BUSINESS
Indian equities plunge in early trade, Titan among top losers
At 9.19 a.m., Sensex was at 56,680 points, down 0.7 per cent, whereas Nifty was at 16,990 points, down 0.7 per cent. Among the stocks, Titan was the top loser, declining 2.7 per cent. Mohit Nigam, Head - PMS, Hem Securities, said it is the worst monthly slide in the US markets after April 2020.
James Murdoch's company infuses $600 mn in Allen Career Institute
Founded by Rajesh Maheshwari in 1988, Allen is a premier coaching institute for the preparation of JEE (main and advanced), pre-medical (NEET-UG), Classes 6 to 10, NTSE, and Olympiads. The $600 million investment will help Allen, which has 138 classroom centres in 46 cities in the country, empower millions of students in test-prep and K12 segments.
Smartphone sales drop 14% YoY in China in Q1: Report
According to research firm Counterpoint, the quarter's volumes were close to the levels seen during the severe pandemic-hit first quarter in 2020. "China's economy grew by only 4.8 per cent YoY in Q1 2022, lower than the 5.5 per cent annual growth target set by the government, as the country was weighed down by the pandemic and related lockdowns," Mengmeng Zhang, Research Analyst.
Warren Buffett back in buying spree in first quarter: Report
Bloomberg reported that the purchase provided a boost to its Chevron Corp stake that vaulted the investment into Berkshire's top four common stock holdings.
Billionaire Elon Musk shares long-term investment advice
According to Musk, he's been asked a lot about how to increase one's wealth.
And his biggest advice: "Don't panic when the market does," Musk wrote on Twitter. Musk advised people to buy stocks in companies that make products and services they believe in. "Since I've been asked a lot: Buy stock in several companies that make products & services that *you* believe in." Musk noted that people should sell their stocks only if they "think their products & services are trending worse".
GST collection touches all-time high in April at Rs 1.68 lakh cr
The gross GST collection has crossed the Rs 1.5 lakh crore-mark for the first time in April 2022 and Rs 1 lakh crore-mark for the 10th month in a row.
India's Pharma exports grow 103% in 8 years
The exports achieved in 2021-22 is the Pharma Sector's best export performance ever and is a remarkable growth with exports growing by almost USD 10 billion in eight years, said Ministry of Commerce & Industry in a statement on Sunday. Highlighting the achievement in a tweet, the Union Minister of Commerce and Industry Piyush Goyal said: "India's booming drugs & pharmaceuticals exports more than double in 2021-22 compared to 2013-14. Under the active leadership of PM @NarendraModi ji, India is serving as 'Pharmacy of the World".
Govt claims sufficient stock of all edible oil, industry hopeful of sooner ban revoke
On the other hand, trading bodies are optimistic that Indonesia will need to deal with its own continuing production of both crude palm and palm oil and hence will not be able to continue with the export ban for long. The market that was already on the edge since the Ukraine-Russia war broke out in late February, faced a double whammy when Indonesia imposed the export ban from April 28 owing to domestic reasons.
It's raining investments in Rajasthan as big brands get busy in the state
A new ceramic hub is on the anvil in Bikaner district while Alwar's Bhiwadi will emerge as the biggest spectacle manufacturing hub. Recently, Chief Minister Ashok Gehlot announced the approval of investment proposals worth Rs 71,486 crore. According to him, "Many big industrial players are now attracted towards Rajasthan due to the state government's favourable industrial policy. These investments will strengthen industrial development in the state and will generate more than 26,000 jobs," he said.
Musk could fire Twitter's Vijaya Gadde who makes $17 mn a year
Nevertheless, Gadde will get a severance package worth $12.5 million that includes Twitter shares, reports The New York Post. "Gadde, who earned $17 million last year as Twitter's top legal counsel, could be on the chopping block as Musk is reportedly planning to slash jobs and reduce executive pay as he looks to secure financing for his Twitter bid," the report said.
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