BUSINESS
Wheels India Q2 net down at Rs 15.14 crore
Managing Director Srivats Ram also said the company is deferring some of the earlier planned capex and cutting down the inventory level to manage the interest burden. "The Reserve Bank of India (RBI) has been raising the interest rate s (repo rate) which in turn has increased our finance cost. There is pressure on the margins though steel prices went up. The working capital was also higher," Ram told reporters here.
Global Health Ltd's IPO to open up on Thursday, price band Rs 319-336 per equity share
The price band of the offer has been fixed at Rs 319 to 336 per equity share of face value Rs 2 each. The bids can be made for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter, Medanta Chairman Dr Naresh Trehan said at a media briefing on Tuesday.
Games24x7 Ventures' launched to invest in early-stage start-ups
"With over 100 unicorns, India has the 3rd largest digital-first start-up ecosystem behind the US and China. We believe that we are very well positioned to support early-stage companies beyond just capital," Trivikraman Thampy, Co-Founder, and Co-CEO, Games24x7 said in a statement.
China rebooting Mao-era institution to prepare for decoupling from global economy
Heralding a major step away from the market-oriented economic policies of the last 40 years, the 20th Chinese Communist Party Congress earlier this month saw the elevation of Liang Huiling, who heads a state-run system of 'supply and marketing cooperatives', to the party's Central Committee, amid other signs that leader Xi Jinping is steering the country away from market economics and closer to a state-dominated economy, RFA reported.
Committed to transparency, cooperating with govt authorities: MG Motor India
According to Bloomberg, "the probe against the local unit of the Chinese carmaker SAIC Motor has been initiated by India's Ministry of Corporate Affairs". "The company's top management, including directors, managing director and auditors have been summoneda by the ministry seeking more clarification, the people said," according to the report.
'India to ensure short term finance to poor nations as G20 president'
Addressing the ICRIER's 14th annual international G20 conference, Nageswaran said that ensuring short term financial support to low income nations would be one of India's priority areas.Providing climate financing to such nations would be another area of priority for India, Nageswaran said.
40% of Indians defrauded while shopping online during festive season
The study was conducted by The Harris Poll on behalf of Norton, a global leader in Cyber safety, which released the Indian findings that explored attitudes toward cyber security and online shopping during the festive season. According to the findings, two-third of Indian adults surveyed were concerned about their personal details being compromised (78 per cent), being defrauded by a third-party retailer (77 per cent), buying or receiving a refurbished device as a gift (72 per cent), and a device they receive as a gift being hacked (69 per cent).
Samsung aims to sell 270 mn smartphones next year
According to GSMArena, the current estimate of 260 million units sold in 2022 is around 10 million more than the last year, and the company wants to increase that by 10 million next year. Samsung is reportedly concentrating on foldables in order to achieve this goal because it can increase profitability as opposed to just sheer sales volumes overall.
Hiring in India IT sector slows down 18% in Oct: Report
With the IT sector showing a decline, Bengaluru, Hyderabad and Pune showed a decline in hiring activity, according to the Naukri JobSpeak index. Apart from IT, other sectors that recorded a notable decline in hiring sentiments included telecom and healthcare. Despite the festive season, India saw a stable though flat hiring in other industries in October, led by the insurance sector.
GST collections touch Rs 1,51,718 crore in Oct, 2nd highest since April
The monthly GST revenues have been more than Rs 1.4 lakh crore for eight months in a row. The Rs 1.5 lakh crore mark has been crossed for the second time since the inception of GST, official sources said. September saw the generation of 8.3 crore e-way bills, which is significantly higher than 7.7 crore e-way bills generated in August.
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