BUSINESS
Indian equities fall; Sensex ends more than 500 points down
At close, Sensex ended 509.24 points or 0.89 per cent down at 56,598.28, while Nifty closed lower by 148.80 points or 0.87 per cent at 16,858.60. About 2,092 shares declined, 1,335 shares advanced while 105 remained unchanged on Wednesday. ITC, Axis Bank, Reliance Industries, Tata Steel, IndusInd Bank and State Bank of India were the major losers on the Sensex.
Businessman Vijay Nair sent to 5 days' CBI custody
He was arrested on Tuesday night by the CBI. Vijay Nair was the first person to be arrested in the excise scam. The Central Bureau of Investigation (CBI) told the court that his custodial interrogation was necessary. Senior lawyer Rebecca John, who was appearing for Nair, opposed the CBI move saying her client has joined the investigation and was cooperating.
Delhi HC grants bail to Chitra Ramkrishna, Anand Subramanian in NSE case
Justice Sudhir Kumar Jain granted the 'statutory bail' as the probe had not not completed within a specified period of time and the accused were under judicial custody. Chitra Ramkrishna had approached the high court against the order of a special CBI court that denied her bail in May.
Oracle paying $23 mn fine for bribing officials in India, Turkey, UAE: US SEC
The US SEC said in a statement that Oracle Corporation violated provisions of the FCPA "when subsidiaries in Turkey, the UAE and India created and used slush funds to bribe foreign officials in return for business between 2016 and 2019". The SEC previously sanctioned Oracle in connection with the creation of slush funds.
Cred, upGrad, Groww top 3 startups in India: LinkedIn
Higher online education platform upGrad, run by Ronnie Screwvala, was at the second position and Lalit Keshre's homegrown online investment platform Groww was third on the annual list. Satya Nadella, Chairman and CEO of Microsoft, recently joined Groww as an investor and advisor.
This is why Byju Raveendran's last 6 months were toughest ever, reveals wife
In a LinkedIn post, she said that Raveendran was travelling around the world twice, sometimes thrice, a week to be by his father's side as much as he could. "These two teachers fought this tough battle the same way they had fought all the other challenges - together, with positivity and perseverance. Byju is relaxed today because a critical surgery last week went well," Gokulnath posted.
Torrent Pharmaceuticals Ltd to acquire Curatio Health Care (I) Private Ltd for Rs 2000 crore
In a regulatory filing, Torrent Pharmaceuticals said that the Rs 224 crore Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India. The purchase consideration will be a mix of Rs 115 crore cash and cash equivalents in the acquired business indicating an Enterprise Value of Rs 1,885 crore.
Estimated employment increases from 3.14 cr in Q3 to 3.18 cr in Q4
While releasing the Quarterly Report, Union Labour & Employment Minister Bhupender Yadav said that employment is showing an increasing trend in the selected sectors of the economy. The estimated employment has increased from 3.14 crore of the third quarter (September-December, 2021) to 3.18 crore of fourth quarter (January-March, 2022).
Razorpay acquires PoshVine to foray into loyalty, rewards management space
"With an increasing percentage of customer spends moving online, there is a massive opportunity to help banks and merchants engage with their customers across the lifecycle using payment-linked loyalty including rewards, offers, and redemption of loyalty points," said Shashank Kumar, MD and Co-founder of Razorpay.
India sees Rs 24,000 cr worth online festive sales in 4 days, mobiles lead
"We had earlier projected a GMV of $5.9 billion (over Rs 41,000 crore) for the first week of festive sales and as expected, we are on track to achieve this figure," said Sanjay Kothari, Associate Partner, Redseer Strategy Consultants. Nearly 1,100 mobile phones were sold each minute, with a total of Rs 11,000 crore of mobiles sold on large e-commerce players.
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