Friday, May 20

Business

On May 6, the Coal Ministry will host a meeting for investors
Business

On May 6, the Coal Ministry will host a meeting for investors

On Friday, the coal ministry will host a high-level Investors' Meeting to encourage private-sector investment. Coal Minister Pralhad Joshi will kick off the event, which will take place in Mumbai. "Joshi will hold a high-level Investors' Meet in Mumbai on May 6, 2022, focusing on the topics of 'Launching of closed/discontinued coal mines of Coal India Ltd (CIL) on revenue sharing method' and 'Coal Gasification; Way Forward,'" the ministry said in a statement. The Investors' Meet, which is being organized by the Ministry of Coal in collaboration with CIL and FICCI, will be addressed by Minister of State for Coal, Mines, and Railways Raosaheb Patil Danve. The day-long meeting will be attended by Coal Secretary Anil Kumar Jain, as well as other senior ministry officials, C...
HDFC to sell 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr
Business

HDFC to sell 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr

Mortgage lender HDFC Ltd has entered into a binding agreement to sell a 10 percent stake in HDFC Capital Advisors Ltd to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for Rs 184 crore. HDFC Capital is a wholly-owned subsidiary of HDFC and is in the business of managing private equity funds focused on the real estate sector in India. It manages an approximately $3 billion funding platform. It is the investment manager of HDFC Capital Affordable Real Estate Funds 1, 2 & 3; and is aligned with the government's goal of increasing housing supply and supporting the Pradhan Mantri Awas Yojana - ‘Housing for All’ initiative. “The funds managed by HDFC Capital provide long-term, flexible funding across the lifecycle of affordable and mid-income housing project...
Hyundai Motor India’s total sales fall 14% in February
Business

Hyundai Motor India’s total sales fall 14% in February

Hyundai Motor India on Tuesday reported a 14 percent decline in total sales at 53,159 units in February. The company had sold 61,800 units in the same month last year, Hyundai Motor India said in a statement. Domestic sales were down 14.6 percent to 44,050 units last month as against 51,600 units in February 2021. Exports declined by 10.7 percent to 9,109 units last month as compared to 10,200 units in the year-ago period, the auto major said. "As the industry continues to grapple with the semiconductor shortage situation, the company along with its partners is continuously exploring alternatives to ensure customers can take delivery of their most loved Hyundai cars at the earliest," it added.
Razorpay acquires Malaysian fintech start-up at over $19 mn valuation
Business

Razorpay acquires Malaysian fintech start-up at over $19 mn valuation

Fintech unicorn Razorpay has acquired a majority stake in Curlec in a deal that values the Malaysian payments start-up at more than $19 million. Razorpay will full acquire the company later in 1.5 years. Kuala Lumpur-based Curlec builds solutions for recurring payments for businesses. This marks Razorpay’s fourth acquisition overall and its first in a foreign country. “We look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia,” said Zac Liew, Co-Founder and CEO of Curlec said, Prior to this, Razorpay acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll & HR management solution) in 2019 and Thirdwatch (Fraud Analytics AI- platform) in 2018. Razorpay has more than 8 million B2B customers including the...
Facebook plunges over 25% as Tiktok steals user attention
Business

Facebook plunges over 25% as Tiktok steals user attention

Facebook’s user growth faltered in the latest quarter, the first stagnation in the social network’s history, part of dire earnings that caused Meta Platforms’s stock to collapse 25 per cent intra day on Thursday, set to wipe over $200 billion from its market value. The company also gave a disappointing sales forecast for the current period, and Chief Executive Officer Mark Zuckerberg, who saw his personal wealth potentially plummet about $24 billion, acknowledged that Meta is facing serious competition for user time and attention, particularly from viral video-sharing app TikTok. The dour outlook and stalled user momentum is a dramatic turnaround for a company that has posted share gains in every year but one since its 2012 IPO, stoking concern that Meta Platforms flagship product an...
Airtel Africa inducted into London Stock Exchange’s FTSE 100 index
Business

