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The Enforcement Directorate on Saturday "seized" Rs 5,551 crore in the bank accounts of Chinese mobile manufacturing company Xiaomi for alleged violation of Indian foreign exchange rules. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/In5HU3y

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Yes Bank on Saturday said it returned to full-year profitability in the fiscal ended March 2022, registering a profit of Rs 1,066 crore during the year.The private sector lender had posted a net loss of Rs 3,462 crore in the previous fiscal year ended March 2021 and a loss of Rs 22,715 crore in FY20.FY22 is the first full-year profit since FY19, Yes Bank said in a regulatory filing. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/AJLPb5u

The CBI on Saturday began searches at the premises of some prominent builders, including Ashwini Bhonsale, Shahid Balwa and Vinod Goenka, at eight locations in Mumbai and Pune in connection with the DHFL-Yes Bank corruption case, officials said. It suspects that their companies were used to channel alleged illicit money in the Yes Bank-DHFL loan case, they said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/aKCBzbD

Union Bank of India has become the first public sector lender to go live on the account aggregator ecosystem, a part of the government's digital initiatives to improve credit delivery. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/q508KFi

India will be the fastest-growing semiconductor consumption market in the world with annual domestic demand expected in excess of $110 billion by the end of the decade, minister of state for IT & electronics Rajeev Chandrasekhar has said, adding that top global chipmakers have evinced "serious interest" in bringing in large-scale investments into the category. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fTLXpDg

ONDC has roped in eSamudaay, ERP player Gofrugal, digital business platform for enterprise business Digiit, digital marketing outfit Growth Falcon and automation and data insights outfit sellerapp to work with sellers, while Paytm will be on the buyers. The platform seeks to board 150 sellers in Delhi NCR, Bangalore, Coimbatore, Bhopal and Shillong during the test run. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HzGMBdY

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India's gold demand is likely to remain soft in second quarter after falling 18% in the first quarter as retail purchases during a key festival early next month could be below normal because of volatile prices, the World Gold Council (WGC) said on Thursday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ASC7RXa

The commerce and industry ministry is all set to launch the pilot phase of open network for digital commerce on Friday, a senior official said. The Open Network for Digital Commerce (ONDC) is an initiative of the government to promote an open platform for all aspects of the exchange of goods and services through electronic networks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/RiFrLW3

Maharashtra will provide a transport subsidy to sugar mills to crush surplus cane in the marketing year ending on September 30, the state government said in a statement on Thursday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Cmi7K42

Hindustan Unilever (HUL) has reported a 9% increase in standalone net profit to Rs 2,327 crore in the fourth quarter ended March 31, 2022, while turnover grew 10% to Rs 13,910 crore. The surge was entirely driven by price increases as volume growth was flat in a quarter marked by an unprecedented inflation mainly due to geopolitical situations. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/PfLpGbv

In what will be its first M&A under new owner Tata Sons, Air India has proposed to buy low-cost carrier AirAsia India, according to an application with the Competition Commission of India (CCI). The move will see Malaysia’s AirAsia exiting the airline venture nine years after it entered India with high hopes. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HBSFjyb

Life Insurance Corporation (LIC) will take measures upon listing to enhance shareholder value. While the Act has already been amended to double the share of surplus that is distributed to shareholders, there are other measures planned that are likely to be announced after the listing of the corporation. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/rCvEZNO

India will provide a subsidy of Rs 60,940 crore ($7.96 billion) for phosphatic and potash-based fertilisers over the coming months to insulate farmers from higher global prices, information and broadcasting minister Anurag Singh Thakur said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/AlLp6mg

Tata Group-owned Air India has proposed to buy the entire equity share capital of low cost carrier AirAsia India, in which Tata has a majority stake, to merge into a single airline, according to an application with the competition commission of India (CCI). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/GRVxKvO

Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions, sources say. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KFYw6S1

Tesla is not involved in the Twitter deal, yet its shares have been targeted by speculators after Musk declined to disclose publicly where his cash for the acquisition is coming from. The 12.2% drop in Tesla's shares on Tuesday equated to a $21 billion drop in the value of his Tesla stake, the same as the $21 billion in cash he committed to the Twitter deal. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/rh5E6My

A report from the State Bank of India (SBI) has called for mandating that 30% of the business correspondent (BC) workforce comprise women. According to the report, while the majority of the Jan Dhan Yojana accounts (55%) belong to women, the usage of these lags those of men and remain inoperative most of the time. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TdtFUCo

