BUSINESS
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."
BYJU'S appoints ex-Facebook tech lead Majid Yazdani as VP
Edtech company BYJU'S on Monday announced the appointment of Majid Yazdani as Vice President at BYJU'S Lab to propel and further shape the future of education. Yazdani will work on personalisation and other AI applications to the education sector. He will also be responsible for incubating new ideas and delivering breakthrough solutions across BYJU'S ecosystem of learning products at the Lab.
Adani Green raises $288 mn construction facility, increases construction revolver pool to $1.64bn
The facility will initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan, India. In March 2021, AGEL had closed a $1.35 billion construction revolver facility in one of Asia's largest project financing deals. According to the definitive agreements, seven international banks – BNP Paribas, Coöperatieve Rabobank, Intesa Sanpaolo, MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.
Qatar Airways' Delhi-Doha flight makes emergency landing in Karachi
Accordingly, the Qatar Airways flight QR579 was diverted to Karachi after it declared an emergency due to the indication of smoke detected in the cargo hold. "The aircraft landed safely at Karachi where it was met by emergency services and passengers disembarked orderly via stairs," the airline said in a statement. The flight took off from Delhi at 3.50 a.m. on Monday and landed at Karachi at 5.30 a.m.
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