Airtel Africa inducted into London Stock Exchange’s FTSE 100 index

Bharti Airtel on Thursday said its subsidiary Airtel Africa has been inducted into the London Stock Exchange's (LSE) FTSE 100 index. Airtel Africa listed on LSE in June 2019 and had a market capitalisation of $ 7.5 billion on Wednesday. “This is a significant milestone for Airtel Africa which becomes part of FTSE 100 index in just two and half years of listing. Airtel Africa is a strong player in the continent which has emerged as the next growth frontier globally,” Bharti Airtel chairman Sunil Mittal said in a statement.
How Indians invested in crypto in 2021?
Business

How Indians invested in crypto in 2021?

The year 2021 will be remembered as the time when the crypto market came of age. From being a retail investor-heavy segment, the industry saw widespread adoption from major corporates such as Tesla, PayPal and MicroStrategy. As per experts, meme coins, central bank digital currency, metaverse, and non-fungible tokens (NFTs) were the four major trends of 2021. Hitesh Malviya, founder, itsblockchain.com, a blockchain and cryptocurrency publication believes, 2021 will be remembered as a year of mainstream cryptocurrency adoption. “In this year, India added more than 90% of its current retail investor size. Meme coins dominated the first half of the year when dogecoin pulled off a massive price rally. Shiba Inu and some other meme coins also followed the lead of dogecoin in the latter ha...
Zomato-backed Blinkit sets up 300 partner stores to enable 10-minute grocery delivery
Business

Zomato-backed Blinkit sets up 300 partner stores to enable 10-minute grocery delivery

By Administrator_India Capital Sands Online grocery delivery firm Blinkit, previously Grofers, has set up 300 partner stores across the country through which it is enabling grocery delivery in 10 minutes, founder and CEO Albinder Dhindsa said in a blog on December 23. The announcement comes soon after the company decided to pull the plugs in areas it wasn't able to deliver groceries in 10 minutes. The company has been at the receiving end of a social media backlash for many times not being able to deliver in the promised 10 minutes. Customers have alleged that their orders were shown as delivered even though they didn't get any delivery in the stipulated time. "About a month ago, we were serving users across 12 cities through 200 partner stores in 10 minutes or less. Back then...
Tata Motors incorporates EV subsidiary Tata Passenger Electric Mobility
Business

Tata Motors incorporates EV subsidiary Tata Passenger Electric Mobility

By Administrator_India Capital Sands Auto major Tata Motors on Wednesday informed that the company has incorporated a wholly owned subsidiary, Tata Passenger Electric Mobility Limited, which will be involved in manufacturing of electric motor vehicles. The Ministry of Corporate Affairs has issued the certificate of incorporation for the same on December 21, 2021. The subsidiary has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles (EV)/electric mobility, hybrid electric vehicles of all kinds and all descriptions for carrying passengers or other personnel. Tata Motors, which will be the promotor of Tata Passenger Electric Mobility (TPEML), would hold 100% share capital in the EV unit. TPEML has been incorporated with the ...
Amazon’s CCI setback is partly of its own making
Business

Amazon’s CCI setback is partly of its own making

By Administrator_India Capital Sands  Last week’s decision by the Competition Commission of India (CCI) to hold in abeyance its approval of Amazon’s 2019 deal with Future Group and slap it with fines of over ₹200 crore appears to have deprived the American company of a locus standi in its legal battle to stop Future from selling its retail assets to Reliance Retail. Amazon’s case rested on its pact with Future, by which it claimed a right to a small slice of its retail business that would be violated if Reliance took it over. The principle of contract sanctity had seen a Singapore arbitration panel uphold its claim, with India’s Supreme Court doing likewise. With that agreement’s clearance now in limbo, however, Amazon’s argument has weakened considerably, though this need not mean Fut...