BUSINESS
Google invests in Indian reward-based payments platform Twid
Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid combines multiple loyalty/reward points across issuers such as banks, fintech firms, and retail/e-commerce brands. It allows consumers to pay at offline and online stores withA a aone-click-checkout' experience using their reward points.
Hyundai, Kia's US sales fall 11% amid chip shortage
Hyundai, its independent Genesis brand, and Kia sold 128,283 vehicles in the world's most important automobile market in July compared with 143,779 units a year ago, according to the companies' sales data. Hyundai's sales declined 11 per cent to 60,631 units last month from 68,500 a year ago. Kia's were also down 11 per cent to 62,449 from 70,099 during the same period, reports Yonhap news agency.
SpiceJet in active discussion with Middle Eastern carrier for possible stake sale
SpiceJet promoter Ajay Singh holds a stake of around 60 per cent in the budget carrier. Sources said a big Middle Eastern airline has expressed interest to pick a 24 per cent stake and a board seat in SpiceJet. A big Indian business conglomerate has also approached Singh for a stake in the airline.
Now BharatPe Co-founder Bhavik Koladiya moves on
"Bhavik Koladiya has been associated with BharatPe as an Independent Consultant, guiding our Product and Technology teams. His contract tenure ended on July 31, 2022 and he expressed his desire to spend time on other assignments outside BharatPe," the BharatPe company said in a statement.
IRDAI wants insurers to pass on cost reduction to policyholders
The Insurance Regulatory and Development Authority of India (IRDAI) has also proposed curbing of variable pay of the CEO/MD, Whole Time Directors and key management persons, if there is a deviation of over 10 per cent of actual expenses over projected one and additional solvency is not maintained as stipulated.
Uber lost $707 mn in Zomato investment this year, may sell stake for $373 mn
Uber had sold its food delivery business Uber Eats in 2020 in an all-stock transaction to Zomato for a 9.99 per cent stake in the online food delivery platform, and currently holds 7.78 per cent in the Deepinder Goyal-run company. According to reports, Uber is now likely to sell its 7.8 per cent stake in Zomato for around Rs 2,938 crore ($373 million).
Uber reports $2.6 bn loss in Q2, gross bookings at all-time high
The net loss included a $1.7 billion net headwind (pre-tax) relating to Uber's equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber's Aurora, Grab, and Zomato stakes. Additionally, net loss includes $470 million in stock-based compensation expense, said the company. "Last quarter I challenged our team to meet our profitability commitments even faster than planned � and they delivered," said Dara Khosrowshahi, CEO.
Q1 corporate earnings growth led by BFSI sector: Motilal Oswal
Studying the results of corporates tracked by it, Motilal Oswal said that the BFSI sector has driven 124 per cent of the incremental year-on-year (YoY) earnings growth during the 1QFY23 which was largely subdued. Loan growth has spiked fueled by continued momentum in retail and small and medium enterprises (SME) segments.
Adani enters industrial 5G space
ADNL secured this spectrum for 20 years in the first-ever 5G spectrum auction conducted by the Centre's Telecommunications Department. The newly-acquired 5G spectrum is expected to help create a unified digital platform that will accelerate the pace and scale of the Adani Group's digitisation of its core infrastructure, primary industry, and B2C business portfolio.
Domestic indices end flat, Sensex closes above 58,000
At close, Sensex ended 20.86 points or 0.04 per cent up at 58,136.36, while Nifty was up 5.40 points or 0.03 per cent at 17,345. PSU bank index surged 2.5 per cent on Tuesday, while IndusInd Bank, Asian Paints and NTPC were among the major contributors in the Sensex. About 1,889 shares have advanced, 1,483 shares have declined, and 122 shares remained unchanged.
Don't Miss
Advertisement