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Crucial hour: Top Business news of 11th April 2022

RBI restores opening time for regulated financial markets to pre-pandemic timing: Business news

The Reserve Bank of India (RBI) on April 11 increased the trading hours for various markets regulated by it. The trading hours were tweaked with effect from April 7, 2020 in view of the COVID-19 pandemic.

However, with the substantial easing of restrictions on movement of people and functioning of offices, the central bank has decided to restore the opening time for regulated financial markets to their pre-pandemic timing of 9:00 am, it said in its press release.

rbi rbi restores opening time for regulated financial markets to pre-pandemic timing:business news

Chennai-based Software Company Gives Employees BMW Cars Worth Rs 1 Cr As Reward For Their ‘Loyalty’

In a world full of people who leave companies for better opportunities, loyalty is rare and it should very much be rewarded. 

A CEO of a Chennai-based software-as-a-service company Kissflow Inc thinks so as well as he gifted five of his employees BMW cars worth over Rs 1 crore each for their loyalty to the company,business news.

The handing over ceremony was kept a secret as some of the five recipients of the cars were informed just hours before the event that they are going to be proud owners of an expensive luxury brand. 

Oil drops below $100 on reserves release and China lockdowns:Business news

Oil prices dropped by $4 a barrel on Monday, with Brent crude tumbling below $100 on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.

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Brent crude for June delivery was down $4.29, or 4.2%, at $98.49 a barrel by 1341 GMT. U.S. West Texas Intermediate crude lost $4.33, or 4.4%, to $93.93,business news.

Bank of America (NYSE:BAC) maintained its forecast for Brent crude to average $102 a barrel for 2022-23, but it cut its summer spike price to $120. Swiss investment bank UBS also lowered its June Brent forecast by $10 to $115 a barrel.

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40 electric scooters of Jitendra EV catch fire in transport container in Nashik

According to the company, the vehicles caught fire near the Jitendra EV factory in Nashik while the container was en route to Bengaluru.
 
“An unfortunate incident took place on 9th April near our factory gate in a scooter transport container. The situation was immediately brought under control by timely intervention from our team. Safety being of prime importance, we are investigating the root cause and we will come up with the findings in coming days,” Jitendra Electric Vehicles told CNBC-TV18.
 
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Fortunately, no one was injured in the incident.,business news.
 
At least five incidents of fire on EVs have been reported in last two weeks. A fire incident took place on March 26 in the S1 Pro model of Ola Electric scooter in Dhanori area of Pune and in Praise Pro model of Okinawa electric scooter in Vellore in Tamil Nadu.
 

Ruchi Soya to be re-branded as Patanjali Foods, stock gains 4.9%

The authorities were informed of this decision in a regulatory filing on April 10. The company will also be looking to evaluate the most efficient mode of enhancing synergies with Patanjali Ayurveda’s food portfolio which might ultimately result in the merger of Patanjali’s food business with that of Ruchi Soya’s, it said.

ruchi soya fpo: अलॉटमेंट फाइनल होने के बाद 19% फिसले शेयर; आपको शेयर मिला या नहीं, ऐसे चेक करें | the financial express

 

Baba Ramdev-backed Ruchi Soya Industries continues to hog the limelight these days. Recently it completed its follow-up public offer (FPO) of Rs 4,300 crore during which the Securities and Exchange Board of India had set up a new precedent allowing a window to the investors to the FPO to withdraw their applications, citing illicit campaigning by the company to lure investors into the issue,business news

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Forget Ashneer Grover, BharatPe Posts Record Growth, Set To List In 18-24 Months: Business news

Putting behind the controversy around its co-founder Ashneer Grover, fintech startup BharatPe has posted record growth in the fiscal year ended March 31 and is on track to break even and list on stock exchanges in the next 18-24 months, its CEO Suhail Sameer said,business news

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In an interview with PTI, he said while the board will decide what to do with the money allegedly defrauded by Grover, his priority is for the firm’s employees to stay focused and teams to remain stable.

“Second focus is to keep firing on the business front. From a long-term point of view, that’s all that will matter for me, my teams. I am just doubling down on these things,” he said.

Exports of basmati rice fall over drop in acreage, loss of markets:Business news

Amid the euphoria of India clocking the highest ever agriculture exports of over $50 billion in FY22, basmati rice, one of the country’s oldest anchors in farm exports, seems to have fallen off the radar screen.

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For the third consecutive year, basmati rice exports saw a fall over the previous year in value terms, according to provisional figures. In 2021-22, India exported basmati rice worth $3.53 billion, the lowest since 2019-20.

What has brought about this fall and could there be a way to resurrect this vital farm export from India?

Though India is still the world’s largest exporter of basmati rice and its long-aromatic grain, smooth texture, and special qualities have made it one of the most signature food items of the country, the continued fall in export should merit a deeper introspection.

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