BUSINESS
Magma Fincorp soars 10% as Adar Poonawalla-led firm picks majority stake
Rising Sun Holdings Private Limited and Magma Fincorp Limited on Wednesday announced a transaction for preferential issue of equity shares of Magma Fincorp which will result in a controlling stake being taken by Rising Sun Holdings and an open offer as per Public Announcement made under SAST guidelines.
Uber's delivery biz hits $44B annual run rate in 2020
Its delivery gross bookings grew a massive 130 per cent to reach $10.05 billion in the fourth quarter — reaching $44 billion annual bookings run-rate — while mobile gross bookings were down 50 per cent to $6.79 billion.
British pound hits new high against USD since 2018
Wednesday's spike was mainly driven by the growing number of vaccinations across the UK and the weakening US dollar against the blanket of currencies, Xinhua news agency reported citing local analysts as saying.
Robust demand recovery in US, Europe boosts India's engineering exports
As per data, engineering exports for last month rose to $7,174.43 million from $6,011.43 million during the corresponding month of last fiscal. In terms of EEPC India's assessment, exporters buoyed by Production Linked Incentives (PLI) scheme are planning to add new value-added items in their external portfolio.
Base Effect: India's FY22 GDP expected to grow 10.4%, says Ind-Ra
Accordingly, the ratings agency's estimates showed that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3 per cent YoY in 4QFY21. "Although the recovery in FY22 on a YoY basis will be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6 per cent lower than the trend value."
Government expects to complete Air India, BPCL sale in Q1 FY22
The privatisation of the flag carrier has already faced several hurdles with initial lack of interest for the airline and the Covid pandemic has further delayed the process. Similarly, the strategic sale of BPCL also was impacted amid the pandemic and low oil prices.
India's FY22 budget has potential to lift growth: Fitch Ratings
Accordingly, the rating agency pointed out that labour market and agricultural reforms that were legislated in September 2020 could also lift medium-term growth. However, recent adverse court rulings said Fitch Ratings have highlighted implementation challenges to these reforms besides the risk that fiscal spending could also fall short of planned levels.
Stock market declines, Sensex gives up 51,000
Around 2.55 p.m., the Sensex was at 50,979.44, lower by 349.64 points or 0.68 per cent from its previous close of 51,329.08. It opened at 51,355.89 and has so far recorded an intra-day high of 51,512.86 and a low of 50,846.22 points. The Nifty50 on the National Stock Exchange was trading at 15,022.95, lower by 86.35 points or 0.57 per cent from its previous close.
itel leads sub Rs-7,000 segment on brand trust in India: Survey
itel's strong brand trust among consumers is driven by trendy technology (42 per cent), value for money (44 per cent), and localised marketing approach (42 per cent), according to a CMR survey. itel rules the sub-Rs 5,000 smartphone segment with 26 per cent using currently and 42per cent users going to consider in their next purchase.
Govt plans to sell 20% stake in National Fertilizers Ltd
The Department of Investment and Public Asset Management (DIPAM) has invited tenders from law firms with experience and expertise in public offerings and OFS in capital markets to act as legal advisers and assist the government in the process. It has also sought tenders from merchant bankers for the sale process.
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