BUSINESS
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.
Biden proposes 20% minimum tax on wealthiest
"This minimum tax would apply only to the wealthiest 0.01 per cent of households, those with more than $100 million, and over half the revenue would come from billionaires alone," Xinhua news agency quoted a White House fact sheet on Biden's budget for Fiscal Year 2023 as saying on Monday. The White House estimates that the proposed tax, which focuses on taxing unrealised capital gains, would raise around $360 billion in revenue over the next decade.
Ex-Google CEO funneled money into Biden's science office, paid salaries
In a startling revelation, a report has claimed that former Google CEO Eric Schmidt's foundation poured money into the White House Office of Science and Technology Policy, including paying salaries of key employees. Politico reports that Schmidt had a close relationship with the president's former science adviser, Eric Lander, and other Biden appointees.
Equities rise on global cues, extend gains; Sensex up over 250 pts
India's key equity indices -- Sensex and Nifty -- extended their gains from the previous to rise marginally in the opening session on Tuesday. Strong global cues and retreating crude oil prices buoyed the Indian indices. At 9.56 a.m., Sensex was 0.5 per cent or 272 points up at 57,865 points, whereas Nifty 0.5 per cent or 79 points up at 17,301 points.
Don't Miss
Advertisement