BUSINESS
IPO-bound OYO defies pandemic, set to meet investors' expectations
OYO's exponential growth nearly came to a halt due to the pandemic. However, it used the downtime to rebuild itself, or 'fix nets like fishermen do, while waiting for storm to pass' as described by its founder and Group CEO, Ritesh Agarwal. The company changed its cash-burning business model, fixed its unit economies, doubled down on technology while focusing on becoming lean and agile.
Pakistan's gas crisis to worsen as LNG company defaults
From December 15, the government has already cut gas supply to the export sector in Punjab apart from shutting down the non- export industry and CNG sector. So much so, the domestic consumers are also facing massive shortages across the country even at breakfast, lunch and dinner times and people are forced to purchase food, roti, naan and even tea from hotels at higher prices.
Issue with rear drum brake, Eicher Motors to call in 26,300 Classic 350 bikes
In a statement issued, the company said its technical team found an issue with the brake reaction bracket used on the 2021 single channel ABS and rear drum brake of Classic 350 motorcycles. According to Eicher Motors, the issue has been isolated to the single-channel ABS, rear drum brake Classic 350 models, manufactured between September 1, 2021 and December 5, 2021.
CAIT urges Centre to suspend Amazon's e-commerce portal immediately
The traders' body's letter to the Centre comes just two days after the Competition Commission of India (CCI) imposed a penalty of Rs 202 crore on Amazon and suspended its approval for its deal with Future Coupons. "CCI order for imposing 202 crore penalty on Amazon exposes fraudulent and mischievous attempts by it to control e-commerce and retail trade. No more evidence needed after CCI order," CAIT General Secretary Praveen Khandelwal said in a tweet.
Equities sharply down in early trade; Adani Transmission top loser
It is important to note here that Indian equity indices declined six out of past seven sessions due to heavy sell-offs amid volatility in the markets. Also, risks emanating from the new Omicron Covid-19 variant likely kept investors at bay.
At 9.25 a.m., the S&P BSE Sensex traded at 56,015 points, down 1.7 per cent.
Day 1 of Myntra's EORS-15 witnesses 1.6 mn shoppers purchasing 3.5 mn products
The company said that over 7 lakh items were purchased within the first 3 hours of the mega fashion carnival that went live in the wee hours of December 18. "Day one of EORS-15 has been phenomenal. With 1.6 million shoppers so far and over 40 per cent growth in new users shopping on Myntra over the previous winter edition, day 1 of EORS-15 has broadly exceeded our as well as our brand partners' expectations," Sharon Pais, Chief Business Officer, Myntra, said in a statement.
Listed in May 2021, Equippp Social Impact's shares up 7,900%
Before February 2021, the company was known as Proseed India, and dealt in seed business. In its earlier avatar, the company failed to generate much revenue and reportedly went into insolvency. Post re-listing as Equippp Social Impact on May 19, 2021, the company has never looked back. Its share price rose from Rs 1.45 on May 20, 2021, to Rs 116 at Friday's closing.
CAIT urges Centre to suspend Amazon's e-commerce portal immediately
The traders' body's letter to the Centre comes just two days after the Competition Commission of India (CCI) imposed a penalty of Rs 202 crore on Amazon and suspended its approval for its deal with Future Coupons. "Since this act (by Amazon) violates FEMA and FDI policy, the Enforcement Directorate has nothing more to do - the evidence is right before it in the form of CCI order, therefore the ED should take immediate action against Amazon," it said in the letter.
Textile manufacturer Trident's stock price rises over 400% in 2021
Founded in 1990 as a home textile manufacturer, the company has now diversified into paper, chemicals, and energy. Started in Punjab, the company now has customers across 100 countries. From Rs 10 per share on January 1, 2021, the price has now touched Rs 55 at Friday's close, rising as high as 409 per cent. To put things in perspective, the benchmark Sensex rose nearly 19-20 per cent in 2021.
Indian diagnostic business expected to grow 20-25% YoY in FY22: ICRA
Operating margins of the sector are seen increasing by 300-400 basis points during the period. "Recent trends such as focus on digital brand building, improved offerings in bundled medical packages, changing consumer mindset towards organised players is likely to support demand traction for national diagnostic chains going forward," ICRA Assistant Vice President and Sector Head Mythri Macherla said.
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