BUSINESS
Kunal Shah invests in OnePlus Co-founder Carl Pei's new venture
Carl Pei, who is Swedish tech entrepreneur co-founded OnePlus in 2013 at the age of 24. After nearly seven years, he made the "difficult decision" of leaving the company in October 2020. Kunal Shah has invested in multiple sectors through his career and this investment is in his personal capacity.
Share Market: Sensex over 50,000 mark as Joe Biden, Budget fuel fast recovery hopes
However, the barometer index dipped below the psychologically important mark due to profit booking at the end of the day's trade. The Sensex closed at 49,624.76, lower by 167.36 points, or 0.34 per cent, from its previous close of 49,792.12.
Oil marketing companies keep petrol, diesel price rise under check on Thursday
Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained same at Rs 75.38 a litre. Across the country as well the pump price of petrol and diesel remained unchanged on Thursday. Petrol and diesel prices had risen sharply by 25 paise per litre each on Monday and Tuesday before the OMCs decided to give relief to consumers from frequent price rise.
CCI approves Flipkart's 7.8% acquisition of Aditya Birla Fashion and Retail
In October last year, Aditya Birla Fashion's board had approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. After the dilution of the 7.8 per cent stake, the promoter and promoter group companies of ABFRL will hold around 55.13 per cent stake.
Sensex goes past 50,000, a new landmark amid pandemic
The achievement gains significance as it comes on the back of bull-run despite the pandemic and the eventual economic slowdown. The Sensex managed a near two-fold growth within a period of 10 months since it hit a decade low of 25,638.9 points on March 24, 2020, amid the initial impact of the pandemic globally.
SEBI approves Future-Reliance deal
The BSE on its part said that it has no adverse observations on the transaction. In August 2020, Kishore Biyani and Future Group had entered into a Rs 25,000 crore agreement with Reliance Retail. As part of the pact, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Retail Ventures (RRVL).
After vaccine diplomacy, India rises to supply rice to the world
India has started supplying broken rice to several new markets including China, Vietnam, Malaysia besides Bangladesh besides increasing the quantum to its existing markets. The price sensitive African countries have also increased their rice orders from India, as its role in maintaining global food security becomes more pronounced.
Centre plans E-portal to sell MSME products: Nitin Gadkari
At present, Amazon.com generates a business of around Rs.70,000 crore annually for Indian MSMEs, which can be enhanced by a dedicated E-Portal to enable them complete with global brands, he said at a webinar organised by All India Association of Industries President Vijay Kalantri.
Tata plans to come up with super app, eyes BigBasket and 1mg
Tata will conclude the deal at a total of $1.2 billion in a mix of a primary and secondary sale of shares to get a 60% stake in BigBasket. This would mean that two of the major stakeholder in the company, Chinese Alibaba and private equity firm Abraaj Group would be given full-exit options by Tata.
Indian insurers to withstand pandemic-led downturn: Moody's
The report said that general insurance premium growth has been in the positive territory due to the persistent strong sales of health and protection cover. It noted that resilient sales of health and protection policies reflected the rising consumer awareness about these products during the pandemic, as well as regulator's actions in enabling the insurers to offer protection against the virus.
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