Page 3259 - Business Finance
PhonePe acquires Zopper Retail
Digital payments company PhonePe today said it has acquired Zopper Retail as part of its strategy to aggressively ramp up its offline business. The terms of the acquisition were not disclosed. As part of the deal, Zopper co-founder and CEO Neeraj Jain will join PhonePe as Head of Product, Offline Merchant Solutions, it said in a statement. Zopper Retail is a hyper local Point of Sale (POS) platform for small and medium businesses. It had raised over USD 20 million in funding from investors like Tiger Global, Blume Ventures and Nirvana Ventures Advisors. Zopper's other business unit 'Zopper Assure', which offers extended warranty solutions is outside the ambit of the deal and will continue to operate as a separate entity. PhonePe, whose transaction ecosystem comprises of in-app, online and offline merchants, said investing in the growth of digital transactions at offline merchant locations forms a very important part of its strategy. "Combining PhonePe payments with some of the ...
BofA profit beats estimates on loan growth, lower expenses
(Reuters) - Bank of America Corp reported quarterly profit above Wall Street expectations as the second-largest U.S. lender kept a tight leash on expenses and benefited from growth in loans and deposits.
'What's not to like?' Boeing, Embraer defend potential deal
FARNBOROUGH, England (Reuters) - Top Boeing Co and Embraer SA executives on Monday defended their potential commercial aircraft partnership, saying they were confident it would win regulatory approval.
HUL's Q1 net profit up 19%
FMCG major Hindustan Unilever (HUL) on Monday reported a rise of 19 per cent in its net profit for the quarter ended June 30, 2018.
May announces new 2 bn pounds UK-Italian fighter jet project
Prime Minister Theresa May today announced a new 2.0 billion pounds (2.3 billion euros, USD 2.7 billion) programme with Italy's Leonardo to design a new generation fighter jet as Britain aims to project aerospace prowess into its post-Brexit future. "Today I can announce that the government will join with BAE Systems, Leonardo, MBDA and Rolls Royce to fund the next phase of the Future Combat Air System Technology Initiative through a ground-breaking partnership known as Team Tempest," she said.
ICICI Bank decides to postpone AGM by a month
ICICI Bank has decided to postpone its annual general meeting (AGM) by a month amidst independent enquiry conducted by Justice B N Srikrishna on alleged cases of impropriety against the bank's CEO Chanda Kochhar. The meeting has been rescheduled to September 12 as against the earlier schedule of August 10. "We wish to update that the change in AGM date and the consequent changes in record dates was necessitated due to the sequencing of general meeting dates within the listed entities of ICICI Group," the bank said in filings to stock exchanges. Meanwhile, Kochhar has gone on leave till the completion of an external enquiry into alleged conflict of interest in extending loans to some corporates like Videocon. Kochhar and her family members are facing allegations of quid pro quo and conflict of interest with respect to a loan extended to certain entities, including the Videocon group. Multiple agencies, including the CBI and regulator Sebi, are already probing the alleged lapses ...
P C Jeweller stock crashes 26% on withdrawal of buyback plan
The P C Jeweller stock crashed nearly 26 per cent today after the company decided to withdraw the proposed buyback of shares worth Rs 424 crore because it did not get the approval from its bankers. The stock nosedived 25.89 per cent to close at Rs 88.90 on BSE. Intra-day, it had slumped 28.22 per cent to Rs 86.10 -- its 52-week low. On NSE, the shares of the company plunged 25.81 per cent to end at Rs 88.95. Its market valuation got eroded by Rs 1,223.18 crore to Rs 3,506.82 crore. On the equity volume front, 72 lakh shares of the company were traded on BSE and over 7.4 crore shares changed hands on NSE during the day. In a filing to BSE on Friday, the company said that "...in view of the non-receipt of the requisite NOC from the company's bankers, the board of directors has decided to withdraw the buyback offer with immediate effect". In May, P C Jeweller's board had approved buy-back of shares worth Rs 424 crore amid a sharp plunge in the stock price.
Bank of India announces change in nominee director
With immediate effect
Nifty settles below 11,000
Trading for the week began on a subdued note as stocks drifted lower in volatile trade. The barometer index, the S&P BSE Sensex, lost 217.86 points or 0.6% to settle at 36,323.77. The Nifty 50 index fell 82.05 points or 0.74% to settle at 10,936.85. The Nifty settled below the psychologically important 11,000 mark after falling below that level in intraday trade.
