BUSINESS
Markets flare up, Sensex crosses 62,000 mark
The Sensex opened at 61,708.63 points and touched a high of 62,052.57 points and came down slightly. The Sensex touched a low of 61,708.63 points and later rallied up to cross the 62,000 mark again at about 12.35 p.m. The Sensex's all time high was 62,245.43 which was on 19.10.2021, as per BSE.
US fines Air India $1.4 million for 'extreme delays' in giving passengers refunds
Announcing the action against the Indian flag carrier and five other airlines on Monday, Transportation Secretary Pete Buttigieg said: "A flight cancellation is frustrating enough, and you shouldn't also have to haggle or wait months to get your refund." If passengers don't get refunds promptly for cancelled flights, "we will act to hold airlines accountable on behalf of American travellers and get passengers their money back", he warned.
Piramal Capital withdraws insolvency proceedings against Reliance Power
Reliance Power, in a stock exchange disclosure, has informed that the Piramal Capital and Housing Finance has withdrawn the application made against Reliance Power Ltd. under section 7 of the Insolvency and Bankruptcy Code 2016. This follows an out of court settlement between both the companies Rs 526 crores loan default by Reliance Power and it's subsidiary, Reliance Natural Resources Ltd. (RNRL).
Diabetes care platform BeatO raises $33 mn led by Lightrock India
The fresh funding will be used to scale BeatO's platform, continue to invest in its product and technology, and to strengthen the reach of its evidence-based care programmes, it said in a statement. Founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, BeatO provides an affordable, comprehensive and patient-centric digital solution to millions of people with diabetes who have limited access to good quality and continuous care.
Europe's energy crisis may last beyond winter: Analysts
The Ukraine war has sent energy prices surging, which in turn pushed up inflation rates and disrupted international supply chains, reports Xinhua news agency. Last week, the European Commission predicted that the 27-nation European Union (EU) would slide into recession this winter, stating that the bloc is "among the most exposed advanced economies" to the impact of the war. Last week, the European Commission predicted that the 27-nation European Union (EU) would slide into recession this winter.
Elon Musk fires at least 20 Twitter employees for criticising him
Musk, who laid off about 3,800 full-time employees and more than 5,000 contractual workers is additionally getting rid of anyone who dares criticise him. Platformer's Casey Newton put the number of those sacked closer to 20 software engineer and tech writer Gergely Orosz tweeted that around 10 people have been fired for speaking up internally against Musk. "For those saying that criticising should be done in private: I have reports for a number of employees similarly terminated the past 24 hours.
Food inflation: 2022 is not 2019, says IDFC Mutual Fund
In 2019, food inflation had risen strongly to 12.2 per cent year-on-year in December. Its total sequential momentum during July-October then was 4.8 per cent versus 2.6 per cent this year, the report notes. It was a case of very high vegetable inflation in 2019, driven by a spike in onion prices which had increased 171 per cent during July to December. Inflation in other components like rice and pulses was not a major driver.
Trinity objects to Arcelor Mittal's inclusion in bidding for SREI assets
TAIML is an investment manager managing AIF funds that is jointly promoted by SREI Infrastructure Finance Ltd (SIFL), with 51 per cent stake, and balance 49 per cent is held by Payash Capital Singapore PTE Ltd. TAIML has filed claims worth Rs 10,000 crore from Arcelor Mittal entities and Payash has challenged their inclusion in the SREI bid process will "hinder" TAIML's recovery.
Exports shrink by 16.6% to $29.78 bn in Oct
According to Commerce Ministry data, imports though rose to $56.69 billion in October 2022 as against $53.64 billion in October 2021. In the April-October 2022 period, exports grew 12.55 per cent to $263.35 billion. Imports during the same period rose 33.12 per cent to $436.81 billion, the data showed.
Indian IT & business services market reaches over $7 billion
The IT & Business Services market is projected to grow at a CAGR of 8.3 per cent between 2021-2026 and reach $20.5 billion by the end of 2026. Of the IT and business services market, the IT Services market contributed 78.5 per cent and grew by 8.1 per cent in the first half, compared to the 7.3 per cent growth in 1H 2021.
Don't Miss
Advertisement