BUSINESS
BYJU's clears Rs 2,000 cr dues to VC firm Blackstone in $1 bn Aakash deal
People close to the development told IANS that BYJU's paid the remaining dues to Blackstone within the extended deadline that ended on September 23. According to BYJU's financial report FY21, "as per the terms of the agreement for acquisition of Aakash Educational Services, consideration to the extent of Rs 1,983 crore was due to be paid by the company to the sellers in June, 2022. This has been deferred to September 23, 2022".
Flipkart festive sales witness record 1.6 mn users per second
The number of Flipkart Plus customers using Early Access during the sale also saw a healthy growth as compared to last year's event, according to the company. Categories like laptops, smartwatches and true wireless wearables witnessed the highest demand, while makeup and fragrance category also saw high traction.
Dow tumbles as recession fears mount
The Dow opened below 30,000 points, a level it briefly breached Thursday. If the Dow ends the day below 30,000, it would be the first time it closed below that barrier since June 17. And a somewhat more sizable plunge could land the index at on a two-year low on Friday.
UK unveils biggest package of tax cuts in 50 years
Income tax and stamp duty on home purchases will be cut, while planned rises in business taxes have been scrapped, BBC reported. UK Chancellor Kwasi Kwarteng said a major change of direction was needed to kick start economic growth. But the Labour party said it would not solve the cost-of-living crisis and was a "plan to reward the already wealthy".
Productivity paranoia making hybrid work unsustainable: Microsoft
"This has led to productivity paranoia: where leaders fear that lost productivity is due to employees not working, even though hours worked, number of meetings, and other activity metrics have increased," according to the Microsoft's 'Work Trend Index Pulse' report.
Rupee ends 13 paise down against US dollar at 80.99
"Indian rupee marked the biggest weekly decline after April 2021 amid a stronger dollar index and risk-off moods. There seems to be no turning back for the dollar as it made a fresh two-decade high and, in turn, pushed the rupee to a record low level," Dilip Parmar, Research Analyst, HDFC Securities said.
Draft telecom bill will curtail TRAI's power, needs critical review: BIF
Broadband India Forum (BIF) said in a statement that the draft bill proposes to remove "non-obstante provision and provisos to Section 11(1) of the TRAI Act". The industry body claimed that the existing provisions pertain to regulatory safeguards and maker and checker balance, which have been instrumental in bringing the sector to where it is today.
Blood bath on Dalal Street, Sensex crashes more than 1,000 points
At close, Sensex was 1,020.80 points, or 1.73 per cent, down at 58,058.92, and Nifty closed 302.45 points, or 1.72 per cent, at 17,327.35. As many as 2,497 shares declined, 983 shares advanced, and 107 remained unchanged. The Power Grid Corporation of India, Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, and NTPC were major losers on the Sensex.
RBI expended about $80bn or 15% of reserves moderating rupee fall
The RBI has expended around $80 billion -- about 15 per cent of reserves -- moderating the rupee fall and that was the apt policy choice then. As RBI was selling down dollars, the excess liquidity (as reported at LAF window) normalised from a Rs 8 trillion surplus to a Rs 1 trillion deficit presently. This was in sync with its policy normalisation move as well.
Tata Steel to amalgamate seven companies with itself
In a regulatory filing, Tata Steel said its Board of Directors at a meeting held on Friday has approved the seven schemes of amalgamation.
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