Economy news - NewsLocker

Swiggy gets $800 million at $5 billion valuation

05-04-2021 23:39 via timesofindia.indiatimes.com

Swiggy has raised $800 million from a set of new investors including Falcon Edge, Goldman Sachs, Amansa Capital, Think Investments, and Carmignac, according to an internal email sent by company co-founder and CEO Sriharsha Majety.

Byju’s acquires Aakash for nearly $1 billion

05-04-2021 23:30 via timesofindia.indiatimes.com

Ed-tech major Byju’s has acquired brick-and-mortar test preparation firm Aakash Institute in a mega deal valued at nearly $1 billion. The acquisition, which will create one of the largest education groups in India, is through a mix of cash and stock.

GameStop to sell 3.5m shares after price boost

05-04-2021 22:34 via timesofindia.indiatimes.com

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it will sell up to 3.5 million of its shares. The shares will be sold through an "at-the-market" offering, which lets companies place their stock on the market over a period of time.

'Investment banking fees plunge 34% in Q1'

05-04-2021 22:00 via timesofindia.indiatimes.com

Despite a record year for primary share issues, investment banking activities declined in the first quarter of the year, pulling down their fees by almost 34 per cent to $194.5 million and making it the lowest start to a year since 2016, according to a report.

'Housing sales up 44% in Jan-Mar across 8 cities'

05-04-2021 21:38 via timesofindia.indiatimes.com

Sales of residential properties across eight major cities grew 44 per cent in the January-March period this year to nearly 72,000 units as demand recovered, according to Knight Frank India.

Resurgence in Covid-19 cases: Manufacturing growth hits 7-month low in March

05-04-2021 21:35 via financialexpress.com

Manufacturing activity accelerated at its slowest pace in seven months in March, thanks to a resurgence in Covid-19 cases that weighed on domestic demand and output. Firms cut jobs again, continuing with a year-long reduction spree.

April-January data: Gross FDI inflows hits record $72 billion

05-04-2021 21:33 via financialexpress.com

Gross foreign direct investment (FDI) inflows in India rose 15% year-on-year in the first ten months of this fiscal to a record $72.12 billion.

New mechanism to monitor imports of aluminium, copper

05-04-2021 21:30 via financialexpress.com

In line with the import monitoring system for steel and coal, the government has decided to put in place a mechanism to monitor imports of aluminium and copper to capture disaggregated data for effective monitoring and policy intervention.

Looking for good returns? Invest in THESE 3 government schemes: Check features, benefits here

05-04-2021 20:18 via zeenews.india.com

The top three small savings schemes run by the government of India are Senior Citizens Savings Schemes (SCSS), Public Provident Fund (PPF), and Sukanya Samriddhi Yojana and they consist of the National Saving Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Scheme.

Tesla shares surge after company posts record deliveries

05-04-2021 19:49 via zeenews.india.com

At least three brokerages raised their price targets on Tesla`s stock. Wedbush was the most aggressive, increasing it by $50 to $1,000, much higher than the median analyst price target of $712.50, according to Refinitiv data. Wedbush also raised its rating to "outperform" from "neutral."

'Investment banking fees plunge 34% in Q1 to $194.5m'

05-04-2021 19:37 via timesofindia.indiatimes.com

Despite a record year for primary share issues, investment banking activities declined in the first quarter of the year, pulling down their fees by almost 34 per cent to $194.5 million and making it the lowest start to a year since 2016, according to a report.

India well-positioned to become global leader in AI: Kant

05-04-2021 19:37 via timesofindia.indiatimes.com

India today is well-positioned to become a global leader in Artificial Intelligence (AI) and there is a need to adopt it across all sectors, Niti Aayog CEO Amitabh Kant said on Monday.

GameStop to sell 3.5m shares after stock frenzy boosts price

05-04-2021 17:35 via timesofindia.indiatimes.com

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it will sell up to 3.5 million of its shares. The shares will be sold through an "at-the-market" offering, which lets companies place their stock on the market over a period of time.

Janet Yellen calls for minimum global corporate income tax

05-04-2021 17:35 via moneycontrol.com

Citing a â€œthirty-year race to the bottomâ€� in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Yellen said the Biden administration would work with other advanced economies in the G20 to set a minimum.

RBI rejigs portfolios of deputy governors

05-04-2021 17:12 via timesofindia.indiatimes.com

The Reserve Bank on Monday rejigged portfolios of its deputy governors, with the key monetary policy department remaining with Michael Debabrata Patra.

Investment banking fees plunge 34% in Q1 to $194.5 million: Report

05-04-2021 17:12 via timesofindia.indiatimes.com

Despite a record year for primary share issues, investment banking activities declined in the first quarter of the year, pulling down their fees by almost 34 per cent to $194.5 million and making it the lowest start to a year since 2016, according to a report.

