BUSINESS
Equity indices in red for fifth day in a row; high inflation weighs
Sensex settled at 56,463 points, down 704 points or 1.23 per cent, while Nifty settled at 16,959 points, down 215 points or 1.25 per cent, form their previous close. Stocks in the IT, financial and consumer goods space declined and dragged the indices. The indices opened on a positive note to later decline sharply, thereby closing the day in the red.
Pakistan braces for worst diesel shortage next month
The prime minister was also informed that there would be no protests if the oil prices were increased. However, protests would start if diesel was not available in the market due to poor financial health of the oil industry on account of rising price differential claims. The interesting thing was that there was no approval from the government to clear the price differential claims of the oil industry.
Prakriti E-mobility secures investment from Europe's IEG as part of $5 million Pre-Series A round
Founded in 2019 by Nimish Trivedi, Rajeev Tiwari and Vikas Bansal, Prakriti E-mobility is an asset-light EV cab service provider across B2C and B2B segments With this investment, the company plans on implementing technological advancements, expansion of EV fleet and empaneling EV charging stations into its mobile application across India.
Banas dairy project progress is good move towards 'local to global': Modi
While addressing around one lakh people, the Prime Minister said: "This is probably the first time that I am being blessed by around 2 lakh mothers and sisters. During the 1 to 2 hours that I spent in the plant, I got to meet agro producers and plant officials and was very impressed by their work. The Banas dairy plant is the best example of women empowerment".
Shares of HDFC twins on a downtrend since announcement of merger
The shares of the two HDFC companies declined 17 per cent and 18 per cent, respectively, since the news of the merger, data showed. Housing loan major Housing Development Finance Corporation (HDFC) on April 4 said its Board had approved the merger of its wholly-owned subsidiaries HDFC Investments and HDFC Holdings with HDFC Bank.
India's policy challenges to hinder net-zero progress, putting onus on private cos: Moody's
The country's significant economic development needs will present constraints to the government's ability to extend sufficient financial support to fund its carbon transition. "The country's high growth potential, significant economic development needs and large agricultural sector will likely weaken the government's policy resolve and financial capacity to drive the economy's carbon transition," said Nishad Majmudar," Moody's Assistant Vice President and Analyst.
Public Cloud spending in India to touch $7.5 bn this year
Cloud system infrastructure services (IaaS) is forecast to record the highest growth this year (39.4 per cent), followed by cloud application infrastructure services (PaaS). IaaS will also be the highest spending vertical for end-users in India in 2022. "Driven by maturation of core cloud services, the focus of differentiation is gradually shifting to capabilities that can disrupt digital businesses and operations in enterprises directly," said Sid Nag, research vice president at Gartner.
Geo-political conditions dim prospects for Samsung stock in near future
Shares of Samsung, the world's largest memory chip and smartphone maker, have tanked this year, even though the tech giant is likely to report its best first-quarter earnings in four years later this month, on the back of solid chip and mobile demand.
OMCs might require to further raise fuel prices: Fitch Ratings
Notably, the November 2021-March 2022 was one of the longest retail price freezes in recent years, despite reference crude oil prices increasing by nearly $27 per barrel (or Rs 13 per litre) during the period. NThe freeze may lead to marketing losses for the oil marketing companies (OMCs) in the fourth quarter of the financial year ending March 2022 (FY22).
Twitter's board salary will be $0 if my bid succeeds: Musk
"Board salary will be $0 if my bid succeeds, so that's $3 million/year saved right there," Musk tweeted on Monday. He also tweeted "Love Me Tender", an Elvis Presley song, after Twitter adopted 'poison pill' strategy to prevent Musk from forcefully buying it.
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