BUSINESS
Builder.ai raises $100 mn in series C funding
The round, which brings the company's total funding to $195 million across three total rounds, includes participation from existing investors such as Singapore-based Jungle Ventures, in combination with new individual and institutional names that include the IFC and Jeffrey Katezenberg's WndrCo.
'Porting of motor third party insurance is customer friendly, will clean up market'
In order to make the motor insurance market a level playing field, the insurance regulator should make third party insurance policies portable, industry experts said. Such a facility will also clean up the market, they added. The Supreme Court had ruled that a new two-wheeler or a private car should have a third party liability insurance cover for five and three years, respectively.
New Income Tax rules will come into effect from 1 April 2022: Here're details
The new provisions related to Income Tax (IT) in the Union Budget 2022 will be in effect from the new financial year 2022-23 which begins on 1st April. These include several changes in the IT rules vis-à-vis crypto assets, EPF interests, tax relief for cooperatives and startups as well as for COVID19 treatment which will be effective from Friday. Here are the key changes in the Income Tax effective from the FY 2022-23.
Rising demand, waning Covid impact to accelerate NBFC's growth
Accordingly, the expected trend came to light via a survey of entities constituting over 50% of the industry's AUM. In the ICRA's survey, entities expect asset quality to improve in FY2023 from current levels. Besides, large entities are expecting to consume some of the excess liquidity for business growth while smaller ones intend to maintain liquidity amid expectations of funding constraints to support their liquidity profile in event of any uncertainties and to provide comfort to various stakeholders.
India Ratings revise its FY23 GDP growth forecast downwards to 7-7.2%
Accordingly, the ratings agency believes that its 'FY23 Economic Outlook' released in January 2022 is unlikely to hold in view of the global geo-political situation arising out of the Russia-Ukraine conflict. "Since the duration of Russia-Ukraine conflict continues to be uncertain, Ind-Ra has created two scenarios with respect to the FY23 economic outlook basis certain assumptions."
Sanctions to isolate Russia leading to economic crisis of historic proportions
According to Vasily Nebenzya, Western countries in "unbridled sanctions hysteria" did not think about anyone, including their own citizens.
"Today we heard and will hear another thesis about the inevitable coming food crisis in the world. In the submission of Western delegations, it is caused solely by Russia's actions in Ukraine. By posing the question in this way, our Western colleagues are being disingenuous.
Hero MotoCorp to raise prices from April 5
Two-wheeler major Hero MotoCorp on Tuesday announced ot will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 5. According to the company, the upward revision has been necessitated to partially offset the impact of increasing commodity prices. "The price revision will be up to Rs 2,000 and the exact quantum of increase will be subject to specific model and the market," the company said in a statement.
Equity indices extend gains & open positive; Sensex up over 350 pts
At 9.42 a.m., Sensex was 0.7 per cent or 378 points up at 58,321 points, whereas Nifty 0.6 per cent or 105 points up at 17,430 points. Among the individual stocks, Tata Consumers, Bajaj Finserv, Hero Motocorp, Bajaj Finance, and Grasim Industries were the top five gainers among the Nifty 50 companies, while ONGC, Hindalco, JSW Steel, Tata Steel, and Tech Mahindra the top five losers, NSE data showed.
Pine Labs raises $50 million, to expand BNPL offering in Southeast Asia
Pine Labs serves large, mid-sized and small merchants across India and Southeast Asia, and is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia. "We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later (BNPL) offering to new markets through strategic collaborations," saidAB. Amrish Rau, CEO, Pine Labs.
Tata Consumer Products plans to reorganise India, overseas business
The plan includes the demerger of plantation business of Tata Coffee (TCL) into TCPL Beverages & Foods (TBFL), and the merger of the remaining business of TCL, consisting of its extraction and branded coffee business with the TCPL, through a composite scheme of arrangement. Besides, TCPL proposes to purchase the minority interest in its UK subsidiary, Tata Consumer Products UK (TCP UK) by way of a share swap, through a preferential issue of its equity shares.
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