BUSINESS
Tesla to keep China plant shut due to Covid restrictions
Tesla first shut down its Shanghai plant on March 28, and had planned to keep it closed for just four days. The electric car-maker previously closed the Shanghai factory for two days in mid-March due to a rise in infections. Around 10,000 medical workers from several regions across China have arrived in Shanghai in recent days to help the fight against Covid-19 as the city with a population of 25 million has seen surging infections.
Petrol, diesel prices hiked for 12th time in 14 days
Consequently, in the past 14 days, petrol prices have increased by Rs 8.40 per litre in the national capital. These prices were revised for the very first time on March 22 after a gap of more than four months. On Monday, the price of petrol and diesel in New Delhi were increased again by 40 paise per litre. As per pump prices, petrol now costs Rs 103.81 per litre and diesel Rs 95.07 per litre in the national capital.
India's export touches record $418 bn in 2021-22, says Piyush Goyal
Addressing a media briefing here, Goyal said that during 2021-22, $30 billion export was recorded on a monthly basis, and this was despite the second and third wave of Coronavirus pandemic hitting the country hard. The engineering goods exports hit a record $111 billion, of which about $16 billion worth goods were shipped to the U.S. alone.
FPIs continue selling, withdrew Rs 41,123 cr from Indian equity in March
The sell-off by the FPIs in March is way more than they pulled out in January and February of Rs 33,303 crore and Rs 35,592 crore, respectively. The recent sell-off was triggered by policy rate hike by the US Federal Reserve which made the country more attractive for investments.
MSP distorts mkt prices of farm produce, planting decisions of farmers: US
The report provided a comprehensive review of significant foreign barriers to the US exports of goods and services. Besides MSP, India provides a broad range of assistance to its large agricultural sector, including credit subsidies, debt waivers, crop insurance, and subsidies for inputs (such as fertilizer, fuel, electricity, and seeds) at both the central government and State government levels.
Vijay Kedia-backed Tejas Networks hits upper circuit for 3 straight sessions
Founded in 2000, the Bengaluru-headquartered company Tejas Networks is an optical, broadband and data networking service provider. The continued rally in share prices came at a time when the Tata Group firm Tejas Networks announced it will acquire 64.40 per cent stake in Saankhya Labs for Rs 283.94 crore in an all-cash deal.
US govt calls out Data Protection Bill as a trade barrier
The NTE Report identifies a range of important challenges and priorities to guide the Biden administration's trade policy and also raises serious concerns over the proposed and promulgated restrictive data policies in India and cites them as ‘Digital Trade Barriers'. Given the importance of India-US digital trade, its a serious set back to the attempts by Commerce Ministry to get a trade deal going with Washington.
OCL shareholders fully approve its related party transactions with Paytm Payments Bank
OCL and PPBL material related party transactions got over 71 per cent approval from shareholders, with over 26 crores votes showing as 'abstained' as they are related party members. As per regulations, related party members can either abstain or vote against the resolution. The strong approval to the resolution reinforces the confidence and constant support of all shareholders towards the company.
India's garment export capital singed by the war in Ukraine
Shanmugham, who is himself exporting to Europe, said that the market was slowly recovering from the Covid-19 crisis and they hope that the war will be over and prices of raw cotton will come down so that the industry gets back to normal providing employment to 6 lakh labourers and earning huge foreign exchange for the country.
Petrol prices up again; rise by Rs 7.2 per litre in 12 days
On Saturday, the price of petrol and diesel in New Delhi were increased again by 80 paise per litre. As per pump prices, petrol now costs Rs 102.61 per litre and diesel Rs 93.87 per litre in the national capital. In the financial capital Mumbai, prices were hiked to Rs 117.57 per litre for petrol and diesel to Rs 101.79 per litre. Besides, the prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 122.19 and diesel to Rs 97.02 per litre.
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