In top developments today, Mumbai reported the first case of the new COVID-19 variant XE, which is a mutation of strains of the Omicron variant. Meanwhile, Petrol and diesel prices were hiked by 80 paise a litre each, taking the total increase in rates to Rs 10 per litre since March 22. This is the 14th hike in fuel prices in 16 days. Also, Indian equities markets faced the worst ever exodus by Foreign Portfolio Investors (FPI). FPIs dumped Indian shares worth record Rs 1.4 lakh crore in the financial year 2021-22, after pumping in a whopping Rs 2.7 lakh crore in the preceding fiscal.

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BUSINESS/ECONOMY

Hiring red hot in IT; digitisation leading to higher attrition, wage inflation: Info Edge

In an interview with CNBC-TV18, Hitesh Oberoi, Chief Executive Officer and Managing Director, Info Edge, said that hiring has increased across sectors, and it is especially on fire in the information technology sphere. He highlighted that due to digitisation, candidates with the right skills now have a plethora of opportunities, which in turn has also led to higher attrition, wage inflation. Read more

Maruti Suzuki to recall 19,731 units of EECO to inspect & rectify incorrect marking of wheel rim size

In a routine inspection, Maruti Suzuki found that in some units of the EECO, manufactured between July 19, 2021 and October 5, 2021, the wheel rim size was incorrectly marked. This issue has no implication on performance, safety or environment, a statement issued by the company stated. Read more

ADB projects India's economy to grow by 7.5% in FY23; to pick-up to 8% next fiscal

Asian Development Bank on Wednesday projected a seven percent collective growth for South Asian economies in 2022 with the subregion's largest economy India growing by 7.5 percent in the current fiscal year before picking up to eight percent the next year. Read more

MARKET

At Rs 1.4 lakh crore outflow, equity market sees worst sell-off by FPIs in FY22

Foreign portfolio investors dumped Indian shares worth record Rs 1.4 lakh crore in the financial year 2021-22, after pumping in a whopping Rs 2.7 lakh crore in the preceding fiscal, mainly on account of sharp surge in COVID-19 cases, concerns over the risk to economic recovery and global turmoil triggered by Russia-Ukraine war. Check details

Paytm shares jump after co reports surge in loan disbursals

Paytm parent One97 Communications' shares rose on Wednesday after a quarterly business update by the company. Paytm CEO Vijay Shekhar Sharma exuded confidence that the company should be operating EBITDA break-even in the next six quarters. Read more

Zee Entertainment block deal: Invesco to sell 7.8 percent stake

Investment firm Invesco Developing Markets Fund will sell a total of 7.8 percent stake in Zee Entertainment Enterprises Ltd (ZEEL) for as much as Rs 2,171 crore via a block deal tomorrow (April 7). Read more

INDIA

New COVID variant XE found in India, first case reported in Mumbai

India's first case of coronavirus variant XE was reported in Mumbai, which is a mutation of strains of the Omicron variant. Early indications suggest it could be around 10 percent more transmissible than other Omicron mutations. Read more

Fuel price hike: Petrol, diesel rates increase by Rs 10 per litre in 16 days

Petrol in Delhi will now cost Rs 105.41 per litre as against Rs 104.61 previously, while diesel rates have gone up from Rs 96.67 per litre to Rs 95.07, according to a price notification of state fuel retailers. In Mumbai, the petrol and diesel prices per litre are at Rs 120.51 (increased by 84 paise) and Rs 104.77 (increased by 85 paise) respectively. Check details

The new normal in India: Work from office or work from home or hybrid model?

While people are excited to return to office and break from the habit of working from home, commutation is a deterrent for most of them. While some companies want to completely return to their pre-pandemic office arrangement, others are open to the idea of working from anywhere. Some people, on the other hand, want the best of both worlds – a hybrid model. Read more

WORLD

The Rajapaksas: Rise and fall of Sri Lanka's first family

Mounting debt, shrinking forex reserves, and spiraling public anger over shortage of food, fuel and medicines may spell doom for the "first" family of Sri Lanka - the Rajapaksas. Dig deeper

Maradona's 'Hand of God' jersey for sale at $5.2 million

The shirt worn by Diego Maradona when he scored the controversial "Hand of God" goal against England in the 1986 FIFA World Cup is up for sale for the first time. Auctioneer Sotheby's said Wednesday that the jersey could fetch more than 4 million pounds ($5.2 million) in an online auction that opens April 20. Read more

China relies on traditional medicine to fight COVID surge in Shanghai

Shanghai is distributing to residents millions of boxes of traditional Chinese medicine (TCM), such as herbal products and flu capsules, which it says can treat COVID19 in the battle to control its largest virus outbreak. Read more

YOU & I

You can change or reset your EPF UAN password online; here's a step-by-step guide

Did you know you can change the UAN password in minutes? Here's how to do it in easy steps. Check details

PM Kisan eKYC: Online Aadhaar authentication suspended, know how to do it offline

The deadline to complete the mandatory eKYC for the PM Kisan account by eligible farmers has been extended till May 22 while the OTP-based Aadhaar authentication has been suspended temporarily. Here’s how to do it offline. Check details

(Edited by : Priyanka Deshpande)

First Published:Apr 6, 2022 7:49 PM IST