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The government on Wednesday said the production and supply of critical anti-viral drug Remdesivir will be increased in the country amid the rising COVID-19 cases. The government met Remdesivir manufacturers who volunteered to reduce the price to less than ₹3,500 per vial by the end of this week. Fast-track approval has been given for seven more sites to manufacture Remdesivir.
short by Pragya Swastik / 06:20 pm on 14 Apr
Infosys plans to hire over 25,000 freshers in FY 2021-22
short by Pragya Swastik / on 14 Apr 2021,Wednesday
Infosys plans to hire more than 25,000 freshers in the financial year 2021-22, the company's Chief Operating Officer (COO) UB Pravin Rao said during an earnings call on Wednesday. The company plans to hire 24,000 freshers from campuses within the country and 1,000 freshers from overseas. Infosys hired 21,000 freshers from campuses in FY21, of whom 19,000 were from India.
short by Pragya Swastik / 09:22 pm on 14 Apr
Man points out Musk worked at company named 'Rocket Science'; Musk responds
short by Pragya Swastik / on 14 Apr 2021,Wednesday
Tesla and SpaceX CEO Elon Musk has responded to a man who tweeted that the SpaceX Founder and CEO worked at a videogame company named 'Rocket Science' in the early 90s. The man had also remarked on the coincidence and tweeted, "Fate loves irony." Musk responded, "True. Ancient times...Had to flip CPU registers explicitly, as the computer was so slow."
short by Pragya Swastik / 05:53 pm on 14 Apr
Bernie Madoff, the mastermind of the world's largest Ponzi scheme, died in a US federal prison aged 82 on Wednesday, the Associated Press reported. Madoff died at the Federal Medical Center from natural causes, it added. Madoff was serving a 150-year prison sentence for cheating thousands of clients of as much as $65 billion.
short by Pragya Swastik / 08:16 pm on 14 Apr
Infosys approves ₹9,200 crore share buyback at ₹1,750 per share
short by Pragya Swastik / on 14 Apr 2021,Wednesday
Infosys on Wednesday announced that the company's board has approved a ₹9,200-crore share buyback to buy back 1.23% of the total paid-up capital. The maximum buyback price of ₹1,750 per share is at a 25.2% premium on Tuesday's closing price. The company also reported a 17.1% year-on-year rise in net profit at ₹5,078 crore in quarter ended March 2021.
short by Pragya Swastik / 05:10 pm on 14 Apr
Internet needs new rules around the world: Facebook India head
short by Krishna Raj / on 14 Apr 2021,Wednesday
Facebook India head Ajit Mohan said the internet needs new rules, not just in India but around the world. "We operated for a very long time with not enough clarity on...traffic lights...we should think...about how we navigate complex issues where there are competing trade-offs," he said. Organisations should be more transparent about how they use customer data, he added.
short by Krishna Raj / 08:20 pm on 14 Apr
Bitcoin breaches $64,000-mark for the first time
short by Kiran Khatri / on 14 Apr 2021,Wednesday
The world's largest cryptocurrency Bitcoin crossed the $64,000-mark for the first time on Wednesday. It rose as much as 1.6% to as high as $64,207 in Asia trading. The rally comes amid growing acceptance among companies like Tesla, Goldman Sachs, Morgan Stanley, Mastercard and others. The cryptocurrency has surged around 120% since the start of the year.
short by Kiran Khatri / 02:48 pm on 14 Apr
Cambridge Analytica scandal was tipping point for privacy: Microsoft
short by Krishna Raj / on 14 Apr 2021,Wednesday
Microsoft President Brad Smith said that the Cambridge Analytica-Facebook data scandal was the "tipping point" for privacy globally. He further said that the event along with other similar incidents impacted how people think about technology more broadly now. "It (cybersecurity) is an extraordinarily important issue...I think the recent...attacks underscored that even more clearly," he added.
short by Krishna Raj / 08:29 pm on 14 Apr
Ether hits all-time high of $2,300, crosses $270 billion in m-cap
short by Krishna Raj / on 14 Apr 2021,Wednesday
Ether, world's second-largest cryptocurrency, rose more than 5% in the last 24 hours to hit a new all-time-high of $2,300 on Wednesday, according to CoinDesk. The cryptocurrency, which runs on the Ethereum network, crossed $270 billion in market capitalisation for the first time. The cryptocurrency has surged 205% year-to-date amid a broader cryptocurrency rally led by Bitcoin.
