BUSINESS
CRED raises $215M in new round, turns unicorn at $2.2B valuation
Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina have also participated in this round, CRED said.Marking its entry into India's unicorn club, the company said it will also offer its team another ESOP buyback opportunity, with a cumulative value of $5 million.
Covid Returns: Airlines clamour to reduce operational capacity
Accordingly, industry insiders contend that rising cases have severely impacted demand leading to cancellations. Notably, the Centre till now has allowed airlines to deploy 80 per cent capacity. The domestic sector was reopened on May 25, 2020, with a limited capacity of only 33 percent.
Credit Suisse takes $4.7 bn hit due to hedge fund default
"While our financial results are still subject to detailed finalisation and review, we would expect to report a pre-tax loss for 1Q 2021 of approximately (Swiss Franc) CHF 900 million. This includes a charge of CHF 4.4 billion (around $4.7 billion) in respect of the failure by a US-based hedge fund to meet its margin commitments as we announced on March 29, 2021," Credit Suisse said in a statement, although it did not name the fund house.
Indian economy to grow at historic 12.5%, but COVID wave 'concerning': IMF
"These numbers precede the current wave of the virus, which is quite concerning," she added. With the unprecedented growth rate projection of 12.5 per cent not seen in modern times, India also regains its status as the world's fastest growing economy, according to the WEO. Malhar Nabar, the Division Chief in IMF's Research Department, said, "The current forecast that we have already takes a fairly conservative view on the sequential growth for the Indian economy for this year."
Haryana allocates 140 acres to Flipkart in Manesar
During the meeting, the Chief Minister was apprised that the land, belonging to the Haryana State Industrial and Infrastructure Development Corporation Ltd, allotted at price of Rs 3.22 crore per acre to Instakart Services Private Ltd, a Flipkart group company, will not only give impetus to further investments in the region but would boost market access opportunities for MSMEs.
Airtel, Jio announce spectrum trading agreement
The agreement is subject to statutory approvals, Airtel said in a statement. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crore relating to the spectrum.
PlayShifu raises nearly Rs 125cr in Series B round
Chiratae Ventures and Bharat Innovation Fund also participated again. "We are proud of our team for their incredible achievements during the pandemic while working remotely for an entire year. The effort translated into a successful Series B to help take the brand to new heights in 2021 and beyond," PlayShifu Co-founder and CEO Vivek Goyal said in a statement.
Stock market saw sectoral rotation between 1st, 2nd half of FY21
A report by IDFC Mutual Fund showed that sectoral rotation took place during the first and second halves of the last financial year. Despite the sectoral rotation, metals stocks stood out throughout the year, as they outperformed in all the four quarters. "Apart from that, significant sector rotation was seen from the first half of FY21 to the second half," it said.
Glenmark Pharma to use IFC's $40 mn loan for debt refinance and capex
Glenmark is having a good presence in generics, the counter and speciality drugs. The IFC has committed an unsecured loan of $40 million to the company. Queried about the deployment of the loan fund a company spokesperson told IANS: "The $40 mn loans will be utilized to refinance existing Foreign Currency Convertible Bonds (FCCBs) and CAPEX funding."
Equity indices in green, Sensex up 250 points
Healthy buying was witnessed in metal, healthcare and auto stocks. Around 10 a.m., Sensex was trading at 49,409.77, higher by 250.45 points or 0.51 per cent from its previous close of 49,159.32. It opened at 49,441.13 and has touched an intraday high of 49,558.77 and a low of 48,936.35 points.
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