BUSINESS
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.
Sensex loses 400 points, Nifty below 15,650
The BSE Sensex lost over 400 points, while the Nifty50 on the National Stock Exchange was trading below the 15,650-mark. The across-the-board selling was led by banking, finance and IT stocks. Around 10.24 a.m., Sensex was trading at 52,160.50, lower by 418.26 points or 0.80 per cent from its previous close 52,578.76 points. It opened at 52,673.69 and has so far touched an intraday high of 52,673.69 and a low of 52,151.46 points.
Teams reach 250 million users, LinkedIn sales surpass $10 billion: Satya Nadella
The Microsoft-owned LinkedIn now has more than 774 million members who are more engaged than ever. "Sessions were up 30 per cent this quarter compared to a year ago. And LinkedIn's advertising business surpassed $1 billion in revenue this quarter for the first time, up 97 per cent year-over-year and growing three times faster than the category," Nadella said during the company's earnings call on tuesday.
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