Top Headlines: Exporters scan back-up routes to Russia; Mariupol resists

Russian military offers Ukrainian troops defending the strategic port of Mariupol to lay down arms. More on that in our morning wrap.

Exporters are readying back-up routes to send their shipments to the nations belonging to the Commonwealth of Independent States (CIS), including Russia, as the war in Ukraine continues to intensify. More on that story in our top headlines.

Exporters explore 3 back-up routes to Russia, CIS nations

Three routes are being explored. The first is the China route using Qingdao port. The second is the International North-South Transport Corridor (INSTC) route that connects Mumbai to Moscow via Iran and Azerbaijan. The other is the one that traverses between Hamburg in Germany and Poti port in Georgia, industry sources said. Read more

No need to hit panic as oil prices may not impact govt's finances

In July 2008, when crude oil breached $147 a barrel, storied US bank Goldman Sachs warned of $200 oil, only to slash it to $45 in 2009. In Covid-19-struck 2020, when gold crossed $2,000 an ounce for the first time, or exceeded Rs 5,600 a gram in India, analysts expected it to reach Rs 8,000. Read more

Reliance Retail Ventures acquires 89% stake in Clovia for Rs 950 crore
 

Reliance Retail Ventures (RRVL) has acquired 89 per cent equity stake in Purple Panda Fashions, which owns and operates the Clovia business, an industry leader in the bridge-to-premium intimate wear category, with an investment of Rs 950 crore through a
combination of secondary-stake purchase and primary investment. Read more

Newly elected Uttarakhand MLAs take oath today, CM to be named by evening

The newly elected MLAs of Bharatiya Janata Party will take the oath of office at a ceremony scheduled to take place at the Uttarakhand Assembly in Dehradun on Monday. Read more

Ukraine rejects offer from Russia to surrender besieged Mariupol

The Russian military has offered the Ukrainian troops defending the strategic port of Mariupol to lay down arms and exit the city via humanitarian corridors, but that proposal was quickly rejected by the Ukrainian authorities. Read more