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Srishti Magan
Delhi to Kochi - Indian destinations international travellers are looking for in 2023
Delhi to Kochi - Indian destinations international travellers are looking for in 2023...
Rounak Jain
Bharti Airtel Q3 net profit jumps 91% to ₹1,588 crore, misses estimates
India’s second largest telecom company Bharti Airtel reported a 91% year-on-year (YoY) rise in its Q3 net profit to ₹1,588 crore, but still significantly lower than the average analyst estimates of ₹2,673 crore. On a sequential basis, however, the telco reported a 26% decline in its net profit. Airtel’s revenue came in slightly higher than analyst estimates of ₹35,299 crore during the quarter. The telco reported a 20% YoY growth in its revenue to ₹35,804 crore, beating analyst estimates by a thin margin.
Eetika Kapoor
Hawk-eyed Indian parents ensure digital well-being of GenZ kids, says Snapchat research
India topped the charts amongst six countries that were part of the research. This is due to greater parent engagement and number of support assets – teachers, friends, mentors and a stronger social network, reveals Snapchat.
SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown
There is no respite for SoftBank Group in the ongoing global tech meltdown as the Japanese investment giant on Tuesday reported a massive around $5.9 billion net loss in its third quarter that ended December 31.
Srishti Magan
Shark Tank India: Judges back a co-founder but not his company due to its unjust equity structure
Gavin Paris is a streetwear fashion brand creating gender-neutral oversized clothing. In just 7 months of operations, the startup made sales of ₹1.4 crore - thanks to the marketing genius of co-founder & CTO, Ashutosh Roy, who has 0% equity in the company. Though impressed with the startup’s sales and product quality, the sharks backed out because of the unfair equity structure between the co-founders.
BI India Bureau
Top 10 richest people in the world
The list of the world's richest persons can vary from year to year, depending on their latest net worth and financial performance. Here is the latest list of the world's top 10 richest persons, based on the real-time Bloomberg billionaires Index of February 3, 2023 and some interesting facts about each of them.
Betting, casino companies find new advertising avenues despite govt ban
Even as the Indian government has banned 138 betting apps, offshore betting and casino companies are finding new avenues to advertise their illegal wares to millions of unsuspecting Indians.
RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea
The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order.
Simple Energy raises USD 20 mn from investors
Electric vehicle startup Simple Energy on Tuesday announced raising USD 20 million (about ₹165 crore) from a clutch of investors as a part of its ong...
Drinking water in Israel becomes turbid after Turkey-Syria quake
Drinking water in northeastern Israel has become turbid after deadly earthquakes hit parts of Syria and Turkey, local authorities said.
Anagh Pal
Last mile deliveries, food aggregators to drive E2W growth says Redseer
Ownership of electric 2-wheelers can result in cost savings to the tune of 20-70% says a Red Seer report. Battery performance, charging times, and range are challenges to adoption. The government has been the fundamental enabler for the early adoption of EVs with FAME and PLI schemes.
Adani Group to pre-pay $1.1 bn for release of pledged shares ahead of maturity in September 2024
Adani Group has said that the promoters will pre-pay $1,114 million for the release of pledged shares ahead of the maturity ...
Leasing of industrial, logistics space highest in NCR in 2022 across top 8 cities: CBRE
Leasing of industrial and warehousing space was highest in Delhi-NCR and adjoining areas during 2022 at 7.3 million square feet driven mainly by demand from third party logistics and e-commerce firms, according to CBRE. The leasing grew by 6 per cent in Delhi-NCR to 7.
BYJU's to miss March 2023 deadline for group level profitability, results delayed again
Edtech firm BYJU's will not be able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year, reliable sources said on Monday. On top of it, its results for most of the months for the current fiscal year are delayed again.
Rounak Jain
Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity
Vodafone Idea’s shares zoomed by 25% on Monday hitting an upper circuit, after the government agreed to convert interest dues worth ₹16,133 crore into equity. The move breathed a fresh lease of life into the telco’s attempts to raise funds to make payments to vendors and sign contracts with telecom equipment makers and roll out its 5G network. The share price of the troubled telco is back to its December 2022 levels, erasing the losses it saw this year, so far.
Srishti Magan
Young boy builds an online kabadiwala biz after being inspired by his uncle's scrapyard 'heaven'
Delhi-based startup ScrapUncle offers scrap recycling services via its own website and app to homeowners and offices. Founded in 2019, ScrapUncle received a grant of ₹23 lakh from Columbia University. Sharks got into a bidding war over the startup, leading to its valuation getting doubled in a matter of minutes.
Rounak Jain
Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income
Adani Transmission on Monday reported a 78% year-on-year increase in its consolidated net profit for the third quarter. The company’s net profit was aided by a one-time income of ₹240 crore due to a regulatory order. Excluding the one-time income, net profit was down 12% over last year. Its revenue jumped 22% to ₹3,552 crore powered by new transmission lines and an increase in power demand.
Eetika Kapoor
Bike Bazaar raises $10 million in series D funding round from German investment firm DEG
Bike Bazaar, a two-wheeler financing company, said on Monday that it raised ₹82 crore ($10 million) from DEG, a Germany-based development finance institution and a subsidiary of KfW Group.
Sourabh Jain
Xiaomi MS11 EV image leak gives us a look at the company’s upcoming electric car
Chinese tech giant Xiaomi is gearing up to enter a new industry, and leaked images have revealed its upcoming product. After launching smartphones, wearables, laptops, smart home accessories, and more, the company is now looking to enter the electric vehicle (EV) industry with the launch of an electric car. Xiaomi has been working on an electric car for some time now.
Swiggy appoints 3 independent directors to its Board
Swiggy on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates; and Sahil Barua, Managing Director and CEO at Delhivery.
Katya Naidu
January auto sales rise 14% y-o-y but sentiment improving at a snail’s pace, says FADA
As compared to January 2020, auto sales in January 2023 were down by 8%, says data by Federation of Automobile Dealers Associations or FADA.
Insider Studios
Indian startup founders celebrate Paytm’s success as company posts first operating profit
India’s leading digital payments and financial services firm Paytm swung to an operating profit for the first time in Q3FY23...
Nine of top-10 firms add Rs 1.88 lakh cr in m-cap; ITC biggest gainer
Nine of the 10 most valued firms together added Rs 1.88 lakh crore in market valuation last week, with ITC emerging as the biggest gainer. The 30-share BSE benchmark Sensex jumped 1,510.98 points or 2.54 percent last week. Barring Reliance Industries Limited, rest nine firms including Tata Consultancy Services (TCS), HDFC Bank, Infosys and ICICI Bank were the gainers from the top-10 list.
Measures in place to address excess volatility: Sebi on Adani crisis
Sebi is committed to ensuring the stock market's integrity and all necessary surveillance measures are in place to address any excessive volatility in individual shares. Without naming the Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week. Officials confirmed that the statement has been issued in the wake of the Adani matter only.
Logistics startup FarEye lays off 90 employees, 2nd job cut in 8 months
End-to-end global delivery management platform FarEye has laid off 90 employees, which is its second layoffs in about eight months amid the economic meltdown.
