BUSINESS
Ex-Goldman Sachs banker Brijesh Goel convicted of insider trading
Brijesh Goel , 38, was convicted on Wednesday after a seven-day trial for tipping off former Barclays Plc trader Akshay Niranjan about deals at Goldman, yielding total illegal profits of approximately $280,000. He is scheduled to be sentenced on October 19, the US Attorney for the Southern District of New York announced.
Micron to set up $2.75 bn semiconductor facility in India
Under the government's 'Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme,' Micron will receive 50 per cent fiscal support for the total project cost from the Centre and incentives representing 20 per cent of the total project cost from Gujarat. The combined investment over the course of two phases will be up to $2.75 billion.
Fitch hikes India's GDP forecast to 6.3% for current fiscal
"India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in the first quarter of 2023-24 and auto sales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending March 2024 (2023-24) by 0.3 percentage points to 6.3 per cent," Fitch said in a statement.
India's largest private rail coach factory opens in Telangana
Chief Minister K. Chandrsekhar Rao inaugurated the facility built by Medha Servo Drives Private Limited, a Telangana company which designs and manufactures complex electrical and electronic Railway products. The Chief Minister said Telangana was proud that a home grown company will be building rail coaches in the state. He expressed happiness over the company bagging Mono rail order from Mumbai.
Lenders appoint SBI Caps as advisor for Reliance Power subsidiary's debt resolution
As per the terms of reference, SBI Caps will invite bids for the sale or one time settlement (OTS) of VIPL debt. It will also lay down an evaluation criteria and recommendations for the anchor bidder. SBI Caps will follow a fair and transparent process to ensure the resolution of VIPL's over Rs 2000 crore outstanding debt, said a source close to the development.
High demand from Indians propels Danube Properties to launch Dh900 million project in Dubai
Danube Group, a diversified business conglomerate, was launched by Rizwan Sajan, one of the Top Indian Leaders in the UAE'. Danube Home, from Danube Group, is one of the largest home decor retailers in the GCC with a growing footprint across the region, including India with three showrooms spread across Bengaluru and Hyderabad.
US FTC sues Amazon for 'knowingly duping' customers to sign up for Prime
The complaint, filed in the federal court in the US city of Seattle, said that for years, Amazon has "knowingly duped millions of consumers into unknowingly enrolling in its Amazon Prime service". "Specifically, Amazon used manipulative, coercive, or deceptive user-interface designs known as 'dark patterns' to trick consumers into enrolling in automatically-renewing Prime subscriptions," read the FTC complaint.
Piramal Enterprises exits Shriram Finance selling 8.34% stake
Piramal Enterprises - part of the Piramal Group having interests in pharmaceuticals, real estate apart from financial services - bought stakes in the South-based financial services group companies - Shriram Transport Finance Ltd in 2013, Shriram Capital Ltd (Unlisted) in 2014 and Shriram City Union Finance Ltd in 2018.
Foreign inflows drive Sensex to fresh all-time high
Even Nifty attempted to touch new highs, but fell short by 12 points. The index finally closed with a gain of 40 points at 18,857 points, said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services. Sectorally, it was a mixed bag with major buying seen in financial services, especially NBFCs.
Zee Entertainment stock price jumps 5% after Sony Pictures' statement
A statement by Sony Pictures Entertainment (SPE) Headquarters in Culver City said: "There have been several erroneous press reports recently speculating about the future of ZEE's planned merger with SPNI following SEBI's interim order against Subhash Chandra and Punit Goenka. We take very seriously the SEBI interim order and will continue to monitor developments that may affect the deal."
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