BUSINESS
Markets to continue with upward momentum
BSESNESEX gained 652.70 points or 1.10% to close at 59,959.85 points while NIFTY gained 210.50 points or 1.20 per cent to close at 17,786.80 points. The broader market saw BSE100, BSE200 and BSE500 gain 1.17 per cent, 1.12 per cent and 1.05 per cent respectively. BSEMIDCAP was up 0.98 per cent and BSESMALLCAP was up 0.43 per cent. The Indian Rupee gained 21 paisa or 0.25 per cent to close at Rs 82.47.
Sugar export ban extended till Oct 31, 2023
In May this year, the government had banned sugar exports with effect from June 1 till October 31, 2022 after the prices had surged exponentially. "Restriction on export of sugar (raw, refined, and white sugar) is extended beyond October 31, 2022 till October 31, 2023, or until further orders, whichever is earlier. Other conditions will remain unchanged," the Directorate General of Foreign Trade (DGFT) said in a notification dated October 28.
PM urges startups to take advantage of space sector opportunities
In his monthly radio broadcast "Mann Ki Baat", Modi said that Indian industries and startups are engaged in bringing new innovations and new technologies in this field. In particular, the collaboration of IN-SPACe is going to make a big difference in this area. In June 2020, the Government had opened up the space sector to enable the participation of Indian private sector in the entire gamut of space activities.
Google buys AI avatar startup 'Alter' for $100 mn
According to TechCrunch, Google buys the startup for about $100 million in an effort to improve its content game and compete with TikTok. The acquisition was completed about two months ago, but neither company made a public announcement. Some of the top executives of Alter have updated their LinkedIn profiles to reveal that they have joined Google without acknowledging the acquisition, according to the report.
Elon Musk reportedly orders massive layoffs at Twitter before Nov 1
According to The New York Times, the layoffs could occur before November 1, the same day when employees are supposed to get their stock grants, which "typically represent a significant portion" of their pay. According to the report, the new Twitter boss may not have to pay these grants if he lays off employees before November 1. Although Musk is supposed to pay the employees cash in place of their stock under the merger agreement.
Drastic erosion in Nykaa share prices and shareholders' wealth
In the process, the company's market capitalisation and shareholders - promoters as well as public - wealth went down to Rs 46,655.62 crore on Friday. The company promoters - Falguni Nayar along with family members and family trusts hold 52.38 per cent stake and the balance 47.62 per cent is held by public shareholders.
Probe into IndiGo incident reveals engine number 2 stalled
A senior DGCA official said that on October 28, 2022 Indigo A320Ceo aircraft VT-IFM operating flight 6E-2131 (Delhi-Bengaluru) was involved in reject takeoff as Engine 2 Fail warning came. Loud bang was heard and the fire extinguisher bottle was discharged. Aircraft returned to the bay. It has been grounded for inspection, said the official.
'Date of SIP investment doesn't matter'
According to a study made by the company, the date of investment does not make any difference as regards returns. "The study of the last 26 years' index data reveals no meaningful difference between the average return of different dates' 10 years SIPs," WhiteOak AMC said. In the long term it hardly matters if the investor invests via Daily, Weekly, or Monthly SIP Frequency, as per the company.
Employees not forced to resign, it's part of 5% workforce reduction: BYJU's
Earlier this month, BYJU's had announced to reduce 5 per cent of its 50,000-strong workforce (about 2,500 people), which will be "rationalised across product, content, media, and technology teams in a phased manner" in a bid to consolidate its India business.
Global smartphone market sinks to lowest Q3 level since 2014
According to Counterpoint Research, the smartphone market remained under pressure given deteriorating economic conditions. Ongoing international political tensions resulting in economic uncertainty hit the smartphone market, even though it reversed its slide below the 300-million-mark last quarter thanks to a slight quarterly recovery in Apple and Samsung shipments, according to the report.
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