BUSINESS
Centre receives Rs 5,001 crore as dividend from ONGC
This was informed by Secretary in the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey.On November 11, the government had received about Rs 690 crore from Bharat Petroleum Corporation Limited (BPCL) as dividend tranche.
Indian markets touch new highs on Monday
The Sensex of BSE on Monday touched a record high of 62,661.40 points. The Sensex opened at 62,016.35 points and touched a high of 62,661.40 points and a low of 61,959.74 points during the day. The Sensex had previously closed at 62,293.64 points. After coming below the 62,000 points, the Sensex rallied up to cross again that milestone and later came down.
Simplilearn acquires US-based Fullstack Academy, aims $200 mn in revenue
The acquisition, said the company, will help it drive revenue growth to $200 million by FY24, of which 70 per cent is likely to come from global markets. "Through Fullstack Academy's wide-spread footprint in the US and its strong partnerships with top universities, we are confident that this collaboration will enable us to accelerate our global expansion plans," said Krishna Kumar, Founder and CEO, Simplilearn.
Zoomcar appoints Naveen Gupta as Country Head for India
In his new role, Gupta will be responsible for all aspects of growth, operations and customer experience for the company in the country. "His diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale the India business," said Greg Moran, CEO and Co-Founder of Zoomcar. In February this year, Bengaluru-headquartered Zoomcar had elevated Nirmal NR as the CEO for India market.
Food-tech venture Pluckk records $5mn annualised revenue run rate in Oct
The revenue growth was driven by the launch of the PLUCKK app in April which contributed to its stellar growth with 100k downloads in just three months. The company also announced its expansion in Delhi-NCR, where the pilot has already started in Gurugram and future plans include expansion in Pune and Hyderabad by end of FY 23-24.
Pakistan stocks crash after sudden interest rate hike to highest since 1999
The benchmark KSE-100 index lost 707 points as soon as the trading week kicked off, The News reported. The market was at 42,229 points at 9.39 am. It had closed at 42,936.73 points at the last session on November 25. Analyst Samiullah Tariq blamed SBP's decision to increase the interest rate as a key factor for the drop in the KSE-100 index.
DHFL 34,615 cr loan fraud case: Money laundered via 87 shell firms
The federal probe agency has also said in its charge sheet that the accused set up a virtual branch to launder money. The CBI had on October 15 filed the charge sheet against 75 accused, including private companies before the Rouse Avenue court in Delhi. It has been alleged that Kapil and Dheeraj Wadhawan laundered money and purchased 24 paintings worth Rs 63 crore.
With new highs done, expect midcap and smallcap to dominate now
BSE Sensex gained 630.16 points or 1.02 per cent to close at 62,293.64 points, while Nifty gained 205.10 points or 1.12 per cent to close at 18,512.75 points. The broader markets saw BSE 100, BSE 200 and BSE 500 gain 1.0 per cent%, 1.02 per cent and 1.07 per cent, respectively. BSE midcap was up 1.83 per cent while BSE smallcap was up 1.57 per cent.
RBI should consider moderating its pace of monetary tightening: CII
Given the headwinds to domestic growth mainly emanating from the global uncertainties, the Reserve Bank of India (RBI) should consider moderating the pace of its monetary tightening from the earlier 50 basis points. This was stated by CII to the RBI regarding expectations on the forthcoming monetary policy. While CII is cognisant of the fact that RBI's interest rate hikes of 190 basis points so far in this fiscal have been warranted to tame inflationary pressures, the corporate sector has now started to feel its adverse impact.
Swiss Challenge process to find buyers for LIC's Rs 3,400 cr debt in Reliance Capital fails
The IDBI Trusteeship, process advisor responsible for running the Swiss Challenge process on behalf of LIC, did not receive even a single bid, as the deadline for bid submission ended on Friday (November 25). Prior to initiating the Swiss Challenge process, LIC had received a binding bid from ACRE SSG, Singapore, which offered 27 cents for each dollar, resulting in a 73 per cent haircut for LIC.
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