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Seek relief in HC: SC to Hemant Soren

February 2, 2024 - 11:38pm
Categories: Business News

Row in Rajya Sabha over DK Suresh's remarks

February 2, 2024 - 11:17pm
Categories: Business News

Bharat Forge expects rapid growth in e-mobility

February 2, 2024 - 10:52pm
Categories: Business News

Congress spent Rs 71.8 cr on Bharat Jodo Yatra

February 2, 2024 - 10:18pm
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Fusion CX opens 500-seat BPO facility in Mumbai; firm's India workforce to hit 10,000 in next quarter

February 2, 2024 - 10:12pm
Mumbai: Business process management (BPM) company Fusion CX on Friday announced the opening of a 500-seat facility in Navi Mumbai. The company, which employs 9,500 of its global workforce of over 14,000 in India, aims to add another 500 employees to take its overall base in the country to over 10,000 in the next quarter, as per an official statement. It will serve global clientele out of the newly-opened facility spread over 20,000 square feet. The facility will help offer multi-lingual, omni-channel customer experience management, technical support, and back-office operations to clients in various sectors including healthcare, BFSI (banking, financial services and insurance), technology, retail, and utilities. The company's director and co-founder Kishore Saraogi said the expansion of the Mumbai operation will help Fusion CX establish a strong presence in all four regions (north, east, west, south) of the country.
Categories: Business News

UCC panel submits report to Uttarakhand CM

February 2, 2024 - 10:08pm
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ICICI Prudential MF dumps 2% ZEE stake following Sony-merger collapse

February 2, 2024 - 9:07pm
ICICI Prudential Mutual Fund has sold a partial stake in Zee Entertainment amid a price crash following the termination of a merger with Sony.According to an exchange filing, I-Pru MF has sold 2.06 crore shares or 2.15% stake between January 20 and January 30 in a series of secondary market transactions.At the end of the December quarter, the fund house held a 7.25% stake in the company and post the stake sale, it has about 5.09%.On January 22, Sony decided to pull the plug on the $10-billion merger with ZEE, resulting in a share price crash. In the last two weeks, the stock has lost 27%.Since the announcement two years ago, the Zee-Sony merger treaded on a thin line over multiple issues, the main one being Punit Goenka's firm stand of running the combined entity.The deal would have created an Indian TV juggernaut with more than 90 channels across sports, entertainment and news that would have competed with the likes of Walt Disney and billionaire Mukesh Ambani's Reliance.The collapse of the deal is a bigger setback for Zee, according to analysts.It was initially expected that the deal would be completed within the stipulated deadline of December 2023. However, Zee requested Sony to extend the deadline to resolve critical issues.After Zee requested an extension, Sony was reported to file a termination notice before the extended January 20 deadline, which eventually turned out to be the case.Post the merger collapse, many brokerages downgraded the company's stock and revised target prices.Zee is facing stiff competition from digital media and a potential threat from the merger of RIL-Disney in the near term. The company has reported muted growth/profitability performance in the past two years, as revenue growth has converged (flat in FY20-23) and EBITDA margin dipped to 10.7% due to: losses in the OTT segment and lower growth in linear TV segment.
Categories: Business News

'Toy exports jump to USD 325.72 mln in 2022-23'