short by Krishna Raj / 04:45 pm on 14 Apr
When we started Coinbase in 2012, Bitcoin was worth $6: Co-founder
short by Hiral Goyal / on 14 Apr 2021,Wednesday
Coinbase Co-founder Fred Ehrsam said that when he started the cryptocurrency exchange platform in 2012, Bitcoin was worth $6. "It was only known by a few nerds on the internet," he said, adding that he met Coinbase Co-founder Brian Armstrong on Reddit. Ehrsam further said that Coinbase launched out of a two-bedroom apartment that they shared with another company.
short by Hiral Goyal / 06:41 pm on 14 Apr
Elon Musk's SpaceX raises $1.16 billion in equity financing
short by Hiral Goyal / on 14 Apr 2021,Wednesday
Billionaire Elon Musk-led space company SpaceX has raised about $1.16 billion in equity financing over the last two months, the company said in amended regulatory filing. Earlier in February, SpaceX reported that it had raised about $850 million at a reported valuation of $74 billion. SpaceX plans on landing its Starship rockets on Mars before 2030, Musk said last month.
short by Hiral Goyal / 09:54 pm on 14 Apr
FASTag mandate doesn't hinder right to freedom of movement: Centre to HC
short by Kiran Khatri / on 14 Apr 2021,Wednesday
The Centre has informed the Bombay High Court that making FASTag mandatory for all vehicles running on national highways "does not violate a citizen's fundamental right to freedom of movement". FASTag has been made compulsory to ensure seamless traffic movement and cut travel time short, the Centre said. The government was responding to a plea that challenged its decision.
short by Kiran Khatri / 04:18 pm on 14 Apr
Rakesh Jhunjhunwala raises stake in Fortis Healthcare
short by Ravi Dutta Mishra / on 14 Apr 2021,Wednesday
Noted investor Rakesh Jhunjhunwala has raised his stake in Fortis Healthcare in the final quarter of FY21. Jhunjhunwala held 3.25 crore shares, or a 4.31% stake, in Fortis Healthcare at the end of the March quarter, as per a BSE filing. Earlier this month, Fortis Healthcare share price hit a new 52-week high of ₹227.20 apiece on BSE.
short by Ravi Dutta Mishra / 04:24 pm on 14 Apr
Hard to define essentials, allow all deliveries: Amazon to Maha govt
short by Krishna Raj / on 14 Apr 2021,Wednesday
Amid the new restrictions to curb COVID-19 cases in Maharashtra, Amazon has urged the state government to allow deliveries of all products to customers. Amazon said that it was challenging to define a static essentials list. The company is currently delivering only essential products in the state in line with the new guidelines set by the government.
short by Krishna Raj / 11:17 pm on 14 Apr
Traders lose business worth ₹46,000 cr amid new COVID-19 curbs: CAIT
short by Krishna Raj / on 14 Apr 2021,Wednesday
Partial lockdowns and night curfews across different states have led to a cumulative business loss of ₹46,000 crore in the 10 days, according to traders' body CAIT. Retail businesses suffered a loss of ₹32,000 crore, while wholesale businesses lost ₹14,000 crore, it said. Nearly 60% of consumers are avoiding visits to markets amid the rise in COVID-19 cases, CAIT added.
short by Krishna Raj / 08:09 pm on 14 Apr
India's palm oil imports rise 57% in March: Trade body
short by Kiran Khatri / on 14 Apr 2021,Wednesday
India's palm oil imports jumped 57% year-on-year to 5,26,463 tonnes in March, the Solvent Extractors' Association of India (SEA) said. The country's sunflower oil imports halved to 1,46,970 tonnes in March after prices more than doubled in a year, it added. Meanwhile, soyoil imports were eased by 3% to 2,84,200 tonnes. India buys palm oil from Indonesia and Malaysia.
short by Kiran Khatri / 05:02 pm on 14 Apr
Fundraising for public issues grows by 115% to ₹46,029 cr in FY21
short by Krishna Raj / on 14 Apr 2021,Wednesday
The Finance Ministry on Wednesday said that fundraising through public issues and rights issues surged 115% and 15% respectively in 2020-21. The ministry further said that ₹46,029.71 crore and ₹64,058.61 crore were raised through public issues and rights issues respectively. The financial year also witnessed 55 initial public offerings (IPO) and one follow-on public offer (FPO).
