India

Sources : SEBI has found Adani’s foreign investors guilty of violating disclosure rules
23 Apr

Sources : SEBI has found Adani’s foreign investors guilty of violating disclosure rules

Priyanka Roy0 CommentsBusiness, India
India's markets regulator found that twelve offshore funds investing in Adani Group companies violated disclosure rules and exceeded investment limits, Reuters reported. In August last year, Reuters had initially revealed that Sebi had detected violations of rules regarding disclosures by listed entities and restrictions on offshore fund holdings. Additionally, the regulatory authority was investigating links between Adani Group and a fund to ascertain whether there was possible coordination with the group's primary shareholders, an allegation Adani had previously rejected. Earlier this year, sources revealed that the regulator had issued notices to twelve offshore investors linked to the Adani Group, detailing…
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Reliance Jio Q4 results: Net profit rises 13% year-on-year to ₹5337 crore
22 Apr

Reliance Jio Q4 results: Net profit rises 13% year-on-year to ₹5337 crore

Priyanka Roy0 CommentsBusiness, Economy, India
Reliance Jio Q4 results: Net profit rose 13% year-on-year to ₹5337 crore during the quarter ending March'2024. Sequentially, net profit growth during the December'2024 quarter was 2.47% lower at ₹5208 crore. Reliance Jio's revenue during the March quarter stood at ₹25959 crore, however, an increase of 10.96% compared to ₹23394 crore during the year-ago quarter. Still, on a sequential basis, revenue growth was marginal compared to ₹25,368 crore in the December quarter.
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Developers spending double on premium housing as affordable launches stall
21 Apr

Developers spending double on premium housing as affordable launches stall

Priyanka Roy0 CommentsBusiness, Economy, India
With decreasing levels of inventory, there appears to be a bias towards the premium end of the market. The demand for larger housing in India's residential real estate sector is set to increase over the next decade, this is in line with a significant shift seen in the last five years, where there has been a staggering 1,000% increase in launches of high-end residential units priced above Rs 1.5 crore between 2019 and 2023.  Meanwhile, new launches of units priced below Rs 75 lakh, including affordable housing, remained stable across the top seven cities in the country, while sales increased…
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Recently Sunil Bharti Mittal has become India’s 10th richest person
20 Apr

Recently Sunil Bharti Mittal has become India’s 10th richest person

Ashish Majumder0 CommentsIndia
Recently Bharti Enterprises Chairman Sunil Bharti Mittal, who was the 13th richest Indian at the beginning of 2024, has become India’s 10th richest person with a net worth of $19.7 billion. In fact Mukesh Ambani leads the list with a net worth of $ 112.6 billion. Actually he is followed by Gautam Adani ($97.5 billion), Shapoor Pallonji Mistry ($37.2 billion) and Shiv Nadar ($34.2 billion). This is actually good thing that today people in India want to do business and become a rich person. Actually today India has become a very good place to do business and many people actually…
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Bajaj Auto, 35% increment in fourth quarter standalone profit at Rs 1,936 crore
19 Apr

Bajaj Auto, 35% increment in fourth quarter standalone profit at Rs 1,936 crore

Priyanka Roy0 CommentsBusiness, India
NEW Delhi : Bajaj Auto on Thursday March 31, 2024 reported 35% rise in fourth quarter standalone profit at Rs 1,936 crore. The Pune based company had reported a profit after tax of Rs 1,433 crore in the January to march quarter of fiscal 2022-23. Revenue from operations rose 29% to Rs 11,485 crore in the fourth quarter, compared to Rs 8,905 crore in the year ago period. For the year ending March 31, 2024, the company reported a 33 percent rise in profit after tax at Rs 7,479 crore from Rs 5,628 crore in fiscal 2023. Revenue from operations…
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Ola founder’s Krutrim becomes first AI unicorn startup
27 Jan

Ola founder’s Krutrim becomes first AI unicorn startup

Priyanka Bhowmick0 CommentsBusiness, India,
Krutrim, a homegrown AI company of Ola's Bhavish Agarwal, on Friday announced that it has successfully closed its first funding round with a significant $50 million investment. Led by key investors including Matrix Partners India, the round valued Krutrim at $1 billion, making it India's fastest unicorn and the country's first AI unicorn. On the announcement, Agarwal said, "At Krutrim, we are committed to building India's first complete AI computing stack. We are thrilled to announce the successful completion of our first funding round, which not only validates the potential of Krutrim's innovative AI solutions but also underscores investors' confidence…
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Microsoft’s market cap crosses $3 trillion
25 Jan

Microsoft’s market cap crosses $3 trillion

Priyanka Bhowmick0 CommentsBusiness, India,
Microsoft joined Apple as a three-trillion-dollar company on Wednesday, as its big bet on artificial intelligence continues to sway Wall Street.Now the world's second-largest company by market capitalization, Microsoft's shares rose 1.31 percent to $404.Apple ranks first at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022. But it has fallen short of the milestone, even briefly losing its pole position as the largest company in the market when Microsoft briefly overtook the iPhone maker earlier this month. Microsoft is riding the wave of excitement over AI more than any other tech…
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Zomato-backed Cure.fit sacks 120-150 employees: Report
24 Jan

Zomato-backed Cure.fit sacks 120-150 employees: Report

Priyanka Bhowmick0 CommentsBusiness, India,
Health and wellness platform Cult.fit (formerly Cure.fit) has laid off about 150 employees. This is the first layoff at the Bengaluru-based firm in three-and-a-half years. According to sources, the layoffs have affected employees across the department. "130-150 senior to mid-level employees were affected in the exercise," said a source requesting anonymity. Sources stressed that the layoffs are mainly to increase runways and cut costs. However, the company has denied any such reasons. A company spokeswoman said in a statement that it had "reduced some redundant positions to streamline operations." The move is part of a "regular annual operating planning process."…
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H&M faces backlash for allegedly sexualizing children in new Ad
23 Jan

H&M faces backlash for allegedly sexualizing children in new Ad

Priyanka Bhowmick0 CommentsBusiness, India,
Swedish fashion giant H&M has taken out an ad for school clothes that critics said ‘sexualized young girls’, the company said on Tuesday. "Turn those heads in H&M's back to school fashion", the campaign, launched in Australia, features two young women in school uniforms. Social media users slammed the company for the ad, which was later withdrawn. “We have removed this ad. We deeply regret this offense and we are looking at how we handle the campaign moving forward," a company spokesperson told AFP. Melinda Tankardrist, a writer, asked the company about its intentions behind the ad. "What's your point…
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Amazon stops selling prasad of Ayodhya Ram Mandir
22 Jan

Amazon stops selling prasad of Ayodhya Ram Mandir

Priyanka Bhowmick0 CommentsBusiness, India,
Amazon on Saturday said it has removed sweets sold as "Shri Ram Mandir Ayodhya Prasad", a day after receiving a notice from the Central Consumer Protection Authority (CCPA) for selling misleading products. Amazon acknowledged it had received a communication from the CCPA about misleading product claims by certain sellers and said it was "investigating them for violations." "In the interim, we are taking appropriate action against such listings by our policies," an Amazon spokesperson said in a statement. CCPA has issued a notice to Amazon for selling sweets called 'Shri Ram Mandir Ayodhya Prasad'. The action was initiated by the…
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