BUSINESS
BSE M-cap rises Rs 3.81 lakh cr on first session of FY23
Commonly referred to as market cap, market capitalisation is the aggregate valuation of the 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 the total outstanding shares of the company. On Friday, the market cap of the BSE rose to Rs 2,67,88,387 crore from Rs 26,406,971 on Thursday, exchange data showed.
Equity indices start fiscal FY23 in green, Sensex up over 700 pts
"The stock market kicked off FY23 on a positive note. It started the day muted and in line with global markets but strengthened as the day progressed as the broad market picked up and buying increased in sectors like banks, power and realty," said Vinod Nair, Head of Research at Geojit Financial Services. The outcome of the Reserve Bank of India's upcoming monetary policy meeting next week would be the major factors that will dictate the market outlook, he added.
March GST collection at record high of over Rs 1.42 lakh crore
"The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods)," the Finance Ministry said.
Adani Power shares at 10% upper circuit
Notably, the power producer company has doubled its investors' money in 2022. So far in the current calendar year, it rose 101 per cent. On Friday, the shares were locked in the upper circuit at Rs 203.6, as against Rs 101.3 in early January. According to reports, India's power consumption grew steadily to 126.12 billion units in March, which is up by 4.6 per cent year-on-year.
Insurance brokers cry foul at banks selling corporate policies
The insurance brokers complain that banks are exerting pressure on their borrowers to route all their insurance needs through them even when the sum insured or value of insurance exceeds Rs 5 crore "As per IRDAI regulations, a corporate agent cannot procure commercial insurance business from industries where the sum insured is Rs 5 crore or more per risk/policy," Sohanlal Kadel, Managing Director, Kadel Insurance Broker Pvt Ltd, told IANS.
Hero Motocorp shares slump sharply, IT raids likely weighed
The shares fell over 6 percent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 percent lower at Rs 2,231. In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in Gurugram and Delhi in connection with alleged tax evasion.
India's shared mobility sector to see 15 cr users by 2025
Since the public transport infrastructure is woefully inadequate to meet the burgeoning demand of an increasingly mobile population looking for convenience and affordability, nearly five times growth is expected in the shared mobility market over the next few years, according to homegrown management consulting firm Redseer.
Pakistani rupee at historic low on repayments of Chinese loans
The Pakistani rupee plunged to a historic low of 183.70 against the US dollar in the interbank market after the State Bank of Pakistan (SBP) reported a massive outflow of $2.9 billion, Dawn new reported. The SBP announced that its foreign exchange reserves dropped to $12.047 billion during the week ended on March 25 due to a major repayment of Chinese loans while the rest was regular debt servicing.
Jet fuel prices hiked, air fares to rise
Accordingly, in the national capital, the price of jet fuel was raised to Rs 1,12,924.83 per kilolitre (kl) from Rs 1,10,666.29 per kl. In the other metro cities of Kolkata, Mumbai and Chennai, the price was increased to Rs 1,17,353.71, Rs 1,11,690.61 and Rs 1,16,583.71 per kiloliter, respectively. "ATF prices have increased by around 50 % since the start of the year, major reason being the increase in crude prices led by the the Russia-Ukraine tensions," said Bhanu Patni.
Intel buys Israeli workload optimisation startup Granulate for $650 mn
Chip-maker Intel has announced to acquire Granulate Cloud Solutions Ltd, an Israel-based developer of real-time continuous optimisation software, reportedly for up to $650 million. The acquisition will help cloud and data centre customers maximise compute workload performance and reduce infrastructure and cloud costs, Intel said in a statement late on Thursday. "Granulate's cutting-edge autonomous optimisation software can be applied to production workloads without requiring the customer to make changes to its code, driving optimised hardware and software.
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