BUSINESS
Next emerging trend in fintech sector is Neobanking: Easebuzz CTO
Software-enabled payments collection and payouts platform Easebuzz aims to speed up payment collection and reduce credit periods with a smooth end-user experience, Amit Kumar, CTO, said on Tuesday. According to Kumar, the company helps small businesses to digitise payments without worrying about setting up new tech systems and business processes.
Fundamentals for crude oil weaken, witness 1st surplus since June 2020: Goldman Sachs
The surplus, which the report termed as "politically created surplus", is already ending, driven by the ongoing recovery in the Chinese demand. "Chinese demand is recovering, yet we remain conservative on its further normalisation. The government's push for achieving robust growth this year, therefore leaves risk to our downgraded Chinese demand expectation as skewed to the upside
Indices extends losses, settle low, MPC outcome in focus
Sensex closed the day at 55,107 points, down 1 per cent, whereas Nifty at 16,416 points, was down 0.9 per cent. The RBI's stance on the economy and the actual amount of rise in key lending rates would dictate further course of action in the capital markets. The central bank's Monetary Policy Committee (MPC) review meeting, which is currently underway, will reveal its decision on Wednesday morning.
Edtech startup PhysicsWallah raises $100 mn, becomes new unicorn
PhysicsWallah said it will utilise these funds raised for business expansion, branding, opening more learning centres, and introducing more course offerings. "We are delighted to join the unicorn bandwagon with this latest funding. This development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers," said Alakh Pandey, Founder, and CEO, in a statement.
Investors lose Rs 1.2 lakh cr as LIC shares tumble 20% below issue price
The government had offloaded 3.5 per cent of its stake through the IPO route. The IPO valued LIC at Rs 6 lakh crore. At the time of writing this report, the company's market capitalisation was at around Rs 4.8 lakh crore, which essentially means the investors have lost worth Rs 1.2 lakh crore recently.
ED seizes assets of Gupta builders in money laundering case
The agency said it conducted a search operation on June 3 at the premises of Gupta Builders and Promoters Pvt Ltd. and its Directors Satish Gupta, Pardeep Gupta and their associates Bajwa Developers Ltd, Kumar Builders, Vinmehta Films Pvt Ltd. and residences of their Directors Jarnail Singh Bajwa, Navraj Mittal and Vishal GargA and Others at 19 locations in Chandigarh, Ambala, Panchkula, Mohali and Delhi.
India aims to double marine product exports to Rs 1 lakh Cr in 5 years
"This target will be achieved through sustainable fishing, ensuring quality and variety, promotion of coastal shipping and aquaculture, and by supporting the entire fisheries ecosystem," said Goyal, addressing the mediapersons at the Marine Products Export Development Authority (MPEDA), Kochi.
Indices extend losses; Sensex, Nifty shed over 1% each
At 10.02 a.m., Sensex was 1.1 per cent down at 55,037 points, whereas nifty down 1.1 per cent at 16,388 points. The three-day Reserve Bank of India's (RBI) monetary policy review meeting that started on Monday will have a bearing in the market movement going ahead. Though the RBI raising policy rates in the ongoing monetary policy committee meeting is a "no brainer", as said by its Governor Shaktikanta Das
ED names Mehul Choksi's wife in charge sheet too
This is the second supplementary charge sheet which was filed before a special court in Mumbai against six including Choksi, his wife and their firms. Choksi, who is wanted in India by the Central Bureau of Investigation and the ED in Rs 13,500 crore Punjab National Bank (PNB) fraud case, had gone missing from the island nation on May 23, last year sparking a massive manhunt.
RIL's energy arm on track to deliver best quarterly results: Morgan Stanley
Petrochemical margins, despite lockdowns in China, are up quarter-on-quarter and trending towards mid-cycle, whereas profitability in upstream is at its best ever. "RIL's fuel refining margins are tracking at $17 per barrel. i.e., 2x above mid-cycle levels," it said. Globally, the firm expects a shortage of one refinery annually for the next few years.
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