Mint Morning Digest: Bankruptcies provide new business opportunities, Ikea India loss widens and more

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The key issue of stock market rally sustainability for traders amid high inflation and monetary tightening

Stocks could extend their rally on Monday, though questions abound about how long the bear market can be held at bay amid high inflation, monetary tightening and recession risk. Read more

Bankruptcies provide new business opportunities for consultants

Several consultancy firms and insolvency professionals are planning to set up units specializing in the management of insolvent businesses after the Insolvency and Bankruptcy Board of India (IBBI) proposed changes to allow entities to manage insolvent businesses , said industry executives. Read more

Ikea India loss widens to 807 crores in fiscal year 2022 amid pandemic shutdowns

The Indian unit of Swedish furniture and home furnishings retailer Ikea widened its net loss to 807.5 crore in the fiscal year ended March 2021 from 720.7 crore in the previous year, according to the latest available data viewed by business intelligence platform, Tofler. Read more

Russia defaults on foreign debt for the first time since 1918

Russia defaulted on its foreign currency sovereign debt for the first time in a century, the culmination of ever-tighter Western sanctions that have closed payment channels to foreign creditors. Read more

Adjustments could increase GST on water pumps and room rents in hospitals

The tax burden could increase on items such as water pumps, dairy machines, leather goods and solar water pumps, and services such as hospital rooms with higher rent. 5,000 per day and hotel accommodation cheaper than 1,000 a night, if proposals from a ministerial panel are approved at the Goods and Services Tax Council meeting this week. Read more

Lamborghini finds more first-generation, non-metro buyers

Italian supercar maker Lamborghini is witnessing the emergence of a new class of buyers in India: first-generation entrepreneurs who don’t live in a big metro. Read more

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