US markets fall as West imposes sanction on Russia

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In this episode, find out about Hero Moto Corp’s plans to set up electric charging stations along with BPCL, also find out about Crompton Greaves’ acquisition plans
The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to Reliance Industries for alleged violation of ‘Principles for fair disclosure’ while handling unpublished price-sensitive information (UPSI). That’s according to a disclosure by Data Infrastructure Trust – a joint venture between Reliance and private equity company Brookfield.  Data Infra trust is seeking approval for floating an Infrastructure investment trust (InvIT).   Sun Pharma: subsidiary Taro has announced acquiring Alchemee, formerly The Proactiv Co (TPC), from Galderma for $90 million. Alchemee creates & markets dermatologist-tested treatments   Hero MotoCorp: Has collaborated with Bharat Petroleum to set up charging infrastructure for electric two-wheelers across the country. In the first phase, charging stations will be set up across nine cities, starting with Delhi and Bengaluru. The network will be then expanded across the country.   IIFL Home Finance: Has signed a $68 million loan with Asian Development Bank (ADB) to improve funding to affordable green housing for lower-income groups in India. The funding comprises a direct ADB loan of up to $58 million and a $10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia.   Jet Airways: The new promoters of Jet Airways–Jalan-Kalrock consortium–has appointed former Sri Lankan Airlines chief executive Vipula Gunatilleka as chief financial officer of the airline. Gunatilleka, who will be joining the airline from 1 March, is credited for the turnaround of loss-making national carrier of Angola, TAAG Angola Airlines, where he he was CFO and board member.   Crompton Greaves will be in focus as the company has announced the acquisition of controlling stake in Butterfly Gandhimathi Appliances for an aggregate consideration Rs 2,076.6 cr Hongkong and Shanghai Banking Corporation Limited’s (HSBC) India operations reported an 8% jump in profit before tax to $1.11 billion in the year ended 2021 led by growth in income from its commercial banking business. India is the fourth largest contributor to the bank’s global profit behind Hong Kong, UK and China.   Moving on to markets The key US indices closed with significant losses on Tuesday. Dow Jones dropped 1.4 per cent. The S&P 500 and Nasdaq slipped 1 per cent and 1.3 per cent, respectively. However, markets in Asia this morning were seen trading cautiously in the positive zone.  The key benchmark indices may start on a positive note. SGX Nifty March Futures was up 100 points to 17,250 levels The rupee ended at 74.87 against the U.S. dollar on Tuesday as compared to Monday’s closing of 74.51.

Business term of the day A sovereign bond is a debt security issued by a national government to raise money for financing government programs, paying down old debt, paying interest on current debt, and any other government spending needs. Sovereign bonds are a way governments raise money in addition to tax revenue.