BUSINESS
Taiwan's Hong Fu group to invest Rs 1,000 cr in TN for footwear factory
In a statement issued here, the government said the Hong Fu group, which makes sports shoe brands like Nike, Puma, Converse, Vans and others, has signed an MoU to set up a footwear manufacturing facility and is scouting for a place to locate its factory.
BharatPe hits back at Ashneer, says registered 4X sales growth in Q1 2022
"On a sequential-quarter basis, the growth has been 30 per cent, despite the third wave of Covid-19," a BharatPe spokesperson told IANS. "Comparing month-on-month, all our metrics have grown at the fastest pace -- merchant total payments value (TPV) (17 per cent), consumer TPV (39 per cent), loans facilitated (31 per cent), and revenue (21 per cent) in March over February," the spokesperson informed.
Meta planning 'Zuck Bucks' digital currency as crypto dream fails
According to a report in The Financial Times citing sources, Facebook's financial arm called 'Meta Financial Technologies' is exploring a virtual currency for metaverse, dubbed "Zuck Bucks". "The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram -- a trend that threatens its $118 bn-a-year ad-based business model,"
'Challenges in increasing supply will likely keep electricity prices high'
Traditionally, electricity demand in India peaks during the warmer months of April to August, subject to weather patterns. "We expect monthly electricity demand in 2022 to peak at around 132 billion kWh, 15 per cent higher than the average monthly demand in 1Q22, similar to 2021 and 2019 when peak monthly demand was 15 per cent and 19 per cent higher, respectively, than average monthly demand in 1Q21," the credit rating agency said.
Indian equities settle low, MPC outcome in focus
Sensex settled at 59,034.95 points, down 575.46 points or 0.97 per cent, whereas Nifty at 17,639.55 points, down 168.10 points or 0.94 per cent. For fresh cues, the outcome of the Reserve Bank of India's upcoming Monetary Committee Policy (MPC) meeting, which is expected to be revealed on Friday morning, would be eyed by the investors.
Indian digital consumers become more protective about personal data
The trend has been captured in the backdrop of the post-pandemic era, which has increasingly seen a rise in digital consumption across segments including grocery, fashion, health and beauty, consumer electronics travel, sports and fitness, crafts and creative and alcoholic beverages. "Seventy-five per cent of the Indian consumers (59 per cent globally) are evolved and are more aware and protective of their personal data," said Somick Goswami, Partner at PwC during the India D2C (direct-to-consumer) summit here.
Righteous GST implementation to bolster online skill gaming sector in India
India's share is currently at 1-2 per cent of the global gaming market with a market size of $1.8 billion of which Real-Money gaming has the largest constituent of revenue pool driven by higher user paying propensity (around 20 per cent of total market size). The total number of users of gaming services are close to 433 million and is expected to touch 650 million by 2025. However, apart from fine-tuning the regulatory mechanism, there's an urgent need to look at the GST levied on the sector.
ICICI Securities gives 'buy' call for Indian Hotels, Lemon Tree
Due to Covid waves in 2020 and 2021 globally and across India, the hospitality industry has seen a lot of volatility in terms of occupancies and room rates over the last two years. Heading into FY23, the beleaguered hospitality sector, which has borne the brunt of multiple Covid waves impacting business, is seeing a confluence of positives with leisure demand remaining strong and business travel set to see a strong leg up with reopening of offices.
Coca-Cola to set up Rs 1,000 Cr plant in Telangana
The company will invest Rs 600 crore in the plant in the first phase and another Rs 400 crore in the subsequent phases to take the total investment to Rs 1,000 crore in the next five years, said Telangana's minister for industries K.T. Rama Rao at an event with the company leadership. HCCB CEO Neeraj Garg, Chief Commercial Officer, Bottling Investment Group, Juan Pablo Rodriguez Trovato, Principal Secretary, industries and commerce, government of Telangana, Jayesh Ranjan were present.
Equity recovers despite Ukraine crisis but rising crude biggest external risk: Motilal Oswal
Benchmark indices gained sharply in March after a drop in February. Benchmark Sensex and Nifty rose over 10 per cent in the past one-month period, data showed. To put things in context, the Russia-Ukraine crisis has exacerbated the macro backdrop and caused commotion in global equity, bond and commodity markets with sharply elevated volatility.
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