Category: BUSINESS

Equity benchmark indices, which resumed trading after a long holiday, faced heavy drubbing on Monday, with the Sensex plunging over 1,186 points in early trade. The key index was dragged down by heavyweights Infosys and HDFC Bank amid weak trend in Asian markets. Stock markets were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of Good Friday. The Sensex was trading 1,186.18 points lower at 57,152.75 in early trade. The Nifty tumbled 314.95 points to 17,160.70. From the 30-share pack,…

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 Bike taxi platform Rapido on Friday said it has raised USD 180 million (over Rs 1,370 crore) in a Series D round of funding led by new investor Swiggy. The round also saw investment from TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures, the company said in a statement. The funds would be used to bolster technology, amplify and strengthen teams across diverse sets of capabilities, and increase overall supply to create an enhanced consumer experience across a larger audience base in metros, tier I,…

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Benchmark indices continued to decline on Tuesday, with the Sensex tumbling over 470 points in early trade, as weak trends in global markets and foreign fund outflows weighed on investor sentiment. The Sensex was trading 470.59 points lower at 58,493.98 in early trade. The Nifty declined 137.7 points to 17,537.25. From the 30-share pack, Tata Steel, State Bank of India, Bajaj Finserv, IndusInd Bank, Larsen & Toubro, Tech Mahindra and Wipro were among the early laggards. In contrast, Maruti Suzuki, HDFC and Kotak Mahindra Bank were the only gainers. “Market…

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Benchmark BSE Sensex tumbled by nearly 483 points on Monday due to selling in IT, capital goods and banking shares following losses in global equities on worries over high-interest rates. The 30-share index tanked 482.61 points or 0.81 per cent to close at 58,964.57 with 23 of its constituents closing in the red. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40. The 50-issue Nifty of the National Stock Exchange declined by 109.40 points or 0.62 per cent to finish at 17,674.95 as 29 of its…

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 In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs. Currently, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs). “It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing ease of transactions, the absence of the need for physical card for…

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 Tata Motors on Thursday said it has bagged an order for 1,300 commercial vehicles from VRL Logistics. The order comprises medium and heavy commercial vehicle and intermediate & light commercial vehicle range, suited for logistics operations of VRL Logistics, the Mumbai-based automaker said in a statement. The vehicles were selected basis the superior drivability, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics to increase its fleet efficiency, it added. “We endeavour to engineer our vehicles to offer the lowest total cost of ownership and…

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Commerce and Industry Minister Piyush Goyal on Wednesday said that India and Australia should look at boosting the bilateral trade to USD 100 billion by 2030 from the current level of around USD 27.5 billion. Goyal, who is in Australia on a three-day visit, said that both the countries are already at an advanced stage of entering into an agreement for greater collaboration in the education sector. On April 2, India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) under which both the countries are providing duty…

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Parliament on Tuesday approved a bill to revamp the functioning of the institutes of chartered accountants, cost accountants and company secretaries, with Finance Minister Nirmala Sitharaman asserting that the changes will not impact the autonomy of these bodies. Rajya Sabha passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 with a voice vote after negating all amendments moved by the Opposition. Lok Sabha had cleared the bill on March 30, 2022. The legislation seeks to appoint non-Chartered Accountant (CA), non-cost accountant and non-company…

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 Equity benchmark Sensex surged over 1,300 points on Monday to reclaim the 60,000-level, boosted by intense buying in banking and financial stocks after the announcement of merger between HDFC and HDFC Bank. Strong global cues and receding crude oil prices also propped up the domestic equity markets, according to traders. Shares of HDFC and HDFC Bank rallied nearly 10 per cent as investors lapped up the merger deal. In the biggest merger in corporate history, India’s largest housing finance company HDFC Ltd will merge with the country’s largest private lender…

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India is on the cusp of a major economic recovery and talks of possible stagflation are “overhyped” as a strong economic foundation is being laid with the reforms carried out by the government over the last seven years, Niti Aayog Vice Chairman Rajiv Kumar said on Sunday. Notwithstanding economic uncertainties triggered by the Russia-Ukraine war that is also impacting global supply chains, Kumar asserted that it was quite clear from all accounts that India will remain the fastest growing economy in the world. “Given all the reforms that we have…

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