BUSINESS
Shares of Dhani Services decline 40% in a week on reports of unaccounted loan disbursal
Shares of Dhani Services declined 40 per dent in the week that ended on Friday (i.e five active trading sessions) after several people took to Twitter to raise red flags over some unaccounted loans in their names, via the misuse of their PAN details by fraudsters. The shares of the company settled at Rs 73.75 on Friday, as against Rs 123.45 at the start of the week on Monday. For availing loans, a user needs PAN and address proof details.
Adani Wilmar shares rally as Russia-Ukraine war threatens India's sunflower imports
At a time when the equity segment has been going through a sharp correction amid the Russia-Ukraine war, shares of Adani Wilmar rose around 10 per cent overall in the trading week that ended on Friday. The shares of the company rose as the ongoing war may hit India's sunflower imports. Russia and Ukraine are the major suppliers of sunflower oil to India.
Russian bank customers barred from using Apple, Google Pay
Customers reported they were unable to use their bank cards with Google Pay and Apple Pay. According to a statement, customers of banks that fell under the sanctions will not be able to pay with cards of these banks abroad. "Also, the cards of these banks will not be able to be used with Apple Pay, Google Pay services, but standard contact or contactless payment with these cards is available," the Central Bank informed.
Ukraine raises over $15 mn in crypto post Russian invasion
The global crypto community has also extended its support to Ukraine. Vitalik Buterin, the creator of Ethereum, tweeted that the invasion was a "crime" against Ukrainian and Russian people, adding "Glory to Ukraine." More than $15 million in cryptocurrency has been donated to Ukrainian groups since Russia attacked the country on February 24, according to research firm Elliptic.
Prolonged Russia-Ukraine war likely to hurt India's tea exports, dent its prices
Russia and CIS nations are India's largest export destination of tea and a very important market, said Dinesh Bihani, Secretary at Guwahati Tea auction Buyers association. The Indian tea industry has been stuck in a perfect storm for the past several years on concerns such as uncompetitive prices, lack of quality crops, rising labour costs as well as subdued export demand.
US sanctions head of Russia's largest social media network
The US Department of the Treasury has divided sanctioned entities into two categories: "major Russian financial institutions" and "elites and families close to Putin." The US sanction on Kiriyenko has stopped one of Russia's most powerful tech honchos from doing business with any US entity. VK -- originally known as VKontakte -- is the dominant social media platform in Russia and claims to have around 70 million monthly active users.
India's Jan M&A deals rose 100% YoY: Grant Thornton Bharat
India Inc saw a robust rise in monthly deals in January 2022 with M&A segment's volumes rising by 100 per cent on a year-on-year basis. As per Grant Thornton Bharat, the M&A deal volumes witnessed a 100 per cent increase compared to January 2021 on account of over 2x increase in the domestic deal activity and 78 per cent increase in cross-border deal volumes.
Future Retail scaling down operations to reduce losses
The company is proposing to expand its online and home delivery business to increase its reach to the customers. Future Retail said in a regulatory filing that it has been finding it difficult to finance the working capital needs. Increasing losses at store level is a grave concern and is a vicious cycle where larger operations are leading to higher losses.
Declining Deficit: Faster growth to give greater fiscal leg-room to states
It is estimated that despite Covid-19 and populist schemes the outlook on the finances of Indian states is set to improve in FY23. Notably, greater financial assistance provided by the Centre is expected to tide over any revenue shortfall during the ongoing pandemic phase. In FY23 budget, the Centre has allocated Rs 1 trillion worth of financial assistance by way of the 50-year interest-free loans.
India open to support initiatives for releases from 'Strategic Petroleum Reserves'
As per Ministry of Petroleum & Natural Gas: "India is also committed to supporting initiatives for releases from 'Strategic Petroleum Reserves', for mitigating market volatility and calming the rise in crude oil prices." Besides, the Ministry said that India is closely monitoring global energy markets as well as potential energy supply disruptions on the back of evolving geopolitical situation.
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