BUSINESS
NITES files complaint with Centre against Infosys over employment clause for staffers
NITES, an NGO working for welfare and benefits of IT/ITES and its related sector employees and actions focused on various issues faced by IT/ITeS/BPO/KPO employees, has submitted an official complaint to the Ministry of Labour and Employment, Government of India and Ministry of Corporate Affairs against Infosys in this regard.
View from NYC: Despite cuts to growth projections, India to keep top spot in large economy league
India's Gross Domestic Product is projected to grow by 8.2 per cent this fiscal year and keep the top spot despite the International Monetary Fund shaving off just under a percentage point, according to its World Economic Outlook (WEO) report released on Tuesday. China, which is experiencing a slowdown, is the second-fastest-growing large economy at 4.4 per cent this year. (Spain has a slightly higher growth projection of 4.8 per cent, but it ranks 14th in the size of its economy.)
HDFC to sell 10% stake in HDFC Capital to ADIA's subsidiary
Accordingly, the housing loan major entered into binding agreements to sell 10 per cent of its fully diluted paid-up share capital of HDFC Capital to ADIA's subsidiary for approximately Rs 184 crore. Notably, ADIA is the primary investor in the alternative investment funds managed by HDFC Capital. Set up in 2016, HDFC Capital is the investment manager to 'HDFC Capital Affordable Real Estate Funds 1, 2 & 3'; and is aligned with the Government of India's goal to increase housing supply and support the Pradhan Mantri Awas Yojana - 'Housing for All' initiative.
Video-editing SaaS platform VideoVerse raises $46.8 mn
Previously known as Toch.ai, VideoVerse is building the next-generation video editing ecosystem addressing a broad range of use cases in the post-production process. The funding round was led by A91 Partners, Alpha Wave Global and Binny Bansal, former co-founder of Flipkart. "As we chart out the next phase of our growth journey, these funds will help us in our mission to innovate on behalf of consumer needs and industry demands," said Vinayak Shrivastav, CEO and co-founder, VideoVerse.
Apple workers in NYC seek $30 per hour minimum wage
The Apple workers' union, called Fruit Stand Workers United, has updated its websites with new demands, including the wage increase, health and safety research, and better education and retirement benefits, reports The Verge. The union also wants pay calculated using a "matrix based on role, tenure, and performance". The union also called on Apple to "conduct research into security protocols with customer interactions, and research into track dust, health effects from building materials, and noise pollution at Grand Central".
Netflix loses 2 lakh paid subscribers in Q1, shares tank 20%
Moreover, Netflix forecasts a global paid subscriber loss of 20 lakh for the second quarter (Q2) of 2022. The decline has brought Netflix's subscriber base to 221.6 million, down from 221.8 million in the previous quarter.
ACC's consolidated net profit down 30% in Q1CY21 on YoY basis
The company's consolidated net profit fell to Rs 396 crore from Rs 563 crore reported for the corresponding quarter of the previous fiscal. However, the company's consolidated net sales were up to Rs 4,322 crore in the quarter under review from Rs 4,213 crore earned during Q1CY21.
Snapping 5-day losing streak, indices up in opening session
In the past five sessions, the Sensex and Nifty declined almost 4 per cent. High inflation amid rising crude prices weighed on the investors sentiment in the past few sessions, said analysts.
Reliance Brands Ltd and Abu Jani Sandeep Khosla form a strategic partnership
The strategic partnership is aimed at accelerating the 35-year-old couture houses growth plans in India and across the globe. Abu Jani and Sandeep Khosla will continue to lead the design and creative direction of the brand. Abu Jani and Sandeep Khosla are India's premier couturiers their design legacy began in 1986. Based in Mumbai, their couture label Abu Jani Sandeep Khosla is internationally feted, for its quality and elegance.
IMF cuts India's 2022 growth prospects
The fund had earlier projected 9.5 per cent growth for the Indian economy in 2022. It slashed it by 0.5 percentage points in its January report and it has further reduced it now by 0.8 point. The fund has also cut its projection for 2023 by 0.2 point to 6.9 per cent.
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