Author: Abizar Attari
News Editor

Bengaluru: Bhavish Aggarwal’s Ola Electric hasn’t been able to shrug off the persistent negative publicity associated with its scooters yet. As per its Q2 results, the company reported a sharp 61% year-on-year decline in its e-scooter sales, losing the number one position in the market. The company’s consolidated revenues have fallen 46% from ₹1,214 crore in Q2 FY25 to ₹660 crore this time, with losses widening by 23.3% in the same period. The company has still This comes at a time when the electric scooter market is growing rapidly, with sales increasing 30% year on year, especially as competitors like…

New York: Stock markets across the world, including tech-focused Nasdaq and S&P, fell on fears of a stock market bubble reminiscent of the dotcom boom in the 1990s. The growing excitement over AI has raised worries that many stocks have been overvalued, especially with leading AI stocks Nvidia and Palantir dropping by 4% and 8% overnight, despite stronger corporate balance sheets. “There is fear of an AI correction, and if it comes, it will sweep the rest of the market with it due to the heavy weight of the leading names,” market veteran Louis Navellier said in an interaction with…

Mumbai: Leading Ferro Alloy manufacturer IMFA has announced the acquisition of Tata Steel’s Kalinganagar ferro alloy plant in Odisha for ₹610 crore, making the Odisha-based company the leading ferro alloy manufacturer in India. The deal, finalised through an asset transfer agreement, covers Tata Steel’s 0.5 million tonne capacity plant, including associated infrastructure. This would complement IMFA (Indian Metals & Ferro Alloys Ltd.)’s existing plants at Choudwar and Therubali which have a combined capacity of 300,000 tonnes annually. IMFA hopes to expand the Kalinganagar plant to up to 475,000 tonnes by FY28, using chrome ore sourced from the company’s existing captive…

After months of rallying, Bitcoin has now fallen below the $100,000 mark, after recording its record high of $126,000 in early October. This comes more than a month after record redemptions started in the last week of September and continued in October, even as a rising dollar and unrealised losses amongst short term holders have increased losses. In fact, the entire crypto market has been on a decline, losing almost 6% of its value. Within 24 hours, the whole crypto market has lost more than $300 billion, with the market cap standing at $3.36 trillion.  Bitcoin is now 25 days…

Mumbai: Fintech major Pine Labs is all set to raise ₹3,900 crore from the equity markets with an IPO scheduled to open on November 7. The IPO comes five months after the company filed its papers to SEBI, when it initially intended to raise about ₹4,328 crore through the markets. At a press briefing on Monday, Pine Labs CEO Amrish Rau said the company’s investors had chosen to retain a larger portion of their shareholdings, resulting in a smaller offer for sale.  “We were very clear that we want to continue to garner goodwill and get everybody’s support when we…

When was the last time you saw that attractive purse you’d love to buy, added it to the cart, and then bought more than you wanted to just because it said you could get ‘free shipping’ if you shopped for more than Rs.150? That ‘value for money’ eyelash you spent another Rs.75 for is now gathering dust, until you realise you had no use for it when you declutter before Diwali. Why online experience matters more than ever For brands dependent on e-commerce sales, every step in the purchasing journey- from discovering the product, ensuring it fits, exploring alternatives to…

Before the dawn of the 21st century, purchasing any product meant visiting the only place you knew the product could be available- the local market- where you’d find whatever you might need. Whenever you needed anything, you gathered your savings, made the trip to the nearest market, find the vendor, inspect the product, haggle for the right price and then buy. This find-inspect-haggle-buy buying behaviour was more or less constant ever since products and services were valued with money. Then e-commerce changed everything. Buying anything, except when it has a short shelf life- now never needs any kind of human…

In 1999, during the height of the Kosovo war, an American F-117 Nighthawk, a fighter jet well known for it stealth, was shot down by a Serbian anti-aircraft missile. Though the pilot survived, the wreckage was strewn a wide area of farmland. This development made headlines but only just. Because it was more than just a wreck, it offered an opportunity like no other. The US wasn’t going to give access to anyone for this top secret stealth technology which took more than a decade to develop. But where there is a will, there is a way, especially when you…

Mumbai: The Enforcement Directorate (ED) has attached more than 40 properties worth ₹3,000 crore belonging to beleaguered industrialist Anil Ambani and his group companies following orders issued on October 31. This is in response to allegations of large-scale bank fraud and fund diversion by Anil Ambani’s entities under his Reliance Anil Dhirubhai Ambani (ADA) Group. The attached properties include residential, commercial and land assets across Delhi, Mumbai, Thane, Pune, Hyderabad, Noida, Ghaziabad and Chennai. The case pertains to loans sanctioned by Yes Bank between 2017 and 2019. The bank, under former CEO and MD Rana Kapoor, had invested ₹2,045 crore…

Ahmedabad: The Reserve Bank of India (RBI) has fined ₹25 lakh on Mehsana Urban Cooperative Bank for not complying with certain regulatory provisions. This penalty has been imposed after the bank failed to classify certain loans and credit facilities as non-performing assets (NPA), as per the required norms.  This penalty was imposed after the RBI issued a show-cause notice to the bank, asking why the penalty should not be levied. After examining the banks’ books and the bank representative’s responses, the RBI found the responses unsatisfactory and proceeded to impose the ₹25 lakh penalty on the bank. According to the…