'India well prepared to combat 2nd wave of Covid'

05-04-2021 17:12 via timesofindia.indiatimes.com

Having successfully managed the first wave of the coronavirus pandemic, India is well prepared to combat the scourge of the second wave, the finance ministry's monthly economic report said.

I-T dept launches offline utility for ITR 1, 4

05-04-2021 17:12 via timesofindia.indiatimes.com

The income tax (I-T) department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year. The offline utility is available on the e-filing portal and is based on new technology 'JSON' (JavaScript Object Notation), which is a light weight format for storing data.

'Housing sales up 44% in Jan-Mar 2021 across 8 cities'

05-04-2021 17:12 via timesofindia.indiatimes.com

Sales of residential properties across eight major cities grew 44 per cent in the January-March period this year to nearly 72,000 units as demand recovered, according to Knight Frank India.

Here’s how to withdraw cash from ATM without using debit card

05-04-2021 16:26 via zeenews.india.com

As per a report, the company has partnered with the National Payments Corporation of India (NPCI) and City Union Bank to launch this facility. More than 1,500 ATMs have been upgraded to this service, while they are looking to upgrade more ATMs rapidly.

Housing sales up 44% in January-March 2021 across 8 cities: Report

05-04-2021 16:22 via timesofindia.indiatimes.com

Sales of residential properties across eight major cities grew 44 per cent in the January-March period this year to nearly 72,000 units as demand recovered, according to Knight Frank India.

Investors' wealth tumbles over Rs 2.16 lakh crore

05-04-2021 15:42 via timesofindia.indiatimes.com

Investors' wealth tumbled over Rs 2.16 lakh crore at close of trade on Monday as markets crashed amid a sharp spike in coronavirus cases in the country.

Looking for good returns? Invest in THESE 3 government scheme: Check features, benefits here

05-04-2021 15:40 via zeenews.india.com

The top three small savings schemes run by the government of India are Senior Citizens Savings Schemes (SCSS), Public Provident Fund (PPF), and Sukanya Samriddhi Yojana and they consist of the National Saving Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Scheme.

'India well prepared to combat second wave of Covid-19'

05-04-2021 15:24 via timesofindia.indiatimes.com

Having successfully managed the first wave of the coronavirus pandemic, India is well prepared to combat the scourge of the second wave, the finance ministry's monthly economic report said.

Income tax department launches offline utility for ITR 1, 4

05-04-2021 15:24 via timesofindia.indiatimes.com

The income tax (I-T) department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year. The offline utility is available on the e-filing portal and is based on new technology 'JSON' (JavaScript Object Notation), which is a light weight format for storing data.

Gross NPAs of banks may rise to 9.6-9.7%: Report

05-04-2021 15:24 via timesofindia.indiatimes.com

As the impact of various relief measures, including a moratorium on loan repayment and asset classification standstill wanes off, gross non-performing assets of banks may likely rise to 9.6-9.7 per cent by March 31, 2021, says a report.

COVID-19 spike | Malls, multiplex owners upset over new restrictions, localised lockdowns

05-04-2021 14:59 via moneycontrol.com

No business can survive if they continue to bleed for 12 months and this is what multiplexes and single screens are going through now, say market experts.

RBI to go for dovish pause on Wednesday: Analysts

05-04-2021 14:58 via timesofindia.indiatimes.com

The Reserve Bank will go for a "dovish pause" at Wednesday's policy review announcement amid developments such as a rise in inflation, government maintaining the inflation target band and a likely impact on growth due to local lockdowns on rising Covid-19 infections, analysts said on Monday.

Bumper job opening in Tesla! Vacancy for over 10,000 people, confirms Elon Musk

05-04-2021 14:13 via zeenews.india.com

Tesla Chief Executive Officer Elon Musk`s personal wealth has been boosted by a more than eight-fold surge in the stock`s value last year.

Gross NPAs of banks may rise to 9.6-9.7% by March-end: Report

05-04-2021 14:02 via timesofindia.indiatimes.com

As the impact of various relief measures, including a moratorium on loan repayment and asset classification standstill wanes off, gross non-performing assets of banks may likely rise to 9.6-9.7 per cent by March 31, 2021, says a report.

LG Electronics exits from loss-making mobile business

05-04-2021 14:02 via zeenews.india.com

The South Korean tech powerhouse said in a regulatory filing that its mobile communications (MC) unit will no longer produce and sell handsets after July 31, citing its long slump and fierce competition in the industry.

Sensex tumbles 871 points; Nifty tanks below 14,650

05-04-2021 13:21 via zeenews.india.com

After plunging over 1,400 points earlier in the day, the 30-share BSE index pared some losses to finish at 49,159.32, down 870.51 points or 1.74 per cent. Similarly, the broader NSE Nifty sank 229.55 points or 1.54 per cent to 14,637.80.

NCR drivers need to carry Aadhaar for challans now: Reports

05-04-2021 12:48 via zeenews.india.com

With the launch of e-challan and e-payment system, traffic violators can now pay fine online from anywhere.

