Business News - English

After General Motors (GM) cut 164 jobs, Ford, on Monday announced that over 300 workers had been temporarily laid off due to "knock-on effects" from the ongoing strike against the company and two other US automakers. The strike against the "Big Three" car manufacturers -- Ford, Stellantis and General Motors -- began on September 15 when a previous contract expired without a replacement. Instead of...

Work from Office: IT majors Wipro, Capgemini, LTIMindtree have begun nudging their employees to work from office on all or at least 50% of the working days in a week, reported Economic Times. As per the report, this push to return to office is being implemented by IT/BPM and some technology companies across the country through verbal and informal communication channels. This comes as the industry...

Amazon India is set to kick off its annual festive season sale, the 'Amazon Great Indian Festival,' on October 8, with exclusive early access for its Prime members starting a day earlier. The company will offer products from a staggering 12 lakh sellers during this upcoming festival sale. In a statement, the company expressed, "The highly anticipated festive extravaganza in India, 'Amazon Great In...

In a tragic incident, Indian billionaire and Mining tycoon Harpal Randhawa, his 21 year old son Amer and four others were killed in a plane crash in Zimbabwe along with four others on Friday. According to media reports, their private flight crashed near a diamond mine in Southwestern Zimbabwe. The plane crashed in the Zvamahande area of Mashava, reported news media website, iHarare. The report fur...

Gold rate today slipped further and hit seven month low in both domestic and international markets on Tuesday. The average price of 1 gram of 22K Gold stood at ₹5,260 while the 24K gold prices stood at ₹5,738. The rate of 10 grams of 24K gold in Chennai stood at ₹57,710, which was followed by Delhi and Lucknow where the gold costs ₹57,380. The average price of 10gm of Silver was at ₹710 and 1 kg o...

DLF Project: DLF's Panipat project reportedly was sold out within an hour of launch generating Rs 200 crore. The biggest realty developer in National Capital Region has ventured into the tier 3 market with a 10-acre plotted development project in Panipat, Haryana. Demand for Plotted Projects As per Economic Times, DLF project was sold at 15-25% premium compared to its competitors. DLF is also push...

Stake Sale: The promoters of India's largest luggage and travel accessories maker VIP Industries are considering to sell the company's stake reported Mint. As per the report the deal which includes a potential open offer could be worth as much as $1 billion. The deal will see the exit of the promoters from the business. The promoters have roped in the investment banking team of InCred Capital to m...

The deadline for the exchange and deposits of the ₹2000 notes has been extended to the 7th of October. In a notification the Reserve Bank of India said, "As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of Rs 2000 banknotes until October 07, 2023. RBI's press release also point...

Tata Consultancy Services (TCS), India's largest IT company, is discontinuing its hybrid working policy. As per a report by CNBC-TV18, an internal communication was circulated earlier this month wherein the company has mandated that all employees must return to the office for five days a week, starting from October 1, 2023. Currently, employees are required to be in the office for only three days...

Vedanta Limited, led by billionaire Anil Agarwal, has announced a significant move towards value creation by demerging its business units. The conglomerate plans to establish six separate listed companies: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited. This decision aims to create independent verticals for metals,...

Investors in small savings schemes like the Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), and National Savings Certificate must ensure they submit their Permanent Account Number (PAN) and Aadhaar card documents by September 30, 2023. Failure to do so could lead to the freezing of their accounts, as per a government notification. If frozen, investors won't be able to carry out...

In the ever-changing landscape of investments, avoiding pitfalls is crucial for safeguarding your hard-earned money. In this episode of Invest Smart, seasoned financial expert PV Subramanyam sheds light on some of the most common mistakes investors make, potentially jeopardizing their financial stability. In this article, we break down Subramanyam's insights to help you navigate the intricate worl...

After achieving a historic milestone on August 23, 2023, by becoming the first nation to successfully land on the South Pole of the Moon, ISRO’s next mission is Venus. ISRO's Shukrayaan 1 mission, focused on Venus exploration, is scheduled for launch in December 2024. Remarkably, the concept for this mission was conceived back in 2012. The upcoming ISRO mission to Venus, known as Shukrayaan 1, is...

