Page 2 - Businesses

Rs 740-cr IPO of ixigo parent Le Travenues Technology subscribed 98.1 times

The initial public offer of Le Travenues Technology, which operates travel booking platform ixigo, got subscribed 98.10 times on the closing day of subscription on Wednesday. The Rs 740-crore initial share sale received bids for 4,29,36,34,618 shares against 4,37,69,494 shares on offer, as per NSE data. The quota for non-institutional investors fetched 110.25 times subscription while the portion for Qualified Institutional Buyers (QIBs) got subscribed 106.73 times. The category for Retail Individual Investors (RIIs) received 53.95 times subscription. The initial public offering (IPO) of Le Travenues Technology got subscribed 1.95 times on the first day of subscription on Monday. The IPO has a fresh issue of up to Rs 120 crore and an offer for sale (OFS) of up to 6,66,77,674 equity shares. Proceeds worth Rs 45 crore from the fresh issue will be used to fund the company's working capital requirements and Rs 26 crore will be utilised for investments in technology as well as data scie

IBBI proposes compliance procedures for IPs, seeks stakeholder feedback

The IBBI has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals, and sought stakeholders' comments by July 1. These changes will reduce the amount of information and data that insolvency professionals (IPs) need to submit, thereby enhancing efficiency and reducing redundancy. The Insolvency Bankruptcy Board of India (IBBI) has also proposed to remove duplicate submissions and simplification of the reporting process. Under the discussion paper issued on June 10, the IBBI said the proposed changes will "simplify the compliance process by combining various reporting system on IP and IBBI website into a single, centralised IBBI website, eliminating duplication, and making it easier for stakeholders to access and use". The IBBI -- a statutory body functioning under the corporate affairs ministry -- has invited stakeholders to provide comments on the discussion paper by July 1. The

Citroen inks MoU with CAB-EEZ Infra Tech to supply 2,000 units of e-C3 EVs

French carmaker Citroen on Monday said it will supply 2,000 units of its electric vehicle e-C3 to urban e-mobility player CAB-EEZ Infra Tech Pvt Ltd over the year. The two companies have signed a Memorandum of Understanding (MoU), under which the first 100 units of e-C3 were flagged off, Citroen India said in a statement. This further augments 200 e-C3 units already part of the Cab-E fleet taking the total to over 300 units operating across Mumbai and Pune, it added. "Cab-E has been one of the early adopters of the e-C3. Their continued choice of this product is a validation of Citroen's proposition as a key player in promoting sustainable transportation solutions," Citroen India Brand Director, Shishir Mishra said. Cab-E Director & CEO Kuldip Ghosh said, "This partnership not only benefits stakeholders but also propels Cab-E to a leadership position in the electric urban mobility market." Citroen e-C3 offers a range of 320 kilometre (ARAI-certified) per single charge and can ...

Sebi bags 'Best Conduct of Business Regulator' award by The Asian Banker

Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong. "This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity," The Asian Banker said in a statement. Through rigorous enforcement and innovative regulatory practices, Sebi has significantly improved the conduct of business in the country's financial markets, ensuring fair treatment of consumers and robust market integrity, it added. The Asian Banker creates platforms to build a greater sense of community amongst players i

UK firms expecting hard time in China over next 5 years, warns lobby group

British business confidence is further constrained by growing risk of increased trade tensions due to a complex geopolitical environment, it added

92% of knowledge workers in India use AI at work, lead world: Study

Most business leaders in India believe their companies need to adopt AI to stay competitive

Canada braces for possible wave of business bankruptcies amid slowdown

There were about 1.2 million small businesses with employees in Canada in 2021 and contributing over a third to the country's gross domestic product, according to the latest official data

Trade unions witnessing decline across the world, says senior economist

Speaking on the problems faced by trade unions, Bardhan said that an increase in the informal labour force is leading to a higher degree of labour fragmentation

Over 25 nations' leaders to join Bengal Global Business Summit from Tue

Business leaders from more than 25 countries, a host of prominent figures of corporate India as well as political dignitaries are expected to take part in the seventh edition of the Bengal Global Business Summit (BGBS) that will begin on Tuesday, officials said. The participating countries include the US, UK, Japan, Poland, France, Australia, Germany, Malaysia, Bangladesh and Fiji, they said. Corporate honchos from India's Reliance Industries, ITC, Ambuja Neotia and the Hiranandani Group are also likely to attend the state's marquee business summit. The focus sectors at the two-day BGBS 2023 are MSME, textiles, engineering, energy, transport & urban infrastructure, real estate, agri, tourism and international trade & logistics, officials said. Over 250 international delegates are expected to participate, including senior representatives from the World Bank and the Asian Development Bank, they said. "Reliance Industries Chairman & MD Mukesh Ambani is expected to attend this

60% of businesses 'off track' to meet sustainability goals: Report

Over 60 per cent of businesses surveyed are "off track" to meet their sustainability goals, according to a report by Bain & Company, which also found that consumers are willing to shell out a premium for sustainable products. According to the report, a large number of people surveyed in India say they have a high level of concern about environment sustainability. This could be driven by the spiking levels of pollution in major cities and the rising incidence of flash floods in different parts of the country. Consumers in fast-growing markets, where Bain found environmental concerns to be highest, including India, were willing to pay a greater premium (between 15 and 20 per cent), compared to markets like the US and the UK. The report further said that an Indian consumer, however, is still at an early stage of understanding sustainability and a number of related behaviours are influenced by cultural norms and financial realities. "As extreme weather prompts growing environmental ...

