BUSINESS
In a first, Pakistan rupee breaches 194-mark over looming economic uncertainty
The local currency surpassed the critical threshold of 194 for the first time in the history of Pakistan on Monday. The rupee has declined by nearly Rs 7 against the greenback in April. The Pakistani rupee has maintained its slump mainly because the US dollar is gaining strength against other major global currencies for the past few days.
Specially-abled child boarding row: DGCA to issue show-cause notice to IndiGo
"In view of this, it has been decided to issue a show-cause notice to IndiGo to explain as to why suitable enforcement action should not be taken against them for the non-conformances," said a statement issued by the Directorate General of Civil Aviation (DGCA). The DGCA had decided to conduct a fact-finding probe into the matter. As per reports, it had constituted a three-member team for the same.
Xiaomi India paid Rs 4,663 cr to Qualcomm as royalty remittance
Sources close to the development told IANS that approximately Rs 4,663.1 crore were paid to Qualcomm via proper banking channels. Xiaomi uses Qualcomm chipsets in the majority of its devices, and pays royalty to the US-based major for various licensed technologies that include standard essential patents and other intellectual property (IP), beyond just using its chipsets.
India wearables market up 20% in Q1 with 13.9 mn units
The outlook for 2022 remains strong as wearables will try to attract users in Tier 2 and Tier 3 cities. "With the continuing push from the brands, Q2 (April-June period) is expected to see healthy YoY growth. The aggressive offers, sales, and marketing around the festive season in 2H22 (July-December) are expected to continue this growth momentum through the year for the wearable device categories," said Upasana Joshi, Research Manager, IDC India.
Ambuja, ACC stocks rise as Adani to buy Holcim's entire stake in cement makers
The share of the cement makers closed Monday's trade 2.3 per cent and 3.8 per cent higher, respectively, from their previous close. On Sunday, Adani Group, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim's stake in the two companies.
Musk prefers to visit Indonesia as top Indian ministers fail to impress him
The Indonesian government wants Musk to set up a world-class electric batteries industry as the country has vast nickel reserves. Indonesian President Joko 'Jokowi' Widodo met Musk in Starbase, SpaceX's rocket production facility, test site, and spaceport in Boca Chica, Texas, over the last weekend and invited him to come to Indonesia.
China's semiconductor output shrinks to 2020 level
Disrupted supply chains amid logistics issues have paralysed some of the country's largest manufacturers. "China's monthly output of chips shrunk to its lowest level since 2020, as strict lockdowns in Shanghai and other cities disrupted production in downstream industries from cars to robotics," reports South China Morning Post, quoting data released by the National Bureau of Statistics.
Snapping 6-day losing streak, indices start fresh week in green
The recent consistent decline was triggered as equity investors were concerned about the persistent high inflation globally and tightening monetary policy stance by several central banks. The domestic indices had reportedly marked their longest weekly losing streak since last week.
Brand Zenith to return with comprehensive product development, distribution strategy
According to sources, the brand is set to take a new leap of growth with a sound strategy in place and it is backed up with an exceptional resurrection plan duly supported by commensurate funds from an investing partner.
Vodafone Idea shares soar 13% on narrowing losses, rising ARPU
At 3.12 p.m., the shares of the company traded at Rs 9.5, up 13.2 per cent from the previous closing, data showed. Monday's rise is its sharpest intra-day rally during calendar year 2022. The rise was possibly because of the company's narrowing of its losses.
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