Business

PepsiCo announces Jagrut Kotecha as its new CEO
19 Jan

PepsiCo announces Jagrut Kotecha as its new CEO

Priyanka Bhowmick0 CommentsBusiness, India,
Leading food and beverage major PepsiCo India has promoted Jagrat Kotecha as Senior Vice President and Chief Commercial Officer, AMESA (Africa, Middle East and South Asia region) as CEO of India operations, replacing Ahmed Elsheikh. Kotecha holds a BE Chemical Engineering degree from the University of Mumbai. He holds an MBA, in Marketing from SVKM's Narsee Monjee Institute of Management Studies (NMIMS). He joined Cadbury India sales between 1992-1994. In 1994 he joined PepsiCo India Sales and Marketing and held various sales and marketing roles, becoming Regional Sales Manager in 1997 and Marketing Manager - Western Snacks till 1999. Between…
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Apple to remove Blood-Oxygen tool from watches
17 Jan

Apple to remove Blood-Oxygen tool from watches

Priyanka Bhowmick0 CommentsBusiness, India,
Apple Inc. It is considering removing the blood oxygen sensor from its latest smartwatches - the Series 9 and Ultra 2 - to get a US ban on the devices if an appeal against the decision fails. Apple is pursuing a bid to overturn a US ruling that blocked use of its technology. According to reports, the US Customs and Border Protection has approved the potential redesign of Apple Smartwatches Series 9, and Ultra 2 sans that blood-oxygen sensor. According to reports, US Customs and Border Protection has approved a potential redesign of the Apple smartwatch Series 9 and Ultra…
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Windfall tax reduced by Rs 600 per tonne to Rs 1,700 per tonne
16 Jan

Windfall tax reduced by Rs 600 per tonne to Rs 1,700 per tonne

Priyanka Bhowmick0 CommentsBusiness, India,
India has reduced its windfall tax on petroleum crude from ₹2,300 to ₹1,700 ($20.53) per tonne, according to a government notification on Monday. The cut will come into effect from January 16, the order said. On 2 January, the government increased the windfall tax on petroleum crude oil from ₹1,300 to ₹2,300 per tonne. From July 2022, India imposed a windfall tax on crude oil producers and expanded duties on exports of petrol, diesel, and aviation fuel as private refiners sought to sell fuel abroad to profit from stronger refining margins rather than sell locally. It revises taxes fortnightly.
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Citigroup to lay off 20,000 employees
13 Jan

Citigroup to lay off 20,000 employees

Priyanka Bhowmick0 CommentsBusiness, India,
Citigroup plans to cut 20,000 jobs over the next few years as part of a corporate restructuring designed to boost profits and return cash to shareholders, the U.S. bank said Friday.The downsizing came in a presentation released alongside the New York-based lender's fourth-quarter results in which it reported a big loss. The move would put the headcount at about 180,000 by the 2026 deadline, down from 240,000 at the end of 2022 -- while also reflecting the expected spinoff of Citi's Mexico subsidiary, Banamex. Citi Chief executive Jane Fraser unveiled a corporate overhaul with five business lines instead of two.…
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Mukesh Ambani re-joins $100 billion club
12 Jan

Mukesh Ambani re-joins $100 billion club

Priyanka Bhowmick0 CommentsBusiness,
Reliance Industries Ltd (RIL) chairman Mukesh Ambani has joined the elite club of centi-billionaires - global tycoons with a net worth of at least $100 billion. Ambani's wealth rose after Reliance Industries Ltd hit a new record high on Thursday and other group companies rose sharply of late. According to data available with the Bloomberg Billionaires Index, Mukesh Ambani added $2.76 billion in the previous trading session as his wealth stood at $102 billion. He is currently ranked 12th. Mexican businessman Carlos Slim is just $1 billion ahead of Ambani. Bloomberg's Billionaires Index has only a dozen centi-billionaires. Shares of…
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DLF sells 1,113 luxury flats for Rs 7,200 cr within 3 days
09 Jan

DLF sells 1,113 luxury flats for Rs 7,200 cr within 3 days

Priyanka Bhowmick0 CommentsBusiness, India,
Despite the rise in real estate prices, several buyers in India are ready to pay for their dream homes. In the pre-formal launch sale of a luxury residential development worth around Rs 7,200 crore in Gurugram, Indians bought homes in just 72 hours. India's largest real estate developer, DLF, on Monday, announced the sale of the entire 1,113 luxury flats for Rs 7,200 crore in a project in Gurugram (DLF Prevana South) within three days of its pre-launch on strong demand from end-users and investors including NRIs. The new project is spread over 25 acres in Sectors 76 and 77…
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Flipkart may fire up to 7% of employees by April
08 Jan

Flipkart may fire up to 7% of employees by April

Priyanka Bhowmick0 CommentsBusiness, India,
Walmart-owned Flipkart has embarked on a retrenchment initiative that could reduce its total workforce by five to seven percent, according to a report in The Economic Times (ET). The move is part of the company's annual performance-based job cuts, which have been in effect for the past two years. The process is expected to be completed by March-April in line with the ongoing performance review and the end of the current financial year. The e-commerce giant, with 22,000 employees (excluding Mintra), has been proactively managing costs, including adding new hires over the past year. Currently, the company is finalizing a…
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GAIL inks 10-year LNG deal with Vitol
06 Jan

GAIL inks 10-year LNG deal with Vitol

Priyanka Bhowmick0 CommentsBusiness, India,
GAIL (India) Ltd has signed a long-term agreement with Vitol Asia Pte Ltd to supply about 1 million metric tonnes of liquefied natural gas to India every year.Vitol will supply LNG from its global portfolio to GAIL for 10 years starting in 2026, the state-run company said in a statement on Friday. Other terms of the deal were not disclosed. "GAIL's long-term LNG agreement with Vitol will enhance its large liquefied natural gas portfolio and contribute to bridging India's natural gas demand and supply gap," said GAIL Chairman and Managing Director Sandeep Kumar Gupta."India is a significant and growing LNG…
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Narayana Murthy regrets not letting Sudha Murty join Infosys
05 Jan

Narayana Murthy regrets not letting Sudha Murty join Infosys

Priyanka Bhowmick0 CommentsBusiness, India,
Infosys co-founder Narayana Murthy says he now regrets the decision to keep his family out of the company. Murthy, who co-founded Infosys in 1981 with a loan of Rs 10,000 from his wife Sudha Murty, never allowed her to join the firm even though he believed her to be more qualified than the other co-founders. "I had this feeling that good corporate governance means not bringing the family into it," he said when asked by CNBC-TV18's Shereen Bhan why he didn't let his wife, who gave him seed money, join Infosys. "Because in those days, it was just family-owned, all…
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Karan Adani appointed as managing director of Adani Ports
04 Jan

Karan Adani appointed as managing director of Adani Ports

Priyanka Bhowmick0 CommentsBusiness, India,
Adani Ports and Special Economic Zones Limited (APSEZ) has announced a top-level reshuffle with Chief Executive Officer (CEO) Karan Adani elevated to the role of Managing Director.In a board meeting held on Wednesday, the directors also approved the appointment of Ashwani Gupta, former global chief operating officer of Nissan Motors, as the new CEO. The position of managing director was earlier held by founder Gautam Adani (who was the chairman and MD).He has now been re-designated ‘executive chairman’ of the company.Adani Ports said in a statement after market hours that under the leadership of Karan Adani as CEO, it has…
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