BUSINESS
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.
Flipkart lodges FIR against unknown persons for storing narcotics in counterfeit packages
In the FIR, Flipkart said that it learnt from media reports that on April 28-29, the Narcotics Control Bureau (NCB) conducted raids in Jamia Nagar, Delhi. It was reported that during the raid, 50 kg of high quality heroin, 47 kg of suspected narcotics and Rs 30 lakh of drug money in cash and other incriminating documents were recovered by the NCB from unknown accused persons.
Equity market awaits US Fed meet for fresh cues, says Swastika Investmart
FOMC meeting is crucial amid record inflation and growth worries, it said. The meeting is reportedly scheduled for Wednesday. The Indian equity market ended on a weak note for the third week in a row, however, the losses were mild.
Shell agrees to buy Indian renewables firm Sprng Energy at $1.55 bln
Shell said it would buy 100 per cent of Solenergi Power, the flagship company of Sprng Energy group, from UK-based investor Actis. Spring Energy supplies solar and wind power to electricity distribution companies in India. The deal, which is expected to close later this year, will triple Shell's renewables capacity in terms of operations.
Empowered group approves sale of Pawan Hans to Star 9 at Rs 211cr
PHL is a joint venture of Government of India (GoI) and ONGC providing helicopter and aero mobility services. GoI holds 51 per cent of the shares in the company and ONGC holds the balance 49 per cent . This is the fourth iterations with request for EOI -- Expression of Interest, invited on December 8, 2020. Seven EoIs were received and four interested bidders were shortlisted as qualified bidders.
Nasdaq posts worst month since October 2008 amid recession fears
The tech-heavy Nasdaq fell 4.2 per cent on Friday, dragged down by Amazon, which dropped nearly 15 per cent after it missed earnings expectations, CNN reported. The S&P 500 shed about 3.6 per cent on Friday, while the Dow dropped about 940 points, or 2.8 per cent. The most closely watched inflation reading released Friday
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