A solid trading session was seen on Thursday, with Indian benchmarks NSE Nifty 50 and BSE Sensex ending over 1% higher, and the US markets opening positive for a fourth consecutive day in a row.
Among other news, Japanese multinational electronics manufacturer Panasonic has quit the refrigerators and washing machine categories in India, citing losses. Also, the US Embassy in India introduced a new rule requiring all applicants for DS-160 visas to list all social media usernames or handles of every platform they have used in the last five years on the application form.
Here’s a quick roundup of today’s key headlines:
China Curbs Fertiliser Exports To India
India’s agriculture sector may be staring at another supply-side disruption, as China tightens its control over specialty fertiliser exports, industry officials say. “Of the total 6 lakh tonnes of non-subsidised specialty fertilisers imported into India annually, approximately 80% originates directly or indirectly from China,” said Rajib Chakraborty, national president of the Soluble Fertiliser Industry Association. Domestic production accounts for just 10%, with the remaining sourced from other countries, he added.
US Markets Inch Closer To Record High
US market opened higher for the fourth session on Thursday as well, with the Dow Jones Industrial Average advancing over 208 points or about 0.4%, just after the opening bell. The tech-heavy Nasdaq Composite increased 0.2%, gaining about 53 points. The S&P 500 gained 0.3% to trade above 6,100 points.
Indian Benchmarks End 1% Up
The benchmark equity indices closed with gains on Thursday, led by share prices of Shriram Finance Ltd. and Jio Financial Service Ltd., as Nifty Bank and Finance surged to hit all-time high levels. The NSE Nifty 50 ended 304.25 points, or 1.21% higher at 25,549, while the BSE Sensex closed 1,000 points, or 1.21% up at 83,755.87.
CBI Unearths Mule Bank Accounts Used In Cyber Frauds
The Central Bureau of Investigation launched nationwide searches at 42 locations on Thursday to crack down on mule bank accounts being used in cyber frauds. Nine suspects have been arrested and around 8.5 lakh mule accounts in more than 700 branches of various banks across India have been identified.
List All Social Media Handles: US Embassy To Visa Hopefuls
The US Embassy in India has introduced a new rule requiring all applicants for DS-160 visas to list all social media usernames or handles of every platform they have used in the last five years on the application form. Omitting social media information could lead to visa denial and ineligibility for future visas, it said on Thursday.
Panasonic Exits Washing Machine, Refrigerator Segments In India
Japanese multinational electronics manufacturer Panasonic has quit the refrigerators and washing machine categories in India, where it failed to capture any significant market share and reported losses. Panasonic Life Solutions India’s market share is 1.8% for washing machines and 0.8% for refrigerators.
One In Five UPI Users Fell Prey To Fraud In Last Three Years
As India witnesses a surge in digital payments, alarming new data shows that the rise in convenience has come with a spike in vulnerability. A survey by LocalCircles reveals that one in five families using UPI experienced fraud at least once in the last three years and 51% of these users did not report it anywhere.
Pine Labs Files IPO Papers
Peak XV-backed merchant platform Pine Labs Ltd. filed draft papers with the Securities and Exchange Board of India on Wednesday for its initial public offering. The firm will be offering fresh equity worth Rs 2,600 crore, with an offer-for-sale component of up to 14.8 crore shares.
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