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Sensex rises over 250 points, Nifty tops 11,800

Market benchmark BSE Sensex jumped over 250 points in early trade on Wednesday driven by foreign fund inflow and hopes of tax sops for equity investors.

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Sensex

[vc_row][vc_column][vc_column_text]Market benchmark BSE Sensex rises over 250 points in early trade on Wednesday driven by foreign fund inflow and hopes of tax sops for equity investors.

After reclaiming the 40,000 mark, the 30-share index pared some gains to trade 128.48 points, or 0.32 per cent, higher at 39,960.32, and the broader NSE Nifty advanced 35.85 points, or 0.30 per cent, to 11,822.70.

Top gainers in the Sensex pack included Bharti Airtel, L&T, Infosys, ITC, Vedanta, HDFC Bank, Bajaj Auto, Kotak Bank and Sun Pharma rose up to 2 per cent.

On the other hand, Tata Motors, Yes Bank, IndusInd Bank, Tata Steel, ICICI Bank and TCS fell up to 3 per cent.

In the previous session, the 30-share Sensex ended 581.64 points, or 1.48 per cent, higher at 39,831.84. Likewise, the Nifty rallied 159.70 points, or 1.37 per cent, to close at 11,786.85.

Foreign institutional investors were net buyers in the capital market, purchasing Rs 876.64 crore on Tuesday, while domestic institutional investors too bought shares worth Rs 144.75 crore, data available with stock exchange showed.

According to Sandeep Nayak, ED and CEO of Centrum Broking, a proposed review of key taxes such as long term capital gains (LTCG), securities transaction tax (STT) and dividend distribution tax (DTT) before the budget has added impetus to domestic investor sentiment.

However, gains were capped as investors also took cues from weakness in other Asian equities amid reports of a possible delay in the US-China trade deal, traders said.

Market is also awaiting cues from US Federal Reserve’s policy decision, scheduled to be announce later in the day.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a negative note

On Wall Street, stock exchanges too finished in the red on Monday.

The rupee, meanwhile, depreciated 11 paise against the US dollar to trade at 70.95 in early session.

Brent futures, the global oil benchmark, slipped 0.88 per cent to USD 61.05 per barrel.

(With PTI Inputs)[/vc_column_text][/vc_column][/vc_row]

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Nykaa CFO Arvind Agarwal resigns

Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020.

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Arvind Agarwal

Nykaa chief financial officer Arvind Agarwal resigned from his position on Tuesday. The fashion and beauty e-commerce platform announced his resignation.

In a BSE filing, Nykaa informed that Agarwal will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy and start-up space.

Nykaa’s founder Falguni Nayar hailed Agarwal for the crucial role he played in the company’s emergence as a listed and profitable start-up. Nayar said the company is conscious of Agarwal’s personal dreams and wishes him all the luck.

Upon his resignation, Agarwal said his journey in Nykaa has been incredible so far and all his learning and experiences have set them up for pursuing different personal growth opportunities in the field. He further wished Nykaa good luck for the growth path ahead.

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Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020. He was among the key managerial personnel and handled the initial public offer of the firm. Before Amazon, Agarwal worked with Vodafone India for more than 5 years. He had also worked with YOU Telecom, Adani Port, and Tata Teleservices.

Reports said Agarwal paid a total remuneration of Rs 19.58 million during the financial year 2021.

Apart from Nykaa, food delivery application Zomato also saw the resignation of its co-founder Mohit Gupta after 5 years of association with the company.

Gupta, in a message, stated that he decided to move on from Zomato to seek other unknown adventures. He also hailed Deepinder Goyal as he has become a more mature and confident leader who is capable of leading the business into a bright future.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

In light of the possibility of a global recession, Amazon founder Jeff Bezos advised consumers to refrain from making significant purchases during the holiday season. Given the state of the economy, he urged people to keep their money safe and refrain from irrational spending in the upcoming months.

The business tycoon said American families should avoid purchasing big-ticket items such as new cars, TVs, automobiles, and refrigerators as the US is staring at a recession. He said American household debt has reached a record high of $16.5 trillion, and people are switching to credit to get their ends meet.

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

Bezos said Take some risk off the table, adding, Keep some dry powder on hand. Just a little bit of risk reduction could make the difference for that small business if we do get into even more serious economic problems. You’ve got to play the probabilities a little bit.

He said things are slowing down and many sectors of the economy are seeing layoffs, and this is why you should hold onto your money.

Meanwhile, the founder of Amazon stated in the same interview that he will contribute the majority of his $124 billion income to charitable organizations in order to combat climate change and to help those who can bring mankind together in the face of escalating social and political conflicts.

Bezos did not say how much of his money he intended to donate. But he said, Yeah, I do, in response to the question of whether he will donate a significant percentage of his wealth to charity.

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Twitter hit with mass resignations ahead of Elon Musk’s hardcore ultimatum

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

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Elon Musk

Twitter has been in a state of chaos ever since Elon Musk took over the microblogging platform last month. Hundreds of employees resigned on Thursday, ahead of the billionaire’s ultimatum to the company’s surviving employees, in yet another sign of turmoil at the company.

The move came after Elon Musk gave an ultimatum to employees to either agree to his extremely hardcore way of working or quit the company. Employees sent an email to all the surviving employees outlining Twitter 2.0, which means long hours and high intensity. The employees were required to click yes by 5 pm ET (3:30 am IST) today if they confirmed being part of this company or could resign.

Most US workers who choose no will be compensated for two months’ benefits-covered pay and one month’s severance pay if they agree to a future separation agreement.

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Soon after, mass resignations hit Twitter as a large number of employees decided to leave. In view of this, the company temporarily shut down offices to avoid confusion over who still had access to company property.

After widespread layoffs that took place soon after Musk took over the firm and fired more than half of Twitter’s workforce, only about 3,000 employees were left.

One of the employees shared a heartfelt post on Twitter after his resignation. He wrote And just like that, after 12 years, I have left Twitter. I have nothing but love for all my fellow tweeps, past and present. A thousand faces and a thousand scenes are flashing through my mind right now – I love you Twitter, and I’ll forever bleed blue.

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

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