short by Krishna Raj / 04:36 pm on 14 Apr
Infosys' net profit jumps 17.1% to ₹5,078 crore in March quarter
short by Kiran Khatri / on 14 Apr 2021,Wednesday
Infosys posted a 17.1% year-on-year rise in net profit at ₹5,078 crore in the January-March period, as against ₹4,335 crore in the year-ago period. The company's revenue jumped by 13.1% to ₹26,311 crore in the fourth quarter from previous year's ₹23,267 crore. Infosys' net profit rose 16.7% in 2020-21 at ₹19,423 crore while revenue rose 10.7% to cross ₹1,00,000 crore.
short by Kiran Khatri / 05:37 pm on 14 Apr
HDFC Bank to raise ₹50,000 crore via private placement of bonds
short by Krishna Raj / on 14 Apr 2021,Wednesday
HDFC Bank said on Wednesday that it will raise up to ₹50,000 crore through private placement of debt instruments over the next 12 months. The proposal will be considered at the bank's board meeting on April 17, it said. Recently, RBI Governor Shaktikanta Das said that banks should ensure credit flow in a meeting with bankers.
short by Krishna Raj / 11:12 pm on 14 Apr
China's exports rise 30.6% y-o-y to $241.1 billion in March
short by Krishna Raj / on 14 Apr 2021,Wednesday
China's exports in March rose 30.6% to $241.1 billion from a year earlier, while imports increased 38.1% to $227.3 billion, customs data showed. Customs spokesman Li Kuiwen said that it's a positive signal that global economic and trade activities are recovering and market confidence is increasing. However, he warned that the world's economic situation remains complicated and severe.
short by Krishna Raj / 10:49 pm on 14 Apr
SIP collections fall 4% y-o-y to ₹96,000 crore in FY21
short by Krishna Raj / on 14 Apr 2021,Wednesday
Collections through systematic investment plans (SIPs) fell 4% to ₹96,000 crore in the 2020-21 fiscal, as per the Association of Mutual Funds in India (AMFI). According to AMFI, Indian mutual funds have about 3.73 crore SIP accounts currently through which investors regularly invest in schemes.
short by Krishna Raj / 08:32 pm on 14 Apr
India's COVID-19 surge threatens growth prospects: IMF official
short by Krishna Raj / on 14 Apr 2021,Wednesday
The surge of COVID-19 cases in India threatens the country's growth prospects, Jonathan D. Ostry, International Monetary Fund's Deputy Director of Asia and Pacific Department said. "The current surge in infections presents a worrisome downside risk revision," he added. Last week, IMF had upgraded its growth projection for India to 12.5% for FY22 from its January estimate of 11.5%.
short by Krishna Raj / 08:17 pm on 14 Apr
Spectrum under IBC can't be used if govt dues are not paid: NCLAT
short by Krishna Raj / on 14 Apr 2021,Wednesday
Spectrum held by telecom operators cannot be transferred to new buyers under insolvency proceedings if government dues are not cleared, NCLAT has ruled. The order comes after the Supreme Court had asked NCLAT to decide whether lenders have the rights to sell the spectrum of Aircel. Aircel and its subsidiaries owe around ₹50,000 crore to creditors.
short by Krishna Raj / 03:19 pm on 14 Apr
Govt allows additional 3,675 tonnes of sugar export to UK
short by Krishna Raj / on 14 Apr 2021,Wednesday
The government has permitted export of an additional 3,675 tonnes of raw or refined sugar to the United Kingdom under the tariff-rate quota. The additional quantity will be exported till September 30. The quota is for a volume of exports that enters the UK at relatively low tariffs and after the quota is reached, a higher tariff applies to exports.
short by Krishna Raj / 10:43 pm on 14 Apr
Credit Suisse sells $2 bn of stocks linked to Archegos: Reports
short by Kiran Khatri / on 14 Apr 2021,Wednesday
Credit Suisse Group has put about $2 billion of stocks linked to Archegos Capital Management on the market in the second such block sale since the fallout of the US-based hedge fund, reports said. The bank reportedly also unloaded $2.3 billion of Archegos-linked stocks last week. The Swiss bank has already taken a $4.7 billion writedown from Archegos' collapse.
short by Kiran Khatri / 03:49 pm on 14 Apr
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