BUSINESS
Amazon, Future Retail agree in SC to appear before Singapore Int'l Arbitration Centre
A bench headed by Chief Justice N.V. Ramana and comprising Justices Krishna Murari and Hima Kohli said: "It is stated and agreed by both the parties that they wish to appear before the Singapore International Arbitration Centre and request that the proceedings, pending adjudication before it, be expedited on the issues agreed upon between them. Towards this purpose, both the parties are directed to file a Joint Memo of Consent Terms by April 5. List these matters on April 6."
CCI orders probe into conduct of Zomato, Swiggy
Following a complaint from the National Restaurant Association of India (NRAI), the CCI said that it is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, "which requires an investigation by the Director General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions". The NRAI represents over 50,000 restaurant operators across the country.
GST Council did not recommend reducing GST on health insurance: FM
At present, GST on health insurance services is levied at a standard rate of 18%. "Health insurance, like majority of other taxable supplies, is standard rated at 18%. In pre-GST regime also, health insurance was standard rated," Sitharaman told the Lok Sabha in a written reply. "A significant relief in GST has been provided by way of exemption to above stated insurance schemes catering to economically weaker sections of the society and differently abled."
Why HDFC merger is beneficial for macro economy, shareholders
The proposed transaction intends to create a large balance sheet and net-worth that would allow greater flow of credit into the economy. It will also enable underwriting of larger ticket loans, including infrastructure loans, an urgent need of the country. The merger is expected to enable seamless delivery of home loans and leverage on the large base of over 68 million customers of HDFC Bank and inter alia improve the pace of credit growth.
India's March manufacturing sector growth weakens: PMI
The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month. As per the PMI report, business conditions improved in March, but the latest results showed slower expansions in factory orders and production as well as a renewed decline in new export orders. Besides, it cited that price indices increased since February to signal mounting pressures.
Global Cloud infrastructure spending to reach $90 bn in 2022: IDC
In 2021, the cloud infrastructure spending reached $73.9 billion, up 8.8 per cent over 2020. In Q4 2021, it increased 13.5 per cent (year over year) to reach $21.1 billion. This marked the second consecutive quarter of year-over-year growth as supply chain constraints have depleted vendor inventories over the past several quarters.
Elon Musk takes 9.2% passive stake in Twitter, stock soars 28%
According to a regulatory filing in the US Securities and Exchange Commission (SEC) in the US, the world's richest man, with over 80 million followers on Twitter, bought nearly 73.5 million shares in the micro-blogging platform. Due to which Twitter shares surged nearly 28 per cent on Monday.
Indices settle high as HDFC merger lent support, Sensex up 1,335 pts
Sensex closed 2.3 per cent or 1,335 points up at 60,612 points, whereas Nifty 2.2 per cent or 383 points up at 18,053 points. Among the sectoral indices, all traded in the green on Monday with Nifty bank and financial rallying the most. "The mega-merger news of the HDFC twins and the rare sight of a 15 per cent up-move in them today at a point in time propelled benchmark indices 2.5 per cent higher with good support from metal stocks
Must appreciate Indian retail investors: Nirmala Sitharaman
While responding during Question Hour in the Lok Sabha, Union Finance Minister Nirmala Sitharaman on Monday, said that Indian retail investors should be appreciated. She added that FPIs and FIIs can be very tempted by interest rates elsewhere and prospects anywhere else.
Merger to unlock value for HDFC Bank, positive for macro economy: Brokerage
Upon the merger scheme becoming effective, the subsidiaries or associates of HDFC will become subsidiaries or associates of HDFC Bank. The proposed transaction was to create a large balance sheet and net-worth that would allow greater flow of credit into the economy. It would also enable underwriting of larger ticket loans, including infrastructure loans.
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