BUSINESS
Centre relaxes wheat ban order, allows earlier registered consignments with Customs
It has now decided that wherever wheat consignments have been handed over to Customs for examination and have been registered into their systems on or prior to May 13, such consignments would be allowed to be exported. The government also allowed a wheat shipment headed for Egypt, which was already under loading at the Kandla port.
Supertech twin tower demolition: SC extends deadline to August 28
A bench of Justices D.Y. Chandrachud and P.S. Narasimha agreed to extend the deadline for demolition of twin towers following submissions from counsel representing the Interim Resolution Professional (IRP) and also considering a communication by the Central Building Research Institute (CBRI) Director, dated May 11, that the demolition should be deferred to August 28.
India now has 200 mobile phone manufacturing units: PM Modi
Addressing a Telecom Regulatory Authority of India (TRAI) programme via video conferencing, Modi said that in the last eight years, new energy has been infused into the telecom sector. "To make the mobile accessible to the poorest of the poor families, emphasis was placed on the manufacturing of mobile phones in the country itself. The result was that the mobile manufacturing units increased from 2 to more than 200," he emphasised.
India export ban shakes global wheat prices
Futures traded in Chicago rose as much as 5.9 per cent to $12.47 a bushel, their highest level in two months, Financial Times reported. Wheat prices have risen more than 60 per cent this year, driven up by disruption from Russia's invasion of Ukraine. The two European countries account for almost a third of the world's wheat exports.
Adani portfolio companies complete Rs 15,400 crore primary equity transaction with IHC
Syed Basar Shueb, CEO and Managing Director of IHC, said: "This strategic expansion of our business aligns with IHC's commitment to broadening and diversifying our investment portfolio. There is no doubt that this transaction will directly and positively impact India's overarching ambition for long-term plans for clean energy. The deal represents 4.87 per cent of the total trade between the UAE and India, which has reached $ 41 billion between 2020 and 2021.
Rupee hits new low, falls 14 paise to 77.69 per US dollar
The rupee fell 14 paise to 77.69 per US dollar. Money market participants are currently closely watching the domestic share market for clues to fund flows. An expectation of tightening monetary policy rates in the US also weighed on the rupee as any rate hike in the advanced markets typically follows with fund outflows from the emerging markets in order to accumulate higher returns.
Amid bot row, Elon Musk hints at paying less than $44 billlion to buy Twitter
Musk, had last week put his $44 billion Twitter deal on hold over spam accounts. Now this new speculation of taking over the microblogging site for less than $44 billion has reignited the controversy. “Currently what I’m being told is that there’s just no way to know the number of bots. It’s like, as unknowable as the human soul,” Elon Musk reportedly said at the Miami conference.
Much-awaited LIC lists with discount of over 8%
The Indian insurance major listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its Initial Public Offering (IPO) issue price of Rs 949. The initial public offering of LIC had, however, received robust response from investors as the insurance major's offer has been subscribed 2.89 times.
Indices positive in opening deals with all eyes on LIC listing
The initial public offering of Life Insurance Corporation of India has received robust response from investors as the insurance major's offer has been subscribed 2.89 times. It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date. The IPO values LIC at Rs 6 lakh crore.
No deal reached for EU on oil embargo against Russia
Following the meeting of the EU Foreign Affairs Council in Brussels, the bloc's High Representative for Foreign Affairs, Josep Borrell told a press conference on Monday that unanimity had not been reached on the issue. However, the EU will continue to impose sanctions on Russia "to make the price of its invasion of Ukraine unbearable for the Kremlin," he said.
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