Tata Communications on Wednesday announced that it would acquire NYSE-listed Kaleyra, a global omnichannel integrated communication services provider with a set of proprietary platforms offering targeted personalisation through messaging, video, push notification, e-mails and voice-based services, and chatbots. The acquisition is an all cash deal. Tata Communications has agreed to acquire Kaleyra at a price per share of $7.25, for a total consideration to Kaleyra shareholders of approximately $100 million, besides the assumption of all outstanding debt.
India's forex reserves dropped by $691 million to $562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data. The overall reserves had dropped by $571 million to $563.50 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty. In October 2021, the country's foreign exchange reserves reached an all-time high of $645 billion.
Ratan Tata-promoted Electrodrive Powertrain Solutions or Electra EV has raised USD 25 million in equity capital from GEF Capital for a minority stake. The Tata Group patriarch set up Electra EV in 2017 and the company designs, manufactures and supplies EV powertrains systems across passenger and commercial vehicle segments. It also has products for the agriculture and off-highway segments.
WhatsApp had banned 2.9 million accounts in January, 3.6 million accounts in December and 3.7 million accounts in November.
Around $200 million worth of deposits of Indian start-ups have been withdrawn from Silicon Valley Bank (SVB), which was taken over by US banking regulators last week after it collapsed, and moved to the Gujarat International Finance Tec-City (GIFT City) IFSC, Rajeev Chandrasekhar, minister of state (MoS) for electronics and information technology said on Thursday. "It turns out that there was over a billion dollars of deposits of Indian start-ups in SVB. "The existential, solvency crisis that was there six-seven days ago has become much more manageable, even the short-term liquidity crisis is being addressed as the bank allows access to deposits," the minister said while speaking at Lenovo's Tech World India Edition event.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
Quick commerce startups hope to race towards better days. Can they crack the execution code?
After rising for five consecutive weeks, India's forex kitty dropped $571 million to $563.5 billion for the week ended December 16, according to RBI data released on Friday. In the previous reporting week, the overall reserves had swelled $2.91 billion to $564.06 billion, making it the fifth straight week of an increase in the kitty after a protracted decline. In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion.
The Laser-Induced Breakdown Spectroscope instrument onboard 'Pragyan' rover of Chandrayaan-3 has 'unambiguously confirmed the presence of sulphur in the lunar surface near south pole, through first-ever in-situ measurements,' ISRO said on Tuesday.
Google is building voice and text search for over 100 Indian languages and will spend $75 million to support women-led startups in the country, said its CEO Sundar Pichai at the start of his visit to India - a nation that he saw as a big export economy. India, he said, will be a big export economy and it needs to create a balance between safeguarding citizens and enabling companies to innovate with its framework. Pichai first met Telecom and IT Minister Ashwini Vaishnaw and spoke at a Google for India 2022 event before calling on Prime Minister Narendra Modi.
A record 21 million dollars in television and advertisement revenue is likely to be generated from the much awaited Test and one-day series between Pakistan and India.
Warid Telecom, a wholly-owned subsidiary of the Dhabi Group, offers mobile telecom services with a user base of over 2.9 million in Bangladesh.
India's forex reserves rose by $204 million to $532.87 billion for the week ended October 7 on an increase in the value of gold holdings, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $4.85 billion to $532.66 billion. The reserves had been falling for many weeks now as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
'With our focus and strategy we can solve at least 20 per cent per cent of India's education problems.'
Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part of this structural shift, Cognizant will eliminate 80,000 seats, or 11 million square feet of real estate in large cities in India.
The loan being extended on concessionary terms will have an interest rate of 1.3 per cent with repayment period of 30 years including a grace period of 10 years.
Indian telcos have been able to garner over 20 million 5G customers in less than four months after the official launch of the service last October, according to industry estimates. With telecom operators like Reliance Jio and Bharti Airtel aggressively rolling out their 5G services in over 190 cities across the country to date, India is now only behind China and the US in terms of the number of cities in a country where 5G services have been extended. Top executives in telcos say that the number of 5G subscribers in India is a conservative estimate and that it will rise as the roll-out gains momentum.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
In contrast to the growth on IT and ITeS front, disbursements of venture capital and public equity funding halved to $540 million during 2003 in India
According to respective company sources, Biological E is holding 200 million doses of its COVID-19 vaccine Corbevax while Bharat Biotech is sitting on a stockpile of 50 million doses of Covaxin.
