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Adverse net terms of trade shocks and safe haven demand for gold may have expanded India’s merchandise trade deficit in the second half of 2021-22, but firm capital inflows dominated by foreign direct investment moderated pressure on the current account balance, the RBI said in its Annual Report for 2021-22.

In a bid to improve overall economic growth in the country, the Union Government had announced a hefty reduction in corporate tax rates from 30 per cent to 22 per cent.

The board of the company was supposed to meet on May 30, 2022. The company did not provide the new date of the board meeting but assured that it will be communicated shortly.

The Dow Jones Industrial Average rose 97.90 points, or 0.30%, at the open to 32,735.09.

Revenue from operations rose to Rs 97.3 lakh from 7.41 billion rupees a year ago.

The Board of Directors recommended a final dividend of Rs 17.35 per share. The dividend, if declared by the members at the 28th Annual General Meeting (AGM) of the Company, will be credited to the members, subject to deduction of tax at source, on or before 30 days from the date of AGM.

The NCDs are for a tenure of 366 days to 77 months with a coupon yielding up to 11.5 per cent per annum. Umesh Mohanan, executive director and CEO, Indel Money said, "The issue will help us diversify our sources of funds significantly. The long-term funds raised through NCDs will help us cushion any future hike in interest rates.”

The war in Ukraine has significantly exacerbated inflation risks for India as the conflict has led to a surge in global commodity prices by disrupting supply chains.

“The two bigger overweights for us are auto and banks. Banking is one sector which seems to be like a clear cut winner from a two-to-three year perspective. In the case of autos, hopefully, the supply chain pressure would come off and we have already seen the auto companies taking a sharp increase in their prices and also the government taking action to cool down the commodity prices as well.”

The Sensex jumped 632.13 points or 1.17 per cent in a comeback rally to end the session at 54,884.66. Its broader peer, Nifty50, added 182.30 points or 1.13 per cent to close above the 16,350 mark, amid strength across global markets.