BUSINESS
Investors shed Rs 5 lakh cr as Dalal Street witnesses bloodbath
Market cap of all BSE-listed firms fell by Rs 5.25 lakh crore to Rs 241.10 lakh crore against Rs 246.31 lakh crore in the previous session. The Indian indices extended their fall for the fifth straight session on Thursday.
Terra Luna cryptocurrency collapses 98%, investors lose life savings
Within the last 24 hours, its market cap dropped from above $40 billion to just $500 million, fallen by more than 99 per cent and leaving investors nowhere to go. Terra was once ranked among the top 10 most valuable cryptocurrencies. It dropped below $1, having peaked close to $120 last month, reports Independent.
2nd largest digital currency loses 20% of its value in 24 hours
Cryptocurrencies have sharply declined in value during the past few days as fears for the global economy spread and investors started to sell off risky assets. However, investors in more traditional stocks are also hurting, with the US tech stocks also plunging in recent weeks, including Amazon which has fallen 30 per cent in a month.
Tata Sons appoints Campbell Wilson as new Air India CEO, MD
Wilson has 26 years of experience in the aviation industry. Earlier, Turkish Airlines head Ilker Ayci had been appointed as the Air India CEO by the Tatas, but he subsequently declined the offer on March 1. Air India would benefit from Wilson's added experience of having built an airline brand in Asia, N. Chandrasekaran, Chairman, Air India, was quoted as saying in a statement.
IRDAI allows general insurers to launch new fire policies for small risks
With this, the IRDAI had scrapped its earlier circular that mandated general insurers to sell only standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, in April 2021.
Indices fall for fifth straight session, April CPI data in focus
Also, persistent high inflation in the US also weighed on the domestic indices, as they extended their fall for the fifth straight session. Sensex closed at 52,930, down 1,158 points or 2.1 per cent, whereas Nifty was at 15,808 points, down 359 points or 2.2 per cent.
SoftBank reports $13 bn loss amid tech sell-off, cuts startup funding
The conglomerate also reported its biggest-ever quarterly net loss, 2.1 trillion yen ($16.2 billion) for the January-March quarter, reports Nikkei Asia. SoftBank also reported a historic $27 billion loss to its Vision Funds for the full year, owing to heavy losses in investments in tech companies like Coupang and Didi Global.
Indian govt extends helping hands to poor people by building houses for them
People who had believed that life would now pass on pavements and huts, the government itself handed over the keys of the houses to these families. These houses consist of all the amenities including toilets, electricity connection under the Saubhagya scheme, LED bulb under the Ujala scheme, gas connection under the Ujjwala scheme, and water connection under Har Ghar Jal Yojana.
Indices extend losses, Sensex declines nearly 1K pts
Asian stocks fell as the US inflation for April stood persistently high, which dented investors' confidence. The US April inflation print came at 8.3 per cent from a year ago, slower than March's peak of 8.5 per cent. But it is the highest in over 40 years. At 11.03 a.m., Sensex was down 975 points or 1.8 per cent at 53,114, whereas Nifty was down 302 points or 1.9 per cent at 15,865.
Next round of 8-9 airports to be leased shortly, says Scindia
The Tatas took over Rs 15,300 crore of debt where they have since renegotiated terms, and refinanced it by bringing in new lenders. Civil Aviation Minister Jyotiraditya Scindia confirmed this in a conversation with IANS Editor in Chief Sandeep Bamzai on Wednesday. Scindia said, "The Tatas paid Rs 2,700 crore cash and took over Rs 15,300 crore of the airline's debt. We have settled the balance amount of Rs 47,000 crore with all the lenders. The deal is now complete and I believe this is a very big achievement."
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