BUSINESS
Airtel Africa to sell Tanzanian arm's tower biz for $175 mn
The tower portfolio in Airtel Tanzania comprises around 1,400 towers which form part of the Group's wireless telecommunications infrastructure network. Under the terms of the transaction, the Group's subsidiary Airtel Tanzania plc will continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the purchaser, said a company statement.
Preliminary Trend: India's May exports rise to over $32 bn
Besides, exports last month recorded a 7.93 per cent growth over $29.85 billion in May 2019. The country's merchandise exports in April 2021 had risen to $30.63 billion. Similarly, India's merchandise imports in May 2021 were $38.53 billion, with an increase of 68.54 per cent over $22.86 billion in May 2020. However, imports declined by 17.47 per cent over $46.68 billion in April 2019.
For diamantaires, 20% growth past the $20 bn revenue watermark this fiscal
Revenue from exports reached $16.4 billion last fiscal, marking a decline of 12 per cent -- well below the plunge expected when the world went into unprecedented lockdowns. But as nations recovered well in the second half, the tumble in exports was halted, an analysis of 70 diamantaires rated by CRISIL - accounting for a third of industry's total revenue - shows.
Zoom posts 191% quarter growth in remote work, learning era
"Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results," said Zoom founder and CEO, Eric S. Yuan. "We are energised to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections," he said in a statement.
'Tesla' burgers arriving as Musk's EV firm plans restaurant chain
According to a report in Electrek, the company has applied for three new trademarks with the United States Patent and Trademark Office that will cover the categories of "Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services". "The application is awaiting examination and will be reviewed by an attorney around August 27," the report said on Tuesday.
Urban Company raises over Rs 1,868 cr, to enter 100 Indian cities
"By March this year, we had seen significant growth as businesses were allowed to operate in several categories," said Varun Khaitan, Co-founder of Urban Company. "This time, we wish to be back to March levels by July with the situation normalising in urban centres amid the second Covid wave, even aiming to double our growth from the pre-pandemic times."
Sensex down 300 points, banking stocks fall
Heavy selling pressure was witnessed in banking, finance and IT stocks. The decline in the index heavyweights Infosys and HDFC also weighed on the Sensex. Around 10.10 a.m., Sensex was trading at 51,601.51, lower by 333.37 points or 0.64 per cent from its previous close of 51,934.88. It opened at 51,749.10 and has so far touched an intra-day high of 51,863.94 and a low of 51,590.25 points.
Infosys starts internal probe post SEBI order over insider trading
"The company will extend full cooperation as required to the SEBI on the matter. Additionally, as a result of the order, an internal investigation is being initiated and appropriate action will be taken on the conclusion of such investigation," it said. Infosys added that it has a "well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information".
ITC's Q4 standalone net profit falls 1.3%
ITC's total expenditure in the last quarter of FY21 increased 31.46 per cent to Rs 10,075.03 crore. In a statement, the company said that the operating environment during the year was rendered extremely challenging by the outbreak of the pandemic, which caused unprecedented disruptions across the company's operating segments.
Business resumption registers first uptick after falling for 11 weeks
After falling for 11 consecutive weeks, the Nomura India Business Resumption Index (NIBRI) registered its first uptick, picking up to 63.6 percentage points (pp) for the week ending 30 May (36.4 pp below pre-pandemic level) from a low of 60.3 pp in the previous week
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