New Delhi (The Hawk): The Central Consumer Protection Authority (CCPA) has issued notices to Ola and Uber, the two online ride hailing platforms for unfair trade practices and violation of consumer rights.&nbsp;&nbsp;As per the data from the National Consumer Helpline (NCH), from 01.04.2021 to 01.05.2022, 2,482 grievances were registered by consumers against Ola and 770 grievances were registered against Uber.Last week, the Department in a meeting with ride-hailing companies Ola, Uber, Rapido, Meru Cabs and Jugnoo directed them to become convergence partner in the National Consumer Helpline, to enable better grievance redressal for consumers and also compliance with Consumer Protection Act, 2019 and E-commerce Rules.Deficiency in service which includes lack of proper response from customer support, driver refusing to take payment by online mode and insisting for cash only, higher amount charged despite going on the same route previously at a lesser charge, unprofessional driver behaviour and driver refusing to switch on AC when the consumer is promised AC ride on the app.Inadequate consumer grievance redressal mechanism in absence of both customer care number and details of grievance officer as required to be mentioned on the platform.Unreasonable levy of cancellation charge wherein users are not shown the amount of time within which cancelling a ride is permitted. The amount of cancellation charge is not displayed prominently on the platform before booking the ride. Undue cancellation charges are borne by users when they are forced to cancel the ride due to unwillingness of the driver to accept the ride or come at the pick-up locationLack of any information on the algorithm or method used by the company to to charge different fares for the same route from two individuals.Inclusion of charges for add-on services by pre-ticked boxes for including add-on services without obtaining consent by explicit and affirmative action before each ride. It may be mentioned that a significant number of complaints have been lodged by consumers across the country on multiple issues which affect their rides booked through both the ride hailing platforms.CCPA is regularly monitoring the consumer protection landscape in the country. Recently, CCPA issued Advisory against illegal sale and facilitation of wireless jammers on online platforms. CCPA has also issued an Advisory to all marketplace e-commerce entities to ensure that details of sellers as mandated under sub-rule (5) of rule 6 of the Consumer Protection (E-commerce) Rules, 2020 including name and contact number of the grievance officer are provided in a clear and accessible manner, displayed prominently to users on the platform.Furthermore, CCPA has also issued Safety Notices under Section 18(2)(j) of the Act to alert and caution consumers against buying goods which do not hold valid ISI Mark and violate compulsory BIS standards. The first Safety Notice was issued on 06.12.2021 with regard to Helmets, Pressure Cookers and Cooking gas cylinders and the second Safety Notice, issued on 16.12.2021 was with regard to household goods including electric immersion water heaters, sewing machines, microwave ovens, domestic gas stoves with LPG etc.

 The Central Consumer Protection Authority (CCPA) has issued notices to Ola and Uber, the two online ride hailing platforms for unfair trade practices and violation of consumer rights.  

 CCPA Issues Notices To Ola And Uber On Violation Of Consumer Rights & Unfair Trade Practices	

Market

Delhi: Equity benchmarks bounced back sharply on Friday after facing a heavy drubbing in the previous trade, with the Sensex and Nifty jumping nearly 3 per cent, aided by positive trends from global markets and across-the-board buying. Index majors Reliance Industries and HDFC twins saw robust buying, helping the benchmarks. The 30-share BSE Sensex rallied 1,534.16 points or 2.91 per cent to settle at 54,326.39. During the day, it zoomed 1,604.2 points or 3.03 per cent to 54,396.43. The broader NSE Nifty jumped 456.75 points or 2.89 per cent to finish at 16,266.15.All the Sensex firms ended in the green, with Dr Reddy's, Reliance Industries, Tata Steel, Nestle, Larsen &amp; Toubro, Axis Bank, IndusInd Bank, Sun Pharma, State Bank of India and HDFC emerging as the biggest gainers. The BSE benchmark had dived 1,416.30 points or 2.61 per cent to settle at 52,792.23 on Thursday. The NSE Nifty had tanked 430.90 points or 2.65 per cent to end at 15,809.40. Meanwhile, Asian markets in Hong Kong, Shanghai, Seoul and Tokyo finished in the green. Equity exchanges in Europe were also trading with significant gains in the afternoon session.Stock markets in the US had ended lower on Thursday. International oil benchmark Brent crude dipped 0.11 per cent to $111.9 per barrel. Foreign institutional investors offloaded shares worth a net Rs 4,899.92 crore on Thursday, as per stock exchange data.—PTI

Equity benchmarks bounced back sharply on Friday after facing a heavy drubbing in the previous trade, with the Sensex and Nifty jumping nearly 3 per cent, aided by positive trends from global markets and across-the-board buying. Index majors Reliance Industries and HDFC twins saw robust buying, helping the benchmarks.

