Tesla’s market value hit $100 billion for the first time Wednesday, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 4.8 per cent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles. … Read more
The rift within the family running Hyderabad-based logistics company Gati would have stayed under wraps had the firm not decided to cede management control to Allcargo Logistics in a deal. The prime mover of the agreement is Managing Director (MD) and Chief Executive Officer (CEO) Mahendra Agarwal while his wife, Neera Agarwal, and their two … Read more
In a first, pharma major Wockhardt has got the nod from the Drug Controller General of India (DCGI) for two new antibiotic medicines, which it plans to launch in the Indian market over the next few months. In the last 15 years, there has been no new antibiotic launch in this category (gram-positive bacterial infections) … Read more
For the quarter ended December 31, 2019, DMart reported a 53.3 per cent yoy rise in net profit at Rs 394 crore. Profit before tax for the period under review stood at Rs 497.34 crore, a YoY growth of nearly 26 per cent. Net sales for the period grew nearly 24 per cent to Rs … Read more
MUMBAI: Country’s largest public sector lender State Bank of India on Wednesday announced a ‘residential builder finance with buyer guarantee’ (RBBG) scheme aimed at giving a push to residential sales and improve homebuyers’ confidence. Under this scheme, the SBI will issue a guarantee for completion of select residential projects to customers which have availed home … Read more
NEW DELHI: Mutual funds have added a whopping Rs 3.15 lakh crore to their asset base in 2019 on the back of robust inflows in debt schemes and measures taken by regulator Sebi for boosting investor confidence. The asset under management (AUM) of the industry rose by over 13 per cent (Rs 3.15 lakh crore) … Read more
4th note in the series… the last one for calendar year 2019 !
With an intention to reduce non-banks business risks and focus on boosting credit growth, Reserve Bank of India (RBI) has asked banks to reduce their stake in insurance companies to 30%. The limit is 50% for NBFCs holding stakes in the insurance companies. Banks may get 3-5 years to implement this rule As per the … Read more
With three Indian co-founders, cloud-computing firm Nutanix, which opened to a blockbuster initial public offering on Nasdaq three years ago, is looking to bet big on government clients in India, said a senior executive. Nutanix is the leader in the hyperconverged infrastructure (HCI) business, and sees significant opportunity in “state and Centre and defence” areas … Read more