BUSINESS
Sentiment and momentum favour the bulls in a truncated week
What one saw on Friday was a combination of the first day of the new financial year, a renewed push by bulls to dominate, a large part of NAV supported by mutual funds and above all, hope that the new financial year would be a better one. To support all of this, Dow had a great week as well. The markets gained on three of the four trading sessions and were sideways on the fourth session. Friday was a special day with markets registering huge gains.
Tech layoffs, economic slowdown hamper office space demand in India
Leasing by flex space operators in Q1 2023 inched closer to that of technology companies for the first time ever, according to the report by Colliers India. Flex space occupiers leased 2.1 million square feet of space, accounting for 20 per cent, a little behind the technology sector's share at 22 per cent.
World Bank President concerned about China's loans to Africa
David Malpass says the terms and conditions need to be "more transparent", BBC reported. It comes amid worries that countries including Ghana and Zambia are struggling to repay their debts to Beijing, BBC reported. China says that any such lending is done within international rules.
Over 500% rise in number of cases registed by Enforcement Directorate in last 4 years
According to finance ministry sources, between 2018-19 and 2021-22, cases registered by ED rose by 505 per cent, as from 195 cases recorded by ED in 2018-19, the cases recorded by the agency went up to 1,180 in 2021-22. Even the number of searches conducted by ED have rise by a huge 2,555 per cent between 2004-14 and 2014-22. As per finance ministry's own data, only 112 searches were carried out by ED between 2004-14 which resulted in attachment of proceeds of crime worth Rs 5,346 crore.
Adani Ports acquires Karaikal Port, to infuse Rs 1,485cr to pay creditors
The Karaikal Port was acquired by Adani Ports and Special Economic Zone Limited (APSEZ) by submitting a resolution plan which was approved by the Committee of Creditors of the former and by the National Company Law Tribunal, Chennai Bench, Adani Ports said.
India has robust commercial systems giving confidence to investors: FM Sitharaman
Nirmala Sitharaman said the process of Resolution Professional (RP) and Corporate Insolvency Resolution Process (CIRP) getting vitiated and other points come into discussions whenever bilateral investment treaty negotiations happen with countries with whom India wants to ink an agreement.
GHCL Limited completes demerger of spinning business into GHCL Textiles Limited
This marks completion of demerger of textiles business of GHCL Ltd. Record date to determine eligibility of shareholders of GHCL Limited to receive shares of GHCL Textiles Limited set at April 8, 2023. Upon this demerger, GHCL Textiles Limited set to list on National Stock Exchange and Bombay Stock Exchange post regulatory approval.
Frequent amendment of corporate laws is to make them more robust: FM Sitharaman
Sitharaman said this while speaking here after inaugurating the renovated premises of the National Company Law Appellate Tribunal (NCLAT). She said that Opposition members used to question the rationale behind approaching the Parliament frequently but "the government was able to convince them about the need for such frequent amendments to corporate laws".
Procurement through GeM crosses Rs 2 lakh cr in 2022-23
Terming it a remarkable achievement, Union Commerce and Industry Minister Piyush Goyal highlighted the role of GeM as a digital tool in the public and national interest. GeM is a symbol of the speed with which Prime Minister Narendra Modi has taken the country forward through modern technology, said the Minister.
GST collection in March rises to over Rs 1.60 lakh crore
"The Gross GST revenue of Rs 1,60,122 crore comprise CGST of Rs 29,546 crore, SGST of Rs 37,314 crore, IGST of Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess of Rs 10,355 crore (including Rs 960 crore collected on import of goods)," the finance ministry said in a statement on Saturday.
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