BUSINESS
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.
Equity indices open marginally high
India's key equity indices -- Sensex and Nifty -- traded marginally higher during the early trade on Friday. At 9.44 a.m., Sensex was 0.1 per cent or 69 points up at 58,638 points, whereas Nifty 0.2 per cent or 35 points up at 17,500 points. "On the positive side, the negative real returns from fixed income are prompting the increasing tribe of retail investors to pour more money into Aequity.
Despite Covid, HAL revenues touch record high in FY 2021-22
"Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year," said R. Madhavan, CMD, HAL. The second wave of Covid-19 had compelled the company to declare a phased lockdown at various divisions during April and May 2021.
India's Apr-Feb fiscal deficit reaches over 82% of FY22 RE target
As per the data furnished by the Controller General of Accounts, the fiscal deficit -- the difference between revenue and expenditure -- for the April-February 2021-22 period stood at Rs 13,16,595 crore (Rs 13.16 lakh crore), or 82.of the revised estimates (RE). The FY22 deficit has been pegged at Rs 1,591,089 crore (Rs 15.91 lakh crore). The CGA data showed that the Central government's total expenditure stood at Rs 31,43,875 crore while total receipts were Rs 18,27,280 crore.
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