BUSINESS
HUL logs nearly 10% rise in Q1 net profit
"In a challenging environment, we have delivered a strong performance across topline and bottomline. Our performance in the quarter has been resilient and is reflective of our capabilities, the agility in our operations and the intrinsic strength of our portfolio," Chairman and Managing Director Sanjiv Mehta said.
Global cues lift equities; Sensex up over 600 pts
Accordingly, the NSE Nifty50 scored the biggest one day gain in two months. Initially, both the key indices opened higher and rose through the day with a brief correction in early afternoon. Besides, almost all sectors ended in the green with the sole exception of FMCG. Consequently, the S&P BSE Sensex closed at 52,837.21, higher by 638.70 points, or 1.22 per cent, from its previous close.
SEBI chief says IPOs like Zomato show maturity of Indian market
Noting that along with robust growth, it is heartening to note that Indian markets are entering a new era with several new age tech companies preferring to list domestically, SEBI Chairman Ajay Tyagi said: "Recent filings and public offerings reflect the maturity of our market to accept the business model of new age tech companies, which aren't amenable to valuation through conventional metrics of profitability."
E-commerce marketplace entity shall not sell any goods owned or controlled by it
These changes come in the Consumer Protection (E-Commerce) Rules, 2020 and the government has sought comments on it. The changes in rules to be notified will cut on complaints of discounts, and sales by related parties by foreign e-commerce majors. An e-commerce marketplace entity means an e-commerce entity, which provides an information technology platform on a digital or electronic network to facilitate transactions between buyers and sellers.
Rs 6,322 cr PLI boost for specialty steel manufacturing
With a budgetary outlay of Rs 6,322 crore, the PLI scheme would cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel. The scheme is expected to bring in investment of approximately Rs 40,000 crore and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28.
Stressed steel plants acquired via IBC seeing faster turnaround
The ongoing steel upcycle will also mean stronger-than-expected realisations over the medium term. Consequently, acquirers may see 20% faster payback and are well set to tap the brownfield potential housed under these assets. This is as per a CRISIL study of five stressed steel capacities, totalling 21 million tonne (MT), which were acquired under NCLT-1, mostly by other primary steel producers.
Zuckerberg selling his FB stock nearly every business day
According to a Forbes report citing filings with the US Securities and Exchange Commission (SEC), about 90 per cent of the sales were made by his philanthropic organisation, the Chan Zuckerberg Initiative (CZI)."Zuckerberg, who is the world's fifth richest person with nearly $127 billion worth, has now winnowed his stake in Facebook to about 14%, down from 28% at the time of the company's IPO," the report mentioned.
Aramco Chairman joins RIL board
Yasir O. Al-Rumayyan has been governor of the Public Investment Fund of Saudi Arabia since 2015, leading all areas of operation of the sovereign wealth fund, which sits at the heart of Saudi Arabia's Vision 2030 and economic transformation strategy. He also serves as advisor to the General Secretariat of the Cabinet of Ministers, a position he has held since 2016.
EPC players' profitability highly susceptible to commodity price swing: Ind-Ra
"The EPC sector had seen a recovery in 2HFY21, after getting impacted in 1HFY21. Ind-Ra in its Construction Outlook for FY22 had estimated revenue growth of 15-20 per cent YoY for EPC players, backed by a demand recovery along with the size of the unexecuted order book.
BlackBuck raises $67 million, enters unicorn's club from India
BlackBuck has close to more than 700,000 truckers and more than 1.2 million trucks on its platform, seeing over 15 million in monthly transactions and currently driving more than 90 per cent market share of all online trucking activity. "BlackBuck started with a dream to re-imagine trucking, to make it 10X simple and 10X efficient. It has been six years and we are just getting started to make a difference," said Rajesh Yabaji, Co-Founder and CEO of BlackBuck.
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