BUSINESS
Reliance Industries outshines benchmark index, shares rise 14% in 1 month
Shares of Reliance Industries Limited have outperformed the broader market benchmark indices over the past one month. During the said period, the shares of the company rose nearly 14 per cent against a rise of little over 2 per cent in the benchmark Sensex index. The rally in share prices for the Indian company comes amidst volatility in the global financial markets amid geopolitical war and skyrocketing crude oil prices.
Airtel prepays Rs 8,815 cr to clear deferred liabilities for spectrum
Digital communications solutions provider Bharti Airtel on Friday said it has paid Rs 8,815 crore towards part prepayment of deferred liabilities pertaining to spectrum acquired in auction of year 2015. Accordingly, the payment was made to the Department of Telecom, Government of India. "The prepayment is for installments due in FY 2027 and FY 2028," the company said in a statement.
Petrol, diesel prices raised again
State-owned oil marketing companies (OMC) on Friday raised petrol and diesel prices for the third time this week. These prices were revised for the very first time on Tuesday after a gap of more than four months. Accordingly, the increase in the selling price, which includes state levies, central excise and cess amongst others, came days after crude oil rates saw an astronomical rise due to the Russian-Ukrainian crisis.
Equities open a tad low, Sensex declines over 100 pts
India's key equity indices -- Sensex and Nifty -- opened marginally lower on Friday. At 9.45 a.m., Sensex was 0.2 per cent or 130 points down at 57,466 points, whereas Nifty 0.2 per cent or 30 points down at 17,193 points. Among the stocks, Titan, Tata Consumers, Maruti Suzuki, Tech Mahindra, and Asian Paints were the top five losers, while Hindalco, Tata Steel, SBI, Bajaj Auto, JSW Steel the top losers during the opening session, NSE data showed.
PNB acquires 5.97% stake in ONDC in first tranche
It was incorporated on December 30, 2021, with an early investment from the QCI and Protean eGov Technologies. ONDC is expected to digitise the entire value chain, standardise operations, promote inclusion of suppliers, derive efficiencies in logistics, and enhance value for consumers for almost all types of businesses. "In the current platform-centric digital commerce model, buyers and sellers must use the same platform or application to do a business transaction," PNB said.
Pratt & Whitney working to identify opportunities for MRO in India
"We have been working very closely with the government for last two years to identify opportunities in MRO," said Ashmita Sethi, President and country head, Pratt & Whitney. She hoped that the government will provide incentives and tax holidays to players who are willing to invest in India.
To a query at a news conference on the sidelines of Wings India 2022, the civil aviation show that began at Begumpet Airport here on Thursday
'India's domestic aviation sector set to recover fully by mid-2022'
Remi Maillard, President and MD, Airbus India and South Asia, believes that domestic traffic in India will fully recover by the middle of the current year while international traffic will rebound by the next year. "The Covid crisis has had a massive impact on the industry and air traffic in India. We see traffic recovering on the back of strong demand," he said and welcomed the decision of the Civil Aviation Ministry to reopen to international traffic from March 27.
Ukraine war put an end to globalisation, says world's largest fund manager
Russia's invasion of Ukraine has ended globalisation as we know it, said the head of BlackRock, the world's largest asset manager, CNN reported. BlackRock CEO Larry Fink told shareholders in a letter on Thursday that Russia's "decoupling from the global economy" following its assault on Ukraine has caused governments and companies to examine their reliance on other nations.
HDIL shares almost doubled in March, rise 5% on Thursday
Housing Development Infrastructure Ltd is a publicly listed real estate company with shares traded on the BSE and NSE. It has completed more than 100 million square feet of construction in all verticals of real estate. On Wednesday, its shares settled at Rs 8.50, up 4.9 per cent. At the start of March, the share prices were at little over Rs 4. As per reports, Adani Properties is a frontrunner among eight resolution applicants.
Flybig to acquire 10 Twin Otter aircraft
The airline signed a Letter of Intent with De Havilland on the sidelines of Wings India 2022, the civil aviation show which began in Hyderabad on Thursday. These 19-seater aircraft will help in serving small and remote communities that are not accessible by air, the airlines said. Twin Otter 400 Series has a proven track record of safe, dependable operations, as well as versatility, which includes the ability to land on land or water.
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