BUSINESS
Wherehouse.io raises seed capital in Better Capitals-led funding round
Besides Better Capital, the other key investors were Java Capital, Titan Capital, First Cheque, and Upsparks. The first round of funding validates the rapid progress and the significant market opportunity for Wherehouse.io and shall enable it to meet the market demand that would help new age e-tailers drive revenue, said a statement by Wherehouse.io.
May retail sales fall 79% from pre-Covid levels in 2019
The decline comes on the back of the lockdowns across states amid the second wave of Covid-19. With sales down 34 per cent in May 2021, categories such as food and grocery fared better than categories like footwear (-86 per cent), beauty, wellness and personal care (-87 per cent) and sports goods (-80 per cent) as compared to pre-Covid sales levels (May 2019).
Adani stocks characterised by similar set of FPIs, low mutual fund holdings
The Adani Group stocks also have the same set of foreign portfolio investors among the big shareholders in that category. Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies were in a controversy yesterday on reports that their share accounts were frozen but was later clarified that they are active.
'Equity AUM reaches new highs of Rs 11 lakh cr, net inflows rise to Rs 10,500 cr in May 21'
According to the Fund Folio report by Motilal Oswal Financial Services, the increase in MF industry's AUM was primarily led by an MoM increase in AUM of equity funds, other ETF funds, and balanced funds. But, liquid funds and income funds posted a decrease MoM, the report said.
43% of consumers did not buy Chinese products in last 12 months
The Majority of Indian consumers who purchased made in China products did so because they are the cheapest available option and offer value for money. However, 40 per cent of them also highlighted uniqueness and 38 per cent highlighted quality as a differentiator and that is something the Government of India and Indian manufacturers and MSMEs must act upon.
Fuel price hike paused: Petrol, diesel prices unchanged
Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi. OMCs had raised the price of the two petroleum products on Monday to take retail levels at new highs across the country. In Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday.
Accenture to acquire German firm umlaut
The acquisition will scale Accenture's deep engineering capabilities to help companies use digital technologies like cloud, artificial intelligence, and 5G to transform how they design, engineer and manufacture their products as well as embed sustainability. This will add more than 4,200 industry-leading engineers and consultants across 17 countries to Accenture's services.
Sensex, Nifty climb new record highs
The BSE Sensex touched a fresh high of 52,836.31 and the Nifty50 on the National Stock Exchange hit an all-time high of 15,889.60 points. Healthy buying was witnessed in banking and realty stocks. Around 9.40 a.m., Sensex was trading at 52,813.83, higher by 262.3 points or 0.50 per cent from its previous close of 52,551.53 points.
Israeli aerospace firm donates 100 oxygen concentrators to BEL
BEL Director K.M. Shivakumaran said the concentrators would be used at its nine units across the country for treating their employees infected by the virus. "The critical care equipment is needed as we are facing oxygen shortage for treating our Covid-hit employees and it can also be used for home care in emergency," he said.
Vedanta enhances Covid relief measures for employees
"Considering the fatalities caused by Covid-19 and the recent black fungus epidemic, the company is providing benefits to the family members of the deceased employees in the form of continued payments of last drawn fixed salary till their notional date of retirement," the company said.
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