BUSINESS
US proposes action against India's equalisation levy
A statement from the office of the USTR said that in January it was found that digital service taxes (DST) adopted by Austria, India, Italy, Spain, Turkey, and the United Kingdom were subject to action under Section 301 because they discriminated against US digital companies, were inconsistent with the principles of international taxation, and burdened US companies.
SP Group's exit from Tata Sons still hangs on fire
Although the top court on Friday allowed all the appeals of the Tata Group and dismissed the appeal of the SP Group, it did not decide on the prayer of the latter for its exit from Tata Sons in lieu of "fair compensation", leaving the matter unresolved.
Air India may get new buyers in May-June
Union Minister for Civil Aviation, Hardeep Singh Puri said that financial bids for the national carrier will be submitted sometime in May. He said that the timeline for the submission of financial bids was decided in a meeting on Thursday.
Shares of Tata Group firms surge after SC verdict against Mistry
The Supreme Court on Friday accepted all contentions of the Tata Group and set aside the order of the NCLAT, which restored Cyrus Mistry as the executive chairman of the Tata conglomerate. A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016.
Sensex up 700 points; metal, auto stocks surge
Bargain buying along with a positive trend in the global markets supported the Indian indices. Healthy buying was witnessed across the board led by metal, auto, and financial stocks. Around 1 p.m., Sensex was trading at 49,174.87, higher by 734.75 points or 1.52 per cent from its previous close of 48,440.12. It opened at 48,969.25 and has so far touched an intra-day high of 49,202.77 and a low of 48,699.91 points.
'DotPe' raises about Rs 200cr from Google, PayU, Info Edge Ventures
The round was led by its early investor, PayU, the payments and fintech business of Prosus, resulting in an increase in the existing stake in the company. Info Edge Ventures has doubled down on its seed investment in the company made last year and more than doubled its shareholding, while Google joined as a new investor.
Amazon denies workers 'pee in bottles' amid mounting evidence
Replying to a tweet from US Representative Mark Pocan (D-WI), the e-commerce behemoth said the company's union-busting tactics allegations are baseless. "Paying workers $15/hr doesn't make you a 'progressive workplace' when you union-bust & make workers urinate in water bottles," Pocan said in a tweet on Thursday.
Equity indices in green, Sensex up 400 points
The indices rose as investors took to bargain buying after the recent decline over concerns of resurging Covid-19 cases both globally and in India. Around 10.10 a.m., Sensex was trading at 48,851.63, higher by 411.51 points or 0.85 per cent from its previous close of 48,440.12 points. It opened at 48,969.25 and has touched an intra-day high of 49,044.44 and a low 48,699.91 points.
Amazon asks India not to change rules till probe is complete: Report
At a high-level meet on Thursday attended by 25 e-commerce players, an Amazon executive told Commerce Ministry officials that the Competition Commission of India and the Enforcement Directorate were probing the allegations and "it would be premature to make any policy change" until those proceedings have concluded, the report in the global news wire said.
US economic growth in Q4 revised up to 4.3%
"Whether measured by Gross Domestic Product or by Gross Domestic Income, the economy has not yet completely crawled out of the pandemic-induced hole into which it tumbled a year ago," Jay Bryson and Shannon Seery, economists at Wells Fargo Securities, wrote in an analysis on Thursday.
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