Markets rebound; Sensex, Nifty rally almost 3%

Delhi: Equity benchmarks fell sharply on Thursday in line with an extremely weak trend in the global markets, with the Sensex plunging 1,154.78 points in early trade. Persistent foreign fund outflows and a spurt in crude oil prices also dampened sentiment. The broader NSE Nifty tumbled 335.65 points to 15,904.65.From the Sensex firms, Tech Mahindra, Bajaj Finserv, Infosys, Wipro, Tata Steel, HCL Technologies, Bajaj Finance and State Bank of India were the major laggards in early trade. ITC emerged as the only gainer from the 30-share pack. Asian markets in Seoul, Shanghai, Hong Kong and Tokyo were also trading lower. Stock exchanges in the US had ended significantly lower on Wednesday. "US markets saw the worst sell-off since June 2020 as inflation fear looms," said Mohit Nigam, Head - PMS, Hem Securities. Meanwhile, international oil benchmark Brent crude gained 1.61 per cent to $110.87 per barrel. Foreign institutional investors continued to offload shares worth Rs 1,254.64 crore on Wednesday, as per stock exchange data. The BSE benchmark settled 109.94 points or 0.20 per cent lower at 54,208.53 on Wednesday. The NSE Nifty dipped 19 points or 0.12 per cent to finish at 16,240.30."Deteriorating macro sentiments such as soaring inflation, recession fears, and the prospect of the Federal Reserve getting even more hawkish will continue to keep benchmarks on the edge."Another main reason for the pessimism can be attributed to relentless selling from the FII camp," said Prashanth Tapse, vice president (research), Mehta Equities Ltd.—PTI

Equity benchmarks fell sharply on Thursday in line with an extremely weak trend in the global markets, with the Sensex plunging 1,154.78 points in early trade. Persistent foreign fund outflows and a spurt in crude oil prices also dampened sentiment.

Sensex dives 1,155 points in early trade amid weak global markets

New Delhi: Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities. The WPI-based inflation was 14.55 per cent in March and 10.74 per cent in April last year."The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum &amp; natural gas, food articles, non-food articles, food products and chemicals &amp; chemical products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement. The WPI inflation has remained in double digit for the 13th consecutive month since April last year.Inflation in food articles was 8.35 per cent, as prices of vegetables, wheat, fruits and potato witnessed sharp spike over the year-ago period.In the fuel and power basket, inflation was 38.66 per cent, while in manufactured products and oil seeds, it was 10.85 per cent and 16.10 per cent, respectively.Inflation in crude petroleum and natural gas was 69.07 per cent in April. Data released last week showed that retail inflation rose to a near 8-year high of 7.79 per cent in April, remaining above the Reserve Bank's inflation target for the fourth straight month. To tame stubbornly high inflation, the RBI earlier this month hiked its key interest rate by 0.40 per cent and cash reserve ratio by 0.50 per cent in a surprise move.—PTI

Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities.

WPI inflation at record high of 15.08% in April

New Delhi:&nbsp;The country's largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE. On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share. LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered. The shares got listed on the BSE and NSE on Tuesday at a discount of Rs 81.80 and Rs 77 apiece, respectively, over its issue price of Rs 949 a share. The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.The LIC IPO -- India's largest to date -- closed with nearly 3 times subscription, predominantly lapped up by retail and institutional buyers, but foreign investor participation remained muted. So far, the amount mobilised from the Paytm IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.—PTI

The country's largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE.

LIC lists at 8.11% discount at Rs 872 per share on NSE

The country's largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE.

