BUSINESS
Wholesale price index-based inflation falls to 2-year low of 4.95%
WPI-based inflation was 5.85 per cent in November 2022. "Fall in prices of food articles, mineral oils, crude petroleum and natural gas, food products, textiles and chemicals & chemical products contributed to a slide in wholesale price index-based inflation," a statement issued by the Union Commerce Ministry said.
Wheels India starts exports of wheels rolled out with advanced flow form technology
The company said the flow form technology involves the application of pressure to the inner barrel of the wheel while spinning and after it has been casted. This process stretches and compresses the aluminum, which increases tensile strength. Wheels India rolls out cast alloy wheels with this technology, the company said.
Indian startups need to reserve cash, listen to customers to stay afloat
On the occasion of the 'National Startup Day', envisioned by Prime Minister Narendra Modi last year, industry experts said that the founders must continuously monitor the trends which are happening in the world. Indian startups fired more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty.
'David' Torrent in battle with 'Goliath' hindujas for Rcap buy out
IIHL, a part of Hinduja Group, is the highest bidder with a bid value of Rs 10,000 crore which includes an upfront cash offer of Rs 9,000 crore. In comparison, the value of Torrent's resolution plan is Rs 8,640 crore, which the company bid at the Challenge Mechanism conducted by the COC on December 21, 2022. Hinduja is one of the leading conglomerates with presence in multiple sectors of the economy including finance, automobiles, oil & chemicals, IT, media, power, healthcare, trading etc.
Will markets rally pre-budget now
With gains on just two of the three trading sessions, they could do so much and no more. BSESENSEX gained 360.81 points or 0.60 per cent to close at 60,261.18 points. NSENIFTY gained 97.15 points or 0.54 per cent to close at 17,956.60 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.5 per cent, 0.5 per cent and 0.49 per cent respectively. BSEMIDCAP was up 0.02 per cent while BSESMALLCAP was up 0.26 per cent.
Meta, Microsoft vacating offices in Seattle amid remote work, layoffs
The Seattle Times reported that Meta is reviewing "leases for Seattle-area office buildings." Facebook has confirmed plans to sublease its offices in downtown Seattle and in the Spring District in Bellevue. Microsoft also confirmed that it won't renew its lease at the 26-story City Center Plaza in Bellevue when that lease ends in June 2024, the report mentioned.
G-20's 1st Infrastructure Working Group meeting to discuss infra agenda
The forum will bring together the IWG member countries, guest countries and international organisations invited by India to discuss the 2023 Infrastructure Agenda under the Indian G20 Presidency. The meeting will be hosted by the Department of Economic Affairs, Ministry of Finance, along with Australia and Brazil as the co- chairs.
From being 'mildly terrifying' to doing homework, is ChatGPT a boon or curse?
The chatbot is creating realistic, intelligent-sounding and humorous text in response to user prompts. Thousands of such conversations with the AI chatbot, developed by Microsoft-owned OpenAI -- which has evolved from earlier avatars to a bit more sophisticated one -- are floating around on social media platforms, leaving people amused, entertained, confused as well as alarmed.
Goyal warns of strict action against those found involved in corruption
In his speech, Goyal directed the Secretary, Department of Food and Public Distribution to monitor the transformation of FCI and Central Warehousing Corporation every week and to update him on the status on a fortnightly basis. He said strict action has to be taken against the officials who do not cooperate with or delay the transformation process.
Rural commerce tech platform VilCart raises $18 mn in funding winter
Nabventures Fund and Texterity Private Limited also participated in the round. "VilCart aims to bridge the gap between rural consumers and to the manufacturers/primary market by building a strong network. With the new investment, we aim to scale our operations to the entire South India," said Prasanna Kumar, Founder, VilCart.
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