BUSINESS
CAIT urges Centre to suspend Amazon's e-commerce portal immediately
The traders' body's letter to the Centre comes just two days after the Competition Commission of India (CCI) imposed a penalty of Rs 202 crore on Amazon and suspended its approval for its deal with Future Coupons. "CCI order for imposing 202 crore penalty on Amazon exposes fraudulent and mischievous attempts by it to control e-commerce and retail trade. No more evidence needed after CCI order," CAIT General Secretary Praveen Khandelwal said in a tweet.
Equities sharply down in early trade; Adani Transmission top loser
It is important to note here that Indian equity indices declined six out of past seven sessions due to heavy sell-offs amid volatility in the markets. Also, risks emanating from the new Omicron Covid-19 variant likely kept investors at bay.
At 9.25 a.m., the S&P BSE Sensex traded at 56,015 points, down 1.7 per cent.
Day 1 of Myntra's EORS-15 witnesses 1.6 mn shoppers purchasing 3.5 mn products
The company said that over 7 lakh items were purchased within the first 3 hours of the mega fashion carnival that went live in the wee hours of December 18. "Day one of EORS-15 has been phenomenal. With 1.6 million shoppers so far and over 40 per cent growth in new users shopping on Myntra over the previous winter edition, day 1 of EORS-15 has broadly exceeded our as well as our brand partners' expectations," Sharon Pais, Chief Business Officer, Myntra, said in a statement.
Listed in May 2021, Equippp Social Impact's shares up 7,900%
Before February 2021, the company was known as Proseed India, and dealt in seed business. In its earlier avatar, the company failed to generate much revenue and reportedly went into insolvency. Post re-listing as Equippp Social Impact on May 19, 2021, the company has never looked back. Its share price rose from Rs 1.45 on May 20, 2021, to Rs 116 at Friday's closing.
CAIT urges Centre to suspend Amazon's e-commerce portal immediately
The traders' body's letter to the Centre comes just two days after the Competition Commission of India (CCI) imposed a penalty of Rs 202 crore on Amazon and suspended its approval for its deal with Future Coupons. "Since this act (by Amazon) violates FEMA and FDI policy, the Enforcement Directorate has nothing more to do - the evidence is right before it in the form of CCI order, therefore the ED should take immediate action against Amazon," it said in the letter.
Textile manufacturer Trident's stock price rises over 400% in 2021
Founded in 1990 as a home textile manufacturer, the company has now diversified into paper, chemicals, and energy. Started in Punjab, the company now has customers across 100 countries. From Rs 10 per share on January 1, 2021, the price has now touched Rs 55 at Friday's close, rising as high as 409 per cent. To put things in perspective, the benchmark Sensex rose nearly 19-20 per cent in 2021.
Indian diagnostic business expected to grow 20-25% YoY in FY22: ICRA
Operating margins of the sector are seen increasing by 300-400 basis points during the period. "Recent trends such as focus on digital brand building, improved offerings in bundled medical packages, changing consumer mindset towards organised players is likely to support demand traction for national diagnostic chains going forward," ICRA Assistant Vice President and Sector Head Mythri Macherla said.
Essar to increase oil, gas exploration in Vietnam's Ken-Bau basin
Essar Exploration and Production is an emerging player in natural gas exploration and production worldwide. It and Ente Nazionale Idrocarburi have a significant investment in Block 114, located in the offshore area of central Vietnam. On Sunday, the Chairman of the National Assembly of Vietnam Vuong Dinh Hue, and Deputy Prime Minister Le Manh Hung met Ravi Ruia and Prashant Ruia, two senior most officials at Essar.
Centre's PLI scheme to benefit UP in big way
The PLI scheme is expected to lead to an investment of Rs 76,000 crore in semiconductor manufacturing over the next 5 to 6 years. This scheme will help in the design, manufacturing, packing and testing of microchips in the country and develop a complete ecosystem.
Mega gems, jewellery CFC to come up at SEEPZ Mumbai
Union Commerce Minister Piyush Goyal laid the foundation stone for a CFC at the Santacruz Electronic Export Processing Zone (SEEPZ) Special Economic Zone (SEZ) in Mumbai. The Indian gems and jewellery industry has the largest skilled workforce of 4.5 million as on date.
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