Dominance and vibrancy: Is Indian business getting oligopolistic?

With cash in the bank and low debt, the bigger players may establish their dominance in markets that require scale, but that does not seem to mean smaller companies will do poorly, writes T N Ninan

Cipla announces transfer of Generics Business Undertaking to subsidiary

The generics business contributed 9.95 per cent of Cipla's turnover and 0.92 per cent of its net worth in the financial year ended March 31, 2023

Over 80% biz making partially automated payments to suppliers: Survey

Reflecting increased automation in the payments system in India, a survey on Tuesday said 84 per cent of businesses have partially automated payments to suppliers. The survey commissioned by American Express with the Centre for Economics and Business Research (CEBR) is based on responses from 513 entities across sectors and industries included sole enterprises, micro businesses, small and medium businesses as well as large businesses. As per the survey, 34 per cent businesses that haven't fully automated their payments are seeking partners for the purpose. "A substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes," Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking, India, said. As the business landscape becomes increasingly competitive, Kapoor said, "The need to adopt smarter and more efficien

CTI writes to PM Modi; flags issue of decline in biz due to Delhi pollution

CTI chairperson Brijesh Goyal said business is declining despite the festive season due to pollution. The central government is requested to take strict and concrete steps against air pollution

Businesses need to factor in impact of terror while making investments: FM

Finance Minister Nirmala Sitharaman on Friday said businesses will have to factor in the impact of global terror while making investment decisions. Addressing the Kautilya Economic Conclave 2023, she said terrorism is impacting the entire globe and no region is spared. With that level of risk or uncertainty coming into business decision-making, investments will face uncertainty and high risk permanently, she said. "Businesses can no longer be just attracted by policies or by the openness of an economy. The risk that investors and businesses will have to factor into their decision-making is going to be strongly influenced by the impact of global terror," she said. On globalisation, she said there is pessimism about it and there is talk of re-globalisation... how strategic blocks are reshaping itself. "Who is grouping with whom, who has left the Group and who and who is remaining outside of all these groups or forming new groups. So re-globalisation but with different shades and col

Vedanta Ltd preparing to demerge sprawling operation, says report

Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company, the people said. Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made

Biz with Rs 100 cr turnover will have 30 days to upload invoices from Nov 1

Large businesses with turnover of Rs 100 crore and above will have to upload invoices on the e-invoicing portal within 30 days with effect from November 1. The National Informatics Centre in an advisory stated that the GST authority has decided to impose a time limit of 30 days for reporting of invoices from the date of invoice, on e-invoice portals. This time limit is applicable for taxpayers with AATO (average annual turnover) greater than or equal to Rs 100 crore. Hence, taxpayers having an annual turnover of Rs 100 crore and above will not be allowed to report invoices older than 30 days from the date of reporting. This validation will come into effect from 1st November 2023, the National Informatics Centre (NIC) said.. AMRG & Associates Senior Partner Rajat Mohan said the GST ecosystem from November 1 will set a 30-day reporting deadline for invoices on the E-invoicing portal. The new rule would apply to large taxpayers. "CBIC may extend these provisions to all taxpayers in .

Security, convenience, prosperity enriched biz in Gorakhpur: UP CM Yogi

Chief Minister Yogi Adityanath was interacting with the owners of business organisations/traders at the Circuit House, Gorakhpur

New GST rules on anvil; biz may have to explain discrepancy in ITC claims

The GST Council is likely to decide on a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer, sources said. They said the Law Committee, comprising tax officers from Centre and states, has opined that where the ITC availed in GSTR-3B return exceeds the amount of ITC available in accordance with the auto-generated statement GSTR-2B by a specified threshold, the registered person may be intimated on the portal about such difference and be directed to either explain the difference or pay the excess ITC along with interest. The Committee has suggested that the provision should kick in if the difference is more than 20 per cent and more than Rs 25 lakh. GST Council is likely to take a final call on the recommendation of the Committee in its 50th meeting on July 11. Currently, businesses use taxes paid by their suppliers commonly referred to as ITC to offset their GST liabil

Nasa to invest $45mn in small biz to develop tech for future missions

For first-round funding, Nasa selected 300 proposals from 249 small businesses and 39 research institutions