BUSINESS
Indian tech startup base saw nearly 10% growth in 2020: Nasscom
Nearly 14 per cent of total investments in 2020 were in deep-tech start-ups, up from 11 per cent in 2019. Further, 87 per cent of all deep-tech investments were in AI/ML start-ups, according to the annual report by Nasscom in partnership with a global management and strategy consulting firm Zinnov. "With the continued addition of new start-ups, booming unicorns and increased adoption of deep-tech, the ecosystem shows an even more promising future," said Debjani Ghosh, President, Nasscom.
Oaktree says persistent campaign to discredit its resolution plan for DHFL
In a letter to the CoC, the India Opportunities Fund, Singapore, which has put in the bid noted that this campaign is introducing bias into the decision making process. Oaktree said the CoC is not considering Rs 2,700 crore provided under its resolution plan. It added that Oaktree is offering a much higher fair market value by more than Rs 4,503 crore compared to the second highest bidder.
Elon Musk surpasses Bezos, is richest person on the planet
A 4.8 per cent rally in Tesla's share price on Thursday took Musk past Bezos, with a net worth of $188.5 billion, 1.5 billion more than Bezos, who has held the top spot since October 2017. Musk's net worth increased by more than $150 billion this year and Tesla's share price surged a massive 743 per cent last year.
Covid Struck: India's FY21 GDP expected to contract by 7.7%
"Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the provisional estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore, released on May 31, 2020," the First Advance Estimates of National Income for financial year 2020-21 said.
Rising joblessness: India's employment scenario worsens in December
The unemployment rate in the country increased sharply to 9.1 per cent in December from 6.5 per cent in November, as per the data. The numbers indicate that the stress in the economy is far from over and the road to normalcy would be longer.
SBI raises $600mn via 'Regulation S' bonds
Accordingly, the bank, acting through its London Branch, raised the sum for bonds benchmarked against the 5 year US Treasury and priced at a spread of 140 bps over the benchmark. "The bonds will be listed on SGX-ST and India INX. The issuance represented SBI's return to the international public bond markets after a gap of close to 2 years," the statement said.
IL&FS Solar Power clears debt worth Rs 845 crore
ISPL had undertaken construction and financing of a 100 MW AC solar power project in Bellary district, Karnataka, for Embassy Energy Private Limited (EEPL) that was commissioned in February 2018. ISPL had raised secured and unsecured loans for this power project. EEPL, as the owner of the project, was servicing ISPL through an EMI structure under the terms of Deferred Payment Agreement (DPA).
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.
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