BUSINESS
Elon Musk racing ahead of Jeff Bezos to become world's richest
As of Wednesday, Musk's net worth stands at $181.1 billion, as a 2.8% rally in the electric carmaker's share price boosted him to within $3 billion of Bezos, said the report. Chief Executive Officer of SpaceX, Musk is also known to be a rival to Bezos, owner of Blue Origin LLC in the private sector race.
Petrol price breaches all-time high, tops Rs 84/litre in Delhi
Accordingly, petrol prices in Delhi increased by 23 paise a litre on Thursday, the second successive day of fuel price rise, to Rs 84.20 a litre from Rs 83.97 on the previous day. This is the highest level of retail price of petrol in the national capital after October 4, 2018 when its price had risen to Rs 84 a litre.
Equity indices rise, Nifty hits fresh high
Nifty touched a new record high of 14,256.25 points. Healthy buying was witnessed in metal, realty, capital goods and banking stocks. Further, a positive trend in the international market also supported the Indian indices. The rise was also witnessed in the broader markets as the BSE MidCap and SmallCap indices were trading around one per cent higher.
India's December services sector output growth further eases: PMI
The IHS Markit India Services PMI data showed that both output and new business rose for the third straight month in December but at a slower pace than previous months. The data report cited that staff hiring came to a halt due to liquidity concerns, labour shortages and subdued demand, while business optimism faded.
Udaan raises $280 million in additional financing from existing and new investors
The financing highlights the immense potential of the Indian b2b e-commerce market and market-fit of Udaan's business model to the Indian trade market. The existing investors of Udaan - Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent – participated in the funding exercise, in addition to two new investors - Octahedron Capital and Moonstone Capital. The additional financing exercise takes the overall fund raised by Udaan till date to $1.15 billion.
SEBI proposes easing of norms to set up more bourses
In a statement, SEBI noted that the Indian securities market has witnessed dominance in trading and depository space, raising concerns on possibility of excessive concentration and institutional tardiness in quickly responding to the changing market dynamics which may have an adverse bearing on efficiency in trading, record-keeping, supervision and risk management practices
Hindustan Media Ventures invests Rs 54 cr in OYO
With this investment, Hindustan Media Ventures subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) of OYO, with a face value of Rs 100 each for cash, at an issue price of Rs 43.20 lakh per Series F1 CCCPS for an aggregate consideration equivalent to Rs 54 crore on a private placement basis.
Rs 1,100 cr push for rubber plantation in northeast India
Union Commerce and Industry Minister Piyush Goyal, while participating in a virtual seminar, thanked ATMA for agreeing to invest Rs 1,100 crore for developing a plantation in 2,00,000 hectares of land within a span of five years in the northeastern states.
Kia unveils new company logo, brand slogan
Last year, Kia announced its mid- and long-term business strategy named Plan S which put a bigger focus on securing a leading position in the future mobility industry. The company's name will change to Kia Corp. from the current Kia Motors Corp., with its brand slogan to "Movement that inspires" from "The Power to Surprise," Kia said in a statement.
Profit booking, global cues subdue market, FMCG stocks fall
The S&P BSE Sensex had opened at an all-time high of 48,616.66, and the Nifty50 on the National Stock Exchange touched a new record of 14,244.15 points. Some losses were witnessed in the FMCG, IT and Pharma indices, while Metal, Media, Realty and Banking spaces traded in the green. Around 2.30 p.m., Sensex traded at 48,074.11, lower by 363.67 or 0.75 per cent from its previous close.The Nifty50 was trading at 14,110.10, lower by 89.40 points or 0.63 per cent from its previous close.
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