BUSINESS
Nitin Spinners, multibagger stock of 2021, trading 40% off highs
At Friday's closing, the shares traded at Rs 215 per share. The company deals in textile and is one of the leading manufacturers of cotton and blended yarns, grey knitted fabrics and finished and printed woven fabrics. Notably, in 2021, the textile manufacturer was one of the multibaggers as the company's shares rose over 200 per cent cumulatively.
Binny Bansal sells Flipkart stake to Tencent as China hardens border position
The news about Bansal selling Flipkart stock to Tencent came at a time when US Secretary of Defense, Lloyd Austin, said on Saturday that China is hardening its positions along the Indian border. Addressing the Shangri-La Dialogue in Singapore, Austin said that China is taking aggressive and illegal approaches to the territories it claims in the South China Sea.
Global PC shipments to fall 8.2% in 2022 due to economic slowdown
The global macro-economic factors are set to hamper global shipments of traditional PCs this year, leading to a 8.2 per cent fall (on-year) to 321.2 million PC units. Similarly, the forecast for worldwide tablet shipments has been lowered to 158 million units, a 6.2 per cent decline compared to 2021, according to a new IDC report. Headwinds from lockdowns, war, and inflation are the leading factors behind slowing demand for PCs and tablets.
Global TWS shipments up 17% in tough market
According to the latest Canalys data, Apple, Samsung and Xiaomi retained their top three positions from the previous quarter, but only Apple grew shipments. Among the top five TWS vendors, Skullcandy and Edifier, both audio players, gained market share while the top three lost it. Since Q3 2021, TWS remains the only growing category, leading to the overall 4 per cent growth in the worldwide smart personal audio market.
BharatPe sees more high-profile exits after Ashneer Grover saga
Earlier, BharatPe's chief revenue officer Nishit Sharma and head of institutional debt partnerships, Chandrima Dhar, had quit citing personal reasons. "This is to inform that Satyam Nathani has decided to move on from BharatPe to pursue his entrepreneurial ambitions. We will back him to build the next big tech disruptions," the company said in a statement.
US-based e-scooter giant Bird lays off 23% of employees
While tech layoff tracker Layoffs.fyi attributes the news of the layoffs to an internal memo, certain LinkedIn posts from former Bird employees confirm that the layoffs have already begun, reports Techcrunch. The layoffs are hitting everyone from senior managers to new hires across different business divisions. Bird has also confirmed the layoffs to the website, saying that the departures will span across the organisation and regions.
Netflix frontrunner to acquire streaming rival Roku: Report
According to a report in Insider citing sources, Roku employees have long been speculating about the company being sold to Netflix. The buyout would reportedly cost around $13 billion (based on its current valuation) and will give Netflix a foothold in the hardware market. Both Netflix and Roku did not comment on the report.
Court summons Huawei India CEO after IT search at Gurugram office
"The culpable mental state of the accused persons is to be presumed," stated Additional Chief Metropolitan Magistrate Anurag Thakur in a recent order, stating that there is sufficient material on record to summon the accused persons under 275-B and section 278-B of the Income Tax Act, 1961 (Deals punishment for failure in facilitating an authorized officer to inspect the books of account or other documents).
Tesla plans 3-way stock split to make its shares affordable
"The primary purpose of the Authorised Shares Amendment is to facilitate a 3-for-1 split of our common stock in the form of a stock dividend," the company said in a fresh US SEC filing late on Friday. "As of June 6, 2022, we have 1,036,390,569 shares of common stock outstanding, and the current number of authorised shares of our common stock is 2,000,000,000, which is insufficient to effectuate the Stock Split," said the electric car-maker.
German central bank lowers 2022 GDP growth forecast to 1.9%
Economic recovery is likely to continue but at a "considerably more subdued pace" than previously projected, the bank said in a statement on Friday. Uncertainty about future economic developments was "exceptionally high" due to the Russia-Ukraine war, reports Xinhua news agency. In the first quarter of 2022, Germany's economy barely grew by 0.2 per cent quarter-on-quarter, according to the Federal Statistical Office (Destatis).
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