BUSINESS
First-made in India F16 wing gets certification from Lockheed Martin
An event marking the first fighter wing prototype built at the TLMAL facility in Hyderabad was attended by Telangana's Industry Minister K. T. Rama Rao along with the global business development executives of Lockheed Martin Aeronautics and leadership team of Tata Advance Systems Ltd and TLMAL. He noted that this partnership is growing stronger spanning multiple manufacturing programmes.
Used car platform Spinny raises $283 mn, becomes new unicorn
The company said the raised capital would be utilised to bolster the customer experience, strengthen technology and product capabilities and build teams across functions. The Series E round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth, along with participation from existing investors Feroz Dewan's, Arena Holdings and Think Investments, the company said in a statement.
Indian stainless steel sector drowning in Chinese imports
The import tide of stainless steel from China and Indonesia is fast turning into a deluge destroying many companies on its way, and threatening the very existence of the small, medium and micro industries in India. After all, the first half of 2021-22 witnessed a staggering 185% increase in import volumes of stainless steel flat products compared to the average monthly imports in the last fiscal.
Vodafone Idea's shares jump sharply post prepaid tariff hike
The company's share price has risen from Rs 9.6 per share in early November to Rs 14.6 at Monday's close. Notably, a larg part of the rise was seen last week. In the week that ended on Friday (December 3), the telecom operator's share price rose over 30 per cent. It is important to note that the recent sharp rise in share prices of the company comes at a time when major Indian telecom operators
Higher input costs to impact steel cos' profitability from Q3FY22: ICRA
Coking coal is one of the key inputs used in the sector. "Input cost pressures for domestic mills could moderate somewhat towards the later part of Q4 FY2022, as seaborne coking coal prices have declined by 20 per cent since the highs of mid-November 2021, the benefit of which would slowly get reflected in mill margins after a lag of two-three months," the agency said.
Omicron shadow: Indian equities plunge on FII outflows
Besides, reports of IT notices to some global fund houses have also subdued investors' sentiment. Notably, on last Friday, the FIIs sold stocks worth Rs 3,356.17 crore on the BSE, the NSE and the MSEI in the capital market segment. Globally, shares were mixed in Asia on Monday after troubled Chinese property developer Evergrande warned late Friday it may run out of money.
MoUs between Indian states and Amazon are contradicting Aatmanirbhar Bharat campaigns: CAIT
The CAIT also said that such agreements are a hindrance to the Aatmanirbhar Bharat and Vocal for Local campaigns launched by the Prime Minister of India. CAIT said that it will arrange a meeting and write to the chief ministers to discuss matters in this regard.
Sensex drops to 56,747 and Nifty witnesees fall by 284 points to fall under 17,000
The Nifty IT index displayed the worst performance in the market by falling low by 2.70 per cent. The Nifty Pharma index also dropped by 1.87 per and Nifty Auto plunged by 1.84 per cent. The Bombay Stock Exchange (BSE) traded at 57,588 points, down 0.2 per cent day at 9.30 a.m. This further crashed by over 900 points and Sensex closed after a drop to 56,747 points.
India aiming at $43 billion agri-products' exports: Govt
The increase in agricultural and processed food products exports from Purvanchal (eastern UP) will not only boost India's foreign exchange earnings, it will help in doubling farmers' income as well as boost employment opportunities in the region, the Minister said at the event organised by Agricultural and Processed Food Products Export Development Authority (APEDA), the government release said.
Subdued demand reduced freight rates for mining, cement, steel in Nov: Crisil
However, the fall in rates is not significant in comparison with the reduction in duties for diesel. This correction is not significantly more than the fall in diesel price in the case of cement. The situation needs to be monitored for the next one-two months, the Crisil report said.
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