BUSINESS
'Tesla' burgers arriving as Musk's EV firm plans restaurant chain
According to a report in Electrek, the company has applied for three new trademarks with the United States Patent and Trademark Office that will cover the categories of "Restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services". "The application is awaiting examination and will be reviewed by an attorney around August 27," the report said on Tuesday.
Urban Company raises over Rs 1,868 cr, to enter 100 Indian cities
"By March this year, we had seen significant growth as businesses were allowed to operate in several categories," said Varun Khaitan, Co-founder of Urban Company. "This time, we wish to be back to March levels by July with the situation normalising in urban centres amid the second Covid wave, even aiming to double our growth from the pre-pandemic times."
Sensex down 300 points, banking stocks fall
Heavy selling pressure was witnessed in banking, finance and IT stocks. The decline in the index heavyweights Infosys and HDFC also weighed on the Sensex. Around 10.10 a.m., Sensex was trading at 51,601.51, lower by 333.37 points or 0.64 per cent from its previous close of 51,934.88. It opened at 51,749.10 and has so far touched an intra-day high of 51,863.94 and a low of 51,590.25 points.
Infosys starts internal probe post SEBI order over insider trading
"The company will extend full cooperation as required to the SEBI on the matter. Additionally, as a result of the order, an internal investigation is being initiated and appropriate action will be taken on the conclusion of such investigation," it said. Infosys added that it has a "well-defined Code of Conduct covering all its employees and an Insider Trading Policy that governs dealing with unpublished price sensitive information".
ITC's Q4 standalone net profit falls 1.3%
ITC's total expenditure in the last quarter of FY21 increased 31.46 per cent to Rs 10,075.03 crore. In a statement, the company said that the operating environment during the year was rendered extremely challenging by the outbreak of the pandemic, which caused unprecedented disruptions across the company's operating segments.
Business resumption registers first uptick after falling for 11 weeks
After falling for 11 consecutive weeks, the Nomura India Business Resumption Index (NIBRI) registered its first uptick, picking up to 63.6 percentage points (pp) for the week ending 30 May (36.4 pp below pre-pandemic level) from a low of 60.3 pp in the previous week
Adar Poonawalla appointed chairman of Magma Fincorp
Magma Fincorp is now a subsidiary of Rising Sun Holdings Private Limited (owned and controlled by Adar Poonawalla), subsequent to equity infusion of Rs 3,456 crore as on May 6. Poonawalla is also the CEO of the Serum Institute of India, the makers of the Covishield vaccine.
SEBI bars 8 entities in Infosys insider trading case, impounds accounts
The entities are Pranshu Bhutra, Amit Bhutra, Bharath C. Jain, Manish C. Jain, Ankush Bhutra, Venkata Subramaniam V.V., and firms Capital One Partners and Tesora Capital. The investigation found that the total proceeds generated from insider trading was over Rs 3.06 crore.
Nestle document says 60% of its food portfolio is unhealthy: Report
As per the Financial Times report, Nestle, the maker of KitKat, Maggi and Nescafe, describes the 3.5-star threshold (out of 5-star) as a "recognised definition of health". The report said within its overall food and drink portfolio, about 70 per cent of Nestle's food products failed to meet that threshold, along with 96 per cent of beverages — excluding pure coffee — and 99 per cent of Nestle's confectionery and ice cream portfolio.
Tim Cook ranks 171/500 in CEO pay ranking: Report
Apple is at the top of the Standard & Poor's 500 rankings in terms of market capitalisation but Cook's direct pay from the company is far lower than many others in the list, AppleInsider, citing WSJ, reported on Tuesday. Cook trails far behind Paycom CEO Chad R. Richison, who topped the list with $211 million in total pay, followed by Shantanu Narayen of Adobe at third with $45 million.
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