BUSINESS
India's NHPC to sell energy to PTC produced in Nepal
According to a statement, the MoU was signed by A.K. Singh, CMD, NHPC, and Rajib K. Mishra, CMD, PTC India Limited. The estimated cost of the two projects, according to the Investment Board, is $2.4 billion. Nepal has awarded the much-talked West Seti and Seti River projects to India through a negotiation window, nearly four years after China pulled out.
Snap laying off around 1,280 employees amid poor growth
According to a report in The Verge citing sources, the layoffs that started from Wednesday will hit some verticals harder than others. Snap currently has more than 6,400 employees, which means nearly 1,280 employees will be shown the door. The company declined to comment on the layoffs.
RIL announces plan to move into $100 billion FMCG market
Morgan Stanley said in a report that RIL has private label brands across F&B, HPC and BPC segments that are currently sold via its own retail channels. "We believe the company will have to invest in brand building and marketing to transform this business from private label to full-fledged FMCG operations. Growth in the FMCG category is a function of both volume and market share gains," Morgan Stanley said.
CCI clears Caladium's 7.49% stake buy in Aditya Birla Fashion
"Competition Commission approves acquisition of approximately 7.49 per cent shareholding in Aditya Birla Fashion and Retail Limited on a fully diluted basis by Caladium Investment Pte. Ltd (GIC Investor) by way of preferential issuance of equity and warrants," a statement issued by the competition watchdog said.
Amazon India's growth has come at a high cost while profitability remains elusive
India is often the dream prized market of many global internet companies, yet also one of the most challenging to unlock -- just ask the Chinese apps. "Who can forget Jeff Bezos' 2014 visit standing on top of a colorful lorry announcing a $2 billion investment? But nearly a decade later, Amazon India's report card is decidedly mixed," the report said.
NDTV scrip galloping since Adani's open offer
The scrip has been on the upswing since August 23, the day on which the Adani group's AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd's (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR Holding Private Ltd, the investment company of NDTV promoters - Prannoy Roy and Radhika Roy.
Investors will monitor impact of inflation, front-loading of rate hikes by RBI on domestic demand: BoB report
In the coming days, global markets will react to incoming data from the US, Europe and China to assess the impact of consistent rate hikes by major central banks. Energy crisis in Europe and increasing bills of utilities, food, beverages in the UK will affect consumption demand in the area, thus increasing the risk of recession. China's looming property crisis will add to global woes.
Whistleblower's testimony justifies move to kill $44 bn Twitter deal: Elon Musk
In a new termination letter filed with the US Securities and Exchange Commission (SEC), Musk's legal team said that Zatko's allegations, if true, "demonstrate that Twitter has breached the following provisions of the Merger Agreement, thereby giving the Musk Parties the right to terminate the Merger Agreement pursuant to its terms".
Bond yield eases in early trade ahead of GDP data
At 1.40 p.m., the yield on 10-year benchmark 6.54 per cent-2032 bond yield was trading at 7.2046 per cent as compared to 7.2534 per cent closed on the previous trading session. The GDP data for April-June is scheduled to be released on Wednesday. Indian markets will remain shut on Wednesday on account of Ganesh Chaturthi.
Slower spending, turbulent economy making business planning difficult for CEOs
The CEOs who plan for "business as usual" modest spending increases in the year ahead will fall short, according to Forrester. "Leaders are faced with navigating a tumultuous business landscape defined by global unrest, supply chain instability and soaring inflation, as well as the ongoing aftermath of the pandemic," said Sharyn Leaver, chief research officer at Forrester.
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