Top headlines: Ukraine fears lift oil to 7-yr high; Swiggy eyes $800-mn IPO

Business Standard brings you the top headlines on Tuesday

SoftBank-backed Swiggy eyes $800-mn IPO early next year: Report

Food delivery giant Swiggy is eyeing $800 million in initial public offerings (IPO) next year and has started preparations for the same, a report by Nikkei Asia said.

Swiggy has begun adding independent directors to the board, and plans to position itself as a logistics company and not just a food delivery firm, according to the report. Read more

Ukraine war fears pummel global stocks, lift oil to seven-year high

Stocks slumped and oil surged to its highest in seven years on Tuesday as Europe's eastern flank stood on the cusp of war after Russian President Vladimir Putin ordered troops into two breakaway regions of eastern Ukraine.

The broader Euro STOXX 600 fell as much as 1.9% to a seven-month low before clawing back some of its losses. German stocks - seen as more vulnerable due to the country's heavy reliance on Russian gas supplies - dropped more than 2%. Read more

Crypto vs gold: Bitcoin losing out to gold has analysts eyeing $30k level

Bitcoin dropped to a more than two-week low as fears of a possible Russian invasion of Ukraine prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level.

Bitcoin dropped for a sixth straight day, touching a low of $36,372 on Tuesday after Russian President Vladimir Putin said he’s recognizing two self-proclaimed separatist republics in eastern Ukraine and ordering troops there. Other cryptocurrencies also declined, with Ether off as much as 2.9% and XRP down as much as 6.7%. Read more

Govt sanctions four national highway projects worth Rs 4,500 crore

The government has sanctioned four road infrastructure projects worth Rs 4,518.04 crore under the Bharatmala Pariyojana scheme, Union Minister Nitin Gadkari said on Tuesday.

The approved projects pertain to construction, widening, and upgradation of national highways in Assam, Telangana, Karnataka, and Andhra Pradesh. Read more