BUSINESS
Zomato shares decline as CCI probes alleged unfair business practices
The two online food delivery platforms are allegedly involved in delayed payment cycles and exorbitant commissions. Shares of food-aggregator Zomato declined on Tuesday after the Competition Commission of India ordered a thorough investigation into the conduct of online food delivery platforms Zomato and Swiggy.
India's robust plans on Electric Vehicles to ensure cleaner environment
Keeping in mind the goals set under the Paris agreement, the increasing number of automobile customers shall not imply an increase in the consumption of conventional fuels. The Indian government is religiously pushing the introduction of Electric Vehicles (EV) and this would not only reduce India's oil import bills in the longer term but also ensure a cleaner environment.
USD reaches over 300 against SL rupee for first time
US Dollar on Tuesday reached over 300 against Sri Lankan Rupee LKR for the first time as reported by country's banks. The island nation is facing a severe economic crisis with the shortage of foreign exchange. Economists said this was the first time in Sri Lankan history that the US dollar hit the 300 mark against the LKR.
World Bank projects East Asia Pacific to grow 5% in 2022
The World Bank has projected the East Asia Pacific growth to increase by 5 percent in 2022 amid the resurgence of Covid-19 pandemic, tighter financial conditions and the Russia-Ukraine war, the World Bank said. The region's largely strong fundamentals and sound policies should help it weather these storms.
Equity indices decline marginally on profit booking
At 9.51 a.m. on Tuesday, Sensex was 0.3 per cent or 208 points down at 60,404 points, whereas Nifty 0.3 per cent or 52 points down at 18,001 points. This came after a sharp rise in indices on Monday led by the announcement of the merger of HDFC twins.
Pakistan rupee depreciates more than 3% in March alone, forex reserves at the lowest level since 2020
In July last year-the beginning of the Pakistani financial year, the country's currency was pegged at around 158 to the US dollar. A depreciation of the currency would mean that the country's import bill will rise, especially at a time when global crude prices have surged following the Russia-Ukraine conflict.
Among Tata cos, M-cap of Tata Steel, Tata Elxsi, Indian Hotels, Trent zoomed in Q1CY22
Commonly referred to as M-cap, market capitalisation is the aggregate value of a company based on its current share price and the total number of outstanding stocks. It is calculated by multiplying the current market price of the company's share with its total outstanding shares. As per the data, Tata Steel and Tata Elxsi's market capitalisation rose 17.6 percent and 50.7 per cent to Rs 1,59,626 crore and Rs 55,013 crore during the period under review, respectively.
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."
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