Duty-free import of raw cotton to push exports of value added textiles: News
The government’s decision to waive customs duty on cotton imports will help boost exports of value added products of textiles, Federation of Indian Export Organisations (FIEO) President A Sakthivel said on Thursday.The move, he said, will promote exports of apparel and made-ups sectors significantly by softening the prices of yarn and fabrics as well.
The finance ministry on Wednesday waived customs duty on cotton imports till September 30, a move which will benefit the textile industry and lower prices for consumers.Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC). The industry had been demanding a duty waiver to lower domestic prices.
Holcim considers sale of India’s $9.6 billion Ambuja Cements:Business news
Holcim Ltd., the world’s biggest cement maker, is considering a potential sale of businesses in India including Ambuja Cements Ltd., according to people familiar with the matter.
The Swiss giant is gauging interest in its controlling stake in Ambuja, the people said, asking not to be identified as the information is private. Holcim controls 63.1% of Ambuja, which has a market value of about $9.6 billion.
Gold price in India increases for 24 carat and 22 carat today:News
As on April 14, Gold price in India for 24 carat gold (10 grams) is Rs 53,840 while 22 carat gold (10 grams) cost Rs 49,350.
The Gold rate for 24 carat and 22 carat per 10 grams has increased by Rs 350 for 22 carat gold (10 grams) and by Rs 390 for 24 carat gold (10 grams) in the last 24 hours. Yesterday, the Gold price in India for 24 carat gold (10 grams) was Rs 53,450 while 22 carat gold (10 grams) cost Rs 49,000.
Minor fluctuation in gold prices was observed in different metro cities of India in last 24 hours. Gold price today in Chennai for 24 carat (10 grams) is Rs 54,500 while the 22 carat (10 grams) is Rs 49,960.
WhatsApp is finally allowed to have 100 million users for its payments service:News
The National Payments Corporation of India (NPCI), a state-run body that manages unified payments interface (UPI) and several other payment systems, has allowed WhatsApp to onboard upto 100 million users on its payments interface.
Earlier, WhatsApp was only allowed to roll out these services to 40 million users.
WhatsApp is currently the only UPI-based payments app that has been allowed to function in a limited manner. The company currently processes over 2 million monthly transactions, whereas its counterparts like Google Pay and PhonePe have already crossed a billion mark several months ago
Anchor investors commit ₹18,000 cr to LIC IPO:Business news
The initial public offering of state-run Life Insurance Corp. of India has drawn significant interest from local and overseas investors, with at least 12 top fund managers committing to bring in around ₹18,000 crore as anchor investors, two people directly aware of the development said.
At least five Indian asset managers, no less than three sovereign funds, two global pension fund managers and two hedge funds have agreed to be anchor investors in the LIC IPO, the people said, requesting anonymity.
Buying Cryptocurrency? You Cannot Use UPI To Make Payment:Business news
Bitcoin is to cryptocurrency what WhatsApp is to instant messaging and Xerox is to the simple activity of generating photocopy. An unmistakable identifier. When someone says they’d like to invest in bitcoins or that investing in bitcoins is fun (or whatever adjective they’d like to insert here) they may not specifically mean Bitcoins only.
Chances are, they’re referring to cryptocurrency in a much larger sense, and could very well be investing in Ethereum, Litecoin, Cardano, Dogecoin and other crypto coins. Apps including CoinSwitch, WazirX and CoinDCX are gaining popularity across platforms, including Android phone and the Apple iPhone. But what most crypto investment regulars and those who are taking the leap for the first time would notice, is that UPI (unified payments interface) as a payment option for adding money to the wallets on these apps to buy crypto coins, remains largely missing or unavailable.,news.
Air India says Alliance Air is no longer its subsidiary:Business news
Alliance Air is no longer a subsidiary of Air India, according to an advisory issued by Air India. The announcement comes months after Tata Sons took over Air India as the government had accepted its winning bid of Rs 18,000 crore to acquire 100 per cent of the debt-laden state-run carrier.
