Byju’s has skipped payments due on a $1.2 billion loan and instead disqualified the US lender for “predatory” tactics, the education technology startup said on Tuesday.
Byju’s filed a suit against investment management firm Redwood saying the US entity purchased a significant portion of the loan while primarily trading in distressed debt, which ...
WestBridge Capital, a US-based private equity (PE) firm, has acquired a majority stake in KPN Farm Fresh, a prominent fruits and vegetable retail chain based in Tamil Nadu, according to a report by Moneycontrol . KPN operates under the Kovai Pazhamudir Nilayam brand. The deal reflects WestBridge's increased focus on the Indian consumption and retai...
Amazon, the global e-commerce giant, has completed 10 years in India. On Monday (June 5), to mark the event, the company launched various offers such as cashbacks on purchases. Over the decade, Amazon has made vast changes to the Indian retail segment, and also spurred several local competitors to take on the US behemoth.
However, it has not bee...
Apple on Monday (June 5) unveiled a long-rumoured goggles that will place its users between the virtual and real world, while also testing the technology trendsetter's ability to popularise new-fangled devices after others failed to capture the public's imagination.
After years of speculation, Apple CEO Tim Cook hailed the arrival of the sleek g...
With the Reserve Bank of India (RBI) deciding to use Artificial Intelligence (AI) for monitoring the financial system and shortlisting seven foreign firms to do the job, the Peoples’ Commission on Public Sector and Public Services has expressed its serious concern over the entire issue.
In a letter to RBI Governor Shaktikanta Das, the Commission...
RBI may continue to hold rates
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has been in the spotlight as it gears up for the monetary policy review on June 8th. However, analysts and market watchers are in agreement that the MPC will hold the repo rate steady at the current level of 6.5 per cent.
What it implies: Und...
To curb volatility in small-cap counters, leading stock exchanges BSE and NSE have put in place an enhanced surveillance mechanism for companies that have a market cap of less than Rs 500 crore.
The Enhanced Surveillance Measure (ESM) will be effective from June 5.
Sebi and exchanges in a joint meeting have decided to introduce ESM framework ...
The train accident, the worst of its kind in two decades, which took place in Balasore on Friday (June 2), leaving 288 dead and 803 injured — 56 with grievous injuries — might have happened due to a fault in the interlocking system, according to the government.
The Ministry of Railways said in a statement that the Shalimar-Chennai Coromandel Exp...
Foreign Portfolio Investors (FPIs), acting on strong macroeconomic fundamentals and reasonable valuations, pumped in Rs 43,838 crore in Indian equities in May, the highest in nine months.
FPIs have continued the buying stance in June, too, investing Rs 6,490 crore in just two trading sessions of the month, data with the repositories showed.
V...
The Reserve Bank of India (RBI)'s interest rate decision, domestic macro-economic data, global trends and a few other factors will dictate terms in the equity markets this week, analysts said.
According to the analysts, trading activity of Foreign Portfolio Investors (FPIs) will also influence markets. The RBI's monetary policy committee meeting...
The combined market valuation of seven of the top-10 most-valued firms eroded by Rs 65,656.36 crore last week, with Reliance Industries Ltd (RIL) taking the biggest hit, amid a muted trend in domestic equities.
The BSE benchmark gained 45.42 points or 0.07%, and the Nifty climbed 34.75 points or 0.18% last week. While Reliance Industries, Tata C...
The recent reduction in subsidies for electric two-wheeler manufacturers has neutralised the gains so far made by the industry, potentially creating barriers for new players.
This decision goes against the milestones set by the Government to steer two-wheeler vehicle manufacturers away from gasoline-based engines and towards more sustainable opt...
The Centre has instructed edible oil associations to immediately lower the maximum retail price (MRP) of major edible oils by ₹8-12 per litre to align with the global market.
"Some companies which have not reduced their prices and their MRP is higher than other brands have also been advised to reduce their prices," the food ministry said after a...
The Federal brings you the latest business stories on Friday (June 2).
VCs hit by angel tax seek relaxation in norms from CBDT
Several venture capital (VC) funds backing Indian start-ups are considering approaching the Income Tax Department in response to excluding investor-friendly jurisdictions from the list of countries not attracting ange...
Tech giant Apple's contract manufacturer Foxconn plans to start manufacturing iPhone units at its proposed Devanahalli plant near Bengaluru by April 2024. The Karnataka government is also set to hand over required land for the company by July 1 this year.
This was announced by Karnataka large and medium industries minister M B Patil after a meet...
Electric two-wheeler makers TVS Motor Company, Ather Energy and Ola Electric have increased prices of their products as curtailed subsidy structure comes into effect from June 1 (Thursday).
In a statement, TVS Motor Company stated that in order to propel the electrification journey further in a sustainable manner after FAME II scheme revision, i...
Institutional investors lapped up Coal India shares in this fiscals maiden government stake-sale, with Rs 6,500 crore bids pouring in on the first day of the offer-for-sale.
The government had offered over 8.31 crore shares to institutional investors on Thursday under the offer-for-sale (OFS), but received bids for 28.76 crore shares or 3.46 tim...
GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the Union Finance Ministry said on Wednesday.
The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore co...
With the crew shortage situation easing progressively, Air India is set to reinstate three more weekly flights to the US this month.
Earlier this year, the Tata Group-owned airline temporarily suspended six weekly flights to the US and three of them have already been reinstated.
Air India CEO and Managing Director Campbell Wilson said the cre...
India's economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year backed by strong domestic drivers and robust capex momentum of the government, said industry body Confederation of Indian Industry (CII) on Thursday (June 1).
India's Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23...
India’s white-collar segment recorded steady but flat hiring activity in May 2023 and growth across sectors such as real estate, banking, oil and gas, and pharma, a report said on Thursday (June 1).
According to the Naukri JobSpeak Index, job postings for white collar hiring in May 2023 was recorded at 2,849, as against 2,863 in May 2022.
The...
Firing on all cylinders, India continues to maintain its streak of world-beating economic growth after GDP for the March quarter beat all expectations with a 6.1 per cent expansion that helped push the annual growth rate to 7.2 per cent.
Amid strong GDP data, continuous foreign fund inflows and a largely optimistic trend in Asian markets, equity...
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) for May 2023 came in at 58.7 on Thursday (June 1). This was higher than the previous month’s 57.2, reflecting a marked improvement in the sector. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.
According to a ...
Just as the government’s CoWIN app became a big hit with several countries, India’s UPI (Unified Payments Interface), too, has seen a huge surge in demand, especially after Singapore entered into a collaboration with India with its own PayNow app.
Besides the UPI-PayNow collaboration with Singapore, the Reserve Bank of India (RBI) is working on ...
According to Morgan Stanley, India, led by Prime Minister Narendra Modi, has experienced a significant transformation, positioning itself within the global order and emerging as a crucial catalyst for growth in Asia and globally.
In a report, Morgan Stanley said significant skepticism about India, particularly with overseas investors, ignores th...
