'We are looking at the next target which is to be a $1 billion ARR firm in the next 4-5 years.'
Asia will surpass the United States as the world's largest casino gaming market in 2013 on account of the region's robust economic growth and growing people interest for gambling, says a report by PwC last week.
Cognizant Technology Solutions has restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility. The move follows the exit of former GGM leader Rob Walker last month and is among the slew of leadership changes the company has seen in the recent past. GGM refers to the company's emerging markets outside of North America.
Over 95 per cent of organisations in India have experienced new types of fraud incidents in the past two years, a PwC Survey said on Tuesday. Following the outbreak of the COVID-19 pandemic, the uncertainties associated with it, subsequent shift to digital operations and remote working, businesses have been exposed to new risks related to digital security, employee safety and disinformation, said the PwC's 'Global Economic Crime and Fraud Survey 2022' report.
One of the high points of the proceedings was when Indrani Mukerjea's lawyer smartly utilised Dr Zeba Khan's expert status to pose her A Most Curious Question. He asked her if a skull can grow new teeth, even after the person, who it belonged to, had died, three years before. We can be sure that the discrepancy between the number of teeth discovered in the skull unearthed in 2012 and the skull shown in court in September 2019 will come up soon in Courtroom No 51. Vaihayasi Pande Daniel reports from the Sheena Bora Murder Trial.
A Delhi court has taken a serious view of the practice of service of summons on witnesses through WhatsApp by police personnel and said the officials do not seem to have respect for superior orders.
Hospital chain Aster DM Healthcare's plans to sell its Gulf business may run into rough weather with voting advisory firm Institutional Investor Advisory Services (IiAS) raising concerns over the transaction. Recommending an 'against' vote on the resolution, IiAS has said there is no clarity on how Aster DM will utilise the proceeds that it will obtain by selling the unit, which contributes to bulk of its revenues. In November, Aster DM had announced its plans to sell its wholly-owned subsidiary Affinity Holdings, which conducts business in the Gulf Cooperation Council (GCC) region, to Alpha GCC for $1 billion.
The Supreme Court of India on Wednesday asked the Centre to examine how people with disabilities can be put under different categories in civil services.
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the IBC in India can be largely attributed to the initial economic conditions of companies entering the Corporate Insolvency Resolution Process (CIRP). IBC experts also say the trend shows a certain stabilisation in IBC with the Code now rid of legacy bankruptcy issues.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Funding for Indian startups dropped by 33 per cent to $24 billion in 2022 as compared to the previous year though it was nearly double the amount recorded in 2019 or 2020, said a PwC India report on Wednesday. Global investors were still positive about the Indian startup ecosystem despite the global slowdown, as per the report titled 'Startup Tracker-CY 22'. "Funding for Indian startups in CY22 was nearly $24 billion, a drop of 33 per cent in comparison to CY21 but was still more than twice the funds raised in CY20 and CY19 each", it said.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
According to a survey done by PricewaterhouseCoopers, the average cost due to security incidents for Indian companies more than doubled from $194 in 2013 to $414 in 2014.
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Delhi international airport following a look out circular issued against them in the alleged fraud at the fintech firm, sources said. The couple were to travel to New York late on Thursday for vacation when they were stopped at the airport on the basis of a look out circular issued by the Economic Offences Wing (EoW) of the Delhi police. EoW is investigating complaints of payments being made at BharatPe to fake human resource consultancies allegedly operated by Grover and family. They have also been accused of backdating invoices to use funds.
Boroscopic inspection of all operational engines of all Q400 engines within one week, immediate inspection of Magnetic Chip Detectors (MCD), drawing of engine oil samples every 15 days for analysis and inspection of bleed-off valve screen and housing for evidence of oil wetness in weekly check, are among the other directions.
Reservation in promotion shall be applicable in the cadres in which the element of direct recruitment, if any, does not exceed 75 per cent, it said.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
Amid rising geopolitical risks, a vast majority of Indian CEOs have indicated in a survey that they are reducing or planning to reduce operating costs, even as they are more upbeat than their global peers on their country's economic prospects. However, most of the companies do not plan to cut their headcount or salaries, found the annual Global CEO Survey released by consultancy giant PwC here on the first day of the World Economic Forum meeting on Monday. The survey also found that about four in ten CEOs (40 per cent of global and 41 per cent of India respondents) do not expect their companies to be economically viable in 10 years if they continue on their current path.
