BUSINESS
Mukesh Ambani, Gautam Adani dethrone Chinese billionaires to become Asia’s richest businesspersons
Reliance Industries chairperson Mukesh Ambani’s cumulative wealth sored over $84 billion, out of which $7.62 billion have been added in 2021 so far, according to data from Bloomberg Billionaires Index. Meanwhile, Adani Group founder Gautam Adani’s wealth increased to $77 billion, out of which $43.2 billion have been added in 2021 so far.
PE exits record second best month ever at $12 billion
According to the IVCA-EY monthly PE/VC roundup, May 2021 recorded investments worth $3.6 billion across 60 deals, on the back of nine large deals worth $2.7 billion. Exits recorded $12 billion across 18 deals, with three strategic exits worth US$10.4 billion. Vivek Soni, Partner and National Leader Private Equity Services, EY said, 2021 has emerged as the second-best year for PE/VC exits after 2018 with exits worth $19.3 billion in the first five months.
Adani Ports denies reports on NSDL freezing accounts of foreign funds
In a stock exchange filing, Adani Ports was clarifying on reports that NSDL has frozen the accounts of 3 foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies. "We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community.
Stock Talk: Top Household & Personal Care Stocks on Sensex today
Here are the top stocks from household and personal care industry on the market today!
B2B marketplace Jumbotail raises Rs 35 cr from Alteria Capital
This venture debt round comes after a $25 million equity round concluded in January this year. Jumbotail serves more than 50,000 kirana stores via its full stack e-commerce model consisting of its B2B marketplace platform, warehousing and last-mile delivery supply chain network, and a fintech platform for payment and credit solutions to kirana store owners.
India's live commerce industry to reach $4-5B by 2025
Of all the categories, beauty and personal care (BPC) is expected to grow the highest with more than $1 billion GMV through live commerce. Fashion is expected to contribute 60-70 per cent of the GMV while BPC will contribute the other 30-40 per cent, according to report by market research firm RedSeer. Live commerce is a form of online shopping where customers make purchases during live streaming video events.
Renault Nissan vs Workers: Views of workers should be heard by Tamil Nadu
"In all fairness the state government team should also hear the worker's views. It is they who work on the ground and know what is possible and not possible," M. Moorthy, General Secretary, Renault Nissan India Thozhilalar Sangam (RNITS- worker's union), told IANS. Continuing further he added earlier the High Court had ordered an inspection team to discuss with the workers to arrive at the changes in the car assembly line.
UK Chancellor in-laws hit with 5.5m pound bill in Amazon India tax dispute: Report
The disclosure adds to the list of legal battles currently involving the joint venture, following news on Friday that India's competition has been given permission to relaunch an investigation into Amazon. The Guardian reported that small traders claim they are being squeezed out of business by the multinational's selling practices and that the US retailer's 1 billion-pound-a-year venture with the chancellor's father-in-law, NR Narayana Murthy.
Base effect: India's WPI inflation zooms to 12.94% in May
Significantly, this is the highest rate of WPI inflation in the current series. The previous high mark was observed in April. The monthly rate of inflation, in May 2020 stood at (-) 3.37 per cent. On sequential basis, the month over month change in WPI index for May 2021 as compared to April was 0.76 per cent. "The high rate of inflation in May 2021 is primarily due to low base effect and rise in prices of crude petroleum, mineral oils viz. petrol, diesel.
Adani Group stocks slump as NSDL freezes accounts of 3 FPIs holding shares in group companies
As per reports, the freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership under the Prevention of Money Laundering Act (PMLA). Adani stocks have been rising phenomenally and added over $40 billion to Gautam Adani's wealth this year.
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