BUSINESS
CCI approves LIC AMC's acquisition of management rights over IDBI MF schemes
The proposed combination entails LIC AMC's acquisition of the rights to manage and administer the schemes of IDBI MF from IDBI AMC, and LIC Mutual Fund Trustee Private Ltd's (LIC TC) acquisition of the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company Ltd (IDBI TC).
Indian-origin Intel GPU chief Raja Koduri quits to form generative AI startup
In a tweet, Koduri said he will embark on a new chapter in life. Intel hired him from AMD in 2017. "Thank you Pat Gelsinger (Intel CEO) and @intel for many cherished memories and incredible learning over the past 5 years. Will be embarking on a new chapter in my life, doing a software startup. Will have more to share in coming weeks," he posted.
Mukesh Ambani 9th wealthiest in the world, Adani at 23rd rank
For the third consecutive year, Ambani retained the wealthiest Asian title. With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani & family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank. Adani also lost the second richest Asian title in 2023.
India to cross $10 billion worth mobile exports in FY22-23, Apple leads at 50%
According to the India Cellular and Electronics Association (ICEA), Apple's 'Make in India' smartphone now constitute 50 per cent of total exports. Samsung is second with 40 per cent mobile exports while other smartphone players constitute 10 per cent export share. Smartphone exports from India have doubled from a corresponding period from last fiscal year, driven by production-linked incentive (PLI) schemes.
Cement Cos. may hike price in April, fuel costs go down
Based on the interaction with the channel partners, MOFS said the cement manufacturers may announce discounts/schemes to meet their year end volume target. In a research report, MOFS said the cement companies may hike their prices early April, 2023. The cement players attempted price hikes in Feb-Mar'23; however, a significant portion of the hikes was reversed by offering discounts, incentives and price cuts.
Will safeguard Web3 firms, crypto users with robust blockchain: Binance
Jarek Jakubcek, Head of Law Enforcement Training at Binance said that "our goal is to build a safe blockchain ecosystem for all users." "In 2023, Binance will continue supporting and expanding initiatives such as the Global Law Enforcement Training Program and Joint Anti-Scam Campaign," he added. The crypto exchange increased the.
S&P Global Ratings to answer questions on Adani Group
In a statement issued, S&P Global said investors seek clarity on the credit impact of a string of allegations against the group in a short-seller report published in late January, and on the findings of a recently launched Supreme Court investigation. "Like much of the market, we are waiting for more information about the Adani Group before deciding the direction of our ratings. We believe further details on governance and funding risks over the next 12-24 months would drive the ratings," said Credit Analyst Abhishek Dangra.
Pakistan averts default on payments to Kuwait
The Economic Coordination Committee (ECC) of the cabinet, which approved the supplementary grant to settle the diesel payments, also sanctioned another 2.9 billion PKR to partly offset the wheat shortage in the Gilgit-Baltistan region, The Express Tribune reported.
The two decisions by the cabinet body show the extreme economic difficulties that the government is facing in avoiding a default in one area but ending up creating troubles in others.
India's neckband market declines 9% in 2022, boAt leads
Homegrown boAt led the market with a 27 per cent share, while OnePlus and realme took the second and third spots, respectively. Indian consumers now prefer Truly Wireless Stereo (TWS) devices over neckbands, especially due to their sleek design, features and affordable prices. However, the demand for neckbands is still strong in the.
IFC to invest Rs 600 crore in Mahindra & Mahindra's new last-mile EV firm
IFC's first investment in an EV manufacturer in the country, and the first in electric three-wheelers globally, will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore. The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo.
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