BUSINESS
Quess acquires residual 30% stake in Conneqt from Tata Sons
In a statement, Quess said that with this transaction, Conneqt will become its wholly-owned subsidiary. Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019 through infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited.
Equity indices in green; banking, metal stocks up
Around 10.35 a.m., Sensex was trading at 49,026.93, higher by 223.25 points or 0.46 per cent from its previous close of 48,803.68. It opened at 48,935.74 and touched an intra-day high of 49,029.18 and a low of 48,694.49 points. The Nifty50 on the National Stock Exchange was trading at 14,681.25, higher by 99.80 points or 0.68 per cent from its previous close.
Amazon has to treat its employees better: Jeff Bezos
The letter comes amid ongoing reports of untenable conditions for Amazon workers. "I think we need to do a better job for our employees," Bezos said in the letter sent to employees on Thursday. "While the voting results were lopsided and our direct relationship with employees is strong, it's clear to me that we need a better vision for how we create value for employees -- a vision for their success," he added.
LIC employees to get over 25% wage hike
The Central government on Thursday notified the revised pay packets for LIC employees. The wage revision is effective from 1.8.2017. "The employees are happy with the wage revision that has come at a difficult situation. The pay hike for the employees is expected to be over 25 per cent per month," Shreekant Mishra, General Secretary, All India Insurance Employees Association (AIIEA) told IANS.
Citigroup to exit consumer banking operations in India, 12 other countries
The multinational investment bank headquartered in New York on Thursday announced strategic actions in the global consumer banking segment as part of an ongoing strategic review, which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.
Amazon launches $250 mn fund to support Indian startups
The fund was announced in the opening session of Amazon India's flagship event Smbhav. A company said that the venture fund will invest in technology-led startups that are passionate about unlocking possibilities of a digital India.
Airlines gain altitude, but will fly into losses this fiscal, too
However, ratings agency Crisil said that these net losses will be 35-40 per cent below the ones reported for fiscal 2021 mark at Rs 9,500- Rs 10,000 crore. A study of the top three airlines, which account for 78 per cent of total passenger traffic, revealed that a resurgence of Covid-19 infections across the country is expected to stall the recovery seen over the past six months.
Ignoble Oscars go to Narayanamurthy, Amit Agarwal, Jeff Bezos
The Asmbhav Awards were bestowed on individuals who really swung the axe of destruction amidst the innocent lot of the small Indian retailer. The winners really made the possible, well, impossible. The awardees were decided after enough careful thought and deliberation and were chosen on the basis of their singular, single-handed prowess in laying waste the dreams, aspirations and lives of the humble Indian retailer.
FY22 prospects uncertain, insurers wish for an insurance cover
"The uncertainty is high owing to the Covid-19 pandemic. The consumer sentiment is negative. The health insurance portfolio will continue to do well. The motor insurance business should do well if the economy doesn't deteriorate further. Some sport utility vehicles (SUV) have waiting periods," Roopam Asthana, CEO and the Whole Time Director, Liberty General Insurance Ltd told IANS.
Flipkart to acquire online travel tech firm Cleartrip
Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart. Cleartrip will continue to operate as a separate brand, retaining all employees while working closely with Flipkart to further develop technology solutions to make travel simple for customers, it added.
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