferred courier brands in India with the largest network of delivery destinations, is now batting for the Blockchain-based technology to further boost the supply chain ecosystem. DTDC is invested in Big data analytics and IoT where complex data sets are analysed to improve supply chain performance, revenue and customer analytics.
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