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June 22, 2024

Pine Labs plans $1 bn IPO in India after shift from Singapore

Likely to seek over $6 bn valuation; may go for pre-IPO round

2 mins

RELATED-PARTY TRANSACTIONs - ₹2.68 trn awaits shareholder nod next week

Shareholders of industry giants Adani Enterprises, Reliance Industries, and Tata Motors the latter two are part of the Sensex - will decide on combined related-party transactions of more than 2.68 trillion proposed for this financial year and later.

2 mins

Highway capex may rise up to 10%

The Centre is considering a 5-10 percent increase in capex deployment for highway development in the country in the upcoming Union Budget for 2024-25, according to senior government officials.

2 mins

KPMG plans C-suite topup to power Project Himalaya

From advisory to technology and human resources, KPMG, one of the Big Four firms, is ramping up its senior leadership teams across verticals as its Project Himalaya is set to become operational in the next few months, according to people in the know.

1 min

Average woman executive director takes home 40% less than men

Share of women in senior, middle management roles has also declined

2 mins

Zepto raises $665 mn to double valuation

Marks one of the largest financing in q-comm; valuation hits $3.6 bn

2 mins

'Managed this fundraise because of business performance'

After raising $665 million in this year's largest funding round, at a valuation of $3.6 billion, quick commerce major Zepto is gearing up for an initial public offering (IPO). AADIT PALICHA, co-founder and chief executive officer (CEO), tells Aryaman Gupta in a video interview that the company is close to turning profitable, even as it looks to expand into newer markets. Edited excerpts:

3 mins

SoftBank signs indemnity clause over Unicommerce 'promoter' tag

SoftBank has entered into an indemnity agreement with Snapdeal founders Kunal Bahl and Rohit Bansal - after markets regulator Securities and Exchange Board of India (Sebi) classified the Japanese investment major as the \"promoter\" of IPO-bound Unicommerce eSolutions.

1 min

Rising China imports powering India's electronics output

The expansion of India's electronics production is becoming increasingly dependent on imported components from China and Hong Kong, especially key products such as PCBs, micro assembly, semiconductor devices, LEDs, integrated circuits, and capacitors.

2 mins

Arcelor-Nippon pushes back against raw material import policy

ArcelorMittal's India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, a letter showed.

1 min

Google pauses plan to levy service fee on real-money gaming apps on PlayStore

Tech giant Google on Friday announced its decision to pause its experiment aimed at expanding the number of realmoney gaming (RMG) apps on its Play Store in countries without a central licensing framework.

1 min

Easing inflation no respite for people's financial woes: Kantar

Almost a third of India is under \"severe A financial stress\" and consumers are finding it difficult to manage their expenses though inflation has eased, said a new report by Kantar on Friday, adding the rural market was a \"bright spot\".

2 mins

India tech stack will help stimulate growth: Paranjpe

HUL executive chairman says FMCG continues to be strong in India

2 mins

Farm bodies for higher agri R&D spend, more PM-KISAN allotment

Agriculture experts, who met Finance Minister Nirmala Sitharaman during preBudget consultations on Friday, called for enhancing PM-KISAN support to ₹8,000 per year from the existing ₹6,000, more funds for agriculture research and transfer of all subsidies to farmers through direct benefit transfer (DBT).

1 min

Cyber commandos may make debut this Budget

Home ministry also working on launching mobile app for reporting cybercrime

1 min

Exempt us from 45-day payment rule or extend deadline: MSMEs

Trading, food and garment industry on Friday met Union Finance Minister Nirmala Sitharman during the pre-budget consultations.

1 min

Erratic rainfall brews challenges for North India tea output, prices up

Erratic rainfall has affected tea production in North India, pushing up prices.

3 mins

Less time for tech tweaks likely behind BBPS issue

A shorter window to comply and delayed prioritisation of technology systems may have hindered banks' efforts to comply with the Bharat Bill Payment System (BBPS) interface.

2 mins

SBI: ₹26 trn of economy formalised in FY16-FY23

India has formalised 26 trillion of its economy between FY16 and FY23, as the share of the informal economy fell to 23.7 per cent from 25.9 per cent during the seven-year period, according to a report released by the State Bank of India (SBI) on Friday.

2 mins

New NPS scheme on anvil

The Pension Fund Regulatory and Development Authority (PFRDA) is set to launch a new National Pension Scheme (NPS) which will allow subscribers to keep 50 per cent of their investment in equity funds until a higher age limit of 45 years.

1 min

Share of crops dips; livestock & fishing up in agri GVO: NSO

The share of crops in the gross value of output (GVO) of agriculture and allied activities has seen a drop of 8 percentage point, while the portion of livestock, fishing, and aquaculture has seen a substantial jump between 2011-12 and 2022-23, a report from the National Statistical Organisation (NSO) says.

