BUSINESS
Natural gas demand seen up 12-14% next fiscal despite high prices: Crisil
The domestic demand for natural gas is seen rising by 12-14 per cent next fiscal, despite prices remaining high for the past several months, said ratings agency Crisil. According to it, this trend is supported by economic recovery and lower-than-usual inventories in key European consumption centres. Besides, Russia's invasion of Ukraine, which began in February 2022, drove already-elevated gas prices even higher, Crisil said.
Petrol prices up again; rise by Rs 4.80 per litre in 8 days
The domestic retail selling prices of petrol and diesel were increased for the seventh time in eight days on Tuesday. Consequently, in the past eight days, petrol and diesel prices have increased by Rs 4.80 per litre in the national capital. These prices were revised for the very first time on Tuesday, March 22, after a gap of more than four months.
Raj Subramaniam joins growing list of Indian-origin CEOs
Subramaniam joins Arvind Krishna, another IITian from Kanpur appointed as CEO of world's oldest technology company IBM Group in January; Parag Agarwal, an IITian from Mumbai who was appointed as Twitter CEO in November last year after Jack Dorsey announced exit; and Anand Eswaran, appointed as CEO of global IT firm Veeam in December 2021.
Adani Power shares up 14%, merger plans lent support
Shares of Adani Power jumped sharply on Tuesday as they extended their rally into the sixth consecutive session. The consistent rally in the shares came at a time when the company approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself. On March 22, the company, through a regulatory filing, announced about the merger plan, which is, however, subject to requisite approvals.
Adani Wilmar shares extend gains, rise 9%
Shares of FMCG company Adani Wilmar extended gains from the previous session to rise sharply on Tuesday. The shares of the company have seen rising since the war in Ukraine broke out. It is expected India's sunflower imports will be hit as both Russia and Ukraine are the major suppliers of sunflower oil to India.
ICRA cuts India's FY23 GDP growth forecast to 7.2%
Ratings agency ICRA has lowered India's FY23 GDP growth forecast to 7.2 per cent from an earlier projection of 8 per cent. Besides, the rating agency projected GDP expansion in FY22 at 8.5 per cent, which is modestly lower than the National Statistical Office's (NSO's) second advance estimate of 8.9 per cent.
Russia would not supply gas to Europe for free
Russia does not intend to engage in charity and export gas to Europe for free, Kremlin spokesperson Dmitry Peskov said while commenting on statements by representatives of Western countries that they will not pay for deliveries in rubles. Peskov also stressed that Moscow was not the initiator of such a development of the situation, since it was the Western states that unleashed an economic war against Russia.
Global 5G mobile subscriptions to cross 4.39 billion by 2027
As the fifth generation technology witnesses great adoption, 5G mobile subscriptions globally are expected to cross 4.39 billion by 2027, a new report said on Tuesday. North-East Asia is likely to have the highest number of subscriptions of over 1 billion, with Central and Eastern Europe expected to record the least number of subscriptions at 230 million, according to data obtained by Stockapps.com.
Noida-based edtech startup Classplus raises $70 mn
B2B edtech startup Classplus on Tuesday said it has raised $70 million in a Series D round co-led by Alpha Wave Global and Tiger Global.Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first SaaS (software-as-a-service) platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.
Indian-American Raj Subramaniam takes over as FedX President, CEO
Subramanian would replace Frederick W. Smith, chairman and CEO, who will step down on June 1. "As we continue to transform as a company and reimagine what's next, we will keep our people-service-profit philosophy at our core," said Subramaniam. Smith will become Executive Chairman, the company announced late on Monday.
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