BUSINESS
Adani Wilmar acquires popular rice brand Kohinoor
"Adani Wilmar is pleased to welcome Kohinoor brand to the Fortune family. Kohinoor is a trusted brand which represents the authentic flavours of India and is loved by consumers. This acquisition is in sync with our business strategy to expand our portfolio in the higher margin branded staples and food products segment," said Angshu Mallick, Chief Executive Officer and Managing Director of the company.
Error by Citigroup trader caused 'flash crash' in Europe markets
A flash crash is an extremely fast fall in the price of one or more assets, often caused by a trading mistake, the BBC said. Trading was briefly halted in several markets after major share indexes plunged on Monday. Nordic stocks were hit the hardest, while other European indexes also plummeted for a short time.
10-min online delivery platform Zepto raises $200 mn
Just nine months after launching, Zepto posted a record 800 per cent revenue growth in the last quarter. "We maintained a phenomenal 88-point NPS (net promoter score) and 60 per cent 'month-1 buyer retention' at scale. This execution over the past few months has made it clear to investors that Zepto will be one of the winners in Indian Q-Commerce," said Aadit Palicha, Co-Founder and CEO.
L&T Finance to grow its retail portfolio, cut real estate and infra exposure
He also said the company will look to bring in equity partners in the case of infrastructure projects. Speaking to the media, Dubhashi noted that over the last two years, the focus was on completing the real estate projects. The company explores options like bringing in a new promoter to complete a project if the existing promoter is not able to finish the project. Dubhashi said the company has an exposure of about Rs 11,000 crore in the real estate sector.
KVIC sole FMCG to post Rs 1.15 lakh cr turnover
This makes KVIC the only company in the country to record a turnover of Rs 1 lakh crore or more at a whopping Rs 1,15,415.22 crore as compared to Rs Rs 95,741.74 crore posted in the previous financial year, i.e., 2020-21. KVIC has thus registered a growth of 20.54 per cent from the year 2020-21. Compared to 2014-15, the overall production in Khadi and Village Industry sectors in 2021-22 registered a whopping growth of 172% while the gross sales during this period increased by over 248%.
Manufacturing in India will also benefit Tesla: Gadkari
Without divulging more details about what kind of benefits Tsla would get once it agrees to manufacture its cars in India, the minister said that electric vehicles will soon cost less than petrol vehicles in the country.
Hyundai, Kia report poor April sales amid chip shortage
Hyundai Motor's sales fell 12 per cent to 308,788 vehicles from 349,184 units a year earlier, while Kia's declined 5.8 per cent to 238,538 from 253,287 during the same period, reports Yonhap News Agency.
Samsung tops India smartphone market in March, aims 40% premium share
Raju Pullan, Senior Vice President, MX Business, Samsung India, said that the growth in the month of March points to a stronger double-digit growth for Samsung in the ongoing April-June quarter (Q2).
Warren Buffett won't pay even $25 for all Bitcoin in the world
Addressing Berkshire Hathaway's annual shareholder meeting, the ace investor said Bitcoin is not a productive asset and doesn't produce anything tangible, reports CNBC.
Vedanta Aluminium announces long-term sourcing of 380 MW renewable power
Some 180 MW of this RE will be for the Aluminium Smelter at Jharsuguda, Odisha, and 200 MW for the Bharat Aluminium Company (BALCO) at Korba, Chhattisgarh. This will be carried out through a Power Delivery Agreement (PDA) between Vedanta Limited (Aluminium Business) and Special Purpose Vehicles, affiliates of Sterlite Power Technologies Pvt Ltd (SPTPL), a company engaged in the business of supplying renewable power (hybrid) with solar, wind and storage solutions.
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