Benches of the National Company Law Tribunal (NCLT) should not get into questioning a company's default once it is established by the creditors, particularly financial creditors, for admission to the corporate insolvency process. This is one of the key themes of the draft guidelines for the NCLT, which are being finalised by the Ministry of Corporate Affairs (MCA), a senior official said. According to the official, while the company law matters could involve the "principle of natural justice" and justify extended proceedings to hear all parties concerned, the same does not apply to the Insolvency and Bankruptcy Code (IBC) proceedings.
rediffGURU Mayank Chandel offers advice to students interested in a careers in science or engineering after class 10 and 12.
Telangana's Mrinal Kutteri, Delhi's Tanmay Gupta and Maharashtra's Karthika G Nair shared the top rank, scoring 720 out of 720. Eight transgender candidates have also cleared the examination.
The high court had on December 12 granted bail to the 73-year-old NCP leader in the case but said the order will be effective after 10 days
Its association with India is over 70 years old and spans both civil and military aviation. The Douglas DC-3 transport aircraft used by the air force beginning the 1940s and the iconic Boeing 747 aircraft flown by Air India, both had Pratt & Whitney (P&W) engines. The Indian Air Force's present-day, heavy-lift C-17 Globemaster III and the yet-to-be-inducted C-295 planes, too, have P&W power plants.
Upping the ante, fintech unicorn BharatPe has filed an arbitration for clawing back it's former MD and co-founder Ashneer Grover's restricted shareholding and founder title, sources said. The arbitration was filed on Thursday under Singapore International Arbitration Centre (SIAC) rules, sources with direct knowledge of the matter said. If relief is granted, Grover may lose his unvested shares and right to use the founder title.
...followed by financial services, IT, and sales and marketing.
India has 50 startups with the potential to achieve the coveted 'unicorn' status in 2022 and by the end of the year, the list of the new-age companies valued at over $1 billion will be at least 100, a report by a consultancy firm said on Monday. In 2021, which witnessed a huge spike in company valuations in the listed and unlisted space driven by ample liquidity, according to some watchers, India added 43 startups to the list and the number of unicorns shot up to 68 by the end of the year. Over $10 billion was invested in the Indian startup ecosystem in the October-December quarter alone, according to the report by PwC India.
The Airbus C-295 can carry up to 71 troops, or 50 paratroopers with battle loads. It can ferry supplies to locations inaccessible to the IAF's heavy transport fleet.
BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.
The board meeting is scheduled to be held on Tuesday to discuss the PwC report findings on Grover's conduct. There have been allegations of financial irregularities against him. According to sources, Grover in his resignation letter said that he is being forced to bid adieu to a company of which he is a founder. Grover alleged in the letter that he and his family have been embroiled in baseless and targeted attacks by a few individuals, who are ready to not only harm his reputation, but also the reputation of the company. Queries sent to Grover did not elicit any immediate reply.
A total of 11.45 lakh candidates out of 20.38 lakh have qualified the examination, up by 48 per cent from last year.
The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
Airports hold pride of place in the government's National Monetisation Pipeline (NMP) programme to monetise public assets. Private airport operators, including the Adani group, Fairfax, GMR and Zurich Airport, are expected to evince interest in the next round of public private partnership (PPP) development of state-owned Airport Authority of India (AAI) airports. Industry analysts, however, do not expect bids to be as high as the last round, which saw Adani group gain control of six airports.
DiPiazza's visit coincides with Price Waterhouse suspending two of its partners -- S Goplakrishnan and Srinivas Talluri -- who worked on the accounts of scam-hit Satyam Computer Services and were arrested last week.
Indrani is in a buoyant and energetic frame of mind these days -- in a full-on Mood Positive. She has a tell-all book titled Unbroken out, that she terms as an 'eet ka jawab kalam se' and appears in media interviews all over the place, when she is not kick-boxing, doing yoga, or travelling, visiting temples, or floating in shikaras on Srinagar's Dal Lake.
Setting aside the conviction of a tribal man in the alleged murder of a woman, the Madhya Pradesh high court has slammed the police saying they investigated the case with the "sole purpose of falsely implicating" him, and directed the state government to pay Rs 42 lakh to him as he spent over 13 years behind bars "awaiting justice".
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
