Crucial hour: Top business news of 5th March 2022

 

NSE Scam: CBI court refuses anticipatory bail to Chitra Ramakrishna(business news)

A special CBI court has refused to grant anticipatory bail to former National Stock Exchange (NSE) chief executive Chitra Ramkrishna in the NSE colocation case, CNBC-TV 18 reported on March 5.

Sources told the channel that the court held that no grounds were made out for grant of Ramkrishna’s anticipatory bail. The CBI also argued strongly against grant of protection to Chitra Ramkrishna, it added.

 

Fueling Inflation: Petrol, Diesel Prices Set To Rise As Crude To Range Around $95-125(business news)

Hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the short term.Consequently, the geo-political crisis-led global hike in crude oil prices is expected to push India’s domestic prices of petrol and diesel by Rs 15-22 per litre.

It is widely expected that the OMCs will revise the current prices on or after March 7, which is the last day of voting in the ongoing state assembly elections

Gold price in India increases by Rs 140 for 24 carat/ 22 carat today(business news)

As on March 4, Gold price in India for 24 carat gold (10 grams) is Rs 51,780 while 22 carat gold (10 grams) cost Rs 47,430.

 

The Gold rate increased by Rs 240/ 10 grams for 24 carat and 22 carat. Yesterday, Gold price in India for 24 carat gold (10 grams) is Rs 51,640 while 22 carat gold (10 grams) cost Rs 47,300.

 

Reliance Industries opens country’s ‘largest biz, commerce hub’ in Mumbai(business news)

RIL) announced the opening of the country’s largest business, commerce and cultural destination — the Jio World Centre — spread across 18.5 acres at Bandra Kurla Complex in Mumbai.

The initial launches are the Dhirubhai Ambani Square, the musical Fountain of Joy and The Jio World Convention Centre. The Jio World Centre will have a phase-wise opening over the course of the current and the next year, RIL said in a release.

Export firm director arrested for ‘GST input tax credit fraud of over Rs 15 crore’(business news)

The anti-evasion wing of the Thane CGST (Central Goods and Services Tax) Commissionerate of Mumbai zone has arrested the director of an export firm, Corvette Trade link Pvt Ltd, for allegedly fraudulently claiming GST input tax credit of Rs 15.26 core.

 

Jet Airways Appoints Sanjiv Kapoor As CEO, Effective April 4(business news)

Jet Airways has appointed Sanjiv Kapoor as the Chief Executive Officer (CEO), with the appointment effective from April 4, as they are set to restart their operations this summer.

Mr Kapoor is the second top-level announcement after Jet Airways appointed captain PP Singh, former Indian Air Force (IAF) squadron leader and Nepal Airlines Corporation executive, as its new accountable manager, replacing Sudhir Gaur.

Carlyle may invest up to Rs 4,500 crore in Yes Bank: Report(Business news)

Yes Bank is in talks with private equity (PE) investors to raise Rs 7,500-11,250 crore ($1-1.5 billion) in expansion capital to further bolster its balance sheet, two years after it was placed under guardianship of the State Bank of India to stave off a possible run on its deposits.

Yes Bank is in talks with private equity (PE) investors to raise Rs 7,500-11,250 crore ($1-1.5 billion) in expansion capital to further bolster its balance sheet, two years after it was placed under guardianship of the State Bank of India to stave off a possible run on its deposits.

In 3 weeks, Indian investors lose wealth worth more than Ukraine’s GDP

Indian stock markets logged their their fourth consecutive week of losses today, as a worsening Ukraine crisis sent oil prices surging and stoked inflation fears. The blue-chip NSE Nifty 50 index fell 1.53% to settle at 16,245 while S&P BSE Sensex slumped over 750 points to 54,333, in their third consecutive session of losses. 

Firms should give investors more info, says Nykaa CEO Falguni Nayar

Public listed companies should try to open up more with investors to help them make the right investment choices, according to Falguni Nayar, founder & CEO of online beauty and personal care platform Nykaa.

India steps in to plug global wheat shortfall due to Ukraine war

Russia and Ukraine make up nearly a quarter of global wheat shipments. On the flip side, the war between Russia and Ukraine has begun biting other Indian exports to Russia as the West’s economic sanctions have cut off money flow from the former Soviet empire to rest of the world at warp speed.