BUSINESS
Homegrown apps capture 40% market share of TikTok since ban
Post ban on TikTok, a huge void was created and nearly 170 million TikTok users were left searching for options to entertain themselves at low cost. TikTok which had nearly 85 million users in India in June 2018, surged to reach over 167 million users by June 2020, when a ban was slapped on the platform over national security concerns.
PE investment in Indian real estate likely to revive in 2021
The report noted that the growth may come on the back of an improving economic sentiment supported by policy reforms and growth in key emerging sectors.
Egypt, Jordan, Iraq to implement commercial, industrial integration
During the virtual meeting on Thursday, the three ministers agreed to send an Egyptian technical team to Iraq within the coming few days, with the participation of the Jordanian embassy in Baghdad, to assess Iraqi factories and find out the needs of the Iraqi market and the potential investment opportunities in the country.
Economic growth to turn positive in Q3: RBI study
The economy dipped by a record 23.9 per cent in the June quarter but the contraction narrowed down to 7.5 per cent in the September quarter.
World's 3rd largest cryptocurrency crashes after lawsuit
According to CoinMarketCap, the XRP's declined more than 42 per cent in the past 24 hours and was down more than 63 per cent from its 30-day high of $0.76. It now sits at just $0.27. The lawsuit which said that XRO is a security not currency, claimed that Ripple's former CEO and founder Christian Larsen and its current CEO Bradley Garlinghouse violated securities laws by selling XRP over a seven-year period starting in 2013.
Staying mum to queries under faceless assessment to bring tax evaders under I-T lens
The Income Tax Department has decided to crack down on taxpayers who use the faceless platform to file returns but avoid responding to queries generated online calling for enquiry and further verification of records. Such cases will be treated on priority by the tax authorities and all efforts would be made by the Department to see that loss of physical interface between officials and taxpayers under the faceless system does not encourage tax evasion.
Ban steel exports as high domestic prices harming forging industry: AIFI
The association cited the Covid-19 disruption as a major factor that has affected the automobile industry, thereby the component suppliers and hence, the forging industry. "While the industry was reviving post the pandemic, the increase in steel prices has hammered the forging industry in India," the association said.
Adani Power's deal to buy stake in Odisha Power Generation Corporation cancelled
In June, Adani Power Ltd had entered into a share sale and purchase agreement (SSPA) to acquire, from AES OPGC Holding and AES India Private Ltd, a total of over 89 lakh equity shares held in OPGC representing 49 per cent of the total issued paid-up and subscribed equity share capital of OPGC. The cash consideration of the proposed sale was $135 million.
India's FY21 GDP now expected to contract by 7.8%: Ind-Ra
It pointed out the easing of the Covid-19 headwinds and better-than-expected 2QFY21 GDP numbers as the reasons behind such a move. "However, the question remains, how sustainable is the recovery witnessed in 2QFY21, as a significant part of the impetus came from the festival and pent-up demand," the ratings agency said in a report.
Markets rise on value buy, global cues and banking stocks rise
The two indices had a 'gap up' opening and rose some more but fell thereafter to make an intra-day low. Globally, Asian shares ended mostly higher on Thursday after stocks registered small gains on Wall Street following a mixed set of reports on the economy.
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