BUSINESS
Swiggy, Zomato invest in restaurant management platform UrbanPiper
The platform aims to use the funds to scale its product and engineering teams and looks to expand to more than 200,000 restaurant locations globally in the next two years. "With this investment, we will continue to widen UrbanPipera's offerings to meet many more digital opportunities in the restaurant ecosystem, along with bolstering our platform capabilities," said Saurabh Gupta, CEO, UrbanPiper.
Indices fall sharply in early trade, Sensex declines nearly 1K pts
Consumer Price Index or retail inflation rose steeply in March to 6.95 per cent, which was above Reserve Bank of India's upper tolerance band of 6 per cent for three consecutive months. At 9.36 a.m., Sensex was at 57,368 points, down 970 points or 1.66 per cent, whereas Nifty at 17,220 points, down 256 points or 1.46 per cent.
Sequoia Capital India to take tough action against frauds at Indian startups
One of the biggest investors in the Indian and Southeast Asia startup ecosystem, it said that recently, some portfolio founders have been under investigation for potential fraudulent practices or poor governance. "These allegations are deeply disturbing. We have always strongly encouraged founders to play the long game. We focus on the enduring, and discourage focussing on vanity metrics. Despite that we find some counter-examples of what we espouse," the VC said in a blog post.
Price Woes: Sustained inflationary pressure to dent equities
Besides, the underwhelming corporate results till now along with the recent rise in global crude oil prices and a weak rupee are expected to support this trend. "Sustained high inflation and tightening monetary policy globally are bringing caution among the participants," said Deepak Jasani, Head of Retail Research, HDFC Securities.
Presence of PM Modi at Bengal business summit uncertain
A state government official told IANS that nothing final has been confirmed by the Prime Minister's Office to the state secretariat on this count as on date. As per Press Information Bureau (PIB)'s official tour information of the Prime Minister, he is slated to be in his home state Gujarat from April 18 to April 20. "However, we are still hoping that the Prime Minister might attend the meeting on April 20 morning coming from Gujarat," the official Said.
Tender issued for India's first standalone RE storage system
It is a first of its kind tender in the country in such a category which is aimed to provide power distribution companies with storage facilities to be used on an "on-demand" basis. This tender marks the first tranche of the government's immediate target of setting up 4,000 MWh of battery storage capacity as part of achieving increased penetration of renewable energu in the national grid.
Global IT, business services market to grow 5.6% in 2022
The market will continue to expand throughout the next few years at a rate of 4-5 per cent, representing an overall increase of 40 to 80 basis points each year, pushing the market's long-term growth rate to 4.6 per cent. Asia-Pacific's growth outlook improved by 0.9 percentage points in 2022, largely due to China and other developed Asian markets like Australia, Japan, Singapore and South Korea.
Twitter board must be concerned about other bidders not me: Musk
He was reacting to a follower who said that the Twitter board has threatened to dilute their shareholder's stake in the company which is a sort of criminal negligence. The Musk follower commented: "The Twitter Board, excluding Jack Dorsey, only owns 0.12% of Twitter. They have not only, behind closed doors, rejected @elonmusk's offer to purchase the company 20% above market value.They have threatened to dilute their shareholder's stake in the company. Criminal negligence?"
Swamped by smuggled goods, Mizoram traders seek access to Myanmar
Traders on both sides of the border are keen to resume the India-Myanmar trade through the Moreh and Zokhawthar trading points to curb the rampant illegal trade in various items, especially highly addictive drugs. Moreh in Manipur and and Zokhawthar in Mizoram are the two important international trading points along the 1,643-km long India-Myanmar unfenced border.
Propping Growth: Low macro lending rates to keep rupee under pressure
Accordingly, the low macro-lending rates have pushed bond yields higher and stroked further inflationary fears, thereby, hurting rupee's prospects. "Rupee is expected to weaken a bit further as the central bank (RBI) has chosen to support growth and kept rates unchanged," said Sajal Gupta, Head Fx & Rates at Edelweiss.
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