COMPANIES & SECTORS


The total number of vehicles recalled in the country due to defects recorded a massive jump in 2021-22 at 864,000 two-wheelers (2W) and 467,000 four-wheelers (4W) against 1,286 2W and 338,000 4W in 2020-21.   Section 110A of the Motor Vehicles Act, 1988 is related to recall of motor...

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In the wake of the shocking Uber Files revelations, the UK's App Drivers and Couriers Union (ADCU) staged a 24-hour strike till Wednesday midnight, demanding that the ride-hailing platform be held accountable for breaking laws, secretly lobbying governments and exploiting driver safety to...

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Tesla has sold 75 per cent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff.   Last year, Tesla made a $1.5 billion investment in Bitcoin and announced...

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The occurrence of technical snags in Indian civil aircraft refuse to cease. In two separate cases on Tuesday, GoAir flights, also known as Go First, were diverted to Delhi and Srinagar due to technical glitches in the engines.   GoAir A320 aircraft VT-WGA flight G8-386 from Mumbai to...

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In a bizarre incident, OPPO India saw its YouTube channel being terminated on Monday during the live-stream of its much-anticipated flagship smartphones Reno 8 Pro and Reno 8, OPPO Pad Air tablet, and TWS earbuds.   YouTube pulled down the livestream in the middle of the launch event,...

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Moneylife Digital Team 18 July 2022
The ministry of corporate affairs (MCA) has identified and struck off over 112,000 shell companies from FY18-19 till 12 July 2022.    In a written reply to the Lok Sabha, minister of state for finance and corporate affairs, Rao Inderjit Singh reiterated that there is no definition of...

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Pre-owned e-commerce platform CARS24 on Monday saw some high-profile exits, including its global CTO Jitendra Agrawal and business head Kingshuk Sanyal who have left the company to pursue other things.   In a LinkedIn post, Agrawal who joined the company in July 2021, said he will be...

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Moneylife Digital Team 16 July 2022
In a severe embarrassment to the Union government, Dredging Corporation of India Ltd (DCI) says it has suspended its managing director and chief executive officer (MD&CEO) GYV Victor for blatantly suppressing facts and making fake claims on his experience criteria for the top post at DCI. Mr...

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The Supreme Court (SC) on Wednesday expressed displeasure with the interim orders passed by the Patna High Court (HC) in connection with Sahara India Group Head, Subrata Roy, in relation with an anticipatory bail application of a third person.   A bench of justices AM Khanwilkar and...

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Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has now filed for bankruptcy in the US amid extreme market conditions.   The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to...

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With an aim to force Elon Musk to follow through with his $44 billion Twitter acquisition deal, the microblogging site has now sued the tech billionaire as he walked out of the deal.   The lawsuit, filed in the Delaware Court of Chancery this week, comes after the Tesla and SpaceX CEO...

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Moneylife Digital Team 11 July 2022
Corporate profitability—or the earnings before interest, taxes, depreciation and amortisation (EBITDA) margin—likely remained steady in the first quarter sequentially but fell 200-300 basis points (bps), CRISIL's analysis of over 300 Indian companies, excluding those in the financial services...

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A whopping Rs1,200 crore from a US-based company, recently announced by BYJU'S as a funding round, has gone off track, according to a media report.   In September 2021, New York-based Oxshott invested Rs1,200 crore as part of a Series F round at Rs285,072 per share, according to...

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Moneylife Digital Team 08 July 2022
Top managers of Bennett Coleman and Co Ltd (BCCL), one of the country's largest media conglomerates and publishers of the Times of India group of publications, have faced rounds of questioning by the Enforcement Directorate (ED), with the agency recently sending formal requests for...

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Moneylife Digital Team 07 July 2022
The central bureau of investigation (CBI) has arrested the executive director (ED) of Power Grid Corporation of India, BS Jha, and five officials of Tata Projects in connection with alleged bribery to favour the private company.   The CBI has arrested BS Jha, ED of Power Grid...

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Moneylife Digital Team 05 July 2022
India's improving and strong gross domestic product (GDP) growth, the government's infrastructure push, companies' diverse end-markets, tight industry conditions in some cases and adequate balance sheets to support a generally stable or improving sector outlook for rated Indian corporates,...

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The National Green Tribunal (NGT) has imposed a cost of Rs153.50 crore on Ansal Properties & Infrastructure Ltd (APIL) for various environmental violations by its project at Sushant Lok phase-I, Gurugram.   "Environmental compensation of Rs153,50,62,892 shall be paid by respondent 11...

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Alarmed at the unabated EV fire incidents, the Centre has now sent show cause notices to EV manufacturers like Ola Electric, Okinawa Autotech and Pure EV, among others, warning them why a penal action should not be taken against them for delivering faulty electric two-wheelers to the...

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The special additional excise duty on exports of crude, petrol, diesel, and aviation turbine fuel announced by the Central government recently will not have any major impact on Reliance Industries Ltd (RIL), said experts.   The experts also said the additional duties will more than...

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Ed-tech platform BYJU's on Monday said it has closed the nearly US$1bn (billion) acquisition of offline test preparatory services-provider Aakash.   The company, in a statement, said that its payments to Aakash are 'closed' and the 'audited financial results are going to be announced...

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