BUSINESS
Vedanta calls for EoI to transport 800 tpd O2 from Sterlite unit
According to a company official, the oxygen plant again became operational on Sunday. Vedanta said its oxygen unit at Sterlite Copper has a total installed capacity of 1,050 tpd and the existing infrastructure has the potential to transport 200-250 tpd medical oxygen to various hospitals.
Federal Bank's Q4 net profit up 58.6%
Gross advances reached Rs 1,34,876.71 crore as on March 31, 2021 from Rs 1,24,153.18 crore as on March 31, 2020 registering a growth of 8.64 per cent. Shyam Srinivasan, Managing Director & CEO, Federal Bank said: "We delivered our highest every quarterly profit despite an extremely challenging environment.
India's WPI inflation rises to 10.49% in April
Significantly, this is the highest rate of WPI inflation in the last 6-months. The monthly rate of inflation, based on month over month movement of the WPI index, in April 2021 stood at 1.86 per cent as compared to March 2021. On a year-on-year basis, the inflation rate last month was higher. The WPI had come in about (-) 1.57 per cent in April of 2020.
Pvt equity investor KKR invests $95 million in Lenskart
Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers' virtual and omni-store experience.
Credit card expenses by Indian subsidiary of a multinational corporation liable to GST
According to a recent ruling by Tamil Nadu Appellate Authority for Advance Ruling (AAAR), any expenses made by employees of an Indian subsidiary of a multinational corporation that is later reimbursed by the overseas holding company qualifies as service and hence needs to be taxed under GST here.
Lilly signs an Additional Voluntary Licensing Agreement on Baricitinib
Under the terms of the license, Natco will be collaborating with Lilly to further accelerate and expand the availability of baricitinib in India during this pandemic, improving the local treatment options available to people who are currently battling Covid-19 in India.
Sensex up 500 points; banking, finance stocks surge
It soared nearly 524 points to touch an intra-day high of 49,256.52 points. Healthy buying was witnessed in banking and finance stocks. Around 10.20 a.m., Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55. It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points.
Microsoft board wanted Bill Gates to resign amid alleged 'affair'
Gates finally resigned from the Microsoft board in March 2020 before the investigation had been completed, the report said on Sunday. "Microsoft received a concern in the latter half of 2019 that Bill Gates sought to initiate an intimate relationship with a company employee in the year 2000," a Microsoft spokesperson said in a statement to the WSJ.
Ratan Tata-backed Moglix becomes new unicorn from India
"We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We had the trust of stalwarts like Ratan Tata, and a mission to enable the creation of a $1 trillion manufacturing economy in India," said Rahul Garg, Founder & CEO, Moglix.
Credit Suisse overlooked breaches of regulations for years: Report
In recent years, FINMA has initiated five proceedings against the bank to remedy these omissions. The most recent cases concern the billions lost via the Greensill and Archegos funds. There have also been investigations into money laundering and executive espionage. A report shows that Credit Suisse ignored more than 100 red flags in total, the report said.
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