Friday, December 3

Business

West Bengal to host Bengal Global Business Summit in April after 2-year COVID hiatus
Business

West Bengal to host Bengal Global Business Summit in April after 2-year COVID hiatus

By Administrator_India Capital Sands After a hiatus of two years owing to the COVID-19 pandemic, the West Bengal government will host the Bengal Global Business Summit (BGBS) in April next year, a highly placed government official said. The business summit, a flagship programme where the state government showcases the business readiness and investment potential before the global business community, will be held on April 20-21, the official said. "The pandemic is on the decline and so we have decided to hold the BGBS next year in April. The two dates will be April 20 and 21," he confirmed to PTI. Chief Minister Mamata Banerjee will also be travelling abroad where she might be holding road shows to promote the state’s industry friendliness to attract more investment here, he s...
PM Gati Shakti digital tool may be opened for public use
Business

PM Gati Shakti digital tool may be opened for public use

By Administrator_India Capital Sands In times to come, the key digital platform of Prime Minister Gati Shakti—akin to a made-in India Google map that is expected to carry much more granular details in real time—may be opened for the citizens to access and use, according to government officials in the know. “While it is not fully clear which level of information will be made public, the broad line of thinking is that common people should also be able to benefit from the PM Gati Shakti tool. If large parts of the tool are thrown open for people, it can empower them to make many informed decisions, including selling and buying land at prices based on the promise of upcoming development in their areas. Real estate transactions will become much more transparent, as everyone will have a...
Azim Premji donated Rs 27 cr per day in FY21, retains top giver rank
Business

Azim Premji donated Rs 27 cr per day in FY21, retains top giver rank

By Administrator_India Capital Sands Software exporter Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man by a distance, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore. The second richest Indian Gautam Adani is eighth on the givers' list with a donation of Rs 130 crore towards disaster relief. Infosys co-fo...
Five things to note as RBI gears up for Friday policy decision on rates
Business

Five things to note as RBI gears up for Friday policy decision on rates

By Administrator_India Capital Sands The Reserve Bank begins its October review of the monetary policy on October 6 and a decision on interest rates will be announced at the end of the three-day meet on Friday. The Monetary Policy Committee of the central bank is meeting in the backdrop of easing inflationary pressures and a liquidity flush in the system. Here are five things to expect from the rate-setting team of the MPC. Rate stance The MPC is likely to remain on a pause mode on Friday as it awaits more cues from the growth-inflation front. The general consensus among economists is that the stance will remain ‘accommodative’. However, there may be a change in the forward guidance that indicates gradual normalisation. “The MPC may change the forward guidance somewhat to pr...
Amazon, Flipkart see strong start to festive sale; tier-II, III cities drive momentum
Business

Amazon, Flipkart see strong start to festive sale; tier-II, III cities drive momentum

By Administrator_India Capital Sands E-commerce majors Flipkart and Amazon India on Sunday said they have witnessed a strong start to this year's festive sale, with demand from tier-II and -III cities driving the momentum. Walmart-owned Flipkart on Sunday said early access for its "Flipkart Plus" programme (loyalty programme) saw a 40 per cent growth this year compared to last year, while about 45 per cent of customer demand has been from tier-III cities and beyond. In a separate statement, Amazon India Vice-President Manish Tiwary said the platform saw a 60 per cent increase in sellers who received their highest-ever single-day sales year-on-year on Amazon.in. "Amazon Great Indian Festival 2021, our month-long festive celebrations has gotten off to a strong start, with mill...
Vodafone Idea claims to record peak 5G speed of 3.7 gbps during trials
Business

Vodafone Idea claims to record peak 5G speed of 3.7 gbps during trials

By Administrator_India Capital Sands Debt-ridden telecom operator Vodafone Idea on Sunday claimed to have recorded a peak speed of 3.7 gigabit per second (gbps), highest by any operator in India, during 5G trials in Pune. The company also claimed to have recorded 1.5 gbps download speed in the mid-band spectrum in Gandhinagar and Pune. Vi (Vodafone Idea) has been allocated high-frequency bands like 26 gigahertz (Ghz) by the Department of Telecommunications (DoT), along with the traditional 3.5 GHz spectrum band, for 5G network trials. "In Pune city, Vi has deployed its 5G trial in a lab set-up of an end-to-end captive network of Cloud Core, new generation Transport and Radio Access Network. "In this trial, Vi has achieved a peak speed in excess of 3.7 Gbps with very low l...
Byju’s in talks to raise up to $600 million ahead of IPO next year
Business

Byju’s in talks to raise up to $600 million ahead of IPO next year

By Administrator_India Capital Sands India’s most valuable startup, the online education provider Byju’s, is in talks to raise between $400 million to $600 million and then accelerate plans for an initial public offering next year, according to people familiar with the matter. The Bangalore-headquartered company could close the pre-IPO fundraising in a few weeks at a valuation of about $21 billion, said one of the people, asking not to be named because the details are private. The fundraising is likely to be split roughly evenly between equity and debt. Byju’s, led by former teacher Byju Raveendran, is then aiming to file its initial IPO documents as early as the second quarter of next year, soon after the close of its financial year in March, two of the people said. It had ...
Paytm staff converts ESOPs to shares worth Rs 182 crore
Business

Paytm staff converts ESOPs to shares worth Rs 182 crore

By Administrator_India Capital Sands IPO bound Paytm that granted new employee stock options (ESOPs) to its current and former staff were converted to shares worth Rs 182 crore, The Economic Times reported citing a regulatory filing. Over a million ESOPs were granted mostly to senior staff members at the price of Rs 9. Based on Paytm’s last valuation of $16 billion (about Rs 1.2 lakh crore), the ESOPs converted were worth Rs 182 crores, the report added. Moneycontrol could not independently verify the report. The platform offers payment instruments such as wallet, sub wallets and prepaid card, savings account, current account, debit cards, FASTag, National Common Mobility Card, and UPI, which are issued or opened by Paytm Payments Bank, and Paytm Postpaid (BNPL), credit card...
Exclusive: Byju’s in talks to raise $500 million via Term Loan B
Business

Exclusive: Byju’s in talks to raise $500 million via Term Loan B

By Administrator_India Capital Sands India’s most valued startup Byju’s is in talks to raise $500 million in a debt round through the TLB or Term Loan B route from global investors as it gears up for an initial public offering (IPO), as per a source. The deal is at an early stage and the company has started working with Morgan Stanley for the same. “It is at a term sheet stage,” said the source quoted above. TLB refers to a tranche of senior secured syndicated credit facility from global institutional investors. OYO was the first company to have raised this debt in India. Moneycontrol reported about it on July 16. Conventionally, TLB proceeds are used either to refinance the existing debts by a company or to make overseas acquisitions with an aim to enhance their offering...
Air fares between India and UAE remain high as strong demand continues
Business

Air fares between India and UAE remain high as strong demand continues

By Administrator_India Capital Sands With the United Arab Emirates lifting a ban on transit flights from India soon after opening its borders to Indian customers, prices of flight tickets between the two countries have risen by about 70 percent and even tripled on some routes. Starting fares for one-way flights to Dubai from New Delhi, Mumbai, Kolkata and Kochi have shot up to Rs 40,000 to Rs 70,000 in the past week from Rs 13,000-30,000, according to data from airlines and websites of travel agencies collected by Moneycontrol. Prices of flights from New Delhi, Mumbai, Kochi and Kolkata to destinations such as Abu Dhabi and Dubai have risen by an average of 70 percent in the past month. The cheapest air fare between New Delhi and the UAE is about Rs 40,000. Air India Express...