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The tax department is sure to question the sharp drop in the valuation of these virtual digital assets, tax experts said. The department would scrutinise NFT transactions on suspicion that some of the money may have been accepted in cash to reduce the tax outgo.

Buffett said Berkshire, long faulted for holding too much cash, boosted its combined stakes in oil company Chevron Corp and "Call of Duty" game maker Activision Blizzard Inc nearly six-fold to more than $31 billion.

Charlie Munger, who is 98, said the stock market has become “almost a mania of speculation.” He alluded to the fact that more people are trading today than ever. Even computers are trading against other computers, he emphasized.

Buffett, 91, has run Berkshire since 1965.

Bankers and lawyers said the latest move is aimed at making more attractive for institutional investors to participate in the LIC share sale.

The initial public offer (IPO) of Life Insurance Corporation (LIC) will also open from May 4 for subscription.

"One should not hurry and jump into these IT names just because these stocks are down 20-25%."

Market participants are swearing by the metaverse theme, with or without Meta.

"The net profit for Q4-FY22 grew by 168 per cent to Rs 343 crore from Rs 128 crore in Q4 FY21, driven by strong growth in core operating income and lower provisioning," the bank said.

In the international market, gold jumped to USD 1,916 per ounce and silver was trading flat at USD 23.49 per ounce.