E-commerce platform Snapdeal has filed preliminary documents with markets regulator Sebi to raise funds through an initial public offer (IPO), joining the league of internet-led businesses looking to list on domestic stock exchanges. The public issue comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP). According to market sources, potential listing could value Snapdeal at about $1.5-1.7 billion.
Trent, the retailing chain of the Tata group, on Tuesday said it would invest more than Rs 100 crore (Rs 1 billion) over the next 2-3 years to increase the presence of its flagship retail chain outlet 'Westside' and hypermarket 'Star India Bazaar'.
Currently, the company is present in over 259 Indian cities, with over 8,700 buildings (hotels and homes) and more than 173,000 rooms.
Telecom gearmaker Nokia will boost its manufacturing capacity in India by 1.5x over the next few years to support the 5G services roll-out, said Tarun Chhabra, the company's country head of mobile networks business. Nokia is supplying network equipment to Bharti Airtel and Reliance Jio for their 5G networks from its plant in Chennai. Vodafone Idea is yet to finalise its contract as it awaits fresh funding.
'There's this presence, a sense of patrolling and surveillance. And it's not coming from a place of safety.' 'It's coming from a place of 'You don't belong here'.' 'It's a malevolent force, the society at large is observing them.'
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
E-commerce platform Snapdeal is looking at filing its Draft Red Herring Prospectus (DRHP) in the next few weeks to launch an initial public offering in first half of next year, according to sources. Sources close to the development said the company is looking at a $250 million (around Rs 1,870 crore) IPO that could value Snapdeal at about $1.5-1.7 billion. Snapdeal is looking at filing the DRHP in December-January time frame, and launch the IPO in the first half of 2022 after the necessary approvals, they added. One of the sources said the founders will not be selling shares as part of the IPO, and major shareholders are also expected to hold onto their shares.
'Any entrepreneur who wants to create companies on blockchain will have to move outside India.' 'A ban will also wipe out the entire asset investing class that has built up in India.'
India's electric mobility goal, which has so far been riding on two wheels, is all set to graduate to four wheels. At least, the journey has begun. Hyundai Motor India said it would invest Rs 4,000 crore till 2028 to launch half-a-dozen electric vehicles (EVs) in India. It would eventually straddle premium and mass segments. The first of these - the electrified version of an internal combustion engine (ICE)-powered model - will go on sale as early as next year.
Twenty-six immovable properties worth Rs 101.45 crore, and bank balance totalling Rs 2.28 crore in 22 accounts have been attached provisionally under the Prevention of Money Laundering Act (PMLA) by the Lucknow zonal office of the agency, they said. The Greater Noida-headquartered Bike Bot taxi service is accused of scamming about Rs 3,000-Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
Tata Group's infrastructure and construction arm, Tata Projects, has bagged the contract to construct the upcoming Noida International Airport at Jewar, in Uttar Pradesh. As part of the contract, Tata Projects will construct the terminal, runway, airside infrastructure, roads, utilities, landside facilities and other ancillary buildings at the airport, Yamuna International Airport Private Limited (YIAPL) said in a statement on Friday. YIAPL is a 100 per cent subsidiary of Swiss developer Zurich Airport International AG and has been incorporated as a Special Purpose Vehicle to develop Noida International Airport. In 2019, Zurich Airport International AG won the bid to develop the airport.
Jobs in HR, administration and recruitment have seen a substantial rise as per Monster data with a 42% growth in job posting activity.
While there has been no official statement related to the action, British government sources said they are 'closely monitoring reports of tax surveys conducted at the offices of the BBC in India'.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
Social e-commerce platform Meesho is set to disrupt the food and grocery market by offering free home delivery on all orders in over 200 below Tier 1 cities in a year's time, in the first phase. It is also disrupting the monetization model by focusing primarily on advertising revenues rather than commissions from sellers, as distinct from its competitors. The move is expected to challenge the big players in the sector which include Jio Mart, Tata's Big Basket, Amazon, Grofers, and others, many of which have minimum prices for free delivery.
A megacity is a metropolitan area with a total population of over 10 million people.
The Reserve Bank has rejected applications of Flipkart co-founder Sachin Bansal-backed company Chaitanya India Fin Credit Private Limited, and five others for setting up banks as these were "not found" suitable, an official statement said on Tuesday. The RBI in a statement said the examination of six applications has now been completed as per the procedure laid down under the guidelines. "Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks," it said.
Xi Jinping is winning the war without firing a shot in Sri Lanka, observes Colonel R Hariharan (retd).
Dr Reddy's Laboratories Ltd expects the locally manufactured Russia's COVID-19 vaccine Sputnik V to be available from September-October period, a senior official of the city-based drug maker said.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
On February 24, when Vladimir Putin announced a military operation on Ukraine, few would have thought that Indian government-owned GAIL India would feel the impact. The tensions over gas supplies were essentially a Europe-Russia problem, related to the sanctions western economies imposed on Moscow. But the EU depends on Russian imports for 40 per cent of its gas stocks, an over-dependence that Russia has underlined with Kremlin-owned Gazprom cutting its supplies through the Nord Stream 1 pipeline to 20 per cent, citing maintenance issues.