Auto marketplace unicorn Droom is set to launch its Rs 3,000-crore IPO by offloading an 18% stake in the next two months. The IPO comprises fresh issuance of equity shares worth Rs 2,000 crore and an offer for sale (OFS) to the tune of Rs 1,000 crore, according to the draft red herring prospectus (DHRP) filed by the company in November last year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IXmBh6l

Wipro is acquiring Rizing Intermediate Holdings, a global SAP consulting firm, for $540 million (about Rs 4,140 crore). Rizing is the latest in a series of big acquisitions by Wipro under CEO Thierry Delaporte, who joined the company in July 2020. SAP consultancies are frequently targets of acquisition. Accenture has acquired several of them in just the past couple of years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/6KWlg8J

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Tata Steel managing director T V Narendran, who leads industry lobby group CII, suggested on Monday to devise contracts that allow for price adjustments, a move that will help cushion the impact of inflation on companies, particularly small and medium enterprises. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/i9xIgMX

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India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021, according to Reuters calculations, as Indian refiners snapped up discounted oil that others have shunned. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kGsFPZS

The Centre has approved assistance of more than Rs 1. 6 lakh crore for 12 states and the Union Territory of Jammu & Kashmir for implementing measures in power sector. These include installing smart meters, cutting line losses and erasing gap between cost of supply and revenue realisation, with the aim of restoring financial viability of discoms (distribution companies). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/qlEg6ZB

Just three weeks into the new financial year, the Centre is staring at additional expenses of around Rs 2 lakh crore, primarily on account of higher food and fertiliser subsidies. What’s more, further pressure is building up due to a surge in commodity prices following the Russia-Ukraine conflict. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IfNkcPD

Aggressive buying by private players with higher price offers, coupled with a fall in production, have put the government’s target for wheat procurement in a tight spot. Going by the trend, there is a high possibility that this season’s wheat procurement by government agencies may hit the lowest in the past decade, sources said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/gOmLjpi

In March this year, India completed 12 successive months of double-digit wholesale price inflation (WPI inflation). This is the sixth occasion when inflation has remained over 10% for a year or longer, and it came more than a quarter of a century after the last such episode — between March 1994 and May 1995. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nG9eP3T

The Centre has put the privatisation of state-run refiner BPCL on the backburner for now while a review of the sale process of Shipping Corporation of India (SCI) will be undertaken shortly to move forward with the transaction, officials said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OqioVIp

Prime Minister Narendra Modi on Sunday said digital transactions worth Rs 20,000 crore are now taking place daily in the country and asserted that this is not only increasing facilities but also encouraging an environment of honesty. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/c9aL3iF

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Coal stocks at non-pithead thermal power plants remained consistently low during the last week till Thursday at 26 per cent of the normative levels, showing shortage of the dry fuel amid rising electricity demand due to scorching heat. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0fiIM3B

The Aditya Birla Group’s apex body Aditya Birla Management Corporation (ABMCPL) will soon get its first woman director Vishakha Mulye. The Group has appointed Mulye of ICICI Bank as the next CEO of its financial services holding company, Aditya Birla Capital. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/S9Tj2DA

Reliance Industries (RIL) said on Saturday that it has called off the proposed deal to acquire Future Retail’s (FRL) assets for Rs 24,700 crore. At meetings of shareholders and creditors of Future Group companies comprising FRL and other listed entities involved in the scheme held on April 20 and 21, the companies intimated the results of the voting. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/LE3wvXV

Finance minister Nirmala Sitharaman has said India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/U8yrlnd

Global airlines body IATA says India’s “tourist visas issued to nationals of China are no longer valid”. Top government officials said India is still giving business, employment, diplomatic and official visas to Chinese nationals. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/BEaqyiJ

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Niti Aayog vice chairman Rajiv Kumar has stepped down from his post after nearly five years at the helm and will be replaced by economist Suman Bery. “Yes. I have stepped down,” Kumar told TOI when asked about the sudden development, without elaborating further.The Appointments Committee of the Cabinet accepted the resignation of Kumar with effect from April 30. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/lmh8SnQ

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Indicating that there can be no clear road map of policy action, RBI governor Shaktikanta Das has said that the central bank’s monetary policy committee (MPC) needs to constantly re-assess the situation and tailor response accordingly as the situation is dynamic. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ly5cmJi

Domestic edible prices are likely to come under intense pressure after Indonesia’s move to ban exports of edible oils, industry officials said and urged the Centre to resolve the issue. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/VfRdYlm

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Bankers have rejected Big Bazaar parent Future’s Group’s proposal to sell its retail and logistics assets to Reliance Retail, signalling that the Rs 24,700-crore deal between Kishore Biyani and Mukesh Ambani may have fallen through. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/BgylMpE