BUSINESS
Chinese telecom firm Huawei raided for tax evasion
Raids are being conducted at multiple premises linked to Chinese telecom company Huawei across the country in connection with alleged tax evasion. A source said that the Income Tax department on Tuesday started the search operation which is still going on. The source said that the raids were being conducted in National Capital Region (NCR), Bengaluru and some other parts of the country.
Indians are world's 'most spoilt' consumers: Ashneer Grover
Speaking at YouTuber Raj Shamani's talk show, Grover who earlier worked with Grofers (now Blinkit) said that it is an utmost challenge to understand the unique behaviour of Indian consumers. "Indians are the world's 'most spoilt' consumers. They need everything at a cheap price, which should also be in a small size and even after that, they look out for discounts," he said.
India's homegrown direct selling brand Vestige announces foray into Ghana to expand global footprint
After gaining a stronghold in India and several international markets, Vestige Marketing Pvt. Ltd. has announced its foray into Africa by launching operations in Ghana. In the initial phase, the company will offer a range of health and wellness products from its bestseller categories -- health supplements, personal care, home care and oral care.
Indian equities a tad up in early trad
At 9.45 a.m., Sensex traded at 58,157 points, up 0.02 per cent or just 15 points, whereas Nifty traded 17,375 points, up 0.13 per cent or 22 points. Among the stocks, HDFC Life, Mahindra & Mahindra, Adani Ports, BPCL, and Indian Oil Corporation were the top five gainers among the Nifty 50 companies, rising 2.5 per cent, 2.3 per cent, 1.9 per cent, 1.7 per cent, and 1.6 per cent, respectively.
Developing countries face growing risks from financial fragility: World Bank
Developing countries face growing risks from financial fragility created by the Covid-19 crisis and non-transparent debt, the World Bank has said in a report, urging policymakers to focus on creating healthier financial sectors. "Risks may be hidden" because the balance sheets of households, businesses, banks, and governments are tightly interrelated, according to the World Development Report 2022: Finance for an Equitable Recovery.
India's Q3FY22 GDP expected to grow at 6.2%: ICRA
The expected YoY growth of the GDP and gross value added (GVA) at basic prices at constant 2011-12 prices in Q3FY22 will display a broad-based, base effect-led moderation to 6.2 per cent and 6 per cent, respectively, it said. In Q2FY22, the GDP grew by 8.4 per cent and 8.5 per cent, respectively.
India, Philippines discuss widening cooperation in more areas
The expected YoY growth of the GDP and gross value added (GVA) at basic prices at constant 2011-12 prices in Q3FY22 will display a broad-based, base effect-led moderation to 6.2 per cent and 6 per cent, respectively, it said.
Wall Street jumps after Russia says it's withdrawing some troops
Investors have been concerned that an armed Russian conflict with Ukraine could badly damage the global economy. A war could send prices surging in regions that have already been struggling with rapidly rising inflation, especially as energy supplies could be disrupted in the middle of a conflict. Russia is a major exporter of oil and particularly natural gas, the report said.
India's Jan merchandise exports rise over 25%, imports 23%
The exports during January 2021 stood at $27.54 billion. The data by the Ministry of Commerce and Industry showed that in comparison to January 2020, last month's exports rose by 33.45 per cent.
CV sales growth to see double-digit drive next fiscal on infra thrust
Commercial vehicles sales volume is expected to grow 18-23 per cent this fiscal, with the third wave of the Covid-19 pandemic not expected to materially impact the ongoing recovery, it said. "The industry should sustain the double-digit volume growth next fiscal also on continuing economic recovery and infrastructure spending.
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