BUSINESS
'Will list it early': SC on Amazon's plea against transfer of Future Retail assets
A bench headed by Chief Justice N.V. Ramana told senior advocate Gopal Subramanium, representing Amazon, that one of the judges, Justice Hima Kohli, was not available, therefore the matter could not be taken up on the date scheduled for hearing. The Chief Justice said: "We have some difficulties in constituting the bench. My sister (Justice Hima Kohli) has some problems". "That is the reason... at least one partner (judge) should be there."
Ruchi Soya's Rs 4,300 crore follow-on public offer to open on March 24
The shares of Ruchi Soya dropped 10 percent on Monday after company fixed the price band at 35 percent discount on the closing price on last Thursday. The Monday’s closing price is INR 910 and hence the follow-on offer is seen as a discount. The company further said that the minimum bid in the follow-on offer will be for 21 shares.
India's banks unprepared for climate challenges: Report
India's big banks score poorly on climate challenge", ranks 34 biggest banks in the country against a range of criteria and most banks have not even begun to factor climate change into their business strategies. The analysis comes on the heels of the IPCC report on impacts, adaptation and vulnerability which warned that India faces serious economic threats from sea-level rise and riverine flooding, reduced labor capacity due to intolerable heat, drop in crop and fishproduction and water.
Inflationary Blow: Petrol, diesel prices raised after more than 4 months
State-owned oil marketing companies (OMC) on Tuesday raised petrol and diesel prices after more than four months of stable rates. Accordingly, the increase in selling price, which includes state levies, central excise and cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.
Equity indices extend losses, Sensex declines around 250 pts
On Monday, Sensex and Nifty fell 1 percent each. At 9.57 a.m. on Tuesday morning, Sensex was 0.5 percent or 260 points down at 57,032 points, whereas Nifty was 0.4 percent or 69 points down at 17,048 points. Sectors that won't be impacted at all by crude spike and potentially higher inflation like IT and pharma are safe havens now, said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
PF rate cut based on 'today's realities', ministry yet to approve: FM
The proposal to cut the interest rate on employees' provident fund deposits was dictated by today's realities where returns on other small saving instruments were even lower, Union Finance Minister Nirmala Sitharaman told the Parliament
India imported less than 1% crude oil from Russia in last 3 fiscals: Hardeep Puri
Responding to a question raised by Shiv Sena MP Priyanka Chaturvedi, Puri said, "In the last three financial years, we imported less than 1 per cent crude oil from Russia, and in the first nine months of this fiscal, only 0.2 per cent of our oil requirement has been imported from Russia."
Following India's $1bn credit line, SL requests $2.5bn from China
Chinese Ambassador to Sri Lanka, Qi Zhenhong said new request for $1 billion financing facility and $1.5 billion buyer's credit were raised by Sri Lankan government to Chinese government recently. "China understands the urgent need of Sri Lanka and its people. Relevant authorities in China are promptly studying the request," the Ambassador said at a media briefing in Colombo.
Equity indices close lower; Nifty, Sensex down 1% each
Rising crude oil prices amid no signs of settling down of war in Ukraine weighed on the investors' sentiment. "With no significant improvement in the tensions between Russia & Ukraine and uncertainty in the Gulf region, crude prices surged leading to a sell-off in the domestic market after the recent rally," said Vinod Nair, Head of Research at Geojit Financial Services.
Musk reportedly headed to Berlin for Gigafactory inauguration
Tech billionaire Elon Musk appears to be headed to Berlin from Texas, Twitter user @ElonJet, who tracks the movements of Musk's private jet said in a tweet on Monday. Tracking Musk's movement, Twitter user @ElonJet tweeted: "It would appear Elon Took off from Austin headed to Berlin on N502SX, the third SpaceX Gulfstream Aircraft."
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