Author: Ansh Singh

New Delhi: Sugar prices are anticipated to decline by “at least 5 percent” following the government’s recent notification prohibiting the use of sugarcane for ethanol production, as stated by Vivek Saraogi, the Chairman and Managing Director of Balrampur Chini Mills, during an interview with CNBC TV-18 on December 8.   The government order, issued on December 7, is expected to boost the country’s sugar production while decreasing ethanol output. Saraogi highlighted that a potential increase in sugar production by approximately 15 to 17 lakh tonnes could impact the target price. The potential losses faced by sugar manufacturers will hinge on the extent of the reduction…

New Delhi: The Enforcement Directorate has submitted its initial charge sheet related to the money laundering investigation against the Chinese smartphone manufacturer Vivo and others, according to official sources. The filing occurred in a special court, citing criminal sections of the Prevention of Money Laundering Act (PMLA), with Vivo-India named as an accused alongside individuals previously arrested in the case. The Enforcement Directorate had apprehended four individuals, including Hari Om Rai, the MD of Lava International mobile company, a Chinese national, and two Chartered Accountants. The agency asserted that the actions of these individuals facilitated Vivo-India in making wrongful gains…

New Delhi: Shares of Paytm experienced an 18% decline in afternoon trading on December 7, following the company’s announcement of a slowdown in its small-ticket postpaid loans. Paytm intends to focus on expanding high-ticket personal loans and merchant loans. This decision has led to a negative reaction from brokerages, prompting them to revise their revenue estimates for the company.  As of 12:42 pm, Paytm shares were trading at Rs 666.50 on the NSE, having hit a 20% lower circuit earlier in the day. The stock’s sharp decline resulted in a notable increase in trading volumes, with three crore shares changing hands, significantly surpassing…

New Delhi: ByteDance Ltd., the parent company of the popular social video platform TikTok, is reportedly initiating a buyback of up to $5 billion from investors, as disclosed by sources familiar with the matter. The offer, set at $160 per share, aligns with the price ByteDance extended to its employees in November. Despite being approximately 11% lower than the 2022 investor offering, this valuation would still position ByteDance among the 40 most valuable public companies globally and the third in China, trailing Tencent Holdings Ltd. and Kweichow Moutai Co. Based in Beijing, ByteDance has emerged as a prominent player in…

New Delhi: VoiceClub, the on-demand audio consultancy platform, proudly announces a significant milestone in its growth journey. The company has successfully secured $700K in a seed funding round led by Better Capital, with substantial contributions from TDV Partners, Blume Founder’s Fund, Sunn91, Astir Ventures, and notable angel investors, including founders of Kutumb, Dhan, PagarBook, Flobiz, Khatabook, and more. VoiceClub, founded by Ayush Singh, Md Wasim Ali, and Azhar Rabbani, has been making waves since its launch in January 2023. This is a unique platform that offers on-demand audio consulting services in different categories like Astrology, Love, Legal, and more. Within a…

New Delhi: Wipro Consumer Care and Lighting, a division of Wipro Enterprises, has disclosed its acquisition of three soap brands – Jo, Doy, and Bacter Shield – from Mumbai-based VVF India, marking its 15th acquisition and the third within the last year. Although the financial details remain undisclosed, Wipro has invested approximately $1 billion in various acquisitions to date. This strategic move aims to broaden Wipro’s presence in the personal care segment. Jo, a significant brand in North, East, and West markets, Doy in the premium segment, and Bacter Shield, with its antibacterial soap and handwash range, collectively generated over…

New Delhi: The Telecom Regulatory Authority of India (Trai) has reportedly instructed Reliance Jio and Bharti Airtel to clearly outline the terms and conditions for their unlimited 5G data offerings following a complaint by Vodafone Idea alleging predatory pricing. This issue harks back to 2016 when Airtel and Vodafone raised concerns about Jio’s promotional plan, which included free data for several months. Trai dismissed Vodafone Idea’s complaint, asserting that the tariffs were not below costs and highlighting Vodafone Idea’s own offering of “unlimited” 4G data plans. While Trai rejected the predatory pricing claim, it directed Jio and Airtel to provide…

New Delhi: BSNL is planning to allocate a minimum of 4% of its total workforce, approximately 54,000 employees, to enhance its enterprise services, as opposed to the current 1.8%. The decision was taken after receiving dropped by 50% to Rs 952 crore in the July-September quarter compared to Rs 1,906 crore in the January-March quarter of FY23 in the Enterprise segment. In the six months ending September, BSNL’s enterprise business revenue witnessed a nearly 10% YoY decrease to Rs 2,007 crore. BSNL’s CMD PK Purwar highlighted the significance of the enterprise business as a high-potential revenue segment. In a letter to…

Surat: Team Hazira of ArcelorMittal Nippon Steel India (AM/NS India) emerged as the winner of the AM/NS India inter-location cricket tournament, organised at AMNS Township in Hazira from November 29 to December 2, 2023. The exciting T20 cricket tournament organised by the HR and Admin Team of AM/NS India at Hazira witnessed the participation of 11 teams from various locations of AM/NS India. A total of 13 matches, including ten league matches, two semifinals, and a final, were played during the tournament. Team Hazira took on Team Khopoli in the final match on December 2. Team Hazira posted a score of…

New Delhi: Adani Group Shares witnessed significant gains on December 4, attributed to a growing risk appetite among investors, bolstered by strong macroeconomic indicators and the Bharatiya Janata Party’s (BJP) electoral victories in three states. Adani Enterprises’ shares surged by 7%, Adani Green Energy rose by 9.4%, Adani Total Gas gained 4.4%, Adani Power increased by 5.5%, Adani Wilmar saw a rise of 1.72%, and Adani Ports experienced a 6.2% increase. Other Adani Group companies also benefited, with NDTV’s share price rising by 3%, Ambuja Cements climbing by 7.3%, and ACC increasing by 6.3%. The collective market capitalization (m-cap) of…