US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure. The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives. Biden [...]
Benchmark stock indices Sensex and Nifty declined by more than 1 per cent in opening trade on Friday due to heavy selling in financials, IT and capital goods stocks amid weak global trends. The 30-share BSE barometer plunged 730.17 points or 1.22 per cent to 59,076.11 as 25 of its constituents traded in the red. [...]
With a market capitalization of ₹ 1,05,126 crores, Grasim Industries is a large-cap stock. The company is the flagship company of the Aditya Birla Group and its businesses consist of viscose Staple fibre (VSF), caustic soda, speciality chemicals, and rayon-grade wood pulp (RGWP) with plants at multiple locations. It also has certain other businesses such [...]
The Pakistan government has hiked sales tax from 17 per cent to 25 per cent on select luxury goods, media reports said on Thursday, as the cash-strapped country was taking steps to unlock the USD 1.1 billion tranche of funding from the IMF. The International Monetary Fund (IMF) is refusing to release the USD 1.1 [...]
Mumbai-based Suraksha Group, which recently got the NCLT approval to acquire Jaypee Infratech, will infuse Rs 250 crore in the debt ridden Jaypee Group firm and also arrange Rs 3,000 crore loan for completion of around 20,000 apartments in various stalled projects over the next four years. As per the resolution plan of Suraksha Group [...]
Billionaire Mukesh Ambani's Reliance re-launched the 50-year-old iconic beverage brand Campa Cola in a new contemporised avatar as it looks to ramp up its own consumer goods offering to take on competition from Adani, ITC and Unilever. In January this year, Reliance Consumer Products Ltd, the fast-moving consumer goods arm of Reliance Retail, acquired a [...]
With an aim to recover fines from elusive offenders, capital markets regulator Sebi on Thursday introduced a reward system for up to Rs 20 lakh to informants for sharing information about the assets of defaulters. The reward may be granted in two stages -- interim and final. While the interim reward amount will not exceed [...]
Swan Energy through its subsidiary Triumph Offshore has signed an agreement to lease out its floating storage regasification unit (FSRU) vessel to Turkish government-owned natural gas and LNG firm Botas for an annual rentals of around Rs 800 crore. The lease arrangement is for a daily rental of USD 250,000, or about Rs 2 crore, [...]
Jio Platforms, the digital arm of Reliance Industries Ltd, will buy communications equipment maker Mimosa Networks for USD 60 million as it looks to bolster its 5G telecom and broadband services. Radisys Corporation, a subsidiary of Jio Platforms, signed a definitive agreement with US-based Airspan Networks Holdings for acquisition of "Mimosa Networks for USD 60 [...]
IT services company Infosys on Thursday said it has collaborated with mobility specialist ZF to revamp its supply chain with SAP Integrated Business Planning and Infosys Cobalt. Infosys was chosen to assist ZF on this transformation journey for its expertise in SAP IBP implementation and a plethora of in-house tools and accelerators, backed by efficient [...]
