For ₹ 1,400 Crore, Amazon Has Destroyed ₹ 26,000-Crore Company”: News
After talks between Amazon Inc. and Future Retail Ltd. (FRL) to resolve and come to an out of court settlement failed, and as Reliance Industries Limited (RIL) took over hundreds of stores of the Kishore Biyani-led group last month on unpaid rents mounting up to ₹ 4,800 crore, the accusing-and-the retort continues.
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While Amazon has also accused Future Retail and RIL of “fraud”, Future group said on Thursday, “for ₹ 1,400 crores (worth of the Amazon-Future disputed deal), Amazon has destroyed a ₹ 26,000 crores company. Amazon has been successful in what it wanted to do.”
“We are hanging by a thread. No one wants to do business with us now. When the landlord gives an eviction notice, then what can we do?” added Future Retail, referring to the take over of its stores by RIL
Nearly 100 smallcaps gain 10-25% as market rallies in volatile week
Indian benchmark indices rallied three percent in the volatile week ended April 1 with foreign institutional investors (FIIs) turning net buyers after Russia-Ukraine peace talks and declining crude oil prices. However, inflation and rising COVID cases in some parts of the world remained a concern.
For the week, BSE Sensex added 1,914.49 points (3.33 percent) to end at 59,276.69 while the Nifty50 rose 517.45 points (3.01 percent) to end at 17,670.45 levels.
Among sectors, BSE Telecom index gained six percent, BSE Realty index added 5.6 percent, and Bankex rose five percent. On the other hand, BSE Metal index shed nearly two percent.
Commercial LPG price increases by Rs 250; will cost Rs 2,253 from today
The prices of 19 kg commercial LPG have been increased by Rs 250 per cylinder effective from Friday.
This is the second hike in a month. With this, the 19 kg commercial cooking gas will now cost Rs 2,253. The commercial LPG was increased by Rs 105 on March 1.
The prices of 19 kg commercial LPG have been increased by Rs 250 per cylinder effective from Friday.
India wants electric scooters and motorbikes to make up 80 per cent of total two-wheeler sales by 2030, from about 2 per cent today, and Modi’s administration is offering companies billions of dollars in incentives to locally manufacture electric.
“Watershed Moment”, Says PM Modi As India, Australia Sign Mega Trade Pact:News
The economic cooperation and trade agreement signed between India and Australia will enable the two countries to fully leverage the existing opportunities, besides facilitating the exchange of students, professionals and tourists, Prime Minister Narendra Modi said today.
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The India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) was signed by Commerce and Industry Minister Piyush Goyal and his Australian counterpart Dan Tehan in the presence of Prime Minister Modi and Australian Prime Minister Scott Morrison in a virtual ceremony.
PM Modi said signing of the pact in such a short span of time reflects the depth of the mutual confidence between the countries.
Indian Government Consulting With IMF, World Bank on Crypto Policy:News
Indian finance ministry officials are discussing a framework for cryptocurrency with various stakeholders including the International Monetary Fund (IMF), the World Bank, the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI), the Mint publication reported Thursday.
“We have drafted a consultation paper on cryptocurrency,” one of the officials revealed, elaborating:
“We will update the consultation paper based on that, and based on the responses by the RBI, SEBI, we will be updating it,” the official added.
The finance ministry’s consultation paper, which is expected to be finalized in the next six months, will cover how to deal with cryptocurrency, related risks, and its treatment as an asset class, the publication conveyed, noting that it will form the basis for India’s crypto policy.
Indian Finance Minister Nirmala Sitharaman has said on several occasions that the government has not decided whether to regulate or ban crypto. However, in the meantime, crypto income will be taxed at 30% and a 1% tax deducted at source (TDS) will be levied on all crypto transactions.
