BUSINESS
Securities market ban on Biyani won't impact Future-Reliance deal
It added that debarment, restraint, freeze imposed under this order shall not apply to the existing holding of securities of such debarred entities, in respect of which any scheme of arrangement under Section 230-232 of the Companies Act, 2013, is approved by the NCLT, requiring extinguishment of such securities or receipt of other securities in lieu of such securities.
Amazon's appeal rejected by Director Metrology
The Department of Legal Metrology noticed a violation of mandatory declaration required under rule 6(1) of the Legal Metrology (Packaged Commodities) Rules,2011 i.e. the complete address was not displayed on the digital platform of Amazon which is used for e-commerce transactions.
Banking stocks lift markets, Sensex breaches 50,55O-mark again
Accordingly, buying momentum was triggered after the market opened on a flat note due to profit booking. Amongst sectoral indices, PSU Banks, Metal, FMCG and Auto indices were the major gainers. Market Breadth also remained strongly in favour of advancing counters for fourth consecutive session.
Mobile Premier League raises $95mn, nears unicorn status
The latest round was led by Composite Capital and Moore Strategic Ventures, with participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures. The total capital raised by MPL since its inception in 2018 now stands at $225.5 million.
SBI Q3 FY21 net profit down 7% YoY
Accordingly, the bank's net profit fell to Rs 4,574 crore from Rs 5,196 crore recorded during the corresponding period of the previous fiscal. Excluding the one off interest income and other income during Q3 of FY20, the YoY growth in Net Profit and Operating Profit for Q3 of FY21 will be 133.78 per cent and 26.23 per cent respectively, the bank said in a statement.
BharatPe appoints Gautam Kaushik as 2nd Group President
Prior to joining BharatPe, Kaushik was the CEO and MD of PAYBACK India where he led the largest customer loyalty programme in the country. A veteran in leading successful multi-million dollar businesses in payments and financial services, he will work with Ashneer Grover, Co-Founder and CEO of BharatPe, and lead payments and banking partnerships.
Travel app ixigo acquires train booking platform Confirmtkt
The founders of ixigo will join the Confirmtkt board and existing investors of Confirmtkt, including Venture Catalysts, will be exiting the company fully as a part of the deal. The two companies will continue to run independently, post this acquisition, ixigo said.
Willing to support Future Retail during financial challenges: Amazon
After Future Retail (FRL) CEO Kishore Biyani was debarred by SEBI from the securities market for one year for insider trading in the scrip of FRL, the Future Corporate Resources Private Limited said that the SEBI order in connection with a bar on dealing in securities has taken care to exclude the dealings in securities under any impending scheme of arrangement.
Airtel returns to profits, Q3 net profit at Rs 853.6 crore
The telco posted its highest ever consolidated quarterly revenue from operations at Rs 26,517.8 crore, 24.2 per cent higher than the 21,343.6 crore reported in the year ago period. The company had a net exceptional gain of Rs 4,559.9 crore during the quarter ended December 31, 2020, comprising of charge on account of re-assessment of contractual, regulatory levies and taxes of Rs 3,159.6 crore.
Government may delicense power distribution sector to allow competition
Official sources said that the Power Ministry would soon move a draft bill proposing amendments in the Electricity Act that would remove the wording 'distribution licensee'. What this will do is to maintain status quo of existing distribution entities but will now allow entry of other participants in a distribution area if it is able to manage infrastructure for supplying electricity to consumers.
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