Bappi Lahiri dies; NATO challenges Russia’s troop withdrawal request; Salary increases 2022 and more

Legendary music composer and singer Bappi Lahiri, aka the “King of Disco”, died on Wednesday. He was 69 years old. The singer died in a hospital in Mumbai battling multiple health issues.

From Disco Dancer, Chalte Chalte to Tamma Tamma, the Kolkata born musician has given many hit songs over the years that continue to play in people’s minds. In fact, the “king of disco” is the one who introduced Bollywood to cabaret music.

Bappi Da – as he was affectionately known – left a legacy that will forever be etched in our minds.

Meanwhile, the domestic stock market ended on a negative note in a volatile session. Oil & gas and pharmaceutical stocks surged, but losses in financials and IT stocks limited gains. Sensex finished 145 points lower at 57,996 and Nifty50 settled at 17,322. During the session, Sensex swung close to 800 points.

Elsewhere in Asia, however, stocks closed with strong gains as fears of a Russian invasion of Ukraine dissipated.

In Indian markets, shares of new-age companies like Paytm, Zomato and Cartrade rebounded from their 52-week lows in the previous session. Paytm rose more than one percent to Rs 861 and Zomato rose 2.7 percent and settled at Rs 85, after slipping slightly below its issue price of Rs 76 during the yesterday’s session.

Meanwhile, the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have given approval for LIC’s IPO, sources told CNBC-TV18. This is days after LIC filed its draft documents with SEBI for the sale of a 5% stake by the government for an estimated Rs 63,000 crore.

On the global front, NATO Secretary General Jens Stoltenberg said Russia was continuing to build up its troops and the recent pullout may not mean de-escalation. He said Russia has often moved troops back and forth, but continues to maintain the capability for a full-fledged invasion of Ukraine as soon as possible.

NATO defense ministers will meet in Brussels today to discuss what they call ‘the most serious security crisis we have faced in Europe in decades’.

Meanwhile, a survey has revealed that pay rises in India are expected to hit a 5-year high in 2022. Aon India’s Survey survey said increases are expected to reach 9.9% this year. This is the largest wage increase among the BRIC countries with Russia at 6.1%, China at 6% and the United States at 3.6%.

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Colleen D. Ervin