1 min

External members make strong case for rate cut: MPC minutes

Two external members of the sixmember monetary policy commit☐ tee (MPC) of the Reserve Bank of India (RBI) have made a strong pitch for cutting the policy repo rate, held at 6.5 per cent since February 2023, minutes of the June meeting released on Friday showed.

2 mins

Engage NSC more actively for timely surveys: Chiefto govt

The government should more actively engage the National Statistical Commission (NSC) to ensure the robustness and timeliness of surveys, NSC chairman RL Karandikar said on Friday.

1 min

18th LS set for combative first session

The ruling Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government on Friday accused the Opposition, especially the Congress, of \"spreading lies\" and \"misleading\" people by stoking controversy over the naming of Bhartruhari Mahtab as pro-tem Speaker of the 18th Lok Sabha.

2 mins

HC halts trial court bail to Kejriwal; order next week

Court says it is reserving the verdict for 2-3 days to go through entire records

1 min

Veteran tech investor trims Nvidia stake on biz risks

Paul Wick of Seligman Investments has been trimming his holdings of Nvidia Corp in recent weeks after questioning earnings growth prospects at the stock market darling.

1 min

We need to talk but Ukraine must be on agenda: Russia to US

Russia sees a pressing need for security talks with the United States but they must be \"comprehensive\" and include the subject of Ukraine, the Kremlin said on Friday.

1 min

Amazon mulls $5-10 monthly fee for Alexa service

Amazon is planning a major revamp of its decade-old money-losing Alexa service to include a conversational generative AI with two tiers of service and has considered a monthly fee of around $5 to access the superior version, according to people with direct knowledge of the company's plans.

1 min

Trump promises green cards for foreign grads

Softening his stance on immigration, former US President Donald Trump has promised to give automatic green cards to foreign students who graduate from US colleges to prevent them from returning to their home countries like India and China where they become multibillionaires.

2 mins

Biden raised $85 mn in May, still behind Trump's haul

President Joe Biden's campaign raised $85 million in May, falling short of the total raised by Republican rival Donald Trump for a second straight month, a troubling development for the incumbent before their November rematch.

1 min

What the tribals fear

How afraid are tribal communities in India that the Uniform Civil Code (UCC) will marginalise their identity? Judging by the results of the Lok Sabha election, it is not an easy question to answer.

3 mins

Indian banks are strong enough to support growth

Close to a decade ago, India's regulators, along with banks, teamed up to launch a surgical strike on asset quality issues plaguing the banking sector post the global financial crisis.

3 mins

Superbugs in space

A constellation of panicked headlines recently danced across our screens: \"Sunita Williams in danger?\", \"Trouble for Sunita Williams, crew\", \"Sunita Williams 'bugged' in space\", and so on.

3 mins

Modi 3.0, T&C apply

A changed reality for Modi govt in its 3rd innings is by no means rise of a new phenomenon. It's a return to old normal where even majorities had to routinely wrestle with storied million mutinies

5 mins

It can happen only in Japan - YES, BUT...

So, there is a street in Kunitachi, a district of western Tokyo, called Fujimidori-Street With a View of Mount Fuji.

3 mins

Avanse Financial files papers for ₹3.5K cr IPO

Avanse Financial Services, an education loan provider, has filed its draft red herring prospectus (DRHP) with the market regulating, Securities and Exchange Board of India, for a ₹3,500 crore initial public offer (IPO).

1 min

Sensex snaps winning streak

Benchmark Sensex snapped a six-day winning streak on Friday amid frenetic selling by foreign portfolio investors (FPIs) and losses endured by index heavyweight Reliance Industries (RIL).

1 min

Strong demand triggers for Cummins, Kirloskar Oil Engines

Genset demand has been strong through Q1FY25.

2 mins

Sebi framework lifts holdcos' shares

Select holding companies defy weak market conditions and rally on optimism around value unlocking

2 mins

MFs bet on EV sector, line up auto funds

Mutual funds (MFS) are launching schemes in the automobile space, catching on to the bull run in the sector and growing adoption of electric vehicles (EVs).

1 min

Accenture Q3: IT firms' muted demand may end

Demand weakness may be bottoming out for Indian information technology (IT) companies, said analysts on Friday after Accenture's third quarter results for FY24 indicated the industry could be recovering.

2 mins

Growth, valuations support Ashok Leyland

Most brokerages are positive about commercial vehicle manufacturer but express concern over demand

2 mins

Trai suggests digital terrestrial broadcasting to mobile devices

The Telecom Regulatory Authority of India (Trai) has recommended the use of digital terrestrial broadcasting to mobile devices as well as TV as complementary broadcasting technology to co-exist with cable as well as satellite broadcasting.

1 min

Govt conducts trial of 5G by balloons; drones next

Project aims to ease communication during disasters

2 mins

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