China’s market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation. Enterprises involved in the cases would be fined 500,000 yuan ($78,000) each, it said, the maximum under China’s 2008 … Read more
Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as a government crackdown on the country’s big tech champions bit into its bottom line. Alibaba said its profit came in at 5.37 billion yuan ($833 million) for the July-September period, falling from 28.77 billion yuan … Read more
Billionaire Anil Agarwal‘s on Wednesday said it is mulling a group restructuring that may include demerger and listing of the aluminium, iron & steel, and oil and gas businesses as standalone entities. In a stock exchange filing, the firm said its board has constituted a committee of directors to evaluate and recommend options to restructure … Read more
The Centre will invite financial bids for privatising as many as many as six CPSEs, including BPCL, BEML and Shipping Corp., by January, a top government official said on Wednesday. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), also invited private players to bid for the CPSEs that are up for … Read more
Harsh Mariwala founded Marico in 1987, turned it into an ₹8,000-crore FMCG company, and now, he says, he’s realised his dream of transforming it from a founder owned and led organisation to a professionally-managed one. His son, Rishabh who was part of operations very briefly earlier, will now be the trustee of the family-owned majority … Read more
The Rs 600-crore initial public offering (IPO) for , a data and analytics consulting company, was subscribed 339 times, making it the most subscribed IPO ever in India. The previous best was 304 times subscription for Paras Defence’s IPO, which was listed on October 1. The institutional part of Latent View’s IPO was subscribed 151 … Read more
Jeremy Grantham said Tesla stock is overvalued, and the automaker will face tough competition. The GMO boss diagnosed a massive asset bubble and predicted a historic crash. Grantham slammed the Fed for juicing markets and cautioned investors not to ignore inflation. Tesla stock is in a bubble, and Elon Musk’s electric-vehicle company has zero chance … Read more
India’s industrial output fell 2.6% month-on-month in September even as retail inflation inched up marginally to 4.48% in October with a sharper rise in urban price trends, as per data from the National Statistical Office. Compared to September 2020, the Index of Industrial Production (IIP) grew 3.1% in this year September, the pace of growth … Read more
Alibaba raked in a record 540.3 billion Chinese yuan ($84.54 billion) in orders over Singles’ Day. That’s a jump of 8.45% from last year’s shopping extravaganza, but the lowest growth rate in the event’s history. The moderation comes amid a slowdown in Chinese consumption as the government cracks down on everything. Alibaba raked in a … Read more