Indian startups have faced a significant workforce reduction, with over 30,000 employees being laid off since the beginning of 2022. According to Moneycontrol, approximately 95 startups have implemented these measures, aiming to cut costs and prioritize profitability. Although there has been a slight slowdown in layoffs in recent months, the situation remains concerning. In 2023 alone, 49 startups...

The deadline for depositing or exchanging Rs 2,000 currency notes is just two days away. Will the deadline be extended? As of now, the deadline to exchange or deposit the 2000 rupee notes is 30th September. However, some experts and bankers are of the opinion that the deadline could be extended to try and ensure the withdrawal of the currency notes as close to 100% as possible. A report by Moneyco...

Gold prices went down and Silver prices went up on the Multi Commodity Index on Friday. The average price of 1 gram of 22K Gold stood at ₹5,365 while the 24K gold prices stood at ₹5,853. The rate of 10 grams of 24K gold in Chennai stood at ₹58,800, which was followed by Delhi and Lucknow where the gold costs ₹58,680. The average price of 10gm of Silver was at ₹747 and 1 kg of silver stood at ₹74,7...

India's Multi Commodity Exchange of India (MCX) has announced that the launch of its new commodity derivatives platform, scheduled for next week, has been put on hold following directives from the country's markets regulator, the Securities and Exchange Board of India (SEBI). MCX confirmed that SEBI will be discussing the platform in its upcoming technical advisory committee meeting. MCX revealed...

In a bid to manage its image amid a massive restructuring, leading edtech firm Byju's has announced a stringent new social media policy. The policy, effective immediately, prohibits employees from engaging directly with any media outlet or sharing company-related information, including pictures, videos, or screenshots. Violations could lead to disciplinary or legal action, according to the newly r...

RP-Sanjiv Goenka Group-owned music label Saregama is set to acquire a digital entertainment company - Pocket Aces Pictures Pvt Ltd. A statement announcing the deal says that, initially Saregama will acquire 51.8% stake for Rs 174 crore with a clear path to acquire another 41% stake over the next 15 months at pre-agreed multiples. The transaction is an all-cash deal. This acquisition will further s...

Tata Group-owned Air India has entered into a collaboration with renowned fashion designer Manish Malhotra to create fresh uniforms for its extensive workforce, which includes over 10,000 flight crew, ground staff, and security personnel. As part of Air India's ongoing modernization efforts and the evolution of its global brand identity, the airline intends to introduce the new uniforms to its emp...

Yatra Online shares closed with a more than 4% discount compared to their issue price of Rs 142. The stock's debut on the BSE began at Rs 130, marking an 8.45% decline from the issue price. Throughout the day, it continued to fall, eventually ending at Rs 135.95, reflecting a decrease of 4.26%. On the NSE, Yatra Online shares started trading at Rs 127.50, experiencing a 10.21% drop, and concluded...

Kiran Mazumdar Shaw, the Executive Chairperson of Biocon Limited, recently expressed her disappointment over the cancellation of Trevor Noah’s shows in Bengaluru due to serious technical glitches and mismanagement. She took to social media to call it a “blot on Bangalore’s tech image” and urged the convention centre hosting the shows to introspect. "Forced To Cancel": Trevor Noah's Bengaluru Shows...

The Multi-Commodity Exchange of India is gearing up for a big transformation, as it prepares to launch its new commodity trading platform on October 3. In an official statement released on Wednesday, MCX announced this development. The exchange has taken meticulous steps to ensure a seamless transition, and to facilitate this, MCX will conduct a mock trading session on October 2. This session will...

Housing sales in the top seven cities of India witnessed a remarkable 36% year-on-year increase in the July-September period, reaching a historic high of 120,280 units, according to Anarock, a leading real estate consultant. This surge is attributed to robust demand and stable mortgage rates. In the same period last year, housing sales stood at 88,230 units. Anarock's report also revealed an 11% a...

A significant majority of Wall Street investors are not finding comfort in the 2023 stock market gains, as they express concerns about the potential for further market declines amid growing recessionary risks, according to the latest CNBC Delivering Alpha investor survey. The survey, conducted this week and polling approximately 300 chief investment officers, equity strategists, portfolio managers...