BUSINESS
Indian startups faced 70% drop in funding in FY23 to $15 bn
"The increasing cost of capital and interest rates, recession in developed markets, a decline in the value of tech stocks, and the slowdown in consumer internet growth have all been challenges for sustained funding," said Mohit Rana, partner at Redseer. There are about 100 unicorns and less than 400 public companies with a market cap of more than $1 billion in the country.
Tesla directors to return $735 mn to company as they 'overpaid themselves'
Elon Musk himself is under scrutiny for his own $56 billion compensation package, which is facing its own lawsuit that went to trial last year, reports TechCrunch. The settlement will be paid directly to Tesla to benefit the company. The settlement concluded a 2020 lawsuit from a retirement fund that holds Tesla stock.
Sensex moving towards 67K milestone
On the other hand, Titan and Tata Motors are down by more than 1 per cent. Since the market has run up too much, too fast, a correction can happen at any time, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Some profit booking at the present level can be considered, he added.
Government issues clarification on input tax, levy of tax on subsidiary company's shares
In a circular issued by the Central Board of Indirect Taxes (CBIC), it was clarified that in respect of common input services procured by the head office from a third party but attributable to both head office and branch offices or exclusively to one or more branch offices, the head office has the option to distribute input tax credit (ITC) in respect of such common input services.
Economic growth should be 7.6% annually in next 25 years for India to become developed economy: RBI report
According to World Bank's classification, a country with a per capita income of $13,205 or more in 2022-23 is classified as a high-income country. "To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India works out to be 7.6 per cent during 2023-24 to 2047-48," the RBI bulletin noted.
Diet Coke is still my fav drink: Musk amid aspartame row
A user on Twitter shared an image of a large burger with a caption "and a diet coke please". "DC is still my favourite drink," replied Musk, who owns Twitter. Later, the US Food and Drug Administration (FDA) said that the artificial sweetener is safe to use.
IRCTC travel insurance: Passengers now automatically covered, can opt out too
Passengers booking their train tickets on the IRCTC portal are now automatically provided insurance cover for Rs 10 lakh, a senior insurance industry official told IANS preferring anonymity.
Vedanta has best dividend yield among large-cap stocks
As per a report by Axis Securities, it is followed by Hindustan Zinc at 25 per cent, Coal India at 10 per cent, ONGC at 8 per cent, and Power Grid and GAIL at 5 per cent.
Musk's SpaceX controls 60% share of global launch biz as it eyes India
This year, the company had already put more than 1,000 satellites in orbit till June, Nikkei Asia reported on Monday. Musk said improved internet connectivity "can be incredibly helpful" in remote villages with poor broadband access.
Fashion e-commerce brand Styched acquires Flatheads
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Bengaluru-based Flatheads is specialises in designing all-day wear casual sneakers for the urban audience.
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