BUSINESS
Indian consumer brands set to hike prices by 5-7% amid shipments delays
The electronics industry worldwide continues to face raw material shortage given the ongoing Covid situation in China. "In the near future, we do see a grim scenario in India if the current, 4-5 weeks delay in shipments continues," Avneet Singh Marwah, CEO of Super Plastronics Pvt. Ltd (SPPL), told IANS. "The shortage of raw materials has caused major instability in prices and as a company, we will also have to hike our prices by 5-7 per cent," he added.
LIC IPO Day 2: Issue subscribed 1.02 times, policyholders' quota over 3 times
It received bids for 16.48 crore equity shares against offer size of 16.2 crore equity shares, reports said. The portion alloted for policyholders portion has been subscribed 3.07 times, employees 2.2 times, and retail investors subscribed 92 per cent, while QIBs at 40 per cent. The long-awaited Initial Public Offering (IPO) for the LIC will remain open for subscription till May 9.
Essar sets up Vertex Hydrogen to help drive energy transition in UK
Led by Essar as the majority shareholder, Vertex Hydrogen has been formed to provide the catalyst for development of a hydrogen economy across North West England and North Wales, as a central part of the HyNet decarbonisation cluster. This initiative is a core part of a wider strategy by Essar globally to focus on investing in energy transition through the transformation of existing portfolio companies, and investments in new ventures. Providing low carbon hydrogen across North West England and North Wales
Alibaba lost $26 billion in market value within minutes after a man named 'Ma' was detained
According to China's state broadcaster CCTV, the suspect was placed under "compulsory measures" on April 25 on suspicion of "colluding with overseas anti-China hostile forces" to "incite secession" and "incite subversion of state power". The one-sentence report, which was swiftly picked up by other state media outlets and alerted across Chinese news platforms, triggered panic selling in Hong Kong, erasing an estimated $26 billion from Alibaba's market value within minutes, CNN reported.
TECHART, the global premium brand for personalising Porsche models forays into Indian market
Driven by the highest demands on design excellence, extraordinary technology development competence and responsible attitude towards emotion and reason, TECHART is the specialist for refining Porsche cars and stands for some of the fastest, powerful, and yet everyday friendly sports cars.
Garuda Aerospace to export 12K drones, L1 bidder in RITES
He also said the delivery of grocery packages in Bengaluru for food and grocery player Bundl Technologies Pvt Ltd known by its brand Swiggy is expected to happen soon. "We are entering the African market. We have signed an agreement with a distributor there to source about 4,000 drones. We have also received signed confirmation orders now of over 8,000 drones from countries like Malaysia, Panama and UAE," Agnishwar Jayaprakash, Founder & CEO
Qantas to acquire aviation service company in $444mn deal
The deal would see Qantas purchase a remaining 80 percent stake in the company after buying 20 per cent at the beginning of 2019, reports Xinhua news agency. The deal would see Qantas acquire Alliance's fleet of around 70 Fokker jet aircraft, each with a seating capacity of 100. The Fokker is well suited to small-scale charters, such as flying workers out to Australia's remote mining sites.
LIC once listed would result into increased transparency: Moody's
It will, in turn, boost its capacity to generate and grow capital internally. "We see the arrival of external shareholders with experience of the insurance industry as a further key benefit of the IPO. We believe the presence of foreign stakeholders will bring particular benefits in the areas of capital adequacy, financial flexibility and governance standards, enhancing LIC's credit profile," Moody's said.
India's used smartphone market to reach $10 bn by 2026
Overall used electronics market is likely to grow at a 16 per cent compound annual growth rate (CAGR) to be worth $11 billion by 2026, according to Bengaluru-based market research firm Redseer. "The growing popularity of e-commerce platforms for used and refurbished smartphones is driving the market demand," said Siddharth Surana, Engagement Manager, Redseer Strategy Consultants.
Auto industry not out of woods, RBI's move to make loans costlier: FADA
Comparing the auto sales in April 2022 with that of April 2019 FADA President Vinkesh Gulati said the sector is still not out of the woods as overall retails were down by minus six per cent. Apart from PV (passenger vehicle) and tractors which grew handsomely by 12 per cent and 30 per cent, two/three wheelers, commercial vehicles are yet to turn green as these categories were down by minus-11 per cent, 13 per cent and 0.5 per cent, respectively, Gulati said.
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