BUSINESS
'Gati Shakti' to give new direction to infra planning, reduce project costs: PM
Accordingly, 'PM Gati-Shakti' will bring down the time and cost overrun of infrastructure projects.Addressing a webinar, the Prime Minister said the budget FY23 has set the pace of India's development journey in 21st century and will lead to extraordinary increase in the strength of the country's economy, creating many new possibilities of employment.
Biocon Biologics to Acquire Viatris' biosimilar assets
The company is making the acquisition for up to $3.335 billion in stock and cash. The company said that the acquisition will give it access to Viatris' commercial engine in developed and emerging markets and will be value accretive. Besides, BBL will gain access to Viatris global biosimilars business estimated to be of $1 billion in revenue next year.
Russia imposes foreign shares sale ban
The Bank of Russia also said it had yet to decide whether to open the Moscow Exchange, other than the forex and money market, on Monday. The opening time has already been pushed a few times in the last few hours. It comes as the rouble plunged to a new record low after Western nations announced new sanctions against Russia over its invasion of Ukraine, BBC reported.
Noida to SC: Supertech twin towers to be demolished on May 22
A bench comprising Justices D.Y. Chandrachud and Surya Kant said that all authorities should strictly comply with the timeline given in the Noida authority affidavit. Senior advocate Ravindra Kumar, representing the Noida authority, submitted before the bench that the demolition process has commenced, and the twin towers will be completely demolished on May 22. The top court was informed that the entire debris will be removed by August 22.
Ashneer Grover loses Singapore arbitration, BharatPe probe to continue
His arbitration failed to convince the EA to stop the ongoing governance review at BharatPe against him, sources told IANS. The Emergency Arbitrator has rejected all five grounds of his appeal. Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC).In his appeal, Grover pleaded that the investigation was illegal because it violated the shareholder agreement and articles of association.
Rising stakes in Russian-Ukrainian war push up Crude prices
Brent-indexed crude oil prices rose 5% to over $98 per barrel. The rise in crude oil prices comes after the EU announced new sanctions on Russia. Russia is the third-largest producer of crude oil in the world. It is feared that any sanctions against Russia will curtail global supplies and stifle growth. Last Friday, a rise in the US oil inventories along with the assurance of energy supply from Russia had doused international crude oil prices.
Indian equities open negative; Sensex, Nifty indices down 1.5% each
At 9.55 a.m., Sensex was 1.5% or 817 points down at 55,041 points, whereas Nifty 1.4% or 233 points was down at 16,425 points. "Asian markets are trading mixed in the early Monday trade with Nikkei and HangSeng trading in negative territory while Taiwan and Korean markets trading in positive territory. WTI Crude rose more than 5% on the Russia-Ukraine crisis as Western nations imposed fresh sanctions on Moscow," said Mohit Nigam.
Reliance also extended working capital support due to which Future Retail has been able to pay its statutory dues
FRL owes Reliance towards this working capital support. In August 2020, the Boards of FRL and other Future companies and RRVL approved the Scheme of Arrangement for the transfer of retail and logistics business of the Future Group to RRVL on a slump sale basis for an aggregate consideration of Rs 24,713 crore. Future Group was in acute financial difficulty and stress. FRL had defaulted in payment of dues to its creditors and landlords.
GDP data, Global trends to impact equity sentiments
Global trends surrounding the evolving Russia-Ukraine crisis as well as key domestic macro-economic data points will set the course for the Indian equity market's trajectory in the coming week. Besides, investors will watch out for fluctuations in crude oil prices and currency movements. These global trends are also expected to influence the direction of FIIs' funds which will, in turn, have an overall bearing on the market sentiment.
GDP data, Global trends to impact equity sentiments
Global trends surrounding the evolving Russia-Ukraine crisis as well as key domestic macro-economic data points will set the course for the Indian equity market's trajectory in the coming week. Besides, investors will watch out for fluctuations in crude oil prices and currency movements. These global trends are also expected to influence the direction of FIIs' funds which will, in turn, have an overall bearing on the market sentiment.
Don't Miss
Advertisement