BUSINESS
Garment producers demand Rs 2 bn dues from Kishore Biyani's Future Group
The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned Biyani of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas Utagi said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022.
CCI nod to acquisition of 100% equity share capital of L&T IDPL and KTL
As per the CCI, the Proposed Combination envisages the acquisition of 51 per cent and 49 per cent of equity share capital of L&T IDPL from Larsen and Toubro Limited and CPPIB India Private Holdings Inc., respectively, by ECPL; and 100 per cent of the equity share capital of KTL (a wholly-owned subsidiary of L&T IDPL) by IYP II.
Early-stage investment in India to grow as gaming, EVs & AI top picks: Report
The interest in early-stage startups is due to the fact that overall funding saw a drop in 2022 led by a drop in late-stage large deals, according to a report by Bain & Company. 2023 will likely see the emergence of a more resilient ecosystem as stakeholders remain cautiously optimistic. SaaS and fintech will remain significant while regulatory oversight may have some impact on Fintech,
CCI okays acquisition of METRO Cash, Carry by Reliance Retail Ventures
The proposed combination involves acquisition of 100 per cent of the issued and paid-up equity share capital of METRO Cash and Carry India Private Limited (Target) by the Reliance Retail Ventures Limited (Acquirer). The Acquirer is a subsidiary of Reliance Industries Limited. The Acquirer, through its subsidiaries and affiliates, is engaged in the wholesale and retail sale of products across categories such as food and groceries
Paytm UPI LITE crosses 2 mn users with over half a million daily transactions
The Bank recorded over half a million daily transactions for Paytm UPI LITE through the Paytm app, it said in a statement. "We have seen great adoption of Paytm UPI LITE, having crossed the milestone mark of over 2 million users within a short span of time," said a Paytm Payments Bank spokesperson. "With Paytm UPI, we bring lightning-fast payments that never fail, powered by the latest UPI LITE technology and the security of Paytm Payments Bank," the spokesperson added.
Moody's warns of more pain ahead for US banking system
Moody's cut its outlook for the sector to "negative" from stable, warning of "a rapid deterioration in the operating environment". The downgrade came as banking shares in the US and Europe rebounded following earlier losses, BBC reported. But Moody's said some other banks faced risks of customer withdrawals.
Developer most sought-after job role in India amid tech layoffs
Despite the layoffs, technology job roles still account for 15 of the top 20 titles in the country, according to data from job portal Indeed. The job roles that have seen the highest growth since pre-pandemic are data engineer (353 per cent), site reliability engineer (260 per cent), assistant engineer 254 per cent), application developer.
Bring back you money, new Silicon Valley Bank CEO urges depositors
In a Zoom meeting with select investors and limited partners (LPs), he also asked for new deposits, saying that both existing and new deposits will be protected by the Federal Deposit Insurance Corporation (FDIC), reports TechCrunch. There's no safer place in the United States, or any bank in the United States for deposits.
Toys 'R' Us shuts Hyderabad store within 24 hours
The over 4,000 square feet store was opened in Sarath City Capital mall on March 11 but closed the next day. The mall owners reportedly pulled the plug on Toys 'R' Us due to a no-compete clause with another global toy retailer, which already had a store in the same mall. Toys 'R' Us has been launched in India in two formats - Toys 'R' Us, which is the world's leading toy store, and Babies 'R' Us, a one-stop destination for baby essentials.
Govt realises disinvestment receipts of Rs 31,107 crore in FY23
The disinvestment of the government equity in central public sector enterprises (CPSEs) largely depends on market performance, investor interest and market valuation of CPSE stocks, the Centre said in a written reply to a question in the Rajya Sabha. During 2018-19 and 2020-21 disinvestment receipts increased as percentage of RE and during 2019-20, 2021-22 and 2022-23 disinvestment receipts declined as percentage of RE due to the Covid-19 pandemic and geo-political turmoil resulting in very volatile market conditions, it added.
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