BUSINESS
Amul hikes milk prices by Rs 2 per litre
In a statement, Amul Dairy said in Gujarat, Delhi-NCR, Mumbai, West Bengal, its Taza milk 500 ml will cost Rs 25, Shakti 500 ml pouch Rs 28 and Gold Rs 31. Rs 2 per litre is increased for three ranges of milk." According to Amul, the hike is just a four per cent increase in price and lower than prevailing food inflation. Justifying the hike in prices, Amul said production and operation cost of milk has increased.
Global oil prices to fall to $70/barrel: Moody's Analytics
Pointing out the increase in oil prices to $120/barrel in June after Russia's invasion of Ukraine and its fall to $100/barrel in August Moody's Analytic said: "This trend will continue; we expect crude prices to fall to almost $70 a barrel by the end of next year. For the APAC region's big oil importers, notably Singapore and Hong Kong, this will ease pinching price pressures," Moody's Analytics said. According to Moody's Analytics, the impact of oil price increase has been varied for the APAC region.
Adani Logistics acquires ICD 'Tumb' (Vapi) from Navkar Corporation
The deal comprises acquisition of the operational ICD with capacity to handle 0.5 million TEUs. The associated 129 acres of land provides an additional expansion path to increase capacity and cargo in near future as additional industrial corridors and logistic parks get added along these DFC routes. The Tumb ICD has a private freight terminal with four rail handling lines connected with Western DFC and has custom notified land & bonded warehouse facilities. The acquisition based on the land value and replacement cost of existing assets is priced at an enterprise value of Rs 835 crore, implying an EV/EBITDA multiple of 7.8x (based on FY23(E) EBITDA)
WeWork co-founder's startup gets unicorn status even before launch
Marc Andreessen said., "We are excited to partner with Adam Neumann and his colleagues on Flow. Adam is a visionary leader who revolutionised the second largest asset class in the world - commercial real estate - by bringing community and brand to an industry in which neither existed before. We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes."
China's semiconductor output dips 17% in July amid US threat
According to data released by the National Bureau of Statistics, the production of integrated circuits (ICs) dropped 16.6 per cent year-on-year to 27.2 billion units last month, reports South China Morning Post. China had reported 27.5 billion and 28.8 billion units for May and June, respectively. "The weakness in chip production is a further setback for China's ambition to boost local semiconductor production and cut reliance on imported chips," the report mentioned.
Galaxy Digital terminates $1.2 bn acquisition of crypto firm BitGo
The proposed acquisition was the global crypto industry's first $1 billion deal. "Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner," said Mike Novogratz, CEO and Founder of Galaxy. "We are committed to continuing our process to list in the US and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions," he added.
Demand for 5G smartphones nosedives in Southeast Asian countries
5G deployment in developing Southeast Asian markets has been abysmal, ensuring the hype for 5G has dwindled, and demand has shifted to more practical aspects of smartphones such as battery life, storage, processor speed and camera quality, reports Canalys. "The demand for 5G devices has come to a standstill. 5G devices experienced their first sequential decline to 18 per cent of overall smartphone shipments in Q2," said research analyst Chiew Le Xuan.
Bhavish Aggarwal unveils Ola electric car with 500 km range
Aggarwal said the Ola Electric car will have a 500-km range on single change and will go from zero to 100 km within 4 seconds. "Designed to deliver a drag coefficient of less than 0.21, it will be the sportiest car ever built in India with an all glass roof," said the company. The car will be equipped with one of the most advanced computers in a 4W, assisted driving capabilities, keyless and handless doors among many other features etc, the company added.
Insider trading compliance is being track by NSE
Soon after this, NSE is tracking companies are following this compliance or not to stop insider trading. As per SEBI's regulations on insider trading prohibition, listed companies have to maintain a structured digital database (SDD) to store UPSI, which includes a range of information like financial numbers, business plan, decision to sell off a factory, merger, demerger, dividend etc that can move the stock price.
'No compliance issues' as BYJU's files FY21 tax returns, Deloitte audit report soon
The audited financial statement for FY21 from Deloitte may also be made public "within a week" as the consolidation of businesses is complete after "ironing out the complexities" as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year, according to the people close to the matter. According to them, there are "no compliance issues" as the company has filed its tax returns in the "due diligent manner" and the Deloitte audit report will be made available soon.
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