BUSINESS
TVS Motor to acquire 48% stake in Nkars Mobility for Rs.85.41 cr
According to TVS Motor, Nkars Mobility with a turnover of Rs 8.68 crore is engaged in leasing motorcycles and scooters and selling, trading and distributing pre-owned two-wheelers. TVS Motor considers Nkars Mobility to be a strong partner to grow its pre-owned two-wheeler vehicle business. To this end, subject to completion of the conditions precedent to closing, TVS Motor shall obtain 48.27 per cent stake in Nkars Mobility.
Sentiment around NFTs drops 14% in companies amid crypto downturn
In Q2 2022, NFTs have been the topic of more debates than ever, although opinions have changed resulting in a decrease in optimism. "According to the most recent earnings announcements, this drop in confidence has been caused by discussions surrounding the cryptocurrency market decline," said Ekta Chourasia, business fundamentals analyst at GlobalData, a leading data and analytics company.
Rupee ends 5 paise lower at 79.81 against US dollar
"USDINR spot closed 5 paise lower at 79.81, thanks to FPI inflows and corporate flows. However, with global situation remaining challenging, with US Dollar Index and USDCNH both in uptrend, USDINR may continue to see dip buying," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, at Kotak Securities Ltd.
Moody's withdraws NHAI's ratings
Prior to the withdrawal, the outlook on the issuer was stable. According to Moody's, it has decided to withdraw the ratings for its own business reasons. The NHAI was constituted by an Act of Parliament, the National Highways Authority of India Act, 1988. Being 100 per cent owned by the Centre, the NHAI operates under the Ministry of Road Transport and Highways and is responsible for the development, maintenance and management of the national highways entrusted to it.
Indices ended marginally higher, Sensex ends over 59,000
At the close, Sensex ended 54.13 points, or 0.09 per cent, higher at 59,085.43, and Nifty ended 27.45 points, or 0.16 per cent, at 17,604.95. A total of 2,118 shares have advanced, 1,290 shares have declined, and 138 shares remained unchanged. IndusInd Bank, NTPC, ICICI Bank, Power Grid Corp of India, and Kotak Mahidra Bank remained major gainers on the BSE. BSE Cap Goods and BSE Private Bank index surged the most.
SAT says control of NDTV not transferred to VCPL via loan agreement
On Wednesday, NDTV's share price was hovering at Rs 388. The SAT has held that the loan agreement executed by the NDTV promoters with VCPL did not transfer control of NDTV to VCPL either directly or indirectly and, therefore, the findings given by the AO on the issue that the loan agreement is structured in such a way that in fact it transfers control to VCPL indirectly cannot be sustained.
Rising interest rates to impact home sales for short term
"Just as in the case of falling number of applicants for new home loans, the number of housing sales too could take a hit over the short term," V. Swaminathan, Executive Chairman, Andromeda Loans and Apnapaisa.com, said.
India application software spending to reach $4.7 bn in 2022
However, the growth in software spending will be lower in 2022 than in 2021 owing to a volatile global macroeconomic situation that has increased business uncertainty. "Organisations will continue to put new long-term projects on hold selectively and cut the scope of high-cost projects and instead look to 'quick win' projects that either have a shorter return on investment (ROI) or provide a competitive edge," said Neha Gupta, vice president analyst.
Uber generated Rs 44,600 cr worth economic value for India in 2021
Rides with Uber produced 1.5 lakh crore trillion in consumer surplus for the Indian riders in 2021 -- equivalent to 0.8 per cent of the GDP. "During a challenging time in India in 2021 which was marked by a brutal second Covid wave, Uber unlocked an estimated Rs 44,600 crore in economic value for the Indian economy," said Prabhjeet Singh, President, Uber India and South Asia.
Revenue of states may grow a modest 7-9% this fiscal: CRISIL
The rise in revenue can be witnessed on back of healthy tax buoyancy, with Goods and Services Tax (GST) collections and devolutions from the Centre, together comprising 43-45 per cent of the states' revenue, expected to show robust double-digit growth this fiscal. The above mentioned India's top 17 states, accounts for 85-90 per cent of aggregate gross state domestic product.
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