BUSINESS
Indian businesses aim to tap consumers directly in 2021: Report
"They are hungry for growth and much more resilient than we could've imagined. Merchants have come to understand the diverse nature of consumers and that innovation is the key differentiator," said Akash Gehani COO & Co-founder, Instamojo.
Brent crude nears $55/bbl post Saudi's supply cut announcement
Further, the violence in Washington as supporters of US President Donald Trump stormed into the US Capitol also added to the rise in crude futures. The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
Hiring activity recovers in India by 14% in December 2020: Report
The overall hiring at year-on-year level showed a decline of only 10 per cent in December, according to Naukri.com ‘JobSpeak' report. The hiring in the insurance sector grew by more that 45 per cent in December, as Indians felt the need for securing their health and businesses in the post-Covid era.
Elon Musk racing ahead of Jeff Bezos to become world's richest
As of Wednesday, Musk's net worth stands at $181.1 billion, as a 2.8% rally in the electric carmaker's share price boosted him to within $3 billion of Bezos, said the report. Chief Executive Officer of SpaceX, Musk is also known to be a rival to Bezos, owner of Blue Origin LLC in the private sector race.
Petrol price breaches all-time high, tops Rs 84/litre in Delhi
Accordingly, petrol prices in Delhi increased by 23 paise a litre on Thursday, the second successive day of fuel price rise, to Rs 84.20 a litre from Rs 83.97 on the previous day. This is the highest level of retail price of petrol in the national capital after October 4, 2018 when its price had risen to Rs 84 a litre.
Equity indices rise, Nifty hits fresh high
Nifty touched a new record high of 14,256.25 points. Healthy buying was witnessed in metal, realty, capital goods and banking stocks. Further, a positive trend in the international market also supported the Indian indices. The rise was also witnessed in the broader markets as the BSE MidCap and SmallCap indices were trading around one per cent higher.
India's December services sector output growth further eases: PMI
The IHS Markit India Services PMI data showed that both output and new business rose for the third straight month in December but at a slower pace than previous months. The data report cited that staff hiring came to a halt due to liquidity concerns, labour shortages and subdued demand, while business optimism faded.
Udaan raises $280 million in additional financing from existing and new investors
The financing highlights the immense potential of the Indian b2b e-commerce market and market-fit of Udaan's business model to the Indian trade market. The existing investors of Udaan - Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital, and Tencent – participated in the funding exercise, in addition to two new investors - Octahedron Capital and Moonstone Capital. The additional financing exercise takes the overall fund raised by Udaan till date to $1.15 billion.
SEBI proposes easing of norms to set up more bourses
In a statement, SEBI noted that the Indian securities market has witnessed dominance in trading and depository space, raising concerns on possibility of excessive concentration and institutional tardiness in quickly responding to the changing market dynamics which may have an adverse bearing on efficiency in trading, record-keeping, supervision and risk management practices
Hindustan Media Ventures invests Rs 54 cr in OYO
With this investment, Hindustan Media Ventures subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) of OYO, with a face value of Rs 100 each for cash, at an issue price of Rs 43.20 lakh per Series F1 CCCPS for an aggregate consideration equivalent to Rs 54 crore on a private placement basis.
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