BUSINESS
Kumar Mangalam Birla steps down as Vodafone Idea's Non Executive Chairman
In a regulatory filing, the company said that the company has accepted the request of Birla to step down. "The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Kumar Mangalam Birla to step down as Non-Executive Director and Non-Executive Chairman of the Board with effect from close of business hours on 4th August, 2021," it said.
CBIC launches portal with info on customs proceedures, rules
CIP is yet another facilitation tool developed by the CBIC to empower businesses as well as any interested person with up-to-date information on the legal and procedural requirements of Customs and Partner Government Agencies (FSSAI, AQIS, PQIS, Drug Controller etc.) for carrying out imports and exports, a statement said.
Yellow.ai raises $78 mn to expand AI chatbot platform, hire more
The company said it will strengthen its leadership in over 50 countries including India, Southeast Asia, the UK, Middle East, and LATAM, and establish a strong presence in the US, adding 70 employees to its more than 500 global workforce. yellow.ai currently enables more than 700 enterprises globally to leverage its Natural Learning Processing (NLP) engine and platform to build chatbots and voice bots.
Adani Green logs 9-fold jump in Q1 net profit
During the same period of last fiscal, the company had reported a net profit of Rs 20 crore. The company posted a total income of Rs 1,079 crore for the first quarter of FY22, compared to Rs 878 crore, Adani Green said in a regulatory filing. "In just two years, AGEL has marched to the very forefront of the world's renewable energy brigade, accelerating the transition to green energy faster than any other company in the world.
Parliament clears LLP amendment bill, decriminalises provisions
The bill was earlier cleared by the Lok Sabha. So, with Parliamentary approval now, it will become law after Presidential assent. This the first amendment to LLP legislation since its enactment in 2008. It largely supports the growing startup ecosystem where companies are flourishing. The new amended legislation has decriminalised 12 offences for LLPs, and three sections of earlier laws have been omitted.
Merchantrade, NPCI to offer real-time remittances to India through UPI
Today's inward remittances are processed via payment modes such as NEFT/IMPS/RTGS. This partnership will help International partners to push funds to beneficiaries on-boarded on UPI apps which means anyone from the Merchantrade network is able to do real-time remittances to India. The solution will assist with Beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.
SBI's Q1FY22 net profit up 55% YoY
Accordingly, the bank, reported its highest quarterly net profit of Rs 6,504 crore in Q1FY22. Besides, the lender's net interest income for the quarter under review increased by 3.74 per cent YoY. "Net NPA ratio at 1.77 per cent is down 9 bps YoY. Gross NPA ratio at 5.32 per cent is down 12 bps YoY." "Provision Coverage Ratio (PCR) is at 85.93 per cent, down 39 bps YoY."
RBI cautions against offers of buying or selling old notes
In a statement, the central bank said that certain elements are fraudulently using the name and logo of the Reserve Bank of India, and seeking charges, commission and tax from public, in transactions related to buying and selling of old banknotes and coins through various online and offline platforms. The RBI has advised members of public to remain cautious.
Canada's largest auto dealer Ajay Dilawri honoured
The Dilawri Group, owned by Ajay Dilawri and his two brothers, owns 76 dealerships across five provinces in Canada. After immigrating from India, the family started the auto business in 1985. Today, the Group is Canada's top auto dealer, selling 35 brands and employing about 4,000 staff.
Global cues push equities higher; banking stocks shine
Initially, India's benchmark indices started on a positive note with the global sentiments intact towards positivity, completely ignoring the spread of Delta variant around the world. However, expensive valuations capped gains. In the process, the S&P BSE Sensex hit intra-day record level of 54,440.8 points and the Nifty50 touched a new high of 16,290.2 points.
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