BUSINESS
Cabinet okays multilateral MoU between IFSCA and global agencies
Addressing the media, post the Cabinet meeting, Finance Minister Nirmala Sitharaman the pact will enable ease of doing business for companies in GIFT city. "This is one of the biggest multilateral forum which has several regulators coming into it. It has 124 signatories. India joining this will enable all kinds of exchange of information and ease of doing business for those who are registering themselves in the gift city," she said.
Capital markets to play bigger role in funding economic growth: SEBI chief
"Going forward, the capital markets are going to play a bigger role in funding the economic growth," he said. Addressing the 18th Annual Capital Markets Conference, organised by FICCI, Tyagi said that going forward the focus area for the SEBI will be on strengthening the robustness of capital markets. The SEBI chief said that the regulator has been active in the efforts to strengthen the market.
Centre clears DICGC Bill 2021 ensuring Rs 5 lakh for depositors
According to Finance Minister Nirmala Sitharaman, the bill will increase insurance amount on each depositor's bank deposit to Rs 5 lakh in both principal and interest. The increase in insured amount from Rs 1 lakh to Rs 5 lakh will cover 98.3 per cent of all deposit accounts and 50.9 per cent of deposit value. " Various definitions would also be changed under the new bill to cover a larger section of depositors.
Asian cues, Fed meet keep markets subdued, auto stocks' dip
The benchmark equity indices opened flat and started to fall from the first few minutes of trade. Among sectors, metal and telecom stocks gained while auto and realty sectors fell. The S&P BSE Sensex closed at 52,443.71, lower by 135.05 points, or 0.26 per cent, from its previous close. The NSE Nifty50 ended the day's trade at 15,709.40, lower by 37.05 points, or 0.24 per cent, from its previous close.
Flipkart urges SC to restrain CCI probe
The request, in a court filing more than 700 pages long that has not been made public, illustrates the e-commerce giant's level of concern over the investigation, which has prompted public spats between US firms and the Indian government. In its investigation, which includes Amazon.com, the Competition Commission of India (CCI) sought a list of Flipkart's top sellers, online discounts and pacts with smartphone makers.
Back in Black: Maruti Suzuki's Q1FY22 net profit at Rs 440.8 cr
"The profit for the Quarter 1 FY 2021-22 was primarily impacted due to lower sale volumes. Commodity prices increased steeply but the company continued to make efforts to reduce costs," the company said in a statement. The company, during Q1FY22, registered a net sales of Rs 16,798.7 crore from Rs 3,677.5 crore during the corresponding period of previous fiscal.
Economic recovery expected to become strong in coming months: PHD Chamber EBM Index
The PHDCCI index is based on 25 leading economic and business indicators that have a bearing on country growth. PHDCCI EBM Index is a composite index of 25 lead economic and business indicators with a base year at 2018-19 100, which considers the demand and supply indicators to present a broad perspective of the economy. These include steel, intermediate goods, merchandise exports, among others.
If Tesla joins 'Make in India', govt will lower import duty, offers sops
Tesla had urged the Centre earlier to reduce import duty in electric vehicles. It wants to bring its latest electric vehicles as completely built units initially before looking at its assembly and manufacturing in India. An official source noted that government will consider the request electric vehicle major if it decides to manufacture its cars in the country and commits investment in putting up a plant.
IDBI Bank's YoY Q1FY22 net profit up 318%
Accordingly, the bank's net profit rose to Rs 603 crore as against Rs 144 crore for Q1FY21. "Net Profit for Q1-2022 has improved by 18 per cent against Rs 512 crore reported for Q4-2021," the bank said in a statement. Besides, net interest income (Net Interest Income) improved by 41 per cent for Q1FY22 to Rs 2,506 crore as against Rs 1,772 crore for Q1FY21.
No revision in fuel prices for 11th consecutive day
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision. Already, crude has firmed up a bit for last few days and this could prevent price cuts by OMCs. With no change in prices on Wednesday, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.
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