Business
Sensex Surges Over 300 Points in Early Trade; Nifty Tops 14,900
Equity benchmark Sensex surged over 300 points in early trade on Thursday, tracking gains in index heavyweights HDFC twins, ICICI Bank and Infosys amid a positive trend in global markets. The 30-share BSE index was trading 343.32 points or 0.69 per cent higher at 50,005.08, and the broader NSE...
Sensex Ends 84 Pts Higher After Choppy Trade; IT Stocks Rally
Equity benchmark Sensex ended 84 points higher after a volatile session on Thursday as concerns over rising coronavirus infections and resultant restrictions across the country kept investors on the edge. The 30-share BSE index settled 84.45 points or 0.17 per cent higher at 49,746.21. The broader NSE Nifty advanced...
Alibaba Fined $2.8 Billion for Violating Anti-Monopoly Rules in China
Chinese regulators have fined giant e-commerce giant Alibaba USD 2.8 billion on charges of violating anti-monopoly rules. The ruling Communist Party is tightening control over China’s biggest e-commerce and other internet companies and has warned them not to use their industry dominance to stifle competition. The State Administration for...
USTR Discusses TRIPS Waiver Proposal for Covid-19 Vaccines with GAVI’s CEO
US Trade Representative Katherine Tai, in a virtual meeting with GAVI’s CEO Dr. Seth Berkley, discussed, among other things, the proposed waiver of certain provisions of the WTO’s agreement on intellectual property rules for the manufacture of coronavirus vaccines. In the virtual meeting with Berkley on Friday, Tai discussed...
Abu Dhabi Crown Prince Honours Indian Business Tycoon Yusuffali with Top Civilian Award
Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed Bin Zayed Al Nahyan has honoured Indian-origin businessman Yusuffali MA and 11 other individuals with Abu Dhabi’s top civilian award for their noble and charitable contributions to the community. Yusuffali, 65, the Chairman...
Mumbai Court Rejects Bail Pleas of Viva Group Managing Director, Chartered Accountant
A special PMLA court in Mumbai has denied bail to Mehul Thakur, managing director of Viva group, and chartered accountant Madan Chaturvedi in connection with the Rs 4300-crore PMC Bank fraud case. Their plea for default bail was rejected by special judge Abhijeet Nandgoankar on April 8, and a...
US Lawmakers Welcome India’s Move to Increase FDI in Insurance Sector to 74 Percent
Two influential US lawmakers have applauded the Indian government’s move to increase foreign direct investment in the insurance sector from the existing 49 per cent to 74 per cent, saying it will further deepen bilateral trade and investment. India’s Parliament last month passed the Insurance Amendment Bill 2021 to...
Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session
The government may hike foreign direct investment (FDI) limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector...
SBI, Private Banks Rush in Race for Citi’s Card Business After Bank’s Decision to Quit Indian Market
Citi Bank’s decision to quit the Indian market has thrown up an opportunity for domestic private banks that are looking to scale up their credit card business. Amid this, the subsidiary of State Bank of India- SBI cards witnessed its share price jump 7.5% by the close of trade...
Record Penalty for Alibaba Marks Tumultuous Stretch for Founder Jack Ma
Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan ($2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire. The reversal of fortune...