Shares of small-cap companies have been on a roll with the S&P BSE Small-Cap index hitting a new high in intra-day deals on Thursday. The rally has been fueled by an up move in stocks of chemicals, cement, graphite electrode makers, pharmaceuticals and information technology (IT) shares. In the past two weeks, since March 25, the index has outperformed the market by gaining 7.3 per cent. In comparison, the S&P BSE Midcap index was up 6.1 per cent, while the S&P BSE Sensex gained 3.6 per cent during the same period.
Akash Ambani's first big job as he takes over as chairman of Reliance Jio, the group's telecom arm, is a no-brainer - he has to get his company through the long-awaited 5G auctions that are a few weeks away. But his bigger job, analysts said, will be to lead the transformation of the telecom company into a tech giant, a process that is underway as it seeks to list in the US. Insiders said there has been plenty of debate within the company's top executives on the auction strategy.
Ride-hailing platform Uber on Wednesday said it is recruiting close to 250 engineers for its teams in Bengaluru and Hyderabad as it continues to expand the scope of operations for its engineering and product work in the country. The current round of hiring will strengthen the company's rider and driver growth, delivery, eats, digital payments, risk and compliance, marketplace, customer obsession, infrastructure, adtech, data, safety and finance technology teams, a statement said. These roles are currently split between the company's Hyderabad and Bengaluru tech centres, it added.
Campus placements are already in full-swing and hiring plans of many companies, whose expansion plans were stuck due to policy paralysis, are now getting green signals.
Markets regulator Sebi has kept in abeyance the processing of Go Airlines' draft papers for an initial public offer worth Rs 3,600 crore. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The proceeds will be mainly used to repay dues. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' draft offer documents. The information was updated on June 25. In Sebi parlance, issuance of observations implies its go-ahead for the IPO.
BigBasket co-founder Abhinay Choudhari has exited the company, and in his next entrepreneurial journey, he is looking to "solve another equally painful chore for many Indian households" after grocery shopping. The Tata group acquired a majority stake in the online grocery store in May. And when the deal happened, Choudhari decided he won't continue to be part of the management team.
With Bharatpe's co-founder Ashneer Grover launching an offensive against the firm's investors after facing a probe over alleged fraud, abrasive behaviour and corporate governance issues, the company on Friday said questioning the integrity of board members and misrepresentation of facts is painful. "The (company) board in all its actions has followed due process in the best interest of the company. We would urge that the confidentiality and integrity of the governance review and board meetings is maintained by all," BharatPe said in a statement. The statement followed Grover, who was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and for fraudulent practices, reportedly saying he was "arm-twisted" by the company's investors into going on leave and that he had lost confidence in CEO Sameer Suhail.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
Ola Electric on Thursday said it will bring its electric scooter to the Indian market in July this year, and is working on setting up a 'Hypercharger Network' to include one lakh charging points across 400 cities. Last year, Ola had announced a Rs 2,400 crore investment for setting up its first electric scooter factory in Tamil Nadu. Upon completion, the factory will create nearly 10,000 jobs and will be the world's largest scooter manufacturing facility that will initially have an annual capacity of 2 million units.
Modi said India's next general elections will be held in 2024 and he invited G20 delegates to visit the country to witness the "festival of democracy" in the "mother of democracy".
Hyderabad-based ICSA (India) is divesting 14 per cent of its stake to Citigroup Venture Capital International Growth Partnership Mauritius for $30 million
Urban Ladder was incorporated in India on February 17, 2012. Besides online, the company has presence in offline channels and operates a chain of retail stores in several cities across India.
The exchange, say sources, began mock trading from early October and around 250 Indian brokers have said they'd take membership of the international exchange.
Amazon's single largest building is also the single largest building in Hyderabad city. Spread over 9.5 acres, this multi-storied building comprises of 290 conference rooms, casual and collaborative work spaces that will house 15,000 employees, along with private areas, interfaith prayer rooms, mothers room, quiet rooms, showers, unisex rest rooms and a huge cafeteria besides a helipad on the building roof.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
This announcement will widen the base of investors, especially mid-sized financial institutions.
Visually impaired Srikanth Bolla is the CEO of Hyderabad-based Bollant Industries, an organisation that employs uneducated disabled employees to manufacture eco-friendly, disposable consumer packaging solutions.
'For the first time since I've been following Indian politics, one heard voters talking about India's role on the world stage and the fact that, due to Modi's leadership, India was once again a great power.'
The BCCI will be expecting the two new IPL franchises to go for Rs 7000 crore to Rs 10,000 crore each at the bidding process which begins in Dubai on Monday.
