BUSINESS
Noida to SC: Supertech twin towers to be demolished on May 22
A bench comprising Justices D.Y. Chandrachud and Surya Kant said that all authorities should strictly comply with the timeline given in the Noida authority affidavit. Senior advocate Ravindra Kumar, representing the Noida authority, submitted before the bench that the demolition process has commenced, and the twin towers will be completely demolished on May 22. The top court was informed that the entire debris will be removed by August 22.
Ashneer Grover loses Singapore arbitration, BharatPe probe to continue
His arbitration failed to convince the EA to stop the ongoing governance review at BharatPe against him, sources told IANS. The Emergency Arbitrator has rejected all five grounds of his appeal. Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC).In his appeal, Grover pleaded that the investigation was illegal because it violated the shareholder agreement and articles of association.
Rising stakes in Russian-Ukrainian war push up Crude prices
Brent-indexed crude oil prices rose 5% to over $98 per barrel. The rise in crude oil prices comes after the EU announced new sanctions on Russia. Russia is the third-largest producer of crude oil in the world. It is feared that any sanctions against Russia will curtail global supplies and stifle growth. Last Friday, a rise in the US oil inventories along with the assurance of energy supply from Russia had doused international crude oil prices.
Indian equities open negative; Sensex, Nifty indices down 1.5% each
At 9.55 a.m., Sensex was 1.5% or 817 points down at 55,041 points, whereas Nifty 1.4% or 233 points was down at 16,425 points. "Asian markets are trading mixed in the early Monday trade with Nikkei and HangSeng trading in negative territory while Taiwan and Korean markets trading in positive territory. WTI Crude rose more than 5% on the Russia-Ukraine crisis as Western nations imposed fresh sanctions on Moscow," said Mohit Nigam.
Reliance also extended working capital support due to which Future Retail has been able to pay its statutory dues
FRL owes Reliance towards this working capital support. In August 2020, the Boards of FRL and other Future companies and RRVL approved the Scheme of Arrangement for the transfer of retail and logistics business of the Future Group to RRVL on a slump sale basis for an aggregate consideration of Rs 24,713 crore. Future Group was in acute financial difficulty and stress. FRL had defaulted in payment of dues to its creditors and landlords.
GDP data, Global trends to impact equity sentiments
Global trends surrounding the evolving Russia-Ukraine crisis as well as key domestic macro-economic data points will set the course for the Indian equity market's trajectory in the coming week. Besides, investors will watch out for fluctuations in crude oil prices and currency movements. These global trends are also expected to influence the direction of FIIs' funds which will, in turn, have an overall bearing on the market sentiment.
GDP data, Global trends to impact equity sentiments
Global trends surrounding the evolving Russia-Ukraine crisis as well as key domestic macro-economic data points will set the course for the Indian equity market's trajectory in the coming week. Besides, investors will watch out for fluctuations in crude oil prices and currency movements. These global trends are also expected to influence the direction of FIIs' funds which will, in turn, have an overall bearing on the market sentiment.
Collateral Damage: High crude prices to weaken rupee
Higher prices of global crude oil, gold and other commodities is likely to weaken the rupee. Presently, India imports 85 per cent of its crude oil needs. Higher crude oil prices are expected to add Rs 8 to Rs 10 in petrol and diesel's domestic selling prices. Besides, the cascading effect of expensive fuel cost will trigger a general inflationary trend.
Air India to operate more flights to Romania, Hungary to evacuate Indians
The airline operated a direct flight from New Delhi to Bucharest on early Sunday morning, while another one departed for the Romanian capital the afternoon. Besides, the airline will operate one flight from New Delhi to Budapest in the evening. These flights are operated as special government charters to bring back stranded Indians, who managed to find their way out of the hostilities between Russia and Ukraine.
After Meta, YouTube blocks Russian state media from monetising
Video streaming giant YouTube said that it will temporarily halt the ability of a number of Russian channels, including state-sponsored RT, to monetise their content on the platform, media reports say. YouTube will also be "significantly limiting" recommendations to those channels, the video streaming giant said in a statement.
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