The report came at the time when British-based health data firm Airfinity, said that the infections in China are likely to be more than one million a day with deaths at more than 5,000 a day.
The country's foreign exchange reserves declined $897 million to $572.98 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen $2.31 billion to $573.87 billion. In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.
After securing a euro 150 million Credit line for solar energy finance from a German financial institution, State Bank of India is in talks with european Investment Bank for about euro 200 million to fund climate finance. Recently the country's largest lender obtained euro 150 million in green funding from German government-owned KFW on soft terms and a long repayment period. SBI will use funds to finance solar energy projects.
China's Vivo said on Thursday it will export more than one million 'Made in India' smartphones in 2023 to achieve a target announced last year when it sent out its first indigenous shipment to Thailand and Saudi Arabia. Vivo India, known for its economical phones, has proposed investing Rs 7,500 crore in the country and it is set to spend Rs 3,500 crore of that amount by end of this year. According to the firm's India Impact Report 2022, it will start production at a new 'state of the art' manufacturing facility by early 2024 after regulatory clearance.
The global health intelligence company had said China's zero-COVID strategy also means the population has almost no naturally acquired immunity through the previous infection.
Amid the funding winter, 128 Indian startups have raised over $995 million (around Rs 8,000 crore) venture capital funding in August, GlobalData said on Thursday. The funds raised in August are 9.7 per cent more than that in the previous month, the data and analytics company said in a statement. Aurojyoti Bose, Lead Analyst at GlobalData, said: "Although the total VC funding amount still remains below $1 billion akin to July, August managed to reverse the decline in fundraising, despite a 2.3 per cent fall in deal volume."
Reliance Jio may not ask for a premium for its 5G services in the initial stages of the launch, according to sources in the company. The company will roll out 5G commercial services in four cities -Delhi, Mumbai, Chennai, and Kolkata - around Diwali this month and slowly ramp up the processes for other cities, too. A senior executive, when asked whether Jio will charge higher tariffs for 5G against 4G, said: "In the initial stages, customers have to adopt 5G, then they will have to find value in the service, and then one can look at monetisation."
According to industry sources, domestic toy manufacturers are seeing a sharp rise in sales during the current financial year. On January 1, 2021, India had banned the sale of toys that are not certified by the Bureau of Indian Standards (BIS). This meant that all factories churning out toys to be sold in India had to be certified by the bureau along with mandatory product testing, including for units abroad.
The Biden administration has approved a $450 million F-16 fighter jet fleet sustainment programme to Pakistan to help it meet current and future counterterrorism threats, in Washington's first major security assistance to Islamabad in four years.
Providence will sell up to 30 mn doses of its mRNA vaccine to Biological E. It would also provide the necessary technology transfer to make the vaccine in India, with a minimum production capacity of 600 mn doses in 2022 and targets capacity of 1 bn doses, reports Sohini Das.
These customers will be unable to meet the lowest recharge requirements for Jio, meaning they will either exit the market or migrate to BSNL/MTNL.
Global semi-conductors company STMicroelectronics on Thursday announced its plan to invest $100 mn in the next five years in India for research on chip designing
Close on the heels of striking 3 major outsourcing deals with Ericsson, IBM and Nokia totalling over $1400 million, Bharti Tele Ventures on Thursday awarded another $50 million contract to Siemens to build and manage AirTel networks in 3 circles.
The fall in GSM-based cellular subscribers growth continued with just 979,000 additions in May 2004, at 2.81 crore (28.1 million), with the Bharti Group cornering over one-fourth of the market at 73.43 lakh (7.34 million) customers.
As sanctions-hit Russia increasingly relies on consumer products from India, outbound shipments to Russia have started picking up for the second consecutive month in October. This comes after it witnessed contraction for six consecutive months starting March, commerce and industry ministry data showed. During October, India exported goods worth $280 million, up 3.7 per cent as compared to a year ago. It was led by demand for items such as vegetables, tea, coffee, chemicals as well as iron and steel products.
Tata Steel's arm here said it had got $130 million as final settlement from the consortium of global steel buyers which had prematurely terminated, in May 2009, a 10-year purchase contract.
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
Gogamedi, the chief of Rashtriya Rajput Karni Sena, was shot dead in Jaipur on Tuesday by unidentified bike-borne criminals.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances