BUSINESS
Electric two-wheelers' sales jump 132% in 2021: SMEV
Total sales of E2W, including high-speed and low-speed ones, during the period under review rose to 233,971 E2W as against 100,736 units sold in 2020. The industry body pointed out that customers have now started to shift in large numbers from petrol two-wheelers to electric ones due to attractive prices, lower running costs, and lower maintenance. Besides, SMEV said that high-speed E2Ws, which have speeds greater than 25 km per hour and require a full license, registered a whopping 425 per cent growth.
Dunzo raises $240 mn led by Reliance Retail Ventures to expand business
The freshly raised funds will be used in enabling instant delivery of essentials from a network of micro warehouses while also expanding its 'B2B' business vertical to enable logistics for the local merchants. Currently, Dunzo is available across seven metro cities in India and the additional capital will be used to expand its business to 15 cities. The investment was led by Reliance Retail Ventures, with participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.
Spread of Omicron to reduce GDP growth by 10 basis points in FY22: Ind-Ra
The rising cases have led to various curbs instituted by state governments such as reduced capacity of markets, night and weekend curfews to check human mobility. As per Ind-Ra's estimates, GDP growth in Q4FY22 will now come in at 5.7 per cent year-on-year (YoY) which is 40 basis points lower than the agency's earlier estimate of 6.1 per cent. "For the entire FY22, the GDP is expected to clock a growth rate of 9.3 per cent YoY, 10 bp lower than our earlier estimate of 9.4 per cent," the agency said.
Indian equities settle in red on rising Covid caseload
The Sensex and Nifty settled at 59,601 points and 17,748 points, respectively, down 1.03 per cent and 0.99 per cent from their previous close, respectively. Barring a few sectoral indices such as consumer durables, PSU bank, media and auto, rest tanked during the session, NSE data showed. On the stocks front, JSW Steel, Ultratech Cement, Shree Cement, Tech Mahindra, and Adani Ports stocks declined the most, falling 3.0 per cent, 2.7 per cent, 2.6 per cent, 2.5 per cent, and 2.1 per cent, respectively.
India’s e-commerce giants Flipkart, Amazon show uptick in annual revenue for FY21
Flipkart India (owned by U.S.-based Walmart) reported ₹43357 crores in revenue for the financial year 2020-2021 (FY21), as per the regulatory documents sourced from business intelligence platform Tofler. This is said to be a 25 percent jump in revenue recorded in FY20. The company also reported a 23 percent decrease in losses from FY 20 as the number stands at ₹2445 crores for FY21.
17 states to get Rs 9,871 cr as monthly revenue deficit grant
These states are -- Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal. The Post Devolution Revenue Deficit Grants are provided to the States under Article 275 of the Constitution. The grants are released to the States as per the recommendations of the Fifteenth Finance Commission to meet the gap in Revenue Accounts of the States post devolution.
Google Cloud partners with CryptoWire to develop blockchain, crypto ecosystem
As an exchange neutral global platform, CryptoWire aims to simplify the digital asset class, blockchain technology, its industrial application and empower enthusiasts and professionals to make informed business decisions by offering deep insight and leading-edge knowledge.
RIL's largest ever foreign currency bond issuance from India
The Notes were nearly 3 times oversubscribed with a peak orderbook aggregating $11.5 billion and were priced through RIL's secondary curve. The Notes have been priced at 120 basis points, 160 basis points and 170 basis points over the respective US Treasuries benchmark. RIL has joined a select group of issuers from Asia to have made jumbo bond issuances. Interest on the Notes will be payable semi-annually in arrears and the Notes shall rank pari passu with all other unsecured and unsubordinated obligations of RIL.
India's high import tariffs negating PLI, impacting competition: ICEA
India's higher tariffs are even more evident for the priority products identified by the electronics industry. For finished products, India's tariffs are slightly lower for only one tariff line of China. However, for inputs (components and sub-assemblies), there is no tariff line for which India's import duty is lower than the competing economies, showing the relatively higher costs of production in India compared to the four economies (China, Vietnam, Thailand and Mexico), according to study by the India Cellular and Electronics Association (ICEA), in collaboration with IKDHVAJ Advisers LLP.
BharatPe CEO says viral audio clip with him hurling abuses is fake
The unverified audio clip went viral this week allegedly over the non-allocation of shares in fashion e-commerce firm Nykaa that recently went public. The viral audio was posted by an anonymous handle along with the tweet: "how rich founders treat poor bank employees".
Don't Miss
Advertisement