BUSINESS
V-Guard to acquire Sunflame Enterprises for Rs 660 crore
The all-cash deal is expected to close by mid of January 2023, said a top V-Guard official and it would be funded through a mix of internal accruals and debt. The acquisition is in line with V-Guard's strategy to become a significant player in the domestic Kitchen Appliances segment.
Elon Musk could lose world's richest person title
Shares in the electric car company traded at $340.79 on April 13, the day before Twitter revealed in a securities filing that the
billionaire had made a hostile bid to buy the social media company for $43.4 billion, the Guardian reported. Since then the Tesla share price has plunged by 49 per cent to $173.44, also due to concerns around disruptions at one of its factories in Shanghai.
Instant grocery delivery app Getir acquires rival Gorillas for $1.2 bn
The Financial Times first reported that Getir has closed the acquisition of its competitor. "Markets go up and down, but consumers love our service and convenience is here to stay. The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago," Getir Founder Nazim Salur said in a statement.
PM to inaugurate 1st phase of Mumbai-Nagpur Super Expressway on Sunday
The 520 km-long Phase I is part of the total 701 km Super Expressway project linking the state capital Mumbai with Nagpur, passing through 10 districts. Being constructed at a cost of around Rs 55,000 crore, it is among the country's longest greenfield six-lane expressway and will slash the travel time between the two cities from the existing 16 hrs to just eight hrs.
FTX CEO secretly gave $27 mn to crypto news site The Block, its CEO
Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered, according to Axios. McCaffrey has resigned after "failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried's Alameda Research", The Block said late on Friday.
Next Fed rate hike will amplify recession: Musk
"If the Fed raises rates again next week, the recession will be greatly amplified," he said in a tweet. Several users expressed their thoughts on Musk's post. While one user commented: "No one seems to be noticing that the amount of power consolidated solely in Elon's hands is alarming," another said: "That's true, but if the #Fed doesn't raise rates #inflation will be greatly amplified.
Adani Group to have its nominees on NDTV Board
RRPR Holding hold 29.18 per cent stake in NDTV. The appointment will be considered in the next meeting of Board of Directors, scheduled to be held on December 23, NDTV said. With the Adani Group acquiring 99.5 per cent stake in the RRPR Holding, the latter's original promoters Prannoy Roy and Radhika Roy resigned as Directors recently.
Reliance Capital lenders finalise e-auction plan for bidders
The e-auction will begin on December 19, and will be an ascending auction process. The bid price of Rs 5,300 crore quoted by the Cosmea-Piramal consortium will be the base price for the planned auction, and in the round one, the bidders will have to bid Rs 1,000 crore more than this base value of Rs 5,300 crore.
BSNL's total net loss Rs 57,671 crore since inception
As per the Ministry of Communication, the reasons for losses of the BSNL and the MTNL are high employee cost over the years, debt burden, stiff competition in the market, and lack of 4G services (except on a limited basis in certain areas). On October 23, 2019, the government approved the revival plan for BSNL and MTNL.
Ashneer takes on BharatPe Co-founder Nakrani amid Rs 88 cr fraud case
In a tweet, Ashneer Grover said: "Doglapan: Shashvat (Co-Founder) to me. Bhai degree poori karni hai. Ek saal office bunk kar ke IIT poora kar leta hoon. Secondary kara dena aur salary bhi mat rokna - investor ko mat batana (Shashvat told me he has to complete an IIT degree so he wants to bunk office for 1 year to complete it. He asked me not to stop my salary and not inform investors either)."
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