BUSINESS
SIA gets 25.1% stake in an enlarged Air India group
SIA and Tata aim to complete the merger by March 2024, subject to regulatory approvals. Following the transaction that was announced on Tuesday, Singapore Airlines Limited (SIA) will immediately acquire a strategic stake in an entity that is four to five times larger in scale compared to Vistara.
RBI's pilot project on digital rupee to be launched on Dec 1
The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants, a statement issued by RBI said. The ea,-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.
Indian stock markets touch new heights for 2nd day
The Sensex of BSE on Tuesday touched a record high of 62,877.73 points after opening at 62,362.08 points and touched a low of 62,362.08 points during the day. The Sensex closed at 62,681.84 points, up by 177.04 points. On Monday, the Sensex had closed at 62,504.80 points after hitting an all time high of 62,701.40 points.
Tata Group to consolidate Air India and Vistara
Vistara shall be merged with Air India post receipt of requisite approvals. As part of the merger transaction, SIA shall also invest Rs 2,059 crore in Air India. Post the consolidation, SIA shall hold 25.1 per cent shareholding in Air India. The transaction is estimated to be completed by March 2024.
Myntra to host its 1st-ever Creator Fest on Dec 2 in presence of fashion, beauty influencers
The much-anticipated event will celebrate and recognise India's popular and much-loved content creators in the space of fashion and beauty, ahead of Myntra's 17th edition of 'End of Reason Sale' (EORS).
Credit card bill payment platform Cred acquires CreditVidya
"Expanding access to credit is a key driver for financial progress. CreditVidya's patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem," said Kunal Shah, Founder, Cred. Cred and CreditVidya will continue to operate independently.
Most rated Cos have buffer to manage rupee depreciation: Moody's
According to Moody's 11 of the 22 rated India-based companies either have natural or a combination of financial and natural hedges that mitigate their exposure to rupee weakness. For these companies, a large proportion of their revenues and costs are denominated in US dollars, which protects them from any adverse currency movements.
5G with IoT to unlock Indian businesses' potential: NTT India CEO
5G is something we leapfrogged from 4G as a natural course, but the scale India is going to see this time will be humongous. As the 5G roll-out begins for the masses, the Indian enterprises are also keen to have their own 5G private networks to ensure agility and scalability in the data age, Joshi told IANS. "5G will co-exist with Wi-Fi 6 and other technologies, especially IoT, for a myriad of sectors like manufacturing. 5G brings low latency, extra security and ultra reliability for smart manufacturing," said Joshi.
Travel expenditure grows 165%
The report also depicted the overall impact of the epidemic on Indians' embrace of digital payments throughout the holiday season. Between the "normal" time of 2019 and the post-pandemic period of 2022, there has been a 245 percent increase in spending and a 130 percent increase in the number of transactions. India's strong credit preference
After FTX, now crypto finance firm BlockFi files for bankruptcy
BlockFi and eight of its affiliates has filed for Chapter 11 bankruptcy Code in the US Bankruptcy Court for the District of New Jersey to provide the company with the "opportunity to consummate a comprehensive restructuring transaction that maximises value for all clients and other stakeholders". "With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company," said Mark Renzi of Berkeley Research Group, the Company's financial advisor.
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