BUSINESS
Controversy around BharatPe Founder Ashneer Grover, wife gets thicker
Through its legal firm, Shardul Amarchand Mangaldas, BharatPe had appointed Alvarez and Marsal, a leading management consultant and risk advisory firm, to look into financial irregularities at the firm and submit the report to the Board. Ashneer's wife Madhuri Grover served as head of control at BharatPe since incorporation and headed procurement and admin departments.
Frontloading infra spend could bring faster growth: Crisil
The majority of Budget 2022-23 massive Capex outlay -- Rs 7.50 lakh crore -- will be spent on infrastructure development. Besides, the budget steered clear from a definitive consumption push to support economic recovery. Instead, it batted for investment spend, with an eye on the medium term. "On the one hand, the lift in the consumption cycle is now tied to a broad-based pick-up in economic activity, which the government is trying to engineer through a focus on investments," it said.
IndusInd Bank moves NCLT against Zee Entertainment
"An application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules 2016, by IndusInd Bank Limited, claiming to be a 'Financial Creditor', before the Hon'ble National Company Law Tribunal, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the Company, claiming a default of Rs.83,08,00,000," the filing said.
Paytm Q3 results: Revenue up by 89% to Rs 1,456cr, losses reducing while financial services ramps up rapidly
During the October-December quarter, the company saw its revenues jump by 89 per cent y-o-y to Rs 1,456 crore, EBITDA losses (before ESOP expense) came down to Rs 393 crore from Rs 488 crore during the same quarter in the previous year. This revenue increase was led by high monetization and growth in merchant payments through MDR-bearing instruments, new device subscriptions, and loan disbursements.
New IndiGo MD Rahul Bhatia to focus on expanding airline's presence
The appointment comes at a time when the Tata Group has taken over Air India and a new budget carrier, Akasa Air, is slated to commence operations. Besides, the development assumes more significance since lesser Covid restrictions are expected to trigger massive demand, not just in the domestic but even in the international market segment.
Up to six months' imprisonment for publishing certain kinds of export/import info
Insertion of new Section 135AA has been prescribed by the Finance Bill after Section 135A of the Customs Act. Nothing contained in this section shall apply to any publication made by or on behalf of the Central government.
Diversifying: Hamdard looks to enter new segments; plans to launch beauty products
In a conversation with IANS, Hamdard Laboratories' Chairman Abdul Majeed confirmed the company's plans to bring out new offerings in the form of face washes, shampoos and oral hygiene products. Besides, the company is working on products based on medicinal oils which are even safe to consume.
Jio Platforms invests $15 mn in AI, VR startup Two Platforms
The startup -- Two Platforms -- is an Artificial Reality company focusing on building interactive and immersive AI experiences. Notably, TWO's Artificial Reality platform enables real-time AI voice and video calls, digital humans, immersive spaces and lifelike gaming. The startup brings interactive AI technologies first to consumer applications followed by entertainment and gaming, as well as enterprise solutions, including retail, services, education, health and wellness.
IndiGo's Q3FY22 net profit up over Rs 129 cr, Rahul Bhatia appointed MD
The airline had posted a net loss of Rs 620.1 crore in the year-ago quarter. Its total income for the quarter ended December 2021 was Rs 9,480.1 crore, representing an increase of 63.5 per cent over the same period last year. Its passenger ticket revenues were Rs 8,073.1 crore, an increase of 98.4 per cent and ancillary revenues at Rs 1,141.7 crore, an increase of 41.3 per cent compared to the same period last year.
US unemployment ticks up to 4% in Jan
Jason Furman, former chairman of the White House Council of Economic Advisers, said on Twitter that it might take some time for the impact of the Omicron surge to show up in employment data, Xinhua news agency reported. In January, employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing, according to the report.
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