BUSINESS
IAMAI urges GST Council to keep 18% tax on online gaming
Discussions are ongoing among various stakeholders to increase the GST rate to 28 per cent for the online gaming industry. There is no clarity on whether this will apply only to real money games or casual games as well, given that the former being a sub-segment of online gaming.
Adani Group to buy 49% in Quint; media company's shares up over 9%
The Adani Group company Adani Enterprises forayed into the media business by acquiring an unspecified minority stake in Quintillion Business Media earlier this year. It has signed a Shareholders' Agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Ltd (QDML) in connection with its proposed acquisition of a 49 per cent stake in the media company.
Snapping 6-day losses, equity indices rise in opening deals
At 9.51 a.m., Sensex was 1.0 per cent or 513 points up at 53,307 points, whereas Nifty was 1.2 per cent or 185 points up at 15,967 points. 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.
Adani to acquire Holcim's stake in Ambuja Cements and ACC Ltd
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion, which makes this the largest ever acquisition by Adani, and India's largest ever M&A transaction in the infrastructure and materials space.
Centre asks states, UTs and FCI to continue wheat procurement
The government's decision comes in the wake of requests by state governments/UTs to continue the procurement process. The extended period is expected to benefit farmers.
Tesla stops taking Cybertruck orders in China, Europe
The Tesla website now only allows visitors to sign up for Cybertruck updates and orders are no longer possible, reports Tesla North. For now, it remains possible to place a Cybertruck order in Canada, the US, and Mexico.
UAE telecom operator Etisalat acquires 9.8% stake in Vodafone for $4.4bn
Emirates Telecommunication Group, formerly known as Etisalat and now rebranded as e&, has acquired approximately 2,766 million shares in Vodafone, The National reported. "Vodafone is one of the leading businesses at the heart of digital communications in Europe and Africa with a compelling business offering critical connectivity and digital services," Hatem Dowidar, group chief executive of Etisalat, said.
Markets to rally in the short term
The broader markets saw BSE100, BSE200 and BSE500 lose 4.44 per cent 4.62 per cent and 4.81 per cent. BSEMIDCAP lost 5.68 per cent while BSESMALLCAP lost 6.56 per cent. Very clearly there was pain across the board and stocks of all kinds were under pressure. The lows made in the market a fortnight after the Russia-Ukraine war began on February 24, were made on 7-8th March. These lows were almost tested during trading over the last couple of days.
'Mountains to climb': Air India CEO-designate Wilson on new role
Wilson is currently the CEO of Singapore Airlines' subsidiary Scoot Air. Singapore Airlines (SIA) is a joint venture partner of Tata Group in full-service carrier Vistara. "This afternoon I informed the executive team and your union leaders of my resignation from Scoot and the SIA Group," he said to the employees to Scoot through a communique, which reportedly was his farewell letter.
Global digital transformation spending to reach $1.8 trillion this year
The DX priorities that will see the largest investment in 2022 include back office support and infrastructure, smart manufacturing, and digital supply chain optimisation. Together, these three investment areas will represent more than $620 billion in DX spending this year, according to the International Data Corporation (IDC).
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