BUSINESS
Axis Bank's stocks rise day after Citibank's consumer biz deal
The boards of Axis Bank and Citibank have approved the deal, comprising the sale of the consumer businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans, as well as sale of consumer business of Citi's non-banking financial company, Citicorp Finance (India) Ltd, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
Stock limit on edible oils, oilseeds extended up to Dec 31
In view of the ongoing Ukraine-Russia war resulting in supply restrictions in import of edible oils and oilseeds, the Centre has extended the stock limits imposed on edible oils and oilseeds until December 31. This will come into effect from April 1. A notification from the Ministry of Food, Consumer Affairs and Public Distribution's Department of Food and Public Distribution published on Wednesday,
Equity indices extend gains for 4th straight sessios
India's key equity indices -- Sensex and Nifty -- extended their gains on Thursday for the fourth consecutive session. At 9.52 a.m, Sensex was 0.3 per cent or 188 points up at 58,872 points, whereas Nifty 0.3 per cent or 56 points up at 17,555 points. Among the individual stocks, Mahindra & Mahindra, Bajaj Finance, ONGC, HDFC, and Tata Consumers were the top five gainers
Petrol, diesel prices raised again
These prices were revised for the very first time on March 22, after a gap of more than four months. Notably, the selling price includes state levies, central excise and cess, amongst others. In New Delhi, the prices were increased again by 80 paise per litre. As per pump prices, petrol now costs Rs 101.81 per litre and diesel Rs 93.07 per litre in the national capital.
Gold jewellery retailers' revenue seen rising 12-15% next fiscal: Crisil
Sustained high prices of gold, as well as steady demand, is expected to raise gold jewellery retailers' revenue by 12-15 per cent next fiscal, said ratings agency Crisil. It also said that the segment's revenue is expected to grow by 20-22 per cent this fiscal, albeit on a lower base of the Covid-19 pandemic-impacted last fiscal. Besides, it said that operating margins should improve 50-70 basis points (bps) on-year to 7.3-7.5 per cent in fiscal 2023, because of elevated gold prices and improved operating leverage.
India earned $35 mn, 10 mn euros for launching foreign satellites
New Space India Ltd (NSIL), a CPSE under the Department of Space, has already launched 45 international customer satellites on-board ISRO's PSLV during the last three years and has secured four dedicated launch service contracts for foreign satellite customers, Science & Technology Minister Jitendra Singh told the Lok Sabha in a written reply.
German inflation jumps to 40-year high
The national consumer price index (CPI) in Germany climbed up from 5.1 per cent in February, Xinhua news agency reported, citing the preliminary figures published by the Federal Statistical Office (Destatis). "The last time the inflation rate in Germany was at a similar level was in the autumn of 1981, when mineral oil prices also rose sharply as a result of the effects of the first Gulf War," Destatis said.
ECLGS scheme enhanced, validity extended till March 2023
Accordingly, the ECLGS extension and enhancement announcement which was made by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Union Budget 2022-23 was put into effect by the National Credit Guarantee Trustee Company on Wednesday. Further, the coverage, scope and extent of benefits under ECLGS 3.0 pertaining to hospitality, travel, tourism and civil aviation sectors has been expanded, said the Union Finance Ministry.
Non-linking of PAN-Aadhaar by March 31 to attract penalty
As per the Ministry, non-linking of PAN-Aadhaar will lead to a penalty of Rs 500 up to three months from April 1, 2022 and a fee of Rs 1,000 thereafter. Nevertheless, the non-linked PAN will remain operational till March 31, 2023. "On failure to do so... PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon intimation of Aadhaar to the prescribed authority after payment of a prescribed fee," a Ministry statement said.
India emerging as an alternative destination for relocating Chinese industries
In this regard, Japanese Prime Minister, Fumio Kishida announced an investment of Yen 3.5 trillion ($42 billion) in India over five years during the India-Japan Annual Summit in Delhi. Under an MoU, Suzuki Corporation would set up an electric car manufacturing unit in Gujarat.
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