Air India has stated that passengers who have tickets of Air India with a 4-digit flight number starting with ‘9’ or 3-digit flight number starting with ‘9I’, must know that these bookings belong to Alliance Air, as per the advisory.
Passengers must take note that Air India will no longer handle bookings as well as queries related to Alliance Air.
Indian Crypto Exchanges Disable UPI, Other Payment Options:Business news
A number of cryptocurrency exchanges in India are disabling rupee deposits, particularly payments using the Unified Payments Interface (UPI) system. This followed a statement issued by the National Payments Corporation of India (NPCI) regarding the usage of the UPI system by crypto exchanges.
Options to deposit Indian rupees at cryptocurrency exchanges are dwindling. A growing number of cryptocurrency exchanges have disabled INR deposits using the Unified Payments Interface (UPI) system, which is the most widely used retail payment method.
cexchange Wazirx is not offering UPI support. The exchange tweeted Wednesday, “Currently, UPI is not available.” Coindcx is also not supporting payments by UPI, saying on Twitter Monday, “UPI is temporarily unavailable.”
TCS, Infosys hired record 1.85 lakh freshers last financial year as attrition spiked:News
Top two infotech majors TCS and Infosys ramped up fresher recruitments three times in the year ended March 31 to a record of over 1.85 lakh as demand for technologies in the wake of the pandemic peaked and enterprises across the world shifted to digital for business continuity.
With companies fighting for a limited talent pool, attrition has also been on the rise for the last three quarters and hence supply side crunch has become a huge challenge for the firms.
Indian IT firms are looking to tackle this challenge by hiring a large number of freshers.
Siddharth Jain of INOX Leisure buys quadruplex in Mumbai for Rs 144 crore:Business news
Siddharth Jain, director of INOX Leisure, has bought a quadruplex flat in Worli, one of Mumbai’s upscale areas, for Rs 144 crore, documents accessed by IndexTap showed.
The unit is an amalgamation of flats on the 42nd, 43rd, 44th and 46th floors in Raheja Legend on Dr Annie Besant road, documents showed. The seller is Ashish S Raheja of Raheja Universal, the documents said.
There was no response from both the buyer and the seller.
The agreement value of the unit is Rs 144 crore and the stamp duty paid is Rs 7.2 crore. The unit was registered on March 31, 2022, according to the documents.
The total built area of the unit is 10,567 sq ft and comes with 12 car parkings.
Ola ties up with Zomato-backed startup to start 10-minute food delivery:News
Mukunda Foods is a food robotics firm that makes machines that can apparently reduce the cooking time for Indian and Chinese dishes by between 20 to 50 percent. In February, it was announced that Zomato had purchased 16.66 percent of the company for an investment of $5 million.
However, this deal does not include any exclusivity clauses. While Mukunda Foods has already reportedly sold multiple machines to Zomato Instant, Zomato’s newly announced quick commerce arm, they will also be working with Ola Dash and Swiggy who have also shown interest in returning to the quick commerce sector.
PhonePe, Affle and Ventureast Fund opt for out-of-court settlement in IndusOS acquisition case:News
In a joint statement, the four parties said, “PhonePe, Indus OS, Affle Global Pte Ltd (ATPL) and Ventureast Proactive Fund-II (VPF) have released a joint statement stating that the settlement of the dispute involving VPF shares in IndusOS is a significant step towards a greater outcome for Indus OS and its stakeholders. The joining of many important forces (Indus OS Founders, PhonePe, Samsung and AGPL) would anchor Indus OS in the next part of its value creation journey.”
Tata Neu to unveil improved app after clocking over one million sign-ups and downloads within days of launch: News
Tata Group’s ambitious super app Tata Neu has seen over one million sign-ups, people familiar with the matter told Moneycontrol.
Sources say that the app, which debuted with much fanfare on April 7, has also clocked more than a million downloads within 24-48 hours of the launch. Tata Neu’s app listing on Google Play currently reflects that the app has crossed one million total installs mark.
Tata Neu is greatly benefiting from the marketing boost it is receiving from the ongoing Tata IPL 2022 tournament, for which it has secured the title sponsor rights.