Market close: Sensex dives 871 points; Nifty settles at 14,638

05-04-2021 12:46 via timesofindia.indiatimes.com

Market close: Sensex dives 871 points; Nifty settles at 14,638

Sensex dives 871 points; Nifty settles at 14,638

05-04-2021 12:31 via timesofindia.indiatimes.com

Equity indices plunged on Monday with the benchmark BSE sensex down more than 850 points amid rise in Covid-19 cases across the country. India recorded an all-time high of 1,03,558 coronavirus infections in a day pushing the nationwide Covid-19 tally to 1,25,89,067, according to the Union health ministry data.

RBI's MPC starts deliberating on next monetary policy

05-04-2021 12:31 via timesofindia.indiatimes.com

RBI governor Shaktikanta Das-headed rate-setting panel MPC started its three-day deliberation on the next monetary policy on Monday amid sudden surge in Covid-19 cases and the government's recent mandate asking the central bank to keep retail inflation around 4 per cent.

Air India pilots seek PF details from airline

05-04-2021 12:22 via timesofindia.indiatimes.com

Air India pilots have sought information on the status of their provident fund (PF) accounts, as the airline is on the verge of being privatised. The Indian Commercial Pilots Association (ICPA) on Monday wrote to AI management highlighting “concern regarding the security and future of their investments’ value owing to some recent corporate failures and the impending disinvestment of Air India."

Byju's acquires Aakash Educational Services

05-04-2021 11:50 via timesofindia.indiatimes.com

Ed-tech startup Byju's on Monday said it has acquired Aakash Educational Services Ltd (AESL) to bolster its presence in the test preparation segment in the country.

RBI#39;s MPC starts deliberating on next monetary policy

05-04-2021 11:47 via moneycontrol.com

The Reserve Bank will announce the resolution of the Monetary Policy Committee (MPC) on April 7.

Got a torn or mutilated currency note? You need to do THIS to exchange your note

05-04-2021 11:46 via zeenews.india.com

As per RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces. Know what to do with such notes.

Sebi's framework to curb stock market spoofing kicks off

05-04-2021 11:21 via timesofindia.indiatimes.com

The new framework to curb instances of stock market spoofing kicked off on Monday, whereby serial offenders could face trading disablement of 15 minutes to two hours.

Investors lose over Rs 4.54L cr as markets crash

05-04-2021 11:21 via timesofindia.indiatimes.com

Equity indices plunged in opening trade on Monday with the benchmark BSE sensex falling over 1,000 points as India reported over 1 lakh new Covid cases in the last 24 hours. The 30-share BSE index was trading 1,091 points or 2.18 per cent lower at 48,939; while the broader NSE Nifty was down 295 points or 1.98 per cent at 14,573.

Economy better equipped to deal with second Covid-19 wave, says Finance Ministry

05-04-2021 11:20 via moneycontrol.com

"As the vaccination drive continuously upscales in India and guided by the learnings of Indiaâ€™s successful management of pandemic during its first wave, India is now well armed to combat any downside risk posed by the recent surge in COVID-19 cases," the Department of Economic Affairs said in its economic report for March.

Bad news for SBI customers, home loan interest rates hiked

05-04-2021 11:04 via zeenews.india.com

The State Bank of India will also levy a consolidated processing fee on home loans which it had waived off till March this year.

Serum Institute likely to seek permission for selling Covishield commercially: Report

05-04-2021 10:44 via zeenews.india.com

Serum Institute might seek permission for selling Covishield commercially from the Central Drugs Standard Control Organisation (CDSCO) by the end of April.

Gold Price Today, 05 April 2021: Gold Prices down by nearly Rs 10,800; should you invest now?

05-04-2021 09:44 via zeenews.india.com

Gold futures for June delivery on Monday opened at Rs 45,349 per 10 grams as against the previous close of Rs 45,418 while Silver futures for May delivery opened at Rs 64,800 per kg as against Rs 65,089.

Among 53 crore FB users in ‘data leak’ are 61L Indians

05-04-2021 09:13 via timesofindia.indiatimes.com

Personal data of nearly 533 million (53.3 crore) Facebook users, including 61 lakh Indians, remerged online after a hacker posted the details on a digital forum. The leaked data includes Facebook ID numbers, profile names, email addresses, location information, gender details, job data, and other details.

Income Tax rules: What you should know about these 5 changes in I-T rules

05-04-2021 09:00 via moneycontrol.com

A look at the new income tax rules that came into force from April 1

RBI monetary policy April 2021: RBI expected to keep key interest steady

05-04-2021 08:57 via zeenews.india.com

Economists had been expecting the RBI to start normalising policy or unwinding the large scale rupee liquidity in the banking system in the June or latest by September quarter but that is now expected to be delayed, many analysts said.

What is UPI and how is money transferred through it? 5 things you should know

05-04-2021 08:35 via zeenews.india.com

UPI is a system that powers multiple bank accounts into a single mobile application of any participating bank.