BUSINESS
Credit growth likely to remain robust
Strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins. However, it will put pressure on Core Equity Tier 1 ratios (CET1) should credit growth exceed Fitch's expectations, limiting buffers to absorb potential future losses.
India now biggest smartwatch market globally
"India's smartwatch market grew 171 per cent (year-over-year) in Q3 2022 to become the biggest market in the world. The main factor behind the record quarter was India's festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth," said Senior Analyst Anshika Jain.
Urban Company grants shares worth Rs 5.2 cr to 497 gig workers
Of the total recipients, about 30 per cent were female service partners from the beauty and wellness vertical. Bengaluru had the highest number of partner shareholders with 26 per cent, followed by Delhi-NCR with 22 per cent, the company said in a statement. The company in March announced the PSOP programme for its service providers, where it will award stocks worth Rs 150 crore at near zero cost to thousands of service partners over the next 5-7 years.
10 major trade unions boycott pre-budget meeting with Nirmala Sitharaman
In a letter to Sitharaman on November 25, the unions had threatened to boycott the meeting after the Finance Ministry allotted them the minutes each to put across their views before the Minister. They had termed the time slot of three minutes allotted for each union to forth their budget demands as a "cheap joke".
Vivo fined Rs 25 lakhs for violating GRAP rules
GRAP Stage III bans all construction activities except those of national need or importance. Fines are being imposed by the State Pollution Control Board (PCB) on those found violating the rules. Vivo Mobile India Pvt Limited was fined by the Uttar Pradesh PCB for violating the GRAP rules by constructing its production unit in Sector 24 of Yamuna Authority.
Centre receives Rs 5,001 crore as dividend from ONGC
This was informed by Secretary in the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey.On November 11, the government had received about Rs 690 crore from Bharat Petroleum Corporation Limited (BPCL) as dividend tranche.
Indian markets touch new highs on Monday
The Sensex of BSE on Monday touched a record high of 62,661.40 points. The Sensex opened at 62,016.35 points and touched a high of 62,661.40 points and a low of 61,959.74 points during the day. The Sensex had previously closed at 62,293.64 points. After coming below the 62,000 points, the Sensex rallied up to cross again that milestone and later came down.
Simplilearn acquires US-based Fullstack Academy, aims $200 mn in revenue
The acquisition, said the company, will help it drive revenue growth to $200 million by FY24, of which 70 per cent is likely to come from global markets. "Through Fullstack Academy's wide-spread footprint in the US and its strong partnerships with top universities, we are confident that this collaboration will enable us to accelerate our global expansion plans," said Krishna Kumar, Founder and CEO, Simplilearn.
Zoomcar appoints Naveen Gupta as Country Head for India
In his new role, Gupta will be responsible for all aspects of growth, operations and customer experience for the company in the country. "His diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale the India business," said Greg Moran, CEO and Co-Founder of Zoomcar. In February this year, Bengaluru-headquartered Zoomcar had elevated Nirmal NR as the CEO for India market.
Food-tech venture Pluckk records $5mn annualised revenue run rate in Oct
The revenue growth was driven by the launch of the PLUCKK app in April which contributed to its stellar growth with 100k downloads in just three months. The company also announced its expansion in Delhi-NCR, where the pilot has already started in Gurugram and future plans include expansion in Pune and Hyderabad by end of FY 23-24.
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