June 3, 2023


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 A healthy management commentary by ICICI Bank, post its March quarter results announcement, fuelled rally across the financial sector at the bourses on Monday. Add to it, a positive investment sentiment in the global markets helped the benchmark S&P BSE Sensex and the Nifty50 indices vault over 1 per cent.

HCL Technologies has claimed that it is shifting workload from India to other geographies in order to sustain business continuity amid the second wave of record-high Covid cases. The company has claimed that it is engaging closely with clients to prioritise work.

The action plan, reviewed by PTI, calls on ONGC to consider sale of stake in maturing fields such as Panna-Mukta and Ratna and R-Series in western offshore and onshore fields like Gandhar in Gujarat to private firms while divesting/privatising ‘non-performing’ marginal fields.

MUMBAI: HSBC has retained its growth forecasts for India despite the second waveof Covid and has said that it intends to grow its business in India. The bank, which has around 39,000 employees here, gets a big chunk of revenue from the country and sees it as biggest economy by 2030.

All-time high deal pipeline, robust margin and strong growth in key areas reaffirm our conviction in HCL, Edelweiss said.

Private equity firm Blackstone on Monday made a ₹8,262 crore offer to acquire an additional 26 per cent stake in Mphasis Ltd as it looked to consolidate its holding in the IT outsourcing service provider amid a surge in demand for cloud computing

“It was decided in an all party meeting that Vedanta be allowed to operate the oxygen plant for a temporary period of four months,” the Tamil Nadu government said in a statement, adding that production of copper would not be permitted.

Microsoft will continue to use its voice, resources, and technology to aid relief efforts, and support the purchase of critical oxygen concentration devices,” said the company’s CEO Satya Nadella, amid the ongoing coronavirus disease (Covid-19) pandemic.

Gold prices inched higher on Monday, helped by a soft dollar ahead of the U.S. Federal Reserve policy meeting this week, while palladium held below a record peak scaled last week.

PayPal Holdings Inc will close down its domestic payments business in India from April 1, the company informed about it in a statement on Friday.

California-based PayPal will instead focus on its cross-border payments business, which means global customers will still be able to pay Indian merchants using the service.

“From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India,” the company said.

“This means we will no longer offer domestic payment services within India from 1 April.”

PayPal was a payments options on many Indian online apps such as travel and ticketing service MakeMy Trip, online film booking app BookMyShow and food delivery app Swiggy.

RBI Governor Shaktikanta Das says that it is important to revive the on a durable basis. RBI has kept low interest rates for the fourth time straight. It will continue to support the banking system with enough liquidity.

The repo rate or RBI’s key lending rate was held at 4% while the reverse repo rate or its borrowing rate was left unchanged at 3.35%.
Indian company mahindra and mahindra reported a 6% decline in the consolidated profit of 159.6 crores in third quarter ended in december
The company had posted a consolidated profit after tax from continuing and discontinued operations of Rs 170.69 crore in the same period of the last fiscal, M&M said in a regulatory filing.
The govt has a announced to set up three manufacturing zones under the banner of Atma-Nirbhar Bharat for critical power and renewable energy equipment. 
As per the proposal, states that offer land and power at lowest cost besides other incentives will get to set up the zones. A senior government official said the proposal aims at indigenisation and curbing imports to establish self-sufficiency in power and renewable energy equipment.

Union Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2021 and revised the expenditure target for FY 2021 at Rs 34.50 lakh crore. She allocated Rs Rs 2,23,846 crore for health, Rs 1.18 lakh crore for road infra, Rs 1,10,055 crore for Railways, Outlay over Rs 3 lakh crore for power and set the divestment target for FY22 at Rs 1.75 lakh crore, among other things.

Phonepe has offered share worth of ₹1500 crore among 2200 employees of all levels including freshers.
This ESOP comes after Phonepe was spun off from Flipkart as a separate entity after a valuation of $5.5 million  in dec 2020.

The country’s foreign exchange reserves rose $4.85 billion to touch a record high of $590.18 billion in the week ended January 29, according to the latest data from the RBI. In the previous week ended January 22, the reserves rose by $1.09 billion to $585.33 billion.

In the reporting week ended January 29, the reserves rose on account of an increase in foreign currency assets, a major component of the overall reserves. FCA increased $5.03 billion to $547.22 billion, the Reserve Bank of India’s (RBI) weekly data showed.