Dr Reddy's shares tumble over 10 pc after US District Court's decision on sale of product
Shares of Dr Reddy's Laboratories today plunged over 10 per cent following a decision made by the District Court of New Jersey with respect to further sale and commercialisation of its product in the US. The stock slumped 9.85 per cent to end at Rs 2,089.15 on the BSE. Intra-day, it plummeted 10.61 per cent to Rs 2,071.50. On the NSE, shares of the company tanked 10.20 per cent to close at Rs 2,083. Led by the sharp fall in the stock, the company's market valuation dropped Rs 3,787.49 crore to Rs 34,661.51 crore. In terms of equity volume, 3.24 lakh shares of the company were traded on the BSE and over 37 lakh shares changed hands on the NSE during the day. Dr Reddy's Laboratories on Saturday said it will appeal the decision of the US District Court of New Jersey regarding further sale and commercialisation of its Buprenorphine and Naloxone sublingual film in America. "The company disagrees with the court's decision, and will vigorously appeal it," Dr Reddy's said in a BSE filing. The
LIC Board nod for buying 51% stake in debt-ridden IDBI Bank
The board of state-run Life Insurance Corporation (LIC) on Monday approved the acquisition of up to 51 per cent stake in the government-owned IDBI Bank, Economic Affairs Secretary S.C. Garg said.
FPIs turn buyers
Net inflow of Rs 70.24 crore on 13 July 2018
ONGC launches govt museum clean up drive
The Oil and Natural Gas Corporation (ONGC) has launched a drive to tidy up the government museum campus here housing heritage structures with a special focus on sprucing up its lengthy compound wall. The clean up drive of government museum campus, focusses on giving a facelift to its lengthy compound wall spread about 15,000 sq ft, an ONGC release said. The compound wall clean up began manually yesterday, and it will be followed up by "cleaning the wall with high pressure water jet washer" over the next eight days. The objective is to restore the original lustrue of this heritage structure to a large extent, the release said. The wall which was built in 1851 with special sand stone, lost its lustrue due to "weathering," according to the release. The clean up drive was launched by Executive Director (ONGC-Cauvery Basin), T Rajendran on July 15 and the initiaitve was part of programmes the ONGC took up under the 'Swachhata Pakhwada,' fortnight (July 1 to 15). "Swachhata ...
Sensex falls 218 pts, Nifty below 11k as WPI inflation races to 4-yr high
The benchmark BSE Sensex dropped by around 218 points or 0.60 per cent due to sell-off in banking, pharma, and metal stocks as investors turned cautious after wholesale inflation surged to a four-year high. The broad-based Nifty cracked below the 11,000-mark as 35 of its constituents closed in the red, led by Dr Reddy's, Tata Steel and Lupin. Most of the Asian markets were down as data showed growth in China's economy slowed in the second quarter amid concerns over the impact of heated China-US trade war. The 30-share index opened on a positive note but gave in gains due to inflation concerns and closed at 36,323.77, down 217.86 points, or 0.60 per cent. In the intra-day, it also hit a low of 36,298.94. The index had shed 6.78 points in the previous session on Friday after scaling a life-time high of 36,740.07 (intra-day). The 50-share NSE Nifty settled down by 82.05 points, or 0.74 per cent, at 10,936.85. Intra-day, it touched a low of 10,926.25 and a high of 11,019.50. "Surge in ...
Droom-uberMOTO enters into a strategic partnership to assist the driver community
Online automobile transactional marketplace Droom on Monday announced its strategic partnership with uberMOTO under which the drivers will be offered assistance to source a new or used bike from Droom.In a move to facilitate fleet solutions, a division of Droom will penetrate deeper into the drivers' community and reinforce its leadership position in the online automobile marketplace segment.The partnership will enable a large number of uberMOTO drivers to procure a quality two-wheeler easily, with ability to get loan, insurance, certification and RTO registration services besides incredible discounts and deals on offer.However, Droom will simplify the on-boarding process for Uber as well as the riders. Instead of reaching out to multiple dealers to source the bikes, uberMOTO will now be able to easily coordinate with Droom fleet solutions and fulfill the requirements of the drivers at bulk."This partnership guarantees a win-win situation for both the stakeholders involved. While Uber
Nifty July futures at premium
Turnover on NSE's F&O segment rises
Board of Mukand Engineers approves scheme of amalgamation
At meeting held on 16 July 2018
Gujarat Ambuja Exports schedules board meeting
On 28 July 2018
Excel Industries to pay dividend
On 09 August 2018