BUSINESS
Fuel prices resurge after 3-day break
Oil marketing companies raised the pump price of petrol and diesel by 24 paise and 15 paise per litre on Saturday. With this, petrol is now priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital. Across the country as well the petrol and diesel prices increased between 20-30 paise per litre depending on the level of local duty at the state level.
India exits technical recession, Q3FY21 GDP grows by 0.4%
India had entered technical recession after its GDP consistently remained in negative output territory for two subsequent quarters. Notably, the Q2FY21 GDP on a year-on-year basis had contracted by 7.3 per cent from (-) 24.4 per cent in the preceding quarter.
UK court came down heavily on ex-Mumbai HC judge in Nirav Modi case
In the 83-page judgement, the Westminster Magistrates' Court Judge said that the extradition request for Nirav Modi is a high-profile case in India and "I have no doubt that Justice Thipsay as a former High Court Judge has overseen many high profile cases in his time".
Market extends losses, Sensex down 1,500 points
Globally stocks markets have declined due to rising bond yields. The across-the-board selloff was led by banking and finance stocks. The top stocks on the Sensex were ICICI Bank, Axis Bank and IndusInd Bank, while the major losers were Dr Reddy's Laboratories, Sun Pharmaceutical Industries.
Twitter aims to hit $7.5B in annual revenue in 2023: Jack Dorsey
Addressing the virtual analyst day, Dorsey said that the company plans to double its development velocity by the end of 2023, resulting in doubling the number of features per employee that directly drive either mDAU or revenue.
India's consumption, investment demand recovers: Moody's, ICRA
A joint statement from the two, said prevailing low interest rates and the government's reforms to boost domestic manufacturing will support corporates' credit profiles. Moody's expects the Indian government will drive infrastructure investment for the next 1-2 years, which will help address infrastructure constraints and support future private investment.
US bans import of Chinese cotton but India yet to cash in as domestic prices surge
A US ban on Chinese cotton along with an increase in demand for the yarn from Beijing has pushed domestic prices. Not only is this impacting export, but domestic users including apparel manufacturers are also reeling under pressure. Earlier, many projected a "much higher cotton exports" from India after the US ban.
Uk court orders Nirav Modi's extradition in punjab national bank scam case
District Judge Samuel Goozee at the Westminster Magistrates’ Court also accepted the prima facie evidence against Modi for money laundering. “Many of these are a matter for trial in India. I am satisfied again that there is evidence he could be convicted,” the court said.
Moody's expects India's fiscal position to remain weak
Although the government has not provided an explicit medium-term fiscal consolidation road map, according to its Budget speech it targets a fiscal deficit of 4.5 per cent of GDP by fiscal 2026, which amounts to an average annual deficit reduction of about 0.5 per cent of GDP over four years.
Traders across India to go on strike on Friday
In a statement, the Confederation of All India Traders (CAIT) the umbrella body which has called for the strike said that over 8 crore traders belonging to more than 40,000 trade associations across country will observe the 'Bharat Vyapar Bandh' to protest against some of the "draconian, arbitrary and critical" amendments made recently in GST rules.
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