COMPANIES & SECTORS


Streaming platform SoundCloud has announced to cut 20 per cent of its workforce "given the challenging economic climate and financial market headwinds".   SoundCloud CEO Michael Weissman wrote in an email that affected employees would be notified over the next several days, reports...

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Low-cost carrier SpiceJet is said to be in active discussion with a Middle Eastern carrier for a possible stake sale.   SpiceJet promoter Ajay Singh holds a stake of around 60% in the budget carrier. Sources said a big Middle Eastern airline has expressed interest to pick a 24% stake...

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Moneylife Digital Team 03 August 2022
The growth in the operating cash-flows of Bharti Airtel Ltd and Reliance Jio are likely to be sufficient to pay for their 5G spectrum assets and related capex, says Fitch Ratings.   In a report, the rating agency says, "We expect Bharti's and Jio's free cash flow generation to improve...

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With India successfully ending its mega 5G spectrum auction with bids worth Rs1,50,173 crore for 71% of total 5G airwaves, here is the overall breakup of the amount as well as various bands, including the super-expensive 700MHz (megahertz) band that has a 5-10km range which gives good base...

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Mukesh Ambani-led Reliance Jio emerged the top bidder in India's 5G spectrum auction, acquiring 24,740MHz spectrum worth Rs88,078 crore, IT minister Ashwini Vaishnaw announced on Monday.   Sunil Mittal's Bharti Airtel was the second-highest bidder with 19,867MHz spectrum in various...

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Moneylife Digital Team 01 August 2022
The Supreme Court (SC) has asked HDFC Bank Ltd and Housing Development Finance Corporation Ltd (HDFC) to submit details of funds withdrawn from the escrow account of Infrastructure Leasing and Financial Services Ltd (IL&FS).    A bench of justice UU Lalit and justice S Ravindra Bhat...

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Mobility start-up Bolt Mobility, co-founded by eight-time Olympic gold medalist Usain Bolt, has abruptly disappeared from several of its markets in the US, leaving e-bikes and equipment abandoned amid unanswered calls, the media reported.   Mr Bolt had raised US$40.2mn (million),...

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As Bhavish Aggarwal-led Ola aims to ramp up its electric vehicle (EV) business, media reports have claimed that the ride-hailing platform is laying off around 1,000 employees from across verticals.   According to reports citing employee records, verticals like mobility, hyperlocal,...

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DHFL Directors Kapil and Dheeraj Wadhawan who were arrested in connection with the Rs 36,615 crore loan fraud case were on Wednesday remanded to three days Central Bureau of Investigation (CBI) remand.   They were produced before the Rouse Avenue court here. The CBI sought their...

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The beleaguered IL&FS group on Thursday said it has completed to sale transactions that netted a total of about Rs.77.5 crore.   The two sale deals under IL&FS' energy portfolio are Urjankur Shree Tatyasaheb Kore Warana Power Company Limited (Urjankur Warana) and IL&FS Energy...

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The Union Cabinet on Wednesday approved a revival package of Rs1.64 lakh crore for loss-making State-run telecom operator Bharat Sanchar Nigam Limited (BSNL).   The Cabinet also approved the merger of BSNL and BBNL (Bharat Broadband Network Limited).   Telecom minister Ashwini...

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E-commerce platform Shopify on Tuesday announced to cut 10% of its workforce—around 1,000 employees across verticals—as it failed to predict that the e-commerce industry would continue to grow beyond the pandemic at the same pace it did during the two-year period.   The company CEO...

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Moneylife Digital Team 26 July 2022
S&P Global Ratings has lowered its issuer and issue rating on Future Retail Ltd because the company failed to pay the semi-annual coupon due on its US$500mn (million) senior secured notes. The coupon was due on 22 July...

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Venture capital (VC)-backed companies in India shifted their focus to cash preservation in anticipation of funding becoming less easy to obtain over the next few quarters and VC investors requiring companies to strengthen their paths to profitability and lower their cash...

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Moneylife Digital Team 25 July 2022
Revenue of the Indian diamond industry is set to be cut 15%-20% to US$19bn-20bn (billion) this fiscal, compared with a decadal high last fiscal, following a double blow from falling demand and rising prices of roughs across the globe, says a research note.    In the report, Subodh...

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The Supreme Court on Monday issued notice to former Indian cricket team captain Mahendra Singh Dhoni and also stayed the arbitration proceedings initiated by the Delhi High Court against Amrapali group on his plea.   A bench of Justices U.U. Lalit and Bela M. Trivedi noted that the...

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Ranganathan V Ranganathan V 22 July 2022
The audited annual report of ‘The Complete Man’, for the year ended 31 March 2022, is a treat to read and relish… if one is not a shareholder of the wool-spinner—Raymond Ltd.   The stand-alone accounts have been debited an exceptional loss of Rs907 crore pertaining to different...

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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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