BUSINESS
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May- 2022 -15 May
Amazon says created over 11.6 lakh jobs in India to date
Bengaluru: E-commerce giant Amazon on Sunday said it has cumulatively created over 11.6 lakh direct and indirect jobs in India so far, and is on track to reach the target of creating 20 lakh direct and indirect jobs by 2025. “We have cumulatively created over 11.6 lakh jobs, enabled nearly $5 billion in exports and digitised over 40 lakh MSMEs in India,” said Manish Tiwary, Country Manager, India Consumer Business Amazon India. These jobs are across industries like IT, e-commerce, logistics, manufacturing, content creation, skill development and more. Earlier this month, Amazon announced it aims exports worth $20 billion from India by 2025, thus doubling its goal. In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by…
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13 May
Reliance Industries is top Indian company in Forbes Global 2000 list
New Delhi: On the Forbes Global 2000 list, Reliance climbed two spots to No. 53 among all public companies worldwide and ranked first among Indian companies. Earlier this year, Forbes estimated Mukesh Ambani’s net worth to be $90.7 billion, landing him at No.10 on this year’s Billionaires list. The State Bank of India (SBI) landed in the No. 2 spot on the list of India’s largest companies. Private sector banks ICICI and HDFC followed next on the Global 2000 list of Indian companies. Some notable newcomers to the list include Indian billionaire Gautam Adani’s companies: Adani Enterprises Limited, Adani Transmission Ltd. and Adani Total Gas Ltd. Earlier this year, Gautam Adani passed Warren Buffett to become the fifth richest person in…
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13 May
Callaway Golf Company sets up DigiTech facility in Hyderabad
Hyderabad: Callaway Golf Company, a global leader in golf equipment, apparel and entertainment, inaugurated its DigiTech facility in Hyderabad. The 20,000 sqft facility at Hitec City will employ about 200 people. “This launch opens up a new sector and many more prospective clients from sports and allied fields will now look at Hyderabad to set up their tech centers. The Telangana government is geared up to support the new businesses with requisite infrastructure, business friendly environment and support and talented manpower,” Industries and IT Minister KT Rama Rao said at the inauguration on Thursday. Hyderabad has an enabling infrastructure that is superior compared to many other cities. It is home to many marquee names here. Google, Apple, Microsoft, Uber, SalesForce, Micron,…
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13 May
HomeLane opens experience centre in Kompally
Hyderabad: Home interiors company HomeLane on Thursday announced the launch of its fifth experience centre in Hyderabad at Kompally. The 2,768 sq ft centre enables customers to enjoy a wide variety of home setups for display, explore design ideas and co-create their homes with dedicated design experts. HomeLane V-P, growth and expansion, Subodh Jain said, “We are excited that our footprint in Hyderabad is expanding with the growing demand for home interior services combined with consumer interest for investments in realty. Our company provides end-to-end home interiors and aims to make the consumer experience more valuable and seamless.” Keeping consumer preferences in mind, the experience centre at Kompally is curated with kitchen and living room and bedroom display set ups in…
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13 May
Skanda Aerospace to set up production facility in Hyderabad; to invest Rs 250 crore
Hyderabad: Hyderabad’s aerospace sector is all set to get another boost with a new production facility that will manufacture helicopter gears and gearboxes is being set up here. Skanda Aerospace Technology Private Limited (SATPL) – a joint venture between Raghu Vamsi Machine Tools and US-based Rave Gears — is planning to invest Rs 250 crore to set up a facility in Hyderabad. The world-class facility, according to a press release, will manufacture helicopter gear and gear boxes and provide employment to about 1,000 people. The joint venture – SATPL — will have 55 per cent holding by Rave Gears while RVMT and investors hold 45 per cent. The investment and the employment are being planned for the next 3 to 5…
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12 May
Ola Electric sees high-profile exits amid larger govt scrutiny
New Delhi:As the electric e-scooter maker Ola Electric faces government scrutiny and consumer complaints, a couple of its top-notch executives have quit, the latest being its chief marketing officer Varun Dubey. The company confirmed to IANS that Dubey is leaving the company due to “personal reasons”. Earlier, Dinesh Radhakrishnan who was the chief technology officer (CTO) at Ola Electric moved on from the company. According to his LinkedIn profile, he was appointed CTO at Ola Electric in May last year. Meanwhile, Arun Sirdeshmukh who was head of Ola Cars, which is the used car commerce division of the company, announced his departure from the company. The high-profile exits come at a time when Ola is reportedly planning its IPO this year at…
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12 May
Indices extend losses, Sensex declines nearly 1K pts
New Delhi: Indian equity benchmarks extended their losses from the previous session and tanked sharply due to weak global cues amidst high volatility. Asian stocks fell as the US inflation for April stood persistently high, which dented investors’ confidence. https://1dae658730cf8b7922c6a9b99d17f168.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The US April inflation print came at 8.3 per cent from a year ago, slower than March’s peak of 8.5 per cent. But it is the highest in over 40 years. At 11.03 a.m., Sensex was down 975 points or 1.8 per cent at 53,114, whereas Nifty was down 302 points or 1.9 per cent at 15,865. “Even though DII buying is more than FII selling now, that is not enough to lift sentiments in the market since the macro headwinds…
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12 May
Rupee falls 30 paise to 77.55 against US dollar in early trade
Mumbai: The rupee slumped 30 paise to 77.55 against the US dollar in opening trade on Thursday as a lacklustre trend in the domestic equity markets and a firm American currency weighed on investor sentiment. Besides, persistent foreign fund outflows and elevated crude oil prices impacted the domestic unit, forex traders said. At the interbank foreign exchange, the rupee opened sharply lower at 77.52 against the American dollar, then lost further ground to quote 77.55, registering a fall of 30 paise from the last close. In initial deals, the domestic currency was moving in a range of 77.50 and 77.57. In the previous session, the rupee had settled at 77.25 against the American currency. The dollar index, which gauges the greenback’s…
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11 May
Pressure from RBI forced us to halt crypto trading in India: Coinbase CEO
New Delhi: Top cryptocurrency exchange Coinbase quit India operations owing to “informal pressure” from the Reserve Bank of India (RBI), its CEO Brian Armstrong has revealed for the first time. The US-based and Nasdaq-listed exchange had halted payments via unified payments interface (UPI) mode on its app in India last month. In the company’s earnings call late on Tuesday, Armstrong said that the company disabled the UPI “because of some informal pressure from the Reserve Bank of India”. “There are elements in the government there, including at the Reserve Bank of India, who don’t seem to be as positive on it. And so they — in the press, it’s been called a ‘shadow ban’, basically, they’re applying soft pressure behind the…
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11 May
Rupee surges 17 paise to 77.17 against US dollar in early trade
Mumbai: The rupee appreciated 17 paise to 77.17 against the US dollar in opening trade on Wednesday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the rupee opened at 77.24 against the American dollar, then gained further ground to quote at 77.17, registering a rise of 17 paise from the last close. In initial deals the rupee also touched a low of 77.31 against the dollar. “For the day, the market awaits the US CPI report which could give an indication as to where the prices could be topping. Domestic CPI numbers will also be released and expectations are between 7.5 to 8 per cent. RBI was present on Tuesday selling dollars to ensure an…
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