BUSINESS
Indices rise in opening deals on global cues
Indices in the US rose overnight after minutes from the Federal Reserve's latest meeting revealed a strong possibility of two more policy rate hikes in the coming months. At 9.53 a.m., Sensex was up 164 points at 15,393 points, whereas Nifty 29 points at 16,054 points.
Import duty waiver to moderate steel prices, reduce inflation: Omega Seiki Mobility
Also, this initiative by the Centre will boost demand for the automotive industry, he said. Omega Seiki Mobility is an end-to-end mobility solutions provider which is revolutionising the electric vehicle industry in India.
BEL sees 9% turnover growth despite Covid challenge, profit Rs 2,349 cr
The defence public sector unit registered a turnover of Rs 15,044 crore in 2021-22 against Rs 13,818 crore in 2020-21, and Rs 2,349 crore profit after tax for this year against Rs 2,065 crore in the previous year.
Andreessen Horowitz announces new $4.5 bn fund for Web3.0 startups
It marks Andreessen's fourth fund for the asset class and brings its total raised for crypto and Blockchain investments to $7.6 billion. According to the investment firm, in the last decade, the world of crypto and web3 has likewise emerged as a new frontier in technology. The new $4.5 billion fund doubles the size of their last crypto fund. The firm last year announced a $2.2 billion Crypto Fund III.
China to develop anti-Starlink satellite weapon to protect national security
Starlink is a satellite constellation system operated by Musk's SpaceX, and provides broadband internet services to commercial and military users around the globe. With more than 2,300 satellites in orbit, it is generally believed to be indestructible because the system can maintain proper functioning after losing some satellites.
China lockdowns may hamper Apple's iPhone volumes: Report
According to Nikkei Asia, the tech giant has "told suppliers to speed up product development efforts to make up for the lost time", which, in the worst-case scenario, could "impact the manufacturing schedule and initial production volumes of the new phones".
Third straight day losses for domestic indices, Sensex declines 303 pts
Sensex closed at 53,749.26 points, down 303.35 points or 0.56 per cent, whereas Nifty at 16,033.90 points, down 91.25 points or 0.57 per cent."Domestic indices wavered tracking mixed sentiments from the global markets as investors assessed the possibility of a recession in the US followed by the US Fed policy tightening," said Vinod Nair, Head of Research at Geojit Financial Services.
Global economic instability will affect tech sector: Sundar Pichai
The world is going through acute supply chain issues and raw material shortage owing to the Russia-Ukraine war, China lockdowns, high inflation and interest rate hikes, resulting in Big Tech stocks nosediving. In an interview with Nikkei Asia late on Tuesday, Pichai said that economic instability will affect the tech sector and the Internet giant "looks to long term for hiring and investment".
Tesla jumps 35 spots up Fortune 500 list
Brian O'Keefe, Senior Executive Editor at Fortune, stated that the rankings this year could be seen as the return of the energy sector, reports Teslarati. "Tesla made a huge jump again this year, 35 spots from number 100 up to number 65. Tesla's profits shot up to more than 600 per cent last year to $5.5 billion, and Tesla, of course, represents a revolution in the auto industry," O'Keefe was quoted as saying.
Mystery deepens over who paid for Axis Fund Manager's Lamby
They were jointly responsible in some of the schemes, individually responsible and also paired with others in different schemes. Viresh Joshi also doubled up as the chief dealer and thus had access to much more information than the other fund managers. Sometime in February 22, there were murmurs within the mutual fund industry of some of the fund managers in Axis, having income substantially higher than their disclosed sources of income.
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