BUSINESS
BYJU'S appoints ex-Facebook tech lead Majid Yazdani as VP
Edtech company BYJU'S on Monday announced the appointment of Majid Yazdani as Vice President at BYJU'S Lab to propel and further shape the future of education. Yazdani will work on personalisation and other AI applications to the education sector. He will also be responsible for incubating new ideas and delivering breakthrough solutions across BYJU'S ecosystem of learning products at the Lab.
Adani Green raises $288 mn construction facility, increases construction revolver pool to $1.64bn
The facility will initially finance the 450 MW hybrid portfolio of solar and wind renewable projects that AGEL is setting up in Rajasthan, India. In March 2021, AGEL had closed a $1.35 billion construction revolver facility in one of Asia's largest project financing deals. According to the definitive agreements, seven international banks – BNP Paribas, Coöperatieve Rabobank, Intesa Sanpaolo, MUFG Bank, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.
Qatar Airways' Delhi-Doha flight makes emergency landing in Karachi
Accordingly, the Qatar Airways flight QR579 was diverted to Karachi after it declared an emergency due to the indication of smoke detected in the cargo hold. "The aircraft landed safely at Karachi where it was met by emergency services and passengers disembarked orderly via stairs," the airline said in a statement. The flight took off from Delhi at 3.50 a.m. on Monday and landed at Karachi at 5.30 a.m.
Equity indices a tad down in early trade
At 9.48 a.m., Sensex was 0.1 per cent or 71 points down at 57,793 points, whereas Nifty 0.1 per cent or 10 points down at 17,277 points. After a sharp decline in the wake of the Russia-Ukraine war, the Indian equity benchmark Sensex had increased over 5,000 points in the past eight trading sessions since March 8. During the said time period, Nifty rose over 1,400 points.
Reliance Retail acquires majority stake in innerwear brand Clovia
Launched in 2013, Clovia is India's leading innerwear and loungewear for women. The acquisition entails an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment. The remaining stake in the company will remain with the founding team and management of the company, a statement said.
India's forex reserves plunged by over $9.6 bn, steepest dip in 2 yr
India's foreign exchange reserves have plunged by over $9.64 billion during the week that ended on March 11. Accordingly, the Reserve Bank of India data showed that India's forex reserves fell to $622.275 billion from $631.920 billion reported the previous week. According to analysts, a likely intervention by the Reserve Bank of India to arrest the sharp fall in rupee value against the US dollar depleted the reserve.
Former supply chain buyer's fraud, kickbacks cost Apple $10 million
A former Apple employee has allegedly defrauded Apple out of $10 million, according to federal authorities, by using his position as a supply chain buyer to obtain kickbacks and to make Apple pay for undelivered goods and services.
CAIT urges Centre to rationalise BIS standards, GST slab on footwear
"India is a land of diversity where consumers range from an ordinary person to most affluent class and their purchase behaviour is more as per their economic strata and therefore they can't be governed by a single yardstick, and therefore any policy or tax imposition should be levied accordingly in order to provide equitable strength to everyone ," said Secretary General of the traders' body Praveen Khandelwal.
India looking beyond conventional markets to export wheat
"India is in final talks to start wheat export to Egypt, while discussions are going on with countries such as Turkey, China, Bosnia, Sudan, Nigeria, Iran, etc to start wheat export," a meeting of the stakeholders called by the Agricultural and Processed Food Products Export Development Authority (APEDA) was informed. The export of wheat recorded a huge surge at $1,742 million during April-January 2021-22.
Suzuki Motor to invest $1.3 bn for EV production in India: Report
According to Nikkei Asia, Japanese Prime Minister Fumio Kishida is set to visit India over the weekend to meet his Indian counterpart Narendra Modi and the announcement will be made during the visit. Japan is set to offer India $42 billion in overall investments over five years during Kishida's visit, the report noted. Suzuki will build a new electric vehicle production line in India.
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