BUSINESS
Court summons Huawei India CEO after IT search at Gurugram office
"The culpable mental state of the accused persons is to be presumed," stated Additional Chief Metropolitan Magistrate Anurag Thakur in a recent order, stating that there is sufficient material on record to summon the accused persons under 275-B and section 278-B of the Income Tax Act, 1961 (Deals punishment for failure in facilitating an authorized officer to inspect the books of account or other documents).
Tesla plans 3-way stock split to make its shares affordable
"The primary purpose of the Authorised Shares Amendment is to facilitate a 3-for-1 split of our common stock in the form of a stock dividend," the company said in a fresh US SEC filing late on Friday. "As of June 6, 2022, we have 1,036,390,569 shares of common stock outstanding, and the current number of authorised shares of our common stock is 2,000,000,000, which is insufficient to effectuate the Stock Split," said the electric car-maker.
German central bank lowers 2022 GDP growth forecast to 1.9%
Economic recovery is likely to continue but at a "considerably more subdued pace" than previously projected, the bank said in a statement on Friday. Uncertainty about future economic developments was "exceptionally high" due to the Russia-Ukraine war, reports Xinhua news agency. In the first quarter of 2022, Germany's economy barely grew by 0.2 per cent quarter-on-quarter, according to the Federal Statistical Office (Destatis).
Rs 10 lakh penalty on companies for misleading ads, unfair trade practice
The CCPA has taken 113 actions, of which 57 are notices for misleading advertisements, 47 notices relate to unfair trade practices and nine are for violation of consumer rights. "Subsequent to notice, 14 companies had withdrawn their advertisement, of which maximum companies had claimed more than 99 per cent efficacy against Covid/germs," Additional Secretary, Consumer Affairs, Nidhi Khare said.
India's IIP growth jumps to 8-month high in April at 7.1%
April's industrial activity is reportedly the highest in 8 months. A quick estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 135.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2022 stand at 116, 132.5 and 194.5, respectively. These Quick Estimates will undergo revision in subsequent releases, as per the revision policy of the IIP.
Insurance market in India to reach $222 bn by FY26: Report
According to homegrown consultancy firm Redseer, new online distribution models such as business to consumer (B2C), business to business (B2B) and business to business to consumer (B2B2C) are key drivers of growth, with B2C, in particular, gaining significant opportunities.
Visteon to ramp up headcount, production; mulls greenfield unit in India: Global CEO
The Indian-American Lawande also said the $3 billion revenue Visteon is looking at India as a major growth market as Indians are now willing to spend more and even a first time car buyer is looking at costlier models. "We are setting up a one million units per annum display panel facility adjacent to our facility near here. This will be Visteon's third display facility after Portugal and Mexico.
Rupee hits new low, further depreciation likely
The rise in crude prices towards three-month highs owing to supply tightness is further accentuating inflation concerns and inflicting damage on the global economy and value of the currency, said Sugandha Sachdeva, Vice President - Commodity and Currency Research at Religare Broking. Besides, the World Bank slashing its global growth forecast to 2.9 per cent as against its previous estimate of 4.1 per cent in January also depreciated the currency, Sachdeva said.
Indices slump sharply on global cues, Sensex tumbles over 1,000 pts
Domestic equity benchmark indices declined further as the session progressed and settled sharply lower on Friday, triggered by strong sell-off in global equities. With Friday's slump, the indices have declined for the five out of the past six sessions. Sensex closed at 54,303 points, down 1,017 points, or 1.84 per cent, whereas Nifty, at 16,202 points, was down 276 points, or 1.68 per cent.
HDFC raises home loan interest rate by 50 bps
The new rate will come into effect from June 10, it said on Thursday. Effectively, now home loan rates of the lender would start from 7.55 per cent. The rate revision by the lender comes a day after the Reserve Bank of India raised the key lending rates or repo rate by 50 basis points to tame high inflation, which essentially meant the cost of borrowings were going to rise.
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