BUSINESS
Usain Bolt's startup with Indian firm's investment stops operations in US
Bolt had raised $40.2 million, along with an undisclosed investment from Chennai-based Ram Charan Company in India in May this year. According to a TechCrunch report, Bolt Mobility stopped operating in at least five US cities, including Portland, Oregon, Burlington, South Burlington and Winooski in Vermont and Richmond, California.
5G spectrum auction sees bids worth Rs 1,50,130 cr after 37 rounds
Led by Reliance Jio with over Rs 80,100 crore and Bharati Airtel with around Rs 50,000 crore worth bids, the 5G spectrum auction will continue on Monday. While Vodafone Idea has placed bids for about Rs 15,000 crore, a unit of Adani Enterprises has placed bids around Rs 5,000 crore.
PC shipments, chip sales growth face record slump this year: Report
PC shipments are set to decline by 13.1 per cent this year after recording growth in 2020 and 2021. Semiconductor revenue from smartphones is on pace to slow to 3.1 per cent growth, compared to 24.5 per cent growth in 2021. "Although chip shortages are abating, the global semiconductor market is entering a period of weakness, which will persist through 2023 when semiconductor revenue is projected to decline 2.5 per cent," said Richard Gordon, Practice VP at Gartner.
I-T raids ex-fund manager Viresh Joshi's premises
The raids were conducted on Saturday. Joshi was sacked in May by the Axis Asset Management Company over allegations of front-running. The Axis Bank had said that it had on May 4 suspended Joshi and other fund managers on the charge of alleged front-running. Joshi was on the radar of the I-T department since May after it found that the latter was in possession of a Lamborghini and luxury apartments in Mumbai.
Musk may build his own airport outside of Austin
According to sources, Musk is developing plans for a new private airport, Teslarati reported citing Austonia. Although not much is known about the timing or even the exact location, these sources said that the conceptual plans have been confirmed. The airport will be somewhere east of Austin near Bastrop, Texas. A private airport would be helpful for Musk and his companies, especially since three of them have a presence in Austin.
RCAP resolution plan submission deadline likely to be extended yet again
According to sources, few bidders, including Piramal, Torrent, Oaktree and IndusInd, have written to the RCAP Administrator to extend the deadline by 20 to 35 days. The RCAP resolution plan submission date has already been extended four times in the past couple of months. The current deadline to submit the plan ends on August 10, while the original date was May 26.
HDFC increases RPLR by 25 bps with effect from Aug 1
The hike in rate by the mortgage lender came before the Reserve Bank of India's (RBI) monetary policy meeting, which is to be held between August 3 and August 5. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022," the exchange filing said.
India's 5G auction hits Rs 1.5 lakh cr, bids to continue: Ashwini Vaishnaw
Led by Reliance Jio so far, the 5G spectrum auction by the Department of Telecom (DoT) received bids for more than Rs 112 crore in seven rounds on day 5. Addressing the 'Telecom Investors Roundtable' in Mumbai, Vaishnaw said that there is no upfront paymentA and the winning telecom companies can pay the money over a period of 20 years.
Indian Bank Q1 net profit at Rs 1,213 crore
According to Indian Bank, it had earned a net profit of Rs 1,213.44 crore for the period ended June 30, up from Rs 1,181.66 crore earned during the corresponding period of the previous year. During this period, the bank's advances grew by nine per cent to Rs 425,203 crore over Rs 389,626 crore a year ago, primarily driven by the growth in the retail, agriculture, and MSME segments. Indian Bank's total deposits grew by eight per cent to Rs 584,251 crore as compared to Rs 540,082 crore during the corresponding period a year ago.
ED attaches assets worth Rs 3.92 cr of ex-Odisha MLA, media firm
The ED has provisionally attached movable as well as immovable assets worth Rs 3,92,20,000 belonging to Pravat Ranjan Biswal, erstwhile MLA, Cuttack and Media Guru Consultants Pvt Ltd under PMLA, 2002 in a ponzi scam case. The total attachment in the case is now Rs 261.92 crore, the agency said in a tweet. According to a statement issued by the ED, the attached assets include bank balance of Rs 25 lakhs at SBI Cuttack Branch belonging to Biswal and one immovable property belonging to Media Guru Consultants in Noida.
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