BUSINESS
Adar Poonawalla appointed chairman of Magma Fincorp
Magma Fincorp is now a subsidiary of Rising Sun Holdings Private Limited (owned and controlled by Adar Poonawalla), subsequent to equity infusion of Rs 3,456 crore as on May 6. Poonawalla is also the CEO of the Serum Institute of India, the makers of the Covishield vaccine.
SEBI bars 8 entities in Infosys insider trading case, impounds accounts
The entities are Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, Manish C. Jain, Ankush Bhutra, Venkata Subramaniam V.V., and firms Capital One Partners and Tesora Capital. The investigation found that the total proceeds generated from insider trading was over Rs 3.06 crore.
Nestle document says 60% of its food portfolio is unhealthy: Report
As per the Financial Times report, Nestle, the maker of KitKat, Maggi and Nescafe, describes the 3.5-star threshold (out of 5-star) as a "recognised definition of health". The report said within its overall food and drink portfolio, about 70 per cent of Nestle's food products failed to meet that threshold, along with 96 per cent of beverages — excluding pure coffee — and 99 per cent of Nestle's confectionery and ice cream portfolio.
Tim Cook ranks 171/500 in CEO pay ranking: Report
Apple is at the top of the Standard & Poor's 500 rankings in terms of market capitalisation but Cook's direct pay from the company is far lower than many others in the list, AppleInsider, citing WSJ, reported on Tuesday. Cook trails far behind Paycom CEO Chad R. Richison, who topped the list with $211 million in total pay, followed by Shantanu Narayen of Adobe at third with $45 million.
Yes Bank lowers its FY22 growth estimate for India
Its previous projection was 10.5 per cent. "While all indications pointed to a stable recovery process before the 2nd wave struck, this is now likely to be pushed back to an extent. For FY22, we expect real GDP growth at 8.5 per cent, weaker than our previous estimate of 10.5 per cent," said the report titled 'India GDP: Marathon effort ahead' prepared by Yes Bank's Economist department.
Top Information Technology Giants In India
Despite a dip in global technology spending amid the coronavirus pandemic, India's information technology sector is set to post a 2.3% rise in revenues to $194 billion in the current fiscal, Nasscom said in its report.
ED files final charge sheet against Musaddilal Group in demo deposit case
An ED official said that the financial probe agency filed the charge sheet on Monday after extensive investigation, against the main accused Kailash Gupta, Nitin Gupta, and Nikhil Gupta and their firms Musaddilal Gems and Jewellery, Musaddilal Jewellers Pvt Ltd and Vaishnavi Bullion Ltd, their chartered accountants, gold bullion dealers, and also the major contributors of the black money, who were involved in this fraud.
Covid to impact performance of asset-backed securities: Moody's
"Slowing economic activity in India due to the second wave (of Covid-19) will constrain commercial vehicle owners' capacity to pay auto loans. As a result, commercial vehicle loan delinquencies will increase in India and collection rates will remain below the March levels over the next three to six months," said Dipanshu Rustagi, Assistant Vice President and Analyst at Moody's.
Tesla S, X model have PS5 level entertainment computing power: Musk
AMD has revealed that the new Tesla infotainment system consists of an AMD Ryzen processor paired with an AMD RDNA 2 GPU. "Yeah, new Model S & X have PS5 level entertainment computing power," reacting on a tweet related to the announcement, Tesla CEO Musk tweeted. Musk had earlier claimed that one would be able to play The Witcher 3 and Cyberpunk 2077 on a 10 teraflop gaming rig stuffing into the new Tesla Model S and X.
BLS International to help Amazon expand India footprint
The service through BLS centres will help the e-commerce giant to provide an e-shopping experience and order fulfilment in urban, semi-urban and rural areas in the country. "We are delighted to collaborate with Amazon in making the online shopping experience available to the people living in remote areas through our 10,000 centres in the country," said Shikhar Aggarwal, Joint Managing Director, BLS International.
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