BUSINESS
Zomato Co-founder Gunjan Patidar quits in another high-profile exit
This is the second high-profile exit at the company. In November last year, Zomato co-founder Mohit Gupta had moved on after about five years at the food aggregator. In a regulatory filing, Zomato said that Patidar was one of the first few employees of Zomato and built the core tech systems for the company.
Kia logged 47.7% growth in 2022
Kia India registered 15,184 unit sales in the domestic market last month. In the domestic market, the Seltos logged sales of 101,569 units in CY2022, the Sonet 86,251 units, the Carens 62,756 units, the Carnival 3,550 units, and the EV6 430 units last year.
Petrol export by OMCs rose 142% between 2020-21 and 2021-22
According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142 per cent more than 276 TMT of petrol exported by the country in 2020-21. In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1 per cent over the previous year.
Markets welcome 2023 on a positive note
The absence of global cues, strong macros and expectations of healthy corporate earnings provided the support to domestic equites, said Siddhartha Khemka, its Head - Retail Research. Nifty opened higher and remained in positive territory throughout the day to close with gains of 92 points at 18,197 levels. Majority sectors ended in green.
Swiggy's losses jump 2X to Rs 3,629 cr in FY22, layoffs coming
Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco.
Indian banking will maintain its growth momentum: South Indian Bank MD & CEO
"Set up in 1929, South Indian Bank has a network of 928 branches and 1,156 ATMs. The bank's advances stood at Rs 67,963 crore as on September 30, 2022 with retail, small and medium enterprises, and agricultural advances accounting for 70 per cent of the book," Murali Ramakrishnan, MD and CEO, told IANS in an interview.
CarDekho logs Rs 1,600 cr in revenue in FY22, narrows losses by 28%
A $1.2 billion unicorn, the company said it narrowed its losses by 28 per cent, to Rs 246 crore in FY22 from Rs 341 crore in FY21. The company informed that it has Rs 1,000 crore in net cash and has a clear path to achieve profitability by FY24. "The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as at March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group.
International regulation needed for crypto activities, says RBI
n it's financial stability report, which released on December 29, 2022, the central bank has said that "the turmoil in crypto assets market highlights their intrinsic volatility and structural vulnerabilities, whereas their interconnectedness with the traditional financial system is increasing". The central bank has suggested that there should be consistency at the international level on regulatory and supervisory approaches.
With prospects of slowdown, central banks may unwind the rates: SBI
According to the report, policymakers have to control inflation without harming the economy and financial markets. Higher cost of capital and thereby lower operating margins impacts the growth as well as competitive landscape favouring established market players than the new entrants, the report said. Financial markets in 2022 have remained volatile and edgy with the central banks globally in unison in a rate hike cycle. "In fact, this is in complete contrast to post global financial crisis in 2008 when all central banks had cut rates in unison, but central banks in respective countries decided to take an exit from easy monetary policy separately, India included," the SBI said.
LML to showcase EV Star at AutoExpo
"We are ecstatic to present this engineering marvel to the world and at this auto expo we envision a future where Star is embraced by consumers as a stylish and intelligent mode of commuting around the globe. Paving our way to the e-mobility solutions we are also looking forward to sharing our insights on our global company strategy," Dr. Yogesh Bhatia, MD & CEO, LML said.
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