BUSINESS
Vanguard slashes Bhavish-run Ola’s valuation by 52% at $3.5 bn: Report
According to a TechCrunch report, citing Vanguard’s filings, the investment firm has cut the worth of its shares in Ani Technologies, Ola’s holding firm, by 51.6 per cent.
Former AWS exec Puneet Chandok to lead Microsoft’s India operations
Effective from September 1, he will assume the operational responsibilities from Anant Maheshwari. Supported by a strong leadership team, Chandok will oversee the integration of Microsoft's businesses across South Asia, including Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka, further boosting the company's presence in the region.
1st time in India's history, majority of Nifty50 Cos promoters, executive directors not foreign/IITs/IIMs educated
Symptomatic of this transformation is HDFC Bank, India’s second largest listed company by market cap. All the Executive Directors on the Board of the bank are graduates of Mumbai University and the rise of such executives is now the norm in India, Nandita Rajhansa and Saurabh Mukherjea of Marcellus Investment Managers said.
Commercial LPG cylinder prices cut by Rs 99.75 with effect from today
The revised prices are effective from Tuesday onwards. After the reduction in prices, a commercial LPG cylinder will now cost Rs 1,680 in Delhi. The previous revision in prices of a 19 kg commercial LPG cylinder was done last month. Prices though differ from state to state, due to different tax slabs.
Crypto influencer sued for buying sports cars, rare diamond with investors’ money
“Heart called on investors to buy crypto asset securities in offerings that he failed to register. He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods,” Eric Werner, Director of the Fort Worth Regional Office said in a statement.
Market rally is stretching valuations beyond comfort levels, say analysts
The resilience of the US market, where the rally is spreading to the broader market, is supporting global markets. But the rally is stretching valuations beyond comfort levels, he said. The FY24 Q1 earnings growth is muted except in banking and refineries. Results indicate that rural demand is yet to pick up in a meaningful manner, he said.
Zomato hires chief fitness officer as CEO Deepinder Goyal loses 15 kg
Zomato CEO Deepinder Goyal announced the appointment of Anmol Gupta as the company’s first-ever Chief Fitness Officer. “I am looking forward to working with him to transform the way people think about work. Going forward, we are going to invest heartily behind the wellbeing of our employees, our delivery partners and our restaurant partners,” Goyal said in a tweet.
Maruti Suzuki at cusp of market share recovery after 2 yrs of market share loss
Recently introduced Jimny, Fronx and Invicto have received good customer response. Pending order book for Brezza, GV, Jimny, Fronx, Invicto, Eritga stands at 48k/27k/23k/22k/8k/93k units, respectively. Backed by recent SUV launches, the company has regained leadership position in SUV segment during 1QFY24, the report said.
India's core sector output rises 8.2% in June
The production of all other industries, namely, steel, coal, cement, refinery products, natural gas, fertilisers, and electricity, went up in June 2023, according to data released by the Commerce Ministry. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
GST evasion cases rose 23.5% in 2 years, 166% rise in detection in value terms
As per Finance Ministry data, in 2020-21, as many as 12,596 cases of GST evasion were detected, while in 2022-23, the cases rose by 23.5 per cent to 15,562. Also, in 2020-21, Rs 49,384 crore worth of GST evasion was detected, which rose by a humungous 166 per cent to Rs 1,31,613 crore in 2022-23.
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