BUSINESS
Zomato allots shares worth Rs 200 cr to staff at Rs 1 face value
"We wish to inform you that the nomination and remuneration committee of the board of directors of the company at its meeting held on July 25, 2022, has approved the allotment of 4,65,51,600 equity shares having a face value of INR 1 each, as fully paid-up, to identified employees of the company and its subsidiaries upon exercise of vested options," the company said in its note.
Indians lead immigrants in creating unicorns in US: Report
A report by the National Foundation for American Policy (NFAP) said that Indians founded 66 companies with a valuation of over $1 billion. Four of them -- Mohit Aron (Nutanix and Cohesity), Ashutosh Garg (Bloomreach and Eightfold.ai), Ajeet Singh (Nutanix and ThoughtSpot) and Jyoti Bansal (AppDynamics and Harness) -- are among those who founded multiple billion-dollar enterprises in the US.
Microsoft stock up 5% despite missing revenue estimates
The company reported $51.9 billion in revenue -- up 12 per cent (year-on-year) with $16.7 billion in net income that was up 2 per cent. "We see real opportunity to help every customer in every industry use digital technology to overcome today's challenges and emerge stronger," said Satya Nadella, chairman and chief executive officer of Microsoft late on Tuesday.
IT raids two business groups, finds evidence of irregularities
During the course of the operation, a large number of incriminating evidences in the form of both hard copy documents and digital data were found and seized, it said. It was found that most of the turnover of the listed companies of the main group had been generated through circular trading. The promoter of the group was involved in systematic manipulation of performance of certain group companies on stock markets, with the help of stock brokers.
Russia to pull out of ISS after 2024, to build its own space station
According to Yuri Borisov, the new head of Russia's state space corporation Roscosmos, the country will begin to form the Russian Orbital Service Station (ROSS) by that time, reports Tass news agency. Borisov conveyed the decision reportedly to Russian President Vladimir Putin during a meeting. "Of course, we will fulfill all our obligations to our partners, but the decision to leave this station after 2024 has been made," Borisov was quoted as saying.
5G auction: Bids worth Rs 1.45 lakh cr received on Day 1, says Minister
The first-day bids "exceeded all expectations and surpassed 2015 records", he said. The four bidders are Reliance Jio, Bharti Airtel, Vodafone-Idea and an Adani group firm and their participation was "strong", Vaishnaw added. As per the minister, there were four rounds of bidding on the first day with most interest in mid and high-end bands and strong interest in the 3300 MHz and 26 GHz bands. Bids were also received for the 700 MHz band, he said.
Domestic investors now larger holders than FPIs in India's top companies for first time since 2010
The last quarter alone saw a near 90 bps rise in domestic ownership while FPI ownership of sample of 75 companies fell 84 bps QoQ. At 25.6 per cent ownership of India's largest 75 companies, domestic investors are now larger holders than FPIs for the first time since 2010, the report said. Average sector positions went higher in the latest quarter led by domestic institutions albeit FPIs continue to run more active portfolios.
IMF slashes India's 2022 growth forecast to 7.4%
The International Monetary Fund (IMF) on Tuesday slashed its annual growth projection for India by 0.8 percentage points to 7.4 per cent for 2022 and forecast "increasingly gloomy developments" for the global economy such as high inflation, downturn in China because of Covid. and spillovers from the war in Ukraine.
IMF slashes global growth forecast for the next 18 months
The Washington-based IMF said it now expected the global economy to grow by 3.2 per cent in 2022 -- a 0.4 point reduction since April -- while inflation is now believed to be higher than the previous forecasts. The slowdown is predicted to continue next year, when growth is now forecast to be 2.9 per cent -- 0.7 points lower than had been pencilled in three months ago, The Guardian reported.
Cloud-based travel tech platform Spotnana raises $75 mn
Founded by Sarosh Waghmar and Shikhar Agarwal, the platform has raised over $100 million in two years, doubling its employee to over 200 people and the majority of them work in Bengaluru, Pune and Mumbai. "The infrastructure that has been in place for decades puts huge barriers between suppliers and travelers.
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