BUSINESS
Equities plunge in early trade on weak global cues, Sensex declines over 1K pts
Asian stocks fell over concerns that the US' central bank and some other major central banks will have to raise interest rates even more aggressively to check inflation. All Nifty sectoral indices traded in the red in the morning session. Benchmark Sensex was at 54,666 points, down over 1,000 points or 1.9 per cent, whereas Nifty at 16,376 points, down over 300 points or 1.8 per cent.
UK economy to shrink in 2023, warns Bank of England
The latest forecasts imply that UK's GDP could fall by nearly 1 per cent in the final quarter of this year, when the energy price cap is lifted again, taking inflation to 10 per cent this autumn. The next year looks alarmingly weak too. The Bank of England (BoE) has cut its growth forecast for 2023 to show a contraction of 0.25 per cent from a previous estimate of 1.25 per cent growth, The Guardian reported.
Adani Transmission reports cash profit of Rs 763 crore in Q4, up 19.4% YoY
The financial highlights of Q4FY22 on a year-on-year basis show that the company's consolidated revenue increased by 13.5 per cent at Rs 2,582 crore, consolidated EBITDA grew 17.5 per cent at Rs 1,382 crore, while consolidated cash profit was up 19.4 per cent at Rs 763 crore.
India own semiconductor consumption to cross 80 bn by 2026
"We are investing heavily in skilling and training young Indians for the needs of the 21st century. We have an exceptional semiconductor design talent pool which makes up to 20 per cent of the world's semiconductor design engineers. Almost all of the top 25 semiconductor design companies have their design or R&D centres in our country," he said at the Semicon India Conference.
CBI nabs NCLT's interim resolution professional, 2 others in graft case
Following a complaint lodged against the IRP, Subrata Maity and others for demanding Rs 20 lakh to settle a NCLT matter of the complainant's company, the CBI started its probe. The complainant also stated that the accused demanded an advance of Rs 2 lakh which would be collected by a private person in Pune.
Indian consumer brands set to hike prices by 5-7% amid shipments delays
The electronics industry worldwide continues to face raw material shortage given the ongoing Covid situation in China. "In the near future, we do see a grim scenario in India if the current, 4-5 weeks delay in shipments continues," Avneet Singh Marwah, CEO of Super Plastronics Pvt. Ltd (SPPL), told IANS. "The shortage of raw materials has caused major instability in prices and as a company, we will also have to hike our prices by 5-7 per cent," he added.
LIC IPO Day 2: Issue subscribed 1.02 times, policyholders' quota over 3 times
It received bids for 16.48 crore equity shares against offer size of 16.2 crore equity shares, reports said. The portion alloted for policyholders portion has been subscribed 3.07 times, employees 2.2 times, and retail investors subscribed 92 per cent, while QIBs at 40 per cent. The long-awaited Initial Public Offering (IPO) for the LIC will remain open for subscription till May 9.
Essar sets up Vertex Hydrogen to help drive energy transition in UK
Led by Essar as the majority shareholder, Vertex Hydrogen has been formed to provide the catalyst for development of a hydrogen economy across North West England and North Wales, as a central part of the HyNet decarbonisation cluster. This initiative is a core part of a wider strategy by Essar globally to focus on investing in energy transition through the transformation of existing portfolio companies, and investments in new ventures. Providing low carbon hydrogen across North West England and North Wales
Alibaba lost $26 billion in market value within minutes after a man named 'Ma' was detained
According to China's state broadcaster CCTV, the suspect was placed under "compulsory measures" on April 25 on suspicion of "colluding with overseas anti-China hostile forces" to "incite secession" and "incite subversion of state power". The one-sentence report, which was swiftly picked up by other state media outlets and alerted across Chinese news platforms, triggered panic selling in Hong Kong, erasing an estimated $26 billion from Alibaba's market value within minutes, CNN reported.
TECHART, the global premium brand for personalising Porsche models forays into Indian market
Driven by the highest demands on design excellence, extraordinary technology development competence and responsible attitude towards emotion and reason, TECHART is the specialist for refining Porsche cars and stands for some of the fastest, powerful, and yet everyday friendly sports cars.
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