Reliance Retail Ventures Limited (RRVL) is acquiring 100% of METRO India. METRO India started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country. It currently operates 31 large format stores across 21 cities with about 3,500 employees. The business claims to have over 3 mn B2B customers … Read more
ChatGPT has been touted as a Google killer and the turning point for AI to enter the mainstream. It’s fascinating to play with, but ChatGPT is still limited, and the backlash has already started. Emerging technology like ChatGPT is usually called overhyped until it becomes essential. Over the past few weeks, social-media feeds and tech-pundit … Read more
The board of markets regulator Sebi on Tuesday agreed to change the buyback process to make it more investor-friendly, and introduced a new category of brokers with enhanced risk-mitigating measures. Sebi will also introduce a new platform to invest in direct plans of mutual funds. It changed rules that would enhance the board & governance … Read more
India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.8% uptick over last year, the Central Board of Direct Taxes said on Sunday. Last year, in the corresponding period, it was ₹9,47,959 crore. “The net direct tax collection of ₹11,35,754 crore includes Corporation Tax (CIT) at ₹6,06,679 … Read more
Apple Inc.’s walled garden around its technology is as synonymous with the iPhone maker as the iPhone itself. It is how Apple lures consumers into buying expensive earphones, watches and speakers that work seamlessly with that rectangular slab in their pockets, and ultimately what locks people in to Apple products. That has been great … Read more
Poonawalla Fincorp (PFL) is selling 100% of it’s housing subsidiary Poonawalla Housing Finance Limited (PHFL) to TPG. Consideration is Rs 3,900 cr PHFL reported financials for FY 22 Revenues of Rs 470 cr Net Worth at Rs 1082 crore Above implies a valuation of 8.3x on trailing revenues and 3.6x on Net Worth. (This is … Read more
Paytm has announced buyback totalling maximum of Rs 850 crore @ maximum price of Rs 810/ share. Buyback price is at 57% premium to the closing price on December 13, 2022 (before the announcement); It will be an open market buyback; Will be executed over a maximum period of 6 months; Company’s directors and Key … Read more
Growth of mutual funds (MFs) subsided in 2022 as the equity market struggled to inch up. Until November this year, the industry has added 5.8 million investors, compared with 6.8 million in the corresponding period last year. The assets under management has risen by Rs 2.6 trillion during the period, down 63 per cent from … Read more
The Bank of England warned on Tuesday about “significant pressure” on households and businesses due to higher inflation and borrowing costs, but said they were more resilient than before the global financial crisis. The BoE had previously flagged that Britain was entering a lengthy recession and, with inflation at a 41-year high and a sharp … Read more