BUSINESS
Merchant platform Pine Labs raises over $600 mn
The new investors are Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC via its 'Late-Stage Tech Fund' and Kotak are also participating in this investment round, the company said in a statement.
Nandan Nilekani, R.S. Sharma in advisory panel for Open Network for Digital Commerce
The DPIIT has initiated the project named "ONDC" aimed at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols independent of any specific platform. ONDC is expected to digitise the entire value chain, standardise operations, promote inclusion of suppliers, derive efficiencies in logistics, and enhance the value of consumers.
Domestic road logistics sector could grow by 6-9% in FY22: ICRA
It said that the logistics sector reported a strong recovery over H2 FY2021, a sharp contrast to the steep decline in revenues and earnings reported over Q1 FY2021. The logistics sector had reported a growth of 9 per cent sequentially in Q4 FY2021 It had witnessed a sharp decline in revenues and earnings over Q1 FY2021 due to demand-supply disruptions amidst the imposition of the nationwide lockdown.
Deadline for filing of foreign remittance tax forms extended
The last date of filing the forms is now July 15, said an official statement. As per the Income Tax Act, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance.
SEBI introduced penalty for untimely address to technical glitches
On Monday, the Securities and Exchange Board of India (SEBI) released the standard operating procedures for handling of technical glitches by Market Infrastructure Institutions. The penalties or the financial disincentives by stock exchanges, depositories and their MDs would be credited to the Investor Protection Fund and that from the clearing corporations would go to the Core Settlement Guarantee Fund.
Bezos retires officially, Andy Jassy takes over as Amazon CEO
On Amazon investor relations' website, Jassy is now listed as President and CEO of Amazon.com and also serves on the Board of Directors. Jassy founded and led Amazon Web Services (AWS) from its inception and served as its CEO from April 2016 until July 2021. In May, Bezos had announced that Jassy will take over as the CEO of the e-commerce giant on July 5.
Myntra's day 1 of EORS brings joy of shopping to 12L customers
Nearly 53 per cent of first-time customers came from Tier 2-3 and beyond making their first purchase on Myntra, giving the 14th edition a major fillip. In the biggest ever spike, one million new customers installed the Myntra app, making the most of the day 1 value offers. Myntra witnessed 6 times growth over BAU on the first day, with a majority of shoppers placing orders for men's casual wear.
Restaurants' body moves CCI against Zomato, Swiggy
"Keeping the interest of restaurants in India in mind and how they have been affected by the inherently anti-competitive practices of Zomato and Swiggy, the NRAI on July 1 filed an information with the CCI highlighting the following practices by Zomato and Swiggy, which have an appreciable adverse effect on competition," the industry body said in a statement on Monday.
NTPC subsidiary invites bid for Hydrogen buses for Delhi, Leh
Green hydrogen is produced using renewable energy and electrolysis to split water. Also, NVVN is providing comprehensive mobility solutions in all e-vehicle segments targeting reduction of carbon footprint and achieving energy security. Earlier this year, NVVN executed a turnkey project of supplying 40 e-buses and building charging stations in the Andaman & Nicobar Island.
Covid pulls down India's June services sector output: PMI
Besides, the survey data indicated that services firms endured further losses of new business as the emergence of the pandemic and the reintroduction of containment measures restricted demand. Consequently, the seasonally adjusted India Services Business Activity Index contracted to 41.2 (index value) in June, down from 46.4 reported in May.
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