February 2, 2024 - 8:36pm
Categories: Business News

Force Motors to invest Rs 2000 cr in 2 yrs

February 2, 2024 - 8:22pm
Pune-based Force Motors has firmed up plans to invest Rs 2000 crore over the next two years to enhance manufacturing capacity, digitalise operations, improve engines and step up research and development (R&D) in alternate fuel technologies to expand its footprint in the Indian market. Prasan Firodia, Managing Director, Force Motors said, “Between vehicle manufacturing and our high tech components’ businesses, growth opportunities look good over the next two years. The economic outlook is positive. We are looking at investing Rs 2000 crore in the next two years to expand operations.” Of this, Rs 300-400 crore will be utilised to commission a second paint shop at the company’s manufacturing facility in Pune (Maharashtra). Force Motors (listed on the Bombay Stock Exchange) produces small commercial vehicles like Traveller and Urbania and SUV Force Gurkha, among others. The company sold 17,335 commercial vehicles (up from 12,913 units in the same period last fiscal) and 1,133 passenger vehicles (up from 540 units) between April and December of the ongoing financial year. The company also manufactures engines and gears for Mercedes Benz, BMW and Rolls Royce on a contractual basis. Firodia spoke to ET at the Bharat Mobility Show (BMS) being held in the national capital from Feb 1-3, 2023. The company showcased an electric version of the Traveller, Traveller CNG and Urbania diesel at the expo. “With growing urbanisation and consequent growth of public transport solutions in the cities, there is a significant need for sustainable and economical last-mile connectivity. Our focus now is to strengthen our play in this space with the CNG and electric Traveller and with vehicles based on the new Urbania platform”, Firodia said. The company - which is the largest van maker in the country - said there is a need for regulatory authorities to identify appropriate vehicles for specific applications to encourage adoption of electric vehicles in India. “While the government is putting a lot of focus on bringing on-road electric buses, electric vans with the capacity to carry 20-30 passengers can also help decongest roads and address challenges related to last mile connectivity in a sustainable manner”, Firodia said. He added while the company will continue to invest to expand its presence in these segments in the local market, Firodia said work is also on to scale up exports going ahead. He informed, “Exports currently comprise a little than 10% of our sales, currently. We are targeting increasing this to 20-25% of our overall volumes in the next two years.”
Categories: Business News

Sebi panel suggests abolishing security deposit requirement in public issues

February 2, 2024 - 8:03pm
An expert committee formed by Sebi on Friday suggested to abolish the requirement of a mandatory security deposit with the exchanges before a public issue, a move that could make it easier for companies to access the primary market. Under the current rule, any company that is looking to launch a public or rights issue of equity shares has to deposit with the stock exchanges an amount equal to 1 per cent of the issue size. The deposit is returned to the company after the public issue. In the consultation paper issued by Sebi, the committee suggested that the requirement of 1 per cent security deposit for public or rights issues may be done away with. Explaining the rationale behind the move, the committee said that the requirement of 1 per cent security deposit was put in place for public/rights issues so that an issuer resolves investor complaints relating to the transaction such as for refund of application money, allotment of securities and dispatch of certificates. However, considering various reforms and present framework for public or rights issues such as application through ASBA (Application Supported by Blocked Amount) UPI mode of payment, mandatory allotment in demat among others, the concerns relating to post-issue investor complaints regarding refund of application money, non-dispatch of physical certificates does notarise, it added. Going by the data, the average number of complaints per IPO has reduced post-implementation of T+3 listing in IPOs. Also, it has been observed that a majority of complaints are regarding the delay in unblocking of ASBA funds for which Sebi already prescribed a mechanism to deal with such complaints. "Therefore, since the requirement of one per cent security deposit imposes cost on the part of issuers, the removal of the requirement will result in ease of doing business for issuers accessing the primary market," it added. This is in addition to the recommendations made by the committee in January, whereby it suggested allowing flexibility to extend bid closing dates due to force majeure events like a bank strike. "In order to provide ease of doing business and to provide greater flexibility, the offer for sale size can be based on either the estimated issue size (in Rupee value) or the number of shares, as disclosed in the DRHP, and not on both criteria," the committee had suggested. The Securities and Exchange Board of India (Sebi) has sought public comments on the recommendation till February 9. Besides, it has extended the timeline for submission of comments on the consultation paper issued in January to February 9. Earlier, the deadline was February 1.
Categories: Business News

'I discuss everything with MSD': Rishabh Pant

February 2, 2024 - 7:02